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Markets : 7th day of US Govt shutdown ( Oct. 15th is the date, when 1.3 million Defense Department paychecks are due to bounce if no deal ) , German IP -4.3% in Aug (auto sector -18.5% - U.S. market too, 2025 on course for the Highest Auto repossession volume in recorded history , nearly 3mio cars set to be seized — CUReposession ), GOLD $4'000, silver $50+ soon, XPT, PALL, Copper all up, with 3Q reporting season to kick off in the US next week, Goldman Sachs notes that the S&P 500 is again expected beat consensus EPS estimates. Management commentary around capex and AI infrastructure demand will be crucial to the sustainability of the AI trade, and the new JPN leader failed to reach agreement on maintaining two parties coalition >>> FED cuts won't help fix bankruptcies in auto loans or student loan delinquencies, tricky period ahead Geopolitics : Trump no longer intends to pursue a diplomatic agreement with Venezuela, a military conflict becomes more and more likely, Hamas reveals its ceasefire conditions as Trump expresses optimism for ‘peace in Middle East’, Zelensky accuses Putin of using oil tankers for spying and sabotage missions Trade : EU to halve steel import quotas to preserve domestic industry UBS Fund's 30% Stake in First Brands Group #riskconcentration ! Fed governor Stephen Miran backed continued rate cuts, warning that policy risked being too tight in the face of slowing momentum For everyone hung up on Polymarket odds (or CDS implied default risk) remember- Implied probability is not actual probability. This applies across all financial markets. Which are full of sleeping racehorses/Thread OpenAI deals scepticism |  A wave of deals involving Nvidia and OpenAI is sparking concerns that an increasingly complex web of transactions is artificially propping up the trillion-dollar AI boom. (BBG) The US stock market capitalization-to-GDP ratio is up to a record 221% The government shutdown is approaching a major deadline LDP, Komeito Punt Agreement on Maintaining Ruling Coalition | Nippon.com What Takaichi's Victory Means for Japan New Zealand delivers outsized cut in bid to boost growth UBS Fund's 30% Stake in First Brands Group: A Risk Concentration Crisis in Disguise Gold prices keep hitting records. Wall Street is worried Not just Gold, XAG, XPT, PALL etc... Trump-Gaza live: Hamas reveals its ceasefire conditions as Trump expresses optimism for ‘peace in Middle East’ Ukraine-Russia war latest: Zelensky accuses Putin of using oil tankers for spying and sabotage missions Lisa Abramowicz on X: "Central banks have been accelerating their purchases of gold since 2022. And retail investors are following suit, with gold-linked ETFs receiving a record $33 billion of inflows last month: Morningstar data https://t.co/asA6xLf6fz https://t.co/Eel4A7pMIl " / X Should you be investing in the copper boom? – The Armchair Trader Oracle stock slips on report company seeing thin Nvidia chip margins 111000/1 bet - nice one Ferrari-loving UK bond trader sued over botched $2.6B COVID bet that burned Goldman Sachs, Wells Fargo, Citi: report Let's talk about co-CEOs: When 2 people are in charge So true Polemic Paine on X: "For everyone hung up on Polymarket odds (or CDS implied default risk) remember- Implied probability is not actual probability. This applies across all financial markets. Which are full of sleeping racehorses. Prices on their odds of winning the next race oscillate on whispers," / X U.S. air traffic control staffing hit for second day, delaying flights Google set to bet big on India with $10 billion Visakhapatnam data hub plan - The Economic Times Charlie Bilello on X: "56k US home purchases were canceled in August, which equates to 15% of all homes under contract. That's the highest cancellation percentage on record for the month of August. https://t.co/0NhWkt9Z8y " / X

