GlobalMacro

Former trader | Expertise in Macro, Financials, Energy | Passionate about market trends & options | Avid sports fan

[Taylor Burnette @tb_burnette]

Not to sound like a broken record, but gold and the broader precious metals complex remain under pressure as elevated oil prices continue to support the dollar, while yields show little sign of reversing course

[Kevin Gordon @KevRGordon]

Word counts in Warsh's Jackson Hole speech:

Inflation: 25
Labor: 9
Guidance: 9
AI: 4
Productivity: 2
Restrictive: 1

[Taylor Burnette @tb_burnette]

Market update post Warsh's Jackson Hole speech: gold lower, yields and the dollar higher, equities flat. Betting markets now pricing 50/50 chance of rate hike at Sept. meeting. August jobs and CPI are likely the next macro data points that the market focuses on

[Taylor Burnette @tb_burnette]

HSBC’s latest affluent investor survey points to growing appetite for #gold. Nearly 9/10 investors plan to maintain or increase their allocation over the next 12 months, including 49% who expect to add exposure, with particularly strong interest across the UAE and Asia

[Taylor Burnette @tb_burnette]

Gold options are showing January-like bullishness, but not January-like volatility

[Taylor Burnette @tb_burnette]

Seeing questions about whether the Switzerland-China trade deal affects gold. Gold was already exempt from tariffs and remains Switzerland's largest export to China, so the agreement is unlikely to materially affect gold trade flows

[Taylor Burnette @tb_burnette]

Gold and precious metals get the green light as Bessent doubles down on long-end Treasury buybacks.
Yields lower + Dollar lower = Metals higher
A setup that edges closer to yield-curve control territory

[Taylor Burnette @tb_burnette]

The recent rally in #gold has officially pushed it back into positive ytd territory!

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

6mo annualized core CPI tame at 2.5%, near the lowest in 5 years GS

[Taylor Burnette @tb_burnette]

Namibia’s central bank plans to triple #gold’s share of its FX reserves to at least 3% by end of next year, from ~1% currently.
Bloomberg: Bank of Namibia is buying gold from local mines monthly, paying in Namibian dollars, as part of its accumulation program.
Note: Namibia has not reported gold reserves to the IMF since 2019.

[Taylor Burnette @tb_burnette]

Thanks for referencing my recent note! As an update, in the first week of August we’ve already seen an additional ~US$3bn in gold ETF fund flows, with Europe again leading at $1.1bn, North America close behind at $1bn, and Asia strong at ~$800mn

[Taylor Burnette @tb_burnette]

Gold reclaims $4,300/oz for the first time since June. All regions were positive, but Asia once again dominated the move higher

[Taylor Burnette @tb_burnette]

Gold, palladium, and platinum all moving higher today, while silver stands as the clear odd one out among the precious metals.

[Taylor Burnette @tb_burnette]

Been on the road the past few weeks, but back to scheduled programming. Gold continues to find support at the $4,000/oz level and bounced higher today, with Asian sessions continuing to drive the majority of the year-to-date price support.

[Taylor Burnette @tb_burnette]

Gold and precious metals sold off after hawkish FOMC + Warsh comments. Strong hawkish tone: inflation “well ahead of 2%”, firm commitment to the 2% target, no dovish pivot, forward guidance scrapped, and new task forces adding uncertainty.

[Taylor Burnette @tb_burnette]

And to add onto this, central banks are not expecting the dollar’s reserve dominance to strengthen from here. In the latest survey, 74% expect the dollar’s share of total reserves to be lower 5 years from now, despite it remaining the dominant global reserve currency today. Both advanced economy and EMDE responses were aligned in this view.

[Taylor Burnette @tb_burnette]

Gold’s selloff has been a US-session story. Since the start of June, gold has held up better during Asian and European trading hours but has been hit hard once the US opens. The pressure looks less like global selling and more like US-driven liquidation as rates, positioning, and risk sentiment weigh on gold.

[Taylor Burnette @tb_burnette]

Lots of noise in the market today as a stronger-than-expected payrolls report pushed Treasury yields and the dollar higher, sparking cross-asset volatility across gold, equities, and energy markets.

[Taylor Burnette @tb_burnette]

Gold has officially overtaken US Treasuries as the #1 reserve asset for central banks worldwide. According to the ECB’s latest data (via FT):
• Gold now makes up 27% of global official reserves at end-2025 (up from 20% a year earlier)
• US Treasuries slipped to 22% from 25%.

[Taylor Burnette @tb_burnette]

Uzbekistan’s gold exports are back after a half-year pause. The country is one of the world’s top 10 gold producers, mining roughly 129 tonnes in 2024. Gold also remains central to its balance sheet, now accounting for nearly 87% of total reserves.