Gold hitting $4,600, silver near $70, oil over $87, and Bitcoin's earlier spike above $79K show the Fed has lost all credibility on its commitment to returning inflation to 2%. Treasury made it clear the Fed will choose inflation, so investors are choosing their preferred hedge.
Key Events This Week:
1. July Housing Starts data - Tuesday
2. July Pending Home Sales data - Tuesday
3. Fed Meeting Minutes - Wednesday
4. August Philly Fed Manufacturing Index - Thursday
5. August S&P Global Services PMI data - Friday
6. August S&P Global Manufacturing PMI data - Friday
The S&P 500 is now up +13.5% year-to-date.
Gold is back above $4,400
Many gold producers are absolutely printing cash and are still ramping up production
Years of difficult markets forced the industry to deleverage balance sheets and prioritize profitability
Now you have much healthier companies
Many are still cheap
BREAKING: Gold future surge above $4,500/oz for the first time since June 5th.
This puts gold futures up +14% since July 17.
The gold market knows exactly what is coming next.
Key Events This Week:
1. July Existing Home Sales data - Tuesday
2. OPEC Monthly Report - Wednesday
3. July CPI Inflation data - Wednesday
4. July PPI Inflation data - Thursday
5. July Retail Sales data - Friday
6. August MI Consumer Sentiment data - Friday
It's a big week for inflation data.
Gold has overtaken U.S. Treasuries as the largest foreign reserve asset held by global central banks.
The debate is over.
Gold is the ultimate global reserve currency.
Over $650 BILLION has been added to the precious metals in the last 7 hours.
Gold is up +1.8%, adding $510 Billion.
Silver is up +4.3%, adding $140 Billion.
"Gold is returning to the global financial architecture in a big way. If just 1% of global savings shifts into gold, you could see $25,000 gold."
- The legendary Pierre Lassonde.
Pretty big statement here from Mr. Lassonde.
“Gold and silver going to the moon.”
Legendary investor Jim Rogers.
Jim states further, that the prices of gold and silver will go to the moon, yet not without severe retracements.
Gold and silver just went through a severe retracements.
Recently gold hit a high of $5405 and retraced to$4006.
Silver hit a high of $118 and retraced to $56.
Interesting, many “speculators” buy at the TOP then selling at the BOTTOM.
I am in agreement with my friend Jim Rogers.
During this last “retracement” or “crash” I bought more gold and silver.
When a friend asked me why I buy and silver, my reply was:
“The world economy is in great trouble, and I do not trust our leaders or central banks to solve the problem. In fact they are the problem and things like debt and inflation will only go up.”
What are you going to do?
Buy high sell low.
Or:
Buy low and get rich?
Gold and silver are going to the moon!!!!
Take care.
BREAKING: June CPI inflation falls to 3.5%, below expectations of 3.8%
Core CPI inflation falls to 2.6%, below expectations of 2.8%.
Month-over-month CPI inflation fell -0.4%, the biggest monthly drop since May 2020.
US stock market futures are surging on the news.
🚨 Over $600 BILLION wiped out from precious metals in the last 90 minutes as Trump said the Iran ceasefire is over.
Gold is down -1.7%, wiping out $477 billion.
Silver is down -4%, wiping out $133 billion.