Markets : Japan’s Iron Maiden Needs to Fire Abe’s Last Arrow , U.S. takes 10% stake in Trilogy now (U.S Administration now own 15% in AP Materials, 10% in Lithium America, a golden share in US Steel and floating the idea of stakes in defense contractors..) >>> Globally, the entire world is on the ‘Run it Hot’ path (from China, US to Japan again ''not to prioritize fiscal consolidation over growth'', all populist ideas, no--one wins a mandate by calling for huge spending cuts...debasement, hard assets up etc), more debt, run it hot !, PTJ interview below (6mins of it) ''blow up top alla 1999 and then down''... it all looks so lined up, most of us would agree.. non?... that all said, one never really quite know if/when it'll turn, so go with the flows... Geopolitics : If Trump convinces China to abandon force against Taiwan he deserves Nobel prize, Taiwan president says Trade : Trump imposing new 25% large truck tariff starting Nov. 1 Moody’s Mark Zandi says the U.S. is “on the precipice” of a damaging contraction The Office of the Comptroller of the Currency is paring down nearly all community bank regulatory measures not required by law, leaving it up to examiners to determine applicable requirements, routine move ? cutting red tape, easing risk models' rules >>> when rules are loosened, it can be a sign the supervisors giving themselves room to intervene, where and when required...smooth over losses ( commercial real-estate and loan books built during low int rate times few years ago) Partner Content: Chinese firm Sea Legend is piloting a new Arctic shipping route from China to Europe with Felixstowe in Suffolk as its first European hub The route is set to take 18 days instead of the typical 40, cut emissions by 50%, and could position the UK at the forefront of a "new maritime era" China again doubled down on solar in the first half of 2025, adding in 6 months more than America has built in its entire history Shutdown negotiations |  Donald Trump opened the door to a possible end to the shutdown impasse by saying he’d negotiate with Democrats on health care subsidies, but later signaled he’d only talk once the government reopened. The Senate again rejected a stopgap bill. (BBG) Gold is tactically ‘overbought’ but structurally ‘under-owned’; gold = 0.4% of private client AUM, 2.4% of institutional AUM-BofA French Prime Minister Sébastien Lecornu resigns after less than a month - BBC News Are we in a recession? Yes — if you live in one of these 22 states. - MarketWatch OCC to dramatically reduce community bank regulation | American Banker China–Europe Arctic Shipping Route Could Boost UK Trade L... Paul Tudor Jones: Ingredients are in place for massive rally before a ‘blow off’ top to bull market | Watch Japan's Iron Maiden Needs to Fire Abe's Last Arrow - Bloomberg The woman poised to be Japan's first female prime minister faces challenges Gold Moves Closer to $4,000 on US Shutdown and French Crisis AMD inks chip deal with OpenAI that triggers explosive rally OpenAI signs huge chip deal with AMD, and AMD stock soars Ford F-150 Faces Fresh Setback After Blaze Knocks Out Key Aluminum Supplier in New York Until Next Year: Report Aston Martin abandons hopes for positive cash flow in 2H – The Armchair Trader US to Take 10% Stake in Trilogy Metals to Unlock Alaska Mining Another 10% stake for the U.S govt, problem solved! and get a few insiders in early no doubt UBS HR verlagert Spezialisten-Jobs nach Polen – Inside Paradeplatz Tesla stock climbs on videos hinting possible new car launch Arnaud Bertrand on X: "China again doubled down on solar in the first half of 2025, adding in 6 months more than America has built in its entire history. They're literally growing at a rate of 2 United States a year. Which raises an interesting question for the many people out there who, like Trump, https://t.co/Z3Yq8Osqqi " / X

Takaichi's win to support Japanese stocks but weigh on yen and bonds and French PM resigns after 1month in place... all these events are about populist ideas, more spending, more debt, debasement .....Macron must realize that that maybe it was not such a great idea to organize elections and ignore what the folks are actually voting for.. Markets : The Nikkei surged 5% to a record above 48,000 after Sanae Takaichi’s leadership win fuelled expectations of fiscal stimulus and delayed BOJ rate hikes, FED minutes on Wednesday, Macron loyalist picked to fix budget mess in new French government, JPN 30y yields up 12bps to new record of 3.28% #duration risk again! no wonder precious metals keep on going, BTC new highs, and overall global equity markets higher Geopolitics : Trump warns Hamas, again, as ceasefire talks begin in Egypt, A massive