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Speaker 1: Welcome to Fear and Greed business news you can use. Today,

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Speaker 1: the price of gold hits a new record above US

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Speaker 1: three nine hundred dollars an ounce. Prime Minister Anthony Albernizi

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Speaker 1: calls for Australians to turn down the temperature of public debate,

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Speaker 1: and the NRL beats the AFL in the battle of

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Speaker 1: TV ratings. Plus Assex slam Superfund's overvaluation practices, and Warren

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Speaker 1: Buffett is back buying companies. It's Tuesday, the seventh of

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Speaker 1: October twenty twenty five. I'm Adam Laying and good morning

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Speaker 1: Sean Almer.

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Speaker 2: Good morning, Adam, How are you very well?

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Speaker 1: Sewn? The main story this morning, the gold price has

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Speaker 1: hit a new record, just shy of US four thousand

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Speaker 1: dollars an ounce. Incredible, a level seemingly unattainable just a

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Speaker 1: few years ago. As the shutdown of the US federal

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Speaker 1: government triggers a run towards safe haven assets.

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Speaker 2: The price of an ounce of gold push beyond that

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Speaker 2: thirty nine hundred US dollars announced yesterday, to three thousand,

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Speaker 2: nine hundred and twenty nine dollars and ninety one cents.

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Speaker 2: It has doubled in priced since the beginning of last year.

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Speaker 2: In the four years before early twenty twenty four basically

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Speaker 2: was unchanged. It just highlights the run it's been on

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Speaker 2: over the eighteen months the last eighty months or so.

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Speaker 2: The main reasons for the run are geopolitical and economic

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Speaker 2: uncertainty and invested demand for safe haven assets. As the

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Speaker 2: US dollars reputation as a safe haven asset gets a whack,

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Speaker 2: gold has come to the four particularly since central banks

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Speaker 2: are preferring to hold gold over the greenback. The shutdown

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Speaker 2: in the US federal government trigger the most recent surge

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Speaker 2: in the price of the precious metal. The run has

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Speaker 2: also caused plenty of corporate activity. Yesterday, per company Predictive

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Speaker 2: Discovery and Canadian group Aerobex Resources announced a merger to

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Speaker 2: create a new ASEX Gold Company with a market capitalization

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Speaker 2: of two point four billion dollars. Both groups have assets

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Speaker 2: in Guinea West Africa Sean.

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Speaker 1: The winners in all this have clearly been investors in gold,

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Speaker 1: with share prices of some gold stock surging. But it

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Speaker 1: goes beyond pure equities.

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Speaker 2: It does if we start with equities of the top

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Speaker 2: performing thirty stocks in the AX over the last year,

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Speaker 2: about one thirty gold companies groups like Regius Resources, Catalyst Metals,

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Speaker 2: Genesis Minerals. They're all up close to two hundred percent.

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Speaker 2: The two biggest gold stocks still than Star and Newmont,

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Speaker 2: both up more than fifty percent. Beyond pure equities, gold

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Speaker 2: ETFs have performed very strongly. Their next Gold minus ETF

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Speaker 2: has more than doubled so far in twenty twenty five.

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Speaker 2: But perhaps the best example of the rise in gold

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Speaker 2: is that some of Australia's gold funds are giving the

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Speaker 2: investors the chance to cash in on the higher returns

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Speaker 2: way ahead of schedule. That doesn't happen very often. For example,

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Speaker 2: Family Offers Victors. Morgan sent a letter last week to

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Speaker 2: investors in its concentrated gold fund asking if they wanted

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Speaker 2: to redeem their money early, after the strategy returned more

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Speaker 2: than fifty percent in just six months. According to the

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Speaker 2: finn Review, it had intended to lock up to lock

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Speaker 2: up the capital for between twelve and eighteen months. Doing

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Speaker 2: so well, they said, you want your money back. Question

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Speaker 2: is can it last well. Plenty of analysts expect gold

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Speaker 2: to push through four thousand US dollars announce now, particularly

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Speaker 2: given the very challenging geopolitical climate. Quite an incredible run

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Speaker 2: for gold.

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Speaker 1: Moving on from Gold, Prime Minister Anthony Alberesi has called

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Speaker 1: for Australians to turn down the temperature of public debate

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Speaker 1: after the Australian Federal Police charged demand for making threats

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Speaker 1: to kill the Prime Minister on social media.

