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Top 10 Gold ETFs in 2025

Gold exchange-traded funds, or gold ETFs, have risen in popularity among investors who want precious metals exposure.

ETFs are similar to mutual funds in that they track assets such as stocks, bonds, currencies or commodities; a key difference is that ETFs can be bought and sold on exchanges, making them widely accessible. They provide considerable flexibility in implementing various investment strategies and in building investment portfolios.

Like other ETFs, gold ETFs are traded in the same manner as individual stocks, meaning that investing in the gold ETF market is similar to trading a stock on an exchange.

There are two main types of gold ETFs: those that track the gold price and those that hold investments in gold companies.

ETFs that follow the gold price give investors access to the yellow metal by holding either physical gold bullion or gold futures contracts. It is important to keep in mind that investing in the majority of gold ETFs does not allow investors to own any physical gold — in general, even a gold ETF that tracks physical gold cannot be redeemed for actual gold, although there are a few exceptions to that.

One more thing to keep in mind is that gold ETFs that hold physical gold are taxed as collectibles in the US, giving them a higher maximum capital gains rate, which is worth noting for investors in the highest tax bracket.

The other type of gold ETF invests in gold companies, providing exposure to gold mining, development and exploration stocks, as well as gold royalty stocks.

Read on to learn about the benefits of adding gold ETFs to your portfolio, the five largest gold ETFs by total assets and five top gold miner ETFs.

In this article

    What are the benefits of gold ETFs?

    Gold ETFs are fairly common today, and are a good choice for investors who want to invest in precious metals without trading gold futures or owning physical gold, such as gold coins or bars.

    But gold ETFs are often considered a lower-risk investment, as they have a number of benefits for market participants and can open up a portfolio to diversification.

    For example, physical gold is known for being a hedge against economic and political uncertainty, and owning shares of a gold ETF that offers exposure to the gold spot price provides investors with this same security without the hassle of buying and storing the yellow metal.

    Since gold tends to rise when the US dollar is weak, purchasing a gold ETF could balance out any investment that has the potential to decline when the greenback does. Conversely, selling gold ETF holdings can be beneficial when the US dollar is making gains.

    Gold ETFs that track gold companies give investors exposure to multiple companies in the space rather than having to choose specific stocks. This is an appealing option for those who want exposure to the sector without carrying the risks of investing in an individual stock.

    Gold ETFs as a whole also offer security in that they are managed by yellow metal experts, so there is a better chance of making a profit than going it alone. Of course, it is important to keep in mind that, despite their less risky nature, gold ETFs are still affected by the rise and fall of the gold price.

    Mutual funds are often compared to ETFs, but due to the fact that mutual funds can only be bought or sold at the close of the trading day, gold ETFs become more beneficial as they can be traded whenever the stock market is open, meaning movement is more liquid and not tied down by end-of-day trades.

    Top 5 spot gold ETFs

    The five gold ETFs below offer investors exposure to the spot price of gold by holding gold bullion. These options may be worth considering when it comes to getting exposure to the yellow metal’s price movements.

    According to ETFdb.com, these gold ETFs were the largest gold ETFs by total assets as of November 13, 2025. The five largest gold ETFs all track the gold price.

    1. SPDR Gold Shares (ARCA:GLD)

    Total assets under management: US$139.14 billion
    Unit price: US$380.58

    The SPDR Gold Shares tracks the spot price of gold bullion and is determined by market forces in the 24 hour, over-the-counter market for gold. This market accounts for most global gold trade, and any quoted prices available to ETF investors reflect the latest available information.

    Physical bullion comprises 100 percent of the ETF’s holdings, and its expense ratio is 0.4 percent. It offers investors a way to invest in gold that is much less costly than purchasing, storing and insuring bars or coins.

    2. iShares Gold Trust (ARCA:IAU)

    Total assets under management: US$64.22 billion
    Unit price: US$79.04

    Like the SPDR Gold Trust, the iShares Gold Trust ETF aims to track the spot price of gold bullion. Its expense ratio is 0.25 percent, and its holdings are allocated entirely to physical gold bullion. The aim is for the trust’s value to reflect the performance of the price of gold.

    The physical gold the trust holds is in vaults in locations including New York, US; Toronto, Canada; and London, UK. Investors can purchase and sell shares through a traditional brokerage account throughout the trading day.

    3. SPDR Gold MiniShares Trust (ARCA:GLDM)

    Total assets under management: US$23.33 billion
    Unit price: US$81.89

    The SPDR Gold MiniShares Trust offers investors one of the lowest available expense ratios for a US-listed ETF backed by physical gold at 0.1 percent. This ETF represents fractional, undivided beneficial ownership interests in the trust, which holds only physical gold bullion and, from time to time, cash.

    4. Abrdn Physical Gold Shares ETF (ARCA:SGOL)

    Total assets under management: US$6.95 billion
    Unit price: US$39.43

    The abrdn Physical Gold Shares ETF aims to have its shares reflect the performance of the gold bullion price, minus the trust’s operating expenses, by holding 100 percent physical gold bars. This gold ETF has an expense ratio of 0.17 percent.

    The gold backing the fund comes only in the form of London Good Delivery gold bullion bars refined on or after January 1, 2012, and held in secure vaults in London.

    5. iShares Gold Trust Micro (ARCA:IAUM)

    Total assets under management: US$5.52 billion
    Unit price: US$41.84

    The iShares Gold Trust Micro ETP is the lowest-cost physically backed gold ETP on the market with an expense ratio of just 0.09 percent. The fund is designed to provide exposure to the day-to-day movement of the price of gold bullion. The underlying gold bars are held in vaults.

    Top 5 gold mining ETFs

    These five gold stock ETFs are designed for investors looking to gain exposure to gold miners without the risk of holding individual gold stocks.