fire has erupted at the largest oil terminal in occupied Crimea, Office CMBS Delinquency Rate jumps to 11.7%, the highest level in history Venture capitalists have poured a record $192.7 billion into AI startups YTD French PM Lecornu resigns hours after naming government Takaichi's win to support Japanese stocks but weigh on yen and bonds - The Japan Times Macron loyalist picked to fix budget mess in new French government Ukraine-Russia war latest: Five dead in mass missile and drone attack by Putin’s forces after Poland scrambles jets Trump urges mediators to 'move fast' as key Gaza peace talks set to begin - BBC News Trump warns Hamas faces ‘complete obliteration’ if group clings to power as US negotiators arrive in Egypt to push ceasefire deal | The Independent Fewer people are able to save money in Switzerland - SWI swissinfo.ch Gold vs Bitcoin: Which will be the winner from the dollar's decline? – The Armchair Trader Gold hits record high as U.S. government shutdown dents risk appetite Bitcoin Crosses Fresh Record as ‘Uptober’ Narrative Takes Hold 5 smart tax moves you should make before the end of 2025 Government launches major home-buying reform | Property Reporter Is Palantir Stock a Buy After Falling Sharply on Friday? Craig Fuller 🛩🚛🚂⚓️ on X: "There will be a surge of trucking bankruptcies over the next year. Many of the small and midsize truckers hired non-domiciled CDLs and drivers without work permits. The Administration's outlawing of this practice will put these carriers into bankruptcy. The carriers hired https://t.co/9GD5ttxfcX " / X The Kobeissi Letter on X: "This is incredible: Venture capitalists have poured a record $192.7 billion into AI startups YTD. This puts 2025 on track to be the first year where more than 50% of total VC dollars flow into the AI industry. In the US, AI’s share of venture deals has surpassed 60% over the https://t.co/DAmpHHmUNM " / X

Russia’s drone mothership causing mayhem around Europe Markets : Weekend votes ‘unlikely,’ Thune says, meaning shutdown could push into next week, Bessent says to "expect news" on tariff bailout for farmers on Tuesday ( Washington is quietly socializing the losses created by its own trade policy, once you start, it never ends..) , US hiring plans sink to lowest since 2009 in Sep, Trump considering $2,000 tariff ‘dividend’ for Americans, markets like shutdowns! rate cuts coming, low bond vols, and even $2000 check in the post soon, the 'debasement trade' full on, gold, btc, silver, equity, hard assets (big picture, still new FED chair to come, YCC by treasury etc ), while 'private markets' struggle (KKR, Apollo, Ares etc), US technology stocks now account for a record 56% of total US stock market cap. At the same time, defensive stocks make up just 16%, AN ALL-TIME LOW, This has NEVER happened, US got offers to buy eq in Oz critical minerals companies ! UBS Group AG, Funds under UBS Group AG face more than half a billion dollars of exposure to bankrupt auto-parts supplier First Brands Group through various investment strategies. UBS Hedge Fund Solutions is the largest unsecured creditor with a $233.7 million claim, while O'Connor has a similar claim for $116.1 million Germany: In the first quarter of this year alone, we had over 530 drone overflights attributed to russia over German critical infrastructure. Power plants, hospitals, military facilities. And it's being kept quiet so as not to alarm the population - WELT China Opens World’s Tallest Bridge, Coffee Shop Included U.S Beef prices hit record high as nationwide cattle inventory drops to lowest level in 70 years Tracked: Russia’s drone mothership causing mayhem around Europe These sectors feel could feel a U.S. government shutdown Trump farm bailout news coming Tuesday, Bessent says US offers to buy stakes in Australian critical minerals companies Trump considering $2,000 tariff ‘dividend’ for Americans OpenAI Valuation Reaches $500 Billion, Topping Musk’s SpaceX US hiring plans sink to lowest since 2009 in September as labor market slowdown continues BOJ's Ueda warns of global uncertainty, keeps markets guessing on next hike | Reuters Weekend votes ‘unlikely,’ Thune says, meaning shutdown could push into next week - Live Updates - POLITICO First Brands bankruptcy exposes UBS funds to over $500 million - Bloomberg By Investing.com Ukraine-Russia war latest: Putin says ‘impossible to believe’ Moscow wants a war but warns Trump of escalation Gaza latest: Protests erupt around world after Israel detains Greta Thunberg on aid flotilla | World News | Sky News EndGame Macro on X: "Trump floating a $10B farm bailout echoes an old pattern in U.S. history. Tariffs drive retaliation, exports get hit, and the government steps in with subsidies to patch the damage. We saw this dynamic in the 1930s after Smoot-Hawley tariffs, when collapsing agricultural exports https://t.co/upMYwMuIRu " / X Eric Yeung 👍🚀🌕 on X: "When BHP accepts Renminbi (RMB, Chinese Yuan) as payment for iron ore, typically from Chinese buyers, the company must manage these funds in alignment with its financial strategy, operational needs, and the regulatory constraints of operating in China and Australia. While" / X China Opens World’s Tallest Bridge, Coffee Shop Included

Did Trump's tariffs bring down First Brand Group. ..? quite likely. . ''Supply change finances''....and how quickly it unfolded. ..You wonder why gold and silver rallied non stop, defaults are spreading : 117 large corporate bankruptcies in last 12 months 44% above 20-year average; 32 mega bankruptcies vs. 23 average Market narrative remains like.. “Corporate resilience!” ...if it wasn't for AI... Markets : U.S Govt officially shuts down (not necessarily bearish for equity, BUT what matters is the 2nd order, what happens in 1w, 2weeks..), Corp share buyback blackout of 90%+ until 24th October, remember CTA's will wait to see selling, before they sell, been a huge quarter-end demand in precious metals and GDX etc, now OPEX and a load of dealer gamma expiring so DO watchout going into October (so watch out if vols are 'obnormally' soft..ie could bounce pretty easily from here), US Equity raising TOPS $255 Billion after standout Quarter , US bonds bid on shutdown, NVDA $4.5trn market cap, Pfizer agrees (forced) to lower U.S drug prices (exemt of tariffs), Trade : China has not bought a single soybean from the U.S. in over 3 months , thanks to Trump's disastrous tariffs, Trump-"Will go after cartels in Venezuela by land.", Geopolitics : Venezuelan opposition leaders are in talks with the Trump Administration discussing the possible overthrow of Maduro - New York Times, Maduro expands his powers, Ukraine-Russia latest: Putin realises he can’t win war against Ukraine, Trump’s envoy says, Hamas set to respond to peace plan after Trump threatens ‘very sad end’ Trump: “My plan calls for the creation of a new international oversight body, the Board of Peace…It will be headed by a gentleman known as President Donald J. Trump.”, after y'day 'army' chat, seems quite clear they really going for it, authoritarian approach pretty clear, even weaponizing the military and send them in various U.S places India's September gold, silver imports nearly double despite record prices >>> in the late 1998 South East Asia currency crisis, the likes of Indonasia, Korea, Russia, India even had to pledge gold for USD funding back then, now they buying.. & others sold some of their Gold reserves to raise USDs (and of course BoE and other european CB's..).... this is/has been a 180c opposite flow and a huge signal (Miran's plan.. debasement currencies, MMT etc..which has been clear for one year now..) Boston Fed President Collins sees caution on future interest rate cuts, Fed's Jefferson: Impact of administration policy is still evolving How First Brands Group collapsed    Trump seems to have blown them up with his tariffs - 3minutes video, well worth listening too junkbondinvestor on X: "117 large corporate bankruptcies in last 12 months 44% above 20-year average; 32 mega bankruptcies vs. 23 average Market narrative: “Corporate resilience!” https://t.co/5MpVqt9gmK " / X U.S. Job Openings Rise Slightly in August as Hiring Remains Steady Bank of England’s Breeden says inflation ‘hump’ is transitory Japan business mood improves, clears another hurdle for BOJ rate hike | Reuters BHP Shares Tumble as China Halts Iron Ore Purchases | OilPrice.com Ukraine-Russia latest: Putin realises he can’t win war against Ukraine, Trump’s envoy says Trump-Gaza live: Hamas set to respond to peace plan after US president threatens ‘very sad end’ Venezuelan President