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Speaker 2: Alberanzi said threats need to be taken seriously and thank

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Speaker 2: the Australian Federal Police for the work it did. He

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Speaker 2: added that wherever possible, Australians need to turn down the

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Speaker 2: temperature of debate and to agree and disagree respectfully. Alberanzi

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Speaker 2: said Australia has a vibrant democracy and no one is

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Speaker 2: trying to stifle free speech. He then added, but the

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Speaker 2: level of threats which have been made now have been

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Speaker 2: elevated substantially. It has meant changes to what I'm able

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Speaker 2: to do and how I am able to do it.

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Speaker 2: He was speaking after officially signing the Pook Pook Defense

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Speaker 2: Treaty with Papua New Guinea Prime Minister James Marape in Canberra.

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Speaker 2: The treaty is Australia's first new alliance more than seventy years,

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Speaker 2: and we'll see both countries come to each other's defense

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Speaker 2: if either is attacked. The treaty will also pave the

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Speaker 2: way for P and G citizens to serve in the

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Speaker 2: Australian Defense Forces.

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Speaker 1: On the other side of the political isle, Wly Liberal

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Speaker 1: Party leader Ted O'Brien has conceded it is not a

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Speaker 1: good look for the coalition to have front bencher Andrew

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Speaker 1: Hasty resigned to the back bench.

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Speaker 2: O'Brien said, it looks messy, but in truth it is

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Speaker 2: democracy at work. It does look messy. West Australian MP

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Speaker 2: Andrew Hasty resigned from the Shadow Cabinets Home Affairs spokesperson

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Speaker 2: on Friday last week, saying he'd been sidelined on immigration

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Speaker 2: policy and wanted to speak freely from the back bench.

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Speaker 2: Hasty is considered a future party leader, or at least

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Speaker 2: he was. He's been critical what he says is a

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Speaker 2: policy of mass migration under labor.

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Speaker 1: Will be back at a moment with the rest of

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Speaker 1: the day's business news. ASSEK has issued a scathing report

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Speaker 1: card on the way the four point three trillion dollar

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Speaker 1: super industry and the country's major auditing firms value unlisted assets,

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Speaker 1: after it emerged that the nation's second largest superfund had

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Speaker 1: written down a US investment worth almost half a billion dollars.

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Speaker 2: We'll hear a lot more about this one. The Corporate

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Speaker 2: Regulator's first review of the sector financial reports and audits

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Speaker 2: found super fund's disclosure about non listed assets was often

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Speaker 2: inconsistent and unreliable, making it difficult for members to be

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Speaker 2: confident about the value of their holdings. Of course, we're

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Speaker 2: members of super funds, so they're talking about us, not though,

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Speaker 2: making it difficult for us to be confident about the

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Speaker 2: value of holdings. ASSEK also concluded, after reviewing one audit

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Speaker 2: page of the five largest ecting firms, that only one

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Speaker 2: firm had obtained sufficient evidence to conclude the asset valuation

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Speaker 2: in that fund's financial statements were reliable. According to a

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Speaker 2: story in the AFR, the asset report follows the nation's

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Speaker 2: second largest super fundly three hundred and thirty billion dollars

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Speaker 2: Australian Retirement Trust, defaulting on a loan tied to an

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Speaker 2: office block in Seattle, Washington, after major tenant Microsoft didn't

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Speaker 2: renew its least the default meant the roughly three hundred

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Speaker 2: million U S dollar investment made in twenty twenty by

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Speaker 2: q Super, which actually merged with sun Super to create

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Speaker 2: Australian retirement trust. That three hundred million US dollar investment

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Speaker 2: is now worthless.

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Speaker 1: Sean, the Mike cannon Brooks backed renewable energy project sun

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Speaker 1: Cable said it is in talks with some of the

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Speaker 1: biggest technology giants in the world about building a data

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Speaker 1: center precinct in the Northern Territory.

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Speaker 2: Some Cable is a thirty five billion dollar solar and

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Speaker 2: battery storage venture in the Berkley region of the Northern Territory.

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Speaker 2: Aims to export solar power from Australia to industrial customers

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Speaker 2: in Singapore and Darwin within the next decade. Alas in

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Speaker 2: chief executive Canon Brooks took over its operations through his

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Speaker 2: private investment company Grock Benches in twenty twenty three. That's

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Speaker 2: after Andrew Forrest lost confidence in the whole idea. Anyway,

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Speaker 2: some Cables in talks with multiple hyperscalers the term for

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Speaker 2: tech companies with big cloud computing services, about building off

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Speaker 2: grid infrastructure to support their AI energy demands. If the

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Speaker 2: deal goes ahead, so the hyperscalers would have access to

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Speaker 2: several hundred megawatts of solar energy from twenty twenty eight,

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Speaker 2: with a view to scale to multiple gigawatts over time.

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Speaker 2: Data centers, of course, they're the physical infrastructure that power

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Speaker 2: most aspects of modern life, from virtual meetings to online banking, chat, GPT,

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Speaker 2: all that stuff. So this is an opportunity for the

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Speaker 2: Northern Territory particularly to become very critical to global flows

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Speaker 2: within that whole data center.

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Speaker 1: Idea Sean. It's the end of the winter football codes

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Speaker 1: and in the battle of the Grand Finals, TV ratings

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Speaker 1: matter and this year the National Rugby League Grand Final

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Speaker 1: beat the AFL Grand Final with an average audience of

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Speaker 1: four point five million, making it the largest television event

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Speaker 1: of twenty twenty five.

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Speaker 2: You are a sports fan, Adam, I'm sure this one

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Speaker 2: does hurt you just a little bit. Being a wa man,

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Speaker 2: you know where you sit. The Brisbane Broncos came from

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Speaker 2: behind to beat Melbourne Storm, with the six point four

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Speaker 2: million people tuning in at some point for the game,

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Speaker 2: according to OSTAM. The AFL Grand Final between the Brisbane

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Speaker 2: Lines and Geelong Cats a week earlier meanwhile, had an

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Speaker 2: average of four point one million, with a cumulative audience

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Speaker 2: of six point one million. More than a million people

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Speaker 2: tuned into the NRL from Sydney, almost the same from Brisbane,

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Speaker 2: seven hundred and thirty four thousand from Melbourne, a couple

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Speaker 2: one hundred thousand from Perth, bit over one hundred thousand

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Speaker 2: from Adelaide. According to os TAM, a little over one

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Speaker 2: point three million people watched the match through nine Channel

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Speaker 2: nine's app nine Now, making it the biggest event free

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Speaker 2: free to air broadcasters app Ever, the AFL it's seven

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Speaker 2: plus app almost had a million people. Just does show

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Speaker 2: how those streaming services are creeping in and people even

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Speaker 2: if you have free aware you watch it through the app.

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Speaker 1: Yeah, incredible, Sean, I actually experimented with both as in

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Speaker 1: free towaar and apps as you as you might imagine

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Speaker 1: I would. I thought it was interesting too that in

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Speaker 1: the AFL there was no Melbourne team, you know, so

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Speaker 1: Geelong not technically from Melbourne as well as the Brisbane lines.

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Speaker 1: And then in the NRL there was no Sydney team,

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Speaker 1: you know, Melbourne stillm playing Brisbane and the national audiences

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Speaker 1: were really broad based.

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Speaker 2: Yeah. I think it helped the NRL that Brisbane played

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Speaker 2: Melbourne because Sydney view was going to watch it anyway,

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Speaker 2: and I don't think it helped Melbourne necessarily or Victorian

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Speaker 2: viewers that Brisbane was part of that game. I mean

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Speaker 2: I remember twelve months ago. I think it was flipped

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Speaker 2: the other way around because there wasn't as much interest

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Speaker 2: in the NRL Grand Final last year for example.

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Speaker 1: Yeah. So amongst all this, Sean, how did local markets

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Speaker 1: perform yesterday?

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Speaker 2: Quietly given for public holitay? No, when we have the

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Speaker 2: markets further in the shape, but you know, when not

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Speaker 2: a lot happens, we tend to push it down. The

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Speaker 2: Australian share market closed lower, but not before an early push.

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Speaker 2: An early rally pushed the local boors to a high

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Speaker 2: of niney nineteen points. Broadly, gains in gold and copper

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Speaker 2: miners were offset by losses in tech. By the closed,

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Speaker 2: the S and PA SX two hundred was down just

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Speaker 2: a smidge to eighty nine hundred and eighty one points,

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Speaker 2: smadge being a technical term. The tech sector led losses

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Speaker 2: in line with Wall Street over the weekend. Software firm

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Speaker 2: iris Weisteak globe We both fell more than two percent,

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Speaker 2: line as Rare Earth was a top performer more than

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Speaker 2: seven percent on reports at China and Malaysia. When and

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Speaker 2: Early were in early talks for a project to process

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Speaker 2: rare earths of note, keeping with that football code, though

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Speaker 2: it is outside the ASEX two hundred. The share price

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Speaker 2: of Brisbane Broncos the company jumped twenty seven percent to

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Speaker 2: a record closing high after their win on Sunday evening.

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Speaker 1: Another level of achievement Sean in international News. Here's a

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Speaker 1: name that we love here at Fear and Greed. Warren

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Speaker 1: Buffett's Berkshire Hathaway is back buying assets and it has

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Speaker 1: about US three hundred and forty four billion in cash,

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Speaker 1: so perhaps it's about time. Berkshire will purchase Occidental Petroleum

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Speaker 1: Corps petrochemical business for just under US ten billion dollars.

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Speaker 2: The OXYCM business makes basic chemicals like chlorine, sodium hydroxide

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Speaker 2: vinyl products. It's almost an old fashioned business. I'm not

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Speaker 2: sure about carbon emissions on this one anyway. It'll be

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Speaker 2: Birch's largest deal since its acquisition of Allergeny in twenty

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Speaker 2: twenty two. After years spent holding back from large deals

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Speaker 2: and progressively unwinding big holdings like his Take and Apple,

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Speaker 2: buff appears to be spending again. The ninety five year

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Speaker 2: old chief executive, who is set to leave the role

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Speaker 2: at the end of the year placed a one point

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Speaker 2: six billion dollar bet on United Health. In recent months,

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Speaker 2: It's now board Occidental Petroleum. Occidental, which is backed by Berkshire,

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Speaker 2: has announced almost four billion dollars of asset sales since

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Speaker 2: the start of last year as it works to pay

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Speaker 2: down debt. It's now got the stamp of approval from

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Speaker 2: Warren Buffett, which no doubt will help its share price.

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Speaker 1: How's that shown ninety five years old and still cutting

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Speaker 1: massive deals.

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Speaker 2: Pretty cool? Maybe it's his last deal and a lot

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Speaker 2: of speculation in the media that it is his last

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Speaker 2: big deal, but we'll wait and see.

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Speaker 1: Yeah. US President Donald Trump has urged everyone involved in

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Speaker 1: efforts to end the Gaza War to move fast, as

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Speaker 1: mediators were set to meet in Egypt overnight for indirect

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Speaker 1: peace talks between Hamas and Israel.

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Speaker 2: The talks come after Hamas agreed to some parts of

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Speaker 2: a twenty point US peace plan, including freeing hostages and

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Speaker 2: handing over Gaza governance to Palestinian technocrats, but is seeking

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Speaker 2: negotiations on other issues. According to the BBC, the group's

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Speaker 2: response did not mention the key demands of its disarmament

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Speaker 2: and playing no future role in Gaza's governance. They definitely

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Speaker 2: will be more tricky. Writing on social media that talks

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Speaker 2: had been very success, Trump said, I quote, I'm told

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Speaker 2: the first phase should be complete this week, and I'm

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Speaker 2: asking everyone to move fast. Meanwhile, Israeli airstrikes continue in Gaza. Now.

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Speaker 2: Trump told Israel to immediately stop the bombing on Friday

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Speaker 2: after Maas responded to the proposed plan. Thus far, Israel

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Speaker 2: hasn't done.

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Speaker 1: That, Sean. Up next is the Fear and Greed Q

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Speaker 1: and A, where this time I'm talking to Ignites Jason

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Speaker 1: and Twistle, Evan Morrison and Nick Perrott about how accountants

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Speaker 1: and financial planners are using AI. Now. I recorded this

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Speaker 1: at the Class twenty twenty five Ignite forum in Sydney

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Speaker 1: a couple of weeks ago. It's a cracking chat about

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Speaker 1: how they are using AI actually at the cold face

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Speaker 1: of making a difference to customers.

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Speaker 2: Fantastic. I look forward to hearing it, Adam.

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Speaker 1: That's up next in the Fear and Greed playlist on

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Speaker 1: your favorite podcast platform or at Fearangreed dot com dot au.

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Speaker 2: Thank you, Sean, Thank you, Adam.

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Speaker 1: It's Tuesday, the seventh of October twenty twenty five. Make

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Speaker 1: sure you're following our podcast, Join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook and have a great tay