    1. VanEck Gold Miners ETF (ARCA:GDX)

    Total assets under management: US$23.89 billion
    Unit price: US$79.18

    The VanEck Gold Miners ETF provides investors with exposure to the largest global gold producers and royalty companies involved in the precious metals space and has an expense ratio of 0.51 percent. Nearly 90 percent of its holdings have market caps above US$5 billion.

    This ETF’s top holdings include Agnico Eagle Mines (TSX:AEM,NYSE:AEM) with a weight of 7.9 percent, Newmont (NYSE:NEM,ASX:NEM) with 7.15 percent and AngloGold Ashanti (NYSE:AU,JSE:ANG) with 5.71 percent.

    Holdings are rebalanced quarterly with qualified companies having a market cap greater than US$150 million, US$1 million in average daily trading volume and a minimum of 250,000 shares traded per month.

    2. VanEck Junior Gold Miners ETF (ARCA:GDXJ)

    Total assets under management: US$8.66 billion
    Unit price: US$101.24

    Similar to the GDX above, the VanEck Junior Gold Miners ETF provides investors with exposure to gold equities; however, it has a stronger focus on smaller gold mining companies and junior stocks, which carry higher risk, but also offer greater potential returns.

    Its top holdings include Pan American Silver (TSX:PAAS) with a weight of 6.45 percent, Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) with 6.39 percent and Alamos Gold (TSX:AGI,NYSE:AGI) with 5.75 percent.

    Holdings are reviewed in March and September, and rebalanced quarterly, with qualifications matching those for the VanEck Gold Miners ETF. Like the GDX, the GDXJ has an expense ratio of 0.51 percent.

    3. iShares MSCI Global Gold Miners ETF (Nasdaq:RING)

    Total assets under management: US$2.63 billion
    Unit price: US$67.87

    BlackRock’s (NYSE:BLK) iShares MSCI Global Gold Miners ETF provides investors with exposure to a diverse portfolio of global gold mining companies within the Morgan Stanley Capital International (MSCI) index and charges an expense ratio of 0.39 percent.

    Top holdings in the fund include Newmont with a weight of 15.85 percent, Agnico Eagle with 13.33 percent and Barrick Mining (TSX:ABX,NYSE:B) with 8.92 percent.

    4. Sprott Gold Miners ETF (ARCA:SGDM)

    Total assets under management: US$611.45 million
    Unit price: US$64.64

    The Sprott (TSX:SII,NYSE:SII) Gold Miners ETF is an investment product designed to deliver returns that track the Solactive Gold Miners Custom Factors Index, which follows major gold equities listed on Canadian and US exchanges. The ETF is rebalanced quarterly and has a total operating expense of 0.5 percent.

    Top holdings in the fund include Agnico Eagle with a weight of 12.41 percent, Newmont with 8.92 percent and Wheaton Precious Metals (TSX:WPM,NYSE:WPM) with 7.83 percent.

    5. Sprott Junior Gold Miners ETF (ARCA:SDGJ)

    Total assets under management: US$280.97 million
    Unit price: US$76.56

    The Sprott Junior Gold Miners ETF has also been designed to provide results tied to its underlying index, in this case, the Solactive Junior Gold Miners Custom Factors Index, which tracks companies with a market capitalization between US$200 million and US$3 billion.

    The ETF is rebalanced semi-annually in March and September and carries a total management fee of 0.5 percent.

    Top holdings in the fund include Bellevue Gold (ASX:BGL,OTC Pink:BELGF) with a weight of 5.04 percent, Novagold Resources (NYSE:NG) with 5.03 percent and Turk Altin Isletmeleri with 4.94 percent.

    Securities Disclosure: I, Dean Belder, currently hold a direct investment in Equinox Gold.

    This post appeared first on investingnews.com

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    LAURION Broadens Advisor Network and Issues Stock Options to First Nations under Amended Exploration Agreement as Ishkoday Exploration Progresses

    (TheNewswire)

    TORONTO, Ontario November 19, 2025 TheNewswire Laurion Mineral Exploration Inc. (TSXV: LME,OTC:LMEFF | OTCPINK: LMEFF,OTC:LMEFF) (‘LAURION’ or the ‘Corporation’) is pleased to provide this corporate update on its advisory engagements, exploration progress, and investor outreach initiatives.

    Advisory Network Expansion

    As part of its ongoing corporate development strategy, LAURION has broadened its advisory network to include additional strategic partners engaged to complement and extend the Corporation’s capital markets and M&A (strategic transaction) initiatives. This expanded network, established prior to the conclusion of LAURION’s engagement with US Capital Global Partners, as disclosed in its most recent public filing, is intended to enhance the Corporation’s institutional outreach, market visibility, and transactional execution capabilities. LAURION has created a layered, multi-channel approach designed to expedite investor access, broaden the Corporation’s ability to explore transactional opportunities, and ensure the Corporation can efficiently engage a wider breadth of potential partners and stakeholders in exploring strategic alternatives. While the Corporation anticipates that the benefits of these expanded advisory efforts will materialize progressively over time, this coordinated framework aims to strengthen LAURION’s foundation for long-term growth and advance its shareholder value strategy with discipline and transparency.

    Advancing the Ishkõday Exploration Program

    LAURION continues to execute a disciplined and systematic advancement of its flagship 57 km² Ishkõday Project, located 220 km northeast of Thunder Bay, Ontario. Further to the Corporation’s press releases dated May 8, 2025, May 27, 2025, July 29, 2025, August 19, 2025, September 23, 2025, and October 8, 2025, the 2025 field program has materially progressed on schedule and within budget, with meaningful technical milestones now achieved across geophysics, drilling, and surface exploration.

    Issuance of Stock Options to First Nations

    In accordance with an amendment to the Exploration Agreement between LAURION and the Animbiigoo Zaagi’igan Anishinaabek (AZA) , Bingwi Neyaashi Anishinaabek (BNA) , and Biinjitiwaabik Zaaging Anishinaabek (BZA ) First Nations, the Corporation’s Board of Directors has authorized the issuance of an aggregate of 750,000 stock options (250,000 to each First Nation). These options, granted under LAURION’s stock option plan, are exercisable at a price of $ 0.38 per common share. The options will vest immediately and remain exercisable for a period of five years from the grant date. This grant is subject to acceptance by the TSX Venture Exchange.