Nicolas Maduro expands his powers in case US attacks | World News | Sky News Trump, Pfizer announce agreement to lower U.S. drug prices U.S. Equity Raising Tops $255 Billion As Recovery Hits Third Year Ron Filipkowski on X: "This is the cringiest MF on the planet. He’s actually saying this to our most senior military officers from around the world. https://t.co/BxEjiuVEBu " / X Pentagon Aides Expose Pete Hegseth’s ‘Manic’ Meltdowns India's September gold, silver imports nearly double despite record prices, sources say China curbs strategic non-ferrous metals sector in fight against cutthroat competition | South China Morning Post Boston Fed President Collins sees caution on future interest rate cuts Soybeans sacrificed in Trump’s China gamble - POLITICO Why Trump's new timber tariffs could raise the price of US housing Trump complained about 'foreign wars'. Is he creating one with Venezuela? – Firstpost Visioner on X: "‼️‼️‼️🇺🇲 BREAKING - US-based company Epirus successfully demonstrated Anti-swarm technology LEONIDAS by disabling 49 drones in a single shot. In the previous month, the system showcased its ability to detect and engage drones from multiple unknown directions, disabling a total https://t.co/HNZrlgq1BM " / X

'Could be devastating': US soybean Farmers warn of bankruptcies amid trade shift, according to the US Secretary of Agriculture herself, Trump's bailout of Argentina means that US taxpayers are now effectively subsidizing Argentinian soybean exports to China - the very market American farmers have been shut out of Markets : No Friday NFP (and other data) if U.S Govt shuts down, countdown is on, S&P 500 executed buybacks are now > $1 trillion YTD, U.S farmers, car sector First Brands files for bankruptcy) under real pressure , RBA unch as expected (sticky! inflation worries - across board, not just Australia), Switzerland agrees with US not to manipulate its currency, Open AI annual sales $8.6bn, Market valuation $500bn and high cash burn (it is all ok until it isn't) >>> markets look a little 'overcooked, AI thematic mainly, HSI on highs, GDX and the likes have had a superb run, we've taken some profit on longs there, got a little overdone into quarter-end, a correction would be welcome! but overall on ehas to 'own' assets in this new era of monetary policy/debasement currencies etc Geopolitics : Tusk: “The war in Ukraine is our war”, ''' Ukraine should not behave as if it is independent. If the West does not give it money, it will disappear, it will be the end-says Orban.... Hungary is reliant on the same West for its economy and protection... During meeting with Trump, Netanyahu agrees to U.S. peace plan for Gaza, Trade : Trump is imposing a 100% tariff on any movies made outside of the US (?), more tariffs on timber, furniture... The Met Police has made the single largest cryptocurrency seizure in the world, currently worth more than £5.5 billion, Rachel Reeves will be happy #budget Outspoken, Alex Karp has laid out a rescue plan for EU... He warns that Europe risks losing its industrial heart. Years of wrong decisions in energy, immigration, and technology now demand courage, toughness, and honesty. Karp offers Germany 5 uncomfortable truths:  Bring entrepreneurs into politics, Establish special zones for technology, Play to Germany’s strengths, Acknowledge that this is a crisis, Rebuild deterrence Gold hit a new record. What Deutsche Bank says is driving the price of the metal: Hartnett explains the rise in precious metals as driven by inflationary policies, a return of a "bull market in war." He justified staying long gold even though its "tactically overbought" because it remains "structurally under-owned" at just 0.4% of Bank of America's private client wealth and 2.4% of institutional assets under management Trump says he will not give federal funding to NYC if Mamdani is elected. "Remember he needs the money from me... He won't be getting any of it." We're now living in a full-blown authoritarian dictatorship. First of all, that's not his money. And NY pays more to the federal government than it receives Barrick CEO Mark Bristow resigns (immediately, without explanation). Newmont Mining CEO Tom Palmer announces his retirement (end of year) and gold's up another $58 to a record $3,824, as the melt-up continