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Bessent's message to 'journalists' / UK debt to 3trn / GOLD, PMs rally, after strong base built over last 2months

  • sc0172
  • 13 hours ago
  • 3 min read

  • PM's had a great week finally moving off the lows, base formation (The Bank of Korea is set to buy physical gold for the first time in 13 years, per Reuters, From August 7, the Ministry of Finance of the Russian Federation will increase the purchase of currency/gold to 6.5 billion rubles per day #GOLD ), Asia's largest gold ETF (Huaan Gold ETF of China) saw net inflows for 16 consecutive days!

  • Treasury Secretary Scott Bessent One of the highlights of the Warsh Fed has been watching stenographers posing as journalists, like the WSJ’s Nick Timiraos, reduced to reporting Fed backroom gossip because they’re incapable of performing real economic or monetary policy analysis without being spoon-fed, touching a nerve somewhere..will be interesting to read how the 'journalists' respond when doing their annual review on Bessent and Trump...won't be pretty...

  • Markets : SpaceX lock up ends today, crude WTI around $80, 10's UST 4.61%, JPY giving back a bit of gains, USD near 6 week lows (positioning still long), BTC 65K ? (chart below), It's time to raise rates, cautions Minneapolis Fed President Neel Kashkari, More than 4 million S&P 500 call options traded on Tuesday, the most in history (Casino Royale..), Yuan hits strongest level against the U.S. Dollar since February 2023, Copper hits new ATH's, overall markets pretty happy to giddy up in the summer heat ! though as usual some decent vols underneath it all..stay focused !

  • WSJ : The joint U.S.-Japan support of the yen is unusual. The way it is being financed is unprecedented, and adds liquidity when the punch bowl of the U.S. economy and markets is already overflowing

  • US refunds $100 billion in tariffs struck down by Supreme Court, filing shows

  • Big US hedge funds targeted by wave of cyber attacks. Point72 and Citadel among firms hit by audio phishing schemes

  • Britain’s national debt said to top £3tn

  • "Market leverage is pretty high," JPMorgan Chase CEO Jamie Dimon

  • SpaceX Won’t Destroy Telecom—It Will Just Reinvent It







The China Gold Association has released that gold production in the first half of the year decreased by 14.62%, while total demand increased by 1.23%, with investment demand growing by 28.42%. China is the world's largest producer of gold.


You bet it is..
















 
 
 

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