    This issuance forms part of the broader resolution and recognition framework outlined under the Exploration Agreement , reflecting LAURION’s continued commitment to long-term collaboration, transparency, and shared benefit with our Indigenous partners.

    Looking Ahead and Shareholder Updates

    LAURION reaffirms that any developments of material significance will be communicated without delay. In the meantime, shareholders are encouraged to respect channel integrity and refrain from speculating on social media, which may negatively affect the share price and delay the effective execution of strategic initiatives. The Corporation appreciates shareholders’ patience and trust—the Board and management continue exerting every effort, in concert with its diverse advisors, to maximize shareholder value.

    About Laurion Mineral Exploration Inc.

    The Corporation is a mid-stage junior mineral exploration and development company listed on the TSXV under the symbol LME and on the OTCPINK under the symbol LMEFF. LAURION now has 274,097,283 outstanding shares, of which approximately 73.6% are owned and controlled by insiders who are eligible investors under the ‘Friends and Family’ categories.

    LAURION’s emphasis is on the exploration and development of its flagship project, the 100% owned mid-stage 57 km 2 Ishk õ day Project, and its gold-rich polymetallic mineralization. LAURION’s chief priority remains maximizing shareholder value. A large portion of the Corporation’s focus in this regard falls within the scope of its mineral exploration activities and more specifically, advancing the Ishkõday Project.

    A consequence of LAURION’s success and advancement over the past several years is that the Corporation has become positioned as an acquisition target for appropriate potential acquirors. Accordingly, the Corporation’s Board of Directors is aware that possible strategic alternatives and transactional opportunities may arise and/or could be procured in the short or medium terms. The Corporation will promptly issue a press release if any material change occurs.

    Laurion Mineral Exploration Inc.

    Cynthia Le Sueur-Aquin – President and CEO

    Tel: 1-705-788-9186 Fax: 1-705-805-9256

    Douglas Vass – Investor Relations Consultant

    Email : info@laurion.ca

    Website : http://www.LAURION.ca

    Follow us on : X (@LAURION_LME), Instagram (laurionmineral) and LinkedIn (https://www.linkedin.com/in/cynthia-le-sueur-aquin-laurion-lme-04b03017/)

    Caution Regarding Forward-Looking Information

    This press release contains forward-looking statements, which reflect the Corporation’s current expectations regarding future events including with respect to LAURION’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, the Corporation’s ability to advance the Ishkõday Project, the nature, focus, timing and potential results of the Corporation’s exploration, drilling and prospecting activities in 2025 and beyond, including the Corporation’s diamond drill program described in this press release and the Corporation’s other planned activities for the Ishkõday Project for the remainder of 2025, and the statements regarding the Corporation’s exploration or consideration of any possible strategic alternatives and transactional opportunities (including, without limitation, the Corporation’s engagement of third party advisors to explore any such potential alternatives and opportunities), as well as the potential outcome(s) of this process and the formation of the Corporation’s aforementioned advisory network, the possible impact of any potential transactions referenced herein on the Corporation or any of its stakeholders, and the ability of the Corporation to identify and complete any potential acquisitions, mergers, financings or other transactions referenced herein, and the timing of any such transactions. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of LAURION, the TSX Venture Exchange or any other applicable regulator not providing its approval for any strategic alternatives or transactional opportunities, the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of gold and/or other metals, possible variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Corporation’s publicly filed documents. Investors should consult the Corporation’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Corporation’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Corporation disclaims any obligation to update these forward-looking statements. All sample values are from grab samples and channel samples, which by their nature, are not necessarily representative of overall grades of mineralized areas. Readers are cautioned to not place undue reliance on the assay values reported in this press release.

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

    Copyright (c) 2025 TheNewswire – All rights reserved.

    News Provided by TheNewsWire via QuoteMedia

    This post appeared first on investingnews.com

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    Prismo Develops Additional Drill Targets at Silver King Provides Update on Drill Permit

    (TheNewswire)

    Vancouver, British Columbia, November 19, 2025 TheNewswire – Prismo Metals Inc. (the ‘ Company ‘) (CSE: PRIZ,OTC:PMOMF) (OTCQB: PMOMF) is pleased to report that it has completed a detailed exploration program at the Black Diamond area of its Silver King Project located in Arizona. Work consisted of mapping and sampling of the area including the Black Diamond copper replacement body and the newly encountered strongly altered felsic intrusion with stockwork veining.  A handheld XRF analyzer was used to complete a soil geochemistry grid and to analyze selected rock samples in a qualitative manner. Additionally, an IP survey was recently initiated over the Silver King land package, with results expected by the first week of December.

    Figure 1 .  Map showing the location of the Black Diamond replacement and felsic intrusion exploration targets at the Silver King project.  Claim boundaries are shown in yellow.

    The soil survey defined a large copper anomaly over the Black Diamond replacement body along with some anomalous gold values. Previous rock samples have shown the copper-gold association of mineralization in replacement mineralization. The soil survey also showed Zn, Pb, Ag and Sb anomalies associated with the felsic intrusion. This intrusion is strongly sericitized and is cut by moderate to strong stockwork quartz veins with locally abundant iron oxides after pyrite.

    XRF analysis of rock samples in the area was also completed. Although XRF analyses on rocks are generally qualitative and are not valid assays as are rock samples assayed by the geochemical laboratories, they do indicate the presence of the metals of interest and are useful as guides to mineralization.

    XRF analyses of individual quartz veinlets in the stockwork hosted by the felsic intrusion locally indicate the presence of silver, lead and zinc as well as some antimony.  During the exploration program, Prismo’s geological team took 34 rock chip samples over the area. These samples were submitted to the laboratory with assay results expected in the coming weeks.

    Craig Gibson, Chief Exploration Officer of the Company, stated: ‘These results confirm Black Diamond as a copper-gold replacement body target as was indicated from previous work, making this area a compelling drill target. The data collected from the felsic intrusion indicated that it is mineralized, a feature that was not indicated in reports from previous work by Fischer Watt in 1980, although they considered it a prime target based on alteration mineralogy and fluid inclusion studies 1 .’

    Drill Permit Update

    Prismo also announced that the Forest Service, the federal surface land management entity for Silver King, has determined that the Company’s proposed drill plan meets the regulatory requirements for processing, and that such plan is complete, as described in the regulations at 36 CFR 228.4(c).

    The Forest Service will now proceed with the environmental analysis pursuant to 36 CFR 228(a)(5) in conformity with the National Environmental Policy Act (NEPA). This analysis will proceed as a Categorical Exclusion, the lowest level of environment reviews applicable to projects that are not expected to have a significant effect on the environment, such as Silver King.

    Alain Lambert, CEO of Prismo stated: ‘We are pleased with the steady progress on the permitting front, especially given the now resolved US government ‘shutdown.’

    Mr. Lambert added: ‘With the closing of our recent oversubscribed financing, we are fully funded for the first two phases of drilling. In Phase 1, we plan a drill program at the historic Silver King mine site for about 1,000 meters. That drill plan is designed to test the upper half of the steeply dipping pipelike Silver King mineralized body as well as potential mineralization adjacent to the dense stockwork that was the focus of historic mining.’

    Figure 2 . Cross section through the Silver King mine workings showing proposed drill holes (in black) to test the pipelike mineralized body (in red)

    Given the Company’s recent discoveries, Prismo has added a second phase of drilling for an additional 1,000 meters. This additional program will focus on the newly identified targets outside of the historic mining area, such as the polymetallic vein and the copper vein mentioned above. Drilling of the large body of replacement mineralization on the patented Black Diamond claim is also being planned and is road accessible on private ground.

    1 Haynes, F. and Reynolds, 1980, Silver King Breccia Pipe Prospect, unpublished report, Fischer-Watt Mining Co., 5p.

    QA/QC

    XRF analyses are considered to be qualitative in nature and cannot be considered to be representative of commercial assays.  XRF soil analyses are useful as they indicate variations in metal contents to represent anomalies, although the actual values of the metals present are not necessarily the same as those obtained from commercial geochemical analyses.  The company uses commercial standards when using the XRF analyzer.

    Qualified Person

    Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release.  The historic data presented in this press release was obtained from public sources, should be considered incomplete and is not qualified under NI 43-101, but is believed to be accurate. The Company has not verified the historical data presented and it cannot be relied upon, and it is being used solely to aid in exploration plans. References to mineralization at the Magma Mine and Resolution Copper deposit is not necessarily indicative to the mineralization on the Silver King property.

    About the Silver King

    Discovered in 1875, the Silver King mine was one of Arizona ‘ s most important historic producers, yielding nearly 6 million ounces of silver at grades of up to 61 oz/t.  The Silver King mine sits only 3 km from the main shaft of the Resolution Copper project — a joint venture between Rio Tinto and BHP and one of the world ‘ s largest unmined copper deposits with an estimated copper resource of 1.787 billion metric tonnes at an average grade of 1.5% copper (1) . The unique land position is fully surrounded by Resolution Copper ‘ s claim block, offering strategic upside. Selected samples from small-scale production in the late 1990s returned grades as high as 644 oz/t silver (18,250 g/t) and 0.53 oz/t gold (15 g/t), indicating that high-grade mineralization remains.

    About Prismo Metals Inc.

    Prismo (CSE: PRIZ,OTC:PMOMF) is a mining exploration company focused on advancing its Silver King, Ripsey and Hot Breccia projects in Arizona and its Palos Verdes silver project in Mexico.

    Please follow @PrismoMetals on , , , Instagram , and

    Prismo Metals Inc.

    1100 – 1111 Melville St., Vancouver, British Columbia V6E 3V6

    Phone: (416) 361-0737

    Contact:

    Alain Lambert, Chief Executive Officer alain.lambert@prismometals.com

    Gordon Aldcorn, President gordon.aldcorn@prismometals.com

    Cautionary Note Regarding Forward-Looking Information

    This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘ intends’ or ‘ anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘ may’, ‘ could’, ‘ should’, ‘ would’ or ‘ occur’. This information and these statements, referred to herein as ‘forward‐looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Silver King.

    These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain appropriate funding to finance the exploration program at Silver King.

    In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the ability to raise capital to fund the drilling campaign at Silver King and the timing of such drilling campaign.

    Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

    Copyright (c) 2025 TheNewswire – All rights reserved.

    News Provided by TheNewsWire via QuoteMedia

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    China military reaches ‘war footing’ with new missile silos and advanced AI warfare systems

    China’s military buildup has reached what a new congressional report calls a ‘war footing,’ with hundreds of new missile silos and expanding nuclear capabilities that could erode America’s long-standing deterrence edge in the Indo-Pacific.

    China has built roughly 350 new intercontinental missile silos and expanded its nuclear warhead stockpile by 20% in the past year, part of a sweeping military expansion that the U.S.-China Economic and Security Review Commission says could strain U.S. readiness to counter Chinese aggression.

    The commission’s 2025 annual report to Congress says Beijing’s rapid nuclear buildup, combined with new artificial intelligence-driven warfare systems, is transforming the People’s Liberation Army into a force ‘capable of fighting and winning a war against the United States’ — even without matching U.S. nuclear numbers.

    According to the report, China has unveiled an AI-powered electronic warfare system capable of detecting and suppressing U.S. radar signals as far as Guam, the Marshall Islands and Alaska, and is now deploying 6G-based platforms across its armed forces.

    The report says China unveiled a new 6G-based electronic warfare platform in mid-2025, capable of coordinating radar jamming and signal interception across long distances. The system reportedly uses high-speed data links and artificial intelligence to synchronize attacks on U.S. and allied radar networks — a preview of what Beijing calls ‘intelligentized warfare.’

     At a military parade in Beijing this September, China for the first time displayed a full nuclear triad — missiles launchable from land, air and sea.

    The commission warns these advances, paired with China’s political crackdown and economic leverage, could allow Beijing to act ‘quickly and decisively in a crisis,’ shortening the time the U.S. and its allies would have to respond to aggression.

    The commission is urging Congress to require the Pentagon to conduct a full audit of U.S. readiness to defend Taiwan, warning that Washington may no longer meet its legal obligations under the Taiwan Relations Act. The report calls for a classified and unclassified assessment of whether U.S. forces could ‘resist any resort to force or coercion’ by China — even in a scenario where the United States is also facing simultaneous aggression from Russia, Iran or North Korea.

    Read the report below. App users: Click here

    A war over Taiwan, the commission cautions, could wipe out up to 10% of global GDP — a shock on par with the 2008 financial crisis — and carry a ‘cataclysmic’ risk of nuclear escalation and wider conflict in the Indo-Pacific.

    China now holds around 600 nuclear warheads. The Pentagon has assessed China is aiming to own 1,000 by 2030. 

    The report further warns that China’s economic coercion is compounding the threat, pointing to Beijing’s dominance in foundational semiconductors, rare earth minerals, and printed circuit boards. It says these dependencies could leave the United States ‘reliant on its rival for the backbone of its modern economy and military.’

    Among 28 recommendations, the commission calls for Congress to bar Chinese-made components from U.S. power grids, create a unified economic statecraft agency to enforce export controls, and reaffirm diplomatic backing for Taiwan — including its partnership with the Vatican, one of Taiwan’s few remaining formal allies that Beijing has sought to isolate through church diplomacy.

    ‘China’s rapid military and economic mobilization shortens U.S. warning timelines,’ the report concludes, warning that without a coordinated response, America’s deterrence posture ‘risks falling short’ against Beijing’s expanding capabilities.

    This post appeared first on FOX NEWS

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    Saudi Arabia is already America’s top arms buyer and now Trump wants to add F-35s

    There’s no business quite like the U.S. arms business and no audience roars louder in approval than Saudi Arabia.

    On Tuesday, President Donald Trump is expected to close several deals with Saudi Arabia’s powerful Crown Prince Mohammed bin Salman, a visit that could see billions more in U.S. weapons flow to one of the world’s most prolific importers of military hardware.

    Trump told reporters at the White House on Monday that the U.S. will likely move forward with a deal to sell F-35 jets to Saudi Arabia.

    The F-35, the crown jewel in Lockheed Martin’s portfolio, is among the most advanced fighter jets in the world and one of the most sought-after symbols of U.S. military might.

    Saudi Arabia’s oil-rich monarchy is one of America’s most crucial strategic partners in the Middle East and one of the U.S. defense industry’s most dependable customers.

    For Washington, the partnership means billions in defense revenue and a key ally in the Gulf. For Riyadh, it’s a pipeline to the world’s most advanced military technology and a symbol of its ambition to stand shoulder to shoulder with the world’s military powers in a volatile region.

    According to a report by the Stockholm International Peace Research Institute, between 2020 and 2024, Saudi Arabia was the top buyer of American-made arms, accounting for 12% of all U.S. weapons exports, followed by Ukraine (9.3%) and Japan (8.8%). The U.S. was also by far the kingdom’s main supplier, providing 74% of all Saudi arms imports during that period.

    That level of spending underscores Saudi Arabia’s regional military ambitions, but globally, it’s the U.S. that dominates by an extraordinary margin.

    With $997 billion in defense spending in 2024, the U.S. outspent every other nation several times over, investing more than triple what China, the world’s second-largest spender, devoted to its military.

    Beyond defense spending, the U.S. also leads the world in arms exports, responsible for nearly half of all major weapons sold globally between 2020 and 2024. In total, 162 nations purchased major weapons systems, but just five importers, Ukraine, India, Qatar, Saudi Arabia and Pakistan, accounted for 35% of global imports, highlighting how concentrated the world’s arms trade remains.

    The crown prince serves as the kingdom’s powerful understudy to his 89-year-old father, King Salman. Widely regarded as Saudi Arabia’s de facto ruler, he manages nearly all daily affairs of state and frequently represents the kingdom in international summits and diplomatic meetings.

    Tuesday’s meetings will mark the crown prince’s first visit to the White House in more than seven years. 

    The two last met in May, when Trump made his first state visit of his second term to Riyadh. He was welcomed with a fighter jet escort, an honor guard wielding golden swords and a parade of Arabian horses flanking his limousine.

    It was a scene that captured the enduring spectacle of U.S.–Saudi ties, a partnership as opulent as it is strategic and one that remains vital to both nations’ ambitions.

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    House conservatives rally behind push to impeach Judge Boasberg over role in Trump investigation

    The House Freedom Caucus is rallying behind one of its own members’ push to impeach U.S. District Judge James Boasberg.

    Rep. Brandon Gill, R-Texas, introduced an impeachment resolution against Boasberg last month for his role in Arctic Frost, a code name for ex-special counsel Jack Smith’s probe into President Donald Trump and the 2020 election.

    Gill argued Boasberg acted in a partisan fashion when he signed off on subpoenas and gag orders related to the investigation, including subpoenas for phone records from several Republican legislators in Congress — the news of which was made public in documents released by Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, this year.

    But it’s not immediately clear whether the push to impeach Boasberg is strong enough to launch an actual pressure campaign on House GOP leaders.

    ‘It absolutely should be done,’ House Freedom Caucus Chairman Andy Harris, R-Md., told Fox News Digital last week. ‘I think this is levels above what we thought was going on. His bias is pretty clear, someone with that kind of bias cannot exist in the federal judiciary.’

    But Harris signaled it would not be an issue the conservative group would pressure House Speaker Mike Johnson, R-La., on anytime soon.

    ‘No, we have other issues as well. We’re concentrated right now on the fiscal issues,’ Harris said when asked if he would bring the issue to House leaders. ‘But we have discussed that, and there is broad support to impeach the judge.’

    Still, his conservative caucus appears largely supportive.

    ‘I think there’s considerable movement over here, particularly in light of, actually the genesis here, Arctic Frost … the massive concerns we have with what the judge is doing — just making up facts out of thin air and assumptions based on motives that have no basis,’ House Freedom Caucus Policy Chairman Chip Roy, R-Texas, told Fox News Digital.

    Rep. Ralph Norman, R-S.C., who is also running for governor of South Carolina, told Fox News Digital, ‘I hope so,’ when asked if this impeachment push would be stronger than the last.

    ‘He’s so partisan. He’s one of the rogue judges that exist today,’ Norman said. ‘There are consequences for what he did.’

    Meanwhile, Rep. Eli Crane, R-Ariz., pointed out that he was one of the earliest supporters of impeaching judges who conservatives saw as casting overly partisan rulings in the Trump era.

    ‘I think a lot of these judges have gone way out of bounds and violated their oaths. I’m in support of it, yeah,’ he told Fox News Digital.

    He was more cautious when asked if it would yield results. ‘I don’t tend to have confidence in anything around here until I see action taken. Talk is cheap,’ Crane said.

    Gill was one of several House Freedom Caucus members to introduce impeachment resolutions against Boasberg this past spring, when he issued an order temporarily blocking Trump’s deportation flights to El Salvador. 

    At the time, however, Johnson warned Republicans that impeachment was not the most practical way to curb ‘rogue judges’ — pointing out that removal would require support in the Senate that simply was not there.

    Instead, House GOP leaders rallied around a bill by Rep. Darrell Issa, R-Calif., subcommittee chair of the House Judiciary panel’s subcommittee on courts.

    That legislation, aimed at limiting the power of district court judges to issue nationwide injunctions, passed the House in early April but was never taken up in the Senate.

    Issa himself cautioned against moving too quickly toward impeachment when asked by Fox News Digital last week.

    ‘We have a number of rogue judges, and I think before we talk about impeachment, with so many people seeing wrongdoing, both the House and the Senate need to hold appropriate hearings and evaluate just what the proper definition of good behavior is and whether not just one, but multiple judges, may have clearly violated that,’ Issa said. ‘I think that’s the right way to approach it.’

    Issa said he was ‘looking at’ holding a hearing on the matter when lawmakers returned to Capitol Hill after Thanksgiving.

    Fox News Digital reached out to the U.S. Courts system, which declined to comment for this story.

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    House GOP braces for Epstein files vote as concerns remain despite Trump’s green light

    House Republicans are cautiously supportive of a bipartisan bill aimed at forcing the Department of Justice (DOJ) to release all its files on Jeffrey Epstein’s case after President Donald Trump gave the bill his stamp of approval on Sunday night.

    GOP lawmakers who spoke with Fox News Digital Monday evening said they would vote for the bill and were optimistic their colleagues would as well — though many of them said they still had concerns about how it was written.

    It comes after Speaker Mike Johnson, R-La., who had been against the bill but pushing parallel transparency efforts in Epstein’s case, said he hoped it would undergo material changes when it reached the Senate to give more protection for innocent people whose names may appear in the files against their wishes.

    ‘I have real concerns about the discharge language in the House draft,’ Johnson said. ‘But I do have some comfort that, I think if and when it’s processed in the Senate, that they’ll be able to correct some of those concerns, if we have the protection of victims and whistleblowers and all the rest.’

    The legislation is coming to the House floor on Tuesday afternoon via a mechanism called a discharge petition led by Rep Ro. Khanna, D-Calif., and Rep. Thomas Massie, R-Ky. The latter has found himself at odds with both Johnson and Trump on several key issues this year.

    A discharge petition allows a bill to get a House-wide vote against leaders’ wishes, provided the petition gets support from most lawmakers in the chamber — which in this case, it did last week.

    Rep. Byron Donalds, R-Fla., a Trump ally who is running for governor in Florida, said he would vote for the bill but shared Johnson’s concerns.

    ‘Number one, Congress has never released criminal files ever in the history of Congress. Two, there are victims, and I know we’re supposed to be trying to do what we can to sanitize their names or cover their names or redact their names, but you know, that doesn’t mean it’s going to be foolproof,’ Donalds said.

    ‘You could have victims that don’t want to be released, be identified, and then they have to go relive this again. What about those women? What if those women have kids now? What if those women have husbands now and they don’t want to go through this? So I think there’s a reason why political bodies don’t release criminal files.’

    Donalds said he would vote to release the files, however, to move past this chapter and help victims get closure.

    ‘It’s become such a huge distraction here on Capitol Hill. And I do want to see justice for those victims, if they were abused,’ he said.

    Republican Study Committee Chairman August Pfluger, R-Fla., said, ‘I’m gonna vote in favor of it, but it’s not perfect, and there’s a lot of things that need to be addressed.’

    ‘Transparency is key. My district needs transparency. The president has nothing to hide, but things that need to be fixed, have to be fixed in the Senate,’ Pfluger, who pledged to support the bill before Trump’s blessing, said.

    Rep. Erin Houchin, R-Ind., said she had similar concerns ‘from the start.’

    ‘Once it goes to the Senate, if the Senate believes they need to have broader or, you know, bigger protections, then I think that’ll be up to the Senate to decide, but I’m ready to vote this out of the House and send it over to the Senate and get moving on it,’ Houchin said.

    A member of the conservative House Freedom Caucus, Rep. Andy Ogles, R-Tenn., questioned whether such a move by Congress could get in the way of the DOJ’s active probes into Epstein.

    ‘I have concerns as well. I mean, you have the Department of Justice investigations taking place. Are we inadvertently interfering?’ he posed.

    Ogles said, however, that he believed most House Republicans like himself would back the bill.

    ‘With the president coming out in support of it, I think that sends a clear message that he’s not afraid of what’s in it, the Democrats should be,’ he said.

    Rep. Rich McCormick, R-Ga., similarly said he believed Trump’s support alleviated some difficulties for Republicans.

    ‘I think it releases any angst they might have when we’re voting for it,’ McCormick said. ‘I think most people will vote for it, I don’t think it’s going to be a controversial bill at all.’

    Houchin told Fox News Digital, ‘I think he moved the needle tremendously, just to say, you know, let’s have a vote on it and let’s stop talking about it.’

    But Rep. Russell Fry, R-S.C., disagreed that Trump’s support had a significant effect on shifting the tide.

    ‘I mean, maybe a little bit, but I think people were largely there anyway,’ Fry said. ‘We talked about this on the campaign trail, The guy was a total dirtbag, did unspeakable atrocities on women in our country, and the public wants closure…this has been the most transparent Congress and administration on this subject in the country’s history.’

    Trump posted on Truth Social on Sunday night, ‘House Republicans should vote to release the Epstein files, because we have nothing to hide, and it’s time to move on from this Democrat Hoax.’

    It appeared to lead to Rep. Troy Nehls, R-Texas, who notably said he would oppose the measure on Friday, changing his mind as of Monday night. He told reporters ‘everybody’ would vote in favor of the bill and pointed out, ‘Donald Trump made a decision.’

    House Oversight Committee Chairman James Comer, R-Ky., who was leading the Johnson-backed probe into Epstein, appeared similarly resigned on Monday.

    ‘At this point, I just think the best thing to do — there’s so much media frenzy and curiosity about this, and you know, the survivors act like they want everything to come out. I want everything to come out….any other villains in this, we’ll try to figure out what we can,’ he said.

    And Massie told reporters that same evening that he would be open but cautious about any changes to his bill in the Senate.

    ‘If the Senate wants to improve this bill without limiting the disclosure, that would be fine by me. But if they try to monkey it up, I think those senators are gonna get in front of a freight train and be in a lot of trouble with their supporters,’ he warned.

    Massie told Fox News Digital of Johnson’s concerns, ‘He needs to be for it or against it. I think he’s going to vote for it, so he must think there’s more good than bad.’

    Senate Majority Leader John Thune, R-S.D., has not yet said what he would do if the bill passed the House on Tuesday.

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    UN Security Council backs Trump’s Gaza peace plan after Waltz calls territory ‘hell on earth’

    The U.N. Security Council on Monday adopted a U.S.-backed resolution to end the Gaza war and deploy an international stabilization force after Ambassador Mike Waltz urged members to support what he called ‘a bold, pragmatic blueprint’ born from President Donald Trump’s 20-point peace plan.

    In an address to the council, Waltz described Gaza as ‘a hell on earth’ after two years of conflict, saying the resolution offered the world a chance to replace ‘rubble where schools once stood’ with ‘a path to peace.’ The measure passed 14–0, with two abstentions — including Russia — and was adopted.

    ‘Voting yes today isn’t just endorsing a plan,’ Waltz said. ‘It’s affirming our shared humanity. A vote against this resolution is a vote to return to war.’

    The plan, developed through U.S.-led diplomacy with Qatar, Egypt, Saudi Arabia, the United Arab Emirates, Turkey, Pakistan, and Indonesia, establishes a multinational stabilization force to secure Gaza, oversee demilitarization and protect civilians as Israel gradually withdraws.

    Waltz said many of the peacekeepers will come from Muslim-majority nations, including Indonesia and Azerbaijan.

    He credited Jared Kushner and special envoy Steve Witkoff with brokering the deal, which has already produced what he called ‘tangible results’ — a holding ceasefire and the release of 45 hostages by Hamas. Waltz said the United States remains committed to ensuring the return of the remaining hostages still believed to be held in Gaza.

    ‘This resolution charts a path for Palestinian self-determination after the Palestinian Authority completes key reforms,’ Waltz said. ‘It dismantles Hamas’s grip and ensures Gaza rises free from terror’s shadow — prosperous and secure.’

    Following the vote, Waltz thanked Council members for what he called ‘a historic and constructive resolution’ and praised the coalition of nations that supported Trump’s plan.

    He said the Board of Peace, which will be led by the president, ‘remains the cornerstone of our effort’ to rebuild Gaza and establish accountable local governance.

    The board will coordinate humanitarian assistance, oversee reconstruction, and support a technocratic Palestinian committee responsible for day-to-day administration while the Palestinian Authority implements its reforms. Waltz said the stabilization force will ‘dismantle terrorist infrastructure, decommission weapons, and maintain the safety of Palestinian civilians.’

    ‘The path to prosperity requires security first,’ Waltz said. ‘Security is the oxygen that governance and development need to live and thrive.’

    Russia abstained from the vote after circulating a rival draft. Waltz said hesitation and delay would only ‘cost lives,’ adding that ‘every day without this force, aid trucks lie idle, children starve, and extremists regroup.’

    Trump praised the U.N. Security Council’s passage of the Gaza peace resolution Monday, calling it ‘one of the biggest approvals in the history of the United Nations.’

    In a post on Truth Social, Trump congratulated world leaders and said the creation of the Board of Peace, which he will chair, represents ‘a moment of true historic proportion.’

    Trump said the board will include ‘the most powerful and respected leaders throughout the world’ and pledged to announce additional members in the coming weeks. He thanked both Security Council members and partner nations — including Qatar, Egypt, Saudi Arabia, the United Arab Emirates, Indonesia, Turkey, and Jordan — for backing the plan.

    ‘This will go down as one of the biggest approvals in the history of the United Nations,’ Trump wrote. ‘It will lead to further peace all over the world and is a moment of true historic proportion.’

    Trump’s message echoed the themes laid out by Waltz, who credited the president’s leadership and diplomacy for uniting regional powers behind the peace initiative.

    ‘President Trump’s historic 20-point plan marks the beginning of a strong, stable, and prosperous region,’ Waltz said. ‘Under President Trump’s bold leadership, the United States will continue to deliver results alongside our partners to make lasting peace a reality.’

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    InMed Announces Successful Completion of Pharmacokinetic Studies in Large Animal Model for Its Alzheimer’s Disease Candidate INM-901

    • Data will support design and planning of first in human clinical trials
    • Preparing for pre-IND meeting with the FDA

    InMed Pharmaceuticals Inc. (NASDAQ: INM) (‘InMed’ or the ‘Company’), a pharmaceutical company developing a pipeline of proprietary small-molecule drug candidates for diseases with high unmet medical needs, today announced the successful completion of pharmacokinetic (‘PK’) studies in large animal models for its Alzheimer’s disease candidate INM-901.

    This marks the first preclinical study in which the oral formulation of INM-901 was administered in large animals. The results provide additional data in guiding decisions in the design of a human Phase 1 clinical trial program.

    Positive PK and Neurological Assessment Results

    Over a seven-day dosing period, the studies demonstrated robust bioavailability in in vivo models. INM-901 achieved what is anticipated to be therapeutic levels of systemic exposure, supporting its potential utility in neurodegenerative disorders such as Alzheimer’s disease.

    In addition, neurological assessments evaluating general attitude, behavior, and motor function revealed no adverse neural or behavioral effects, reinforcing the compound’s favorable profile and supporting its continued advancement toward first-in-human clinical trials.

    In parallel, InMed has completed additional chemistry, manufacturing, and controls (‘CMC’) development to scale the INM-901 manufacturing process in preparation for Investigational New Drug (‘IND’)-enabling studies and regulatory interaction with the Food and Drug Administration (‘FDA’).

    Dr. Eric Hsu, Senior Vice President, Preclinical Research and Development at InMed, commented, ‘The successful completion of our first large animal PK study is very encouraging for the INM-901 program. The data supports the clinical applicability of our INM-901 oral formulation and provides important insights as we plan and design our IND-enabling studies and Phase 1 clinical trials. Furthermore, the neurological assessments strengthen our confidence in the compound’s overall safety profile.’

    Next development steps:

    • Advancing CMC activities for scale-up and supply
    • Dose ranging studies in two species
    • Preparing for a pre-IND meeting with the FDA
    • GLP-enabling studies to support an IND submission

    To learn more about the INM-901program, please visit the website at: https://www.inmedpharma.com/pharmaceutical/inm-901-for-alzheimers-disease/.

    About InMed:

    InMed Pharmaceuticals is a pharmaceutical drug development company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed’s pipeline consists of three separate programs in the treatment of Alzheimer’s, ocular and dermatological indications. For more information, visit www.inmedpharma.com.

    Investor Contact:
    Colin Clancy
    Vice President, Investor Relations
    and Corporate Communications
    T: +1.604.416.0999
    E: ir@inmedpharma.com

    Cautionary Note Regarding Forward-Looking Information:

    This news release contains ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking information’) within the meaning of applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘potential’, ‘possible’, ‘would’ and similar expressions. Such statements, based as they are on current expectations of management, inherently involve numerous risks, uncertainties and assumptions, known and unknown, many of which are beyond our control. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Without limiting the foregoing, forward-looking information in this news release includes, but is not limited to, statements about: the efficacy of INM-901; the favorable bioavailability profile of INM-901 oral formulation; planning and preparation for pre-IND meeting with the FDA; positive results demonstrating robust bioavailability of INM-901; no adverse neural or behavioral effects using INM-901; the clinical applicability of our INM-901 oral formulation; INM-901’s overall safety profile and next development steps including advancing CMC, dose ranging and GLP studies.

    Additionally, there are known and unknown risk factors which could cause InMed’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed’s stand-alone business is disclosed in InMed’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission on www.sec.gov.

    All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274918

    News Provided by Newsfile via QuoteMedia

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    Rio Tinto and Calix to Partner on Zero Emissions Steel Technology Plant

    Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) said on Monday (November 17) that it has signed a joint development agreement with environmental technology company Calix (NYSE:CALX,ASX:CXL) to develop Calix’s Zero Emissions Steel Technology (Zesty) green iron demonstration plant in Western Australia.

    If approved, the plant will be built at a site in Kwinana, south of Perth, that was previously earmarked for Rio Tinto’s BioIron research and development facility and associated pilot plant.

    Under the deal with Calix, Rio Tinto will invest more than AU$35 million, pending project milestones. Funding from the mining giant will include both in-kind and financial contributions.

    The plant received AU$44.9 million in Australian Renewable Energy Agency support in July.

    Rio Tinto’s work will include helping Calix reach a final investment decision through technical support, engineering services and advocacy. Subject to a final investment decision and successful project construction, Rio Tinto will provide up to 10,000 tonnes of various Pilbara iron ores for plant commissioning and the initial testing phase.

    The miner will also provide introductions to potential customers for downstream use of the Zesty product.

    “The world needs low-emissions steel if it is going to decarbonise, and we continue to look at a range of ways Pilbara iron ores can help to do this as new technologies emerge,” said Rio Tinto Iron Ore Chief Executive Matthew Holcz.

    He added that Rio Tinto will keep progressing BioIron with its partners, the University of Nottingham and Metso. However, the company has decided that the current furnace design requires additional development.

    “Both projects are part of our work to reduce emissions and support the future of iron ore in Australia and the communities that depend on it,’ Holcz added, referring to Zesty and BioIron.

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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