Gold Caught Between Interest Rate Pressure and Crisis-Driven Demand

Third-Party Recommendation (Art. 8 DelVO 2016/958): Unmodified reproduction of a promotional article created by a third party · Original author: SRC swiss resource capital AG · Date of first publication (original): October 22, 2026, 5:30 a.m. Berlin/Zurich · Link to the original publication ·

Advertisement – On behalf of Amex Gold Mining Inc. and Axo Metals Corp. SRC swiss resource capital AG has fee-based, non-performance-based investor relations consulting agreements with both companies. Prepared by: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: October 22, 2026, 5:30 a.m. Berlin/Zurich.

Dear Readers,

Commodity and capital markets reacted sensitively to the recent tensions in the Strait of Hormuz. On October 19, the World Gold Council reported higher oil prices and another rise in U.S. consumer and producer price inflation. Expectations of tighter U.S. monetary policy could weigh on gold in the short term.

At the same time, yields on 10-year U.S. Treasury bonds fell, while stock markets showed mixed trends. Investors thus apparently sought refuge in bonds. Falling yields reduce the opportunity cost of gold, whereas higher interest rates and a stronger dollar can, conversely, create headwinds.

The relationships remain contradictory: According to the World Gold Council, the price of gold fell by more than 8 percent in September, even though gold ETFs recorded inflows of over 70 metric tons worldwide. ETF inflows do not guarantee price gains; futures market positioning and real interest rates also influence short-term trends.

Amex Continues to Develop Perron in Québec

Amex Gold Mining - https://www.commodity-tv.com/ondemand/companies/profil/amex-exploration-inc/ - is developing the Perron gold project in Québec, which it owns entirely. The Phase 1 feasibility study reports approximately 774,500 ounces of proven and probable gold reserves at an average grade of 12.1 g/t. Annual production is projected to be approximately 147,000 ounces over five years of commercial operation, with ore processing to be handled by an external contractor.

Underground access is being expanded for the approved 40,000-metric-ton large-scale sampling program; as of September 21, the company reported that more than 75 meters of ramp had been driven. The additional Rosé zone does not yet have a defined resource. Timelines for large-scale sampling and production depend on permits, financing, and technical implementation.

Axo Reports Progress in Sonora

According to the company, Axo Metals - https://www.commodity-tv.com/ondemand/companies/profil/axo-metals-corp/ - acquired Sapuchi Minera in January 2026, along with the San Antonio gold project in Sonora, Mexico. The company reports 576,000 ounces of indicated and 544,000 ounces of inferred gold resources. Resources are not reserves; their economic viability has not yet been proven.

Drill hole SOSAP-26-039 returned 8.15 g/t gold over 18 meters between drill meters 18 and 36; the true thickness has not been confirmed. The environmental agency SEMARNAT approved the environmental impact statement in July; supplemental land-use permits were still pending for certain areas. In addition, there is the La Huerta copper project.

Conclusion: Amex Gold Mining and Axo Metals on the Verge of Milestones

The market environment offers structural support for gold despite interest rate and currency risks. Amex is working on a large-scale sampling program, while Axo is focusing on drilling and permits. Financing and implementation remain critical. Gold stocks are subject to significant geological, operational, and market-related risks and offer no guarantee of price stability.

Current company information and press releases: Amex Gold Mining https://www.resource-capital.ch/de/unternehmen/amex-gold-mining-inc/ and Axo Metals https://www.resource-capital.ch/de/unternehmen/axo-metals-corp.

For further information, see our Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

Best of luck and warm regards from Switzerland,
Marc Ollinger
Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

Our website: https://www.resource-capital.ch/de/

Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG

All free commodities reports: https://www.rohstoff-reports.com/

Registration for our roadshows: https://www.european-roadshows.com/de/

Sources: World Gold Council, October 19, 2026: https://www.gold.org/goldhub/gold-focus/2026/10/weekly-markets-monitor-bonds-back-room

World Gold Council, October 5, 2026: https://www.gold.org/goldhub/gold-focus/2026/10/weekly-markets-monitor-out-ordinary

Amex, NI 43-101 Feasibility Study 2026: https://www.amexexploration.com/images/PDF/2026/tech_report/NI_43-101_TR_-_2026_FS_-_Amex_-_Perron_1_compressed.pdf

AMEX Announcement, September 21, 2026: https://amexgoldmining.com/news/2026-news/amex-gold-mining-provides-update-on-development-activities-a2026-09-21-040503

Intro Image: Amex Gold Mining

Transparency and Conflicts of Interest

Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible person pursuant to Section 18(2) of the Media Services Act (MStV): Marc Ollinger. Issuers: Amex Gold Mining Inc. (TSXV: AMX) and Axo Metals Corp. (TSXV: AXO). The paid IR contracts give rise to a financial interest in positive coverage. As of October 20, 2026: Neither the author, Ingrid Heinritzi, nor SRC holds any shares, options, long/short certificates, or other derivatives of the aforementioned issuers. Neither Amex Gold Mining nor AXO Metals holds a 5 percent or greater stake in SRC. Pre-publication review: The companies did not receive the article for review and approval prior to publication.

Methodology and Risks

Date of publication: October 20, 2026. Public sources have been cross-checked; company information has not been independently verified. No independent review of drilling data, resource estimates, feasibility studies, or company valuations was conducted. Consequently, this article has not been approved. Studies and timelines are contingent upon financing, permits, and adequate processing capacity. Exploration, geological, metallurgical, construction, environmental, jurisdictional, dilution, gold price, and currency risks may significantly alter results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or legal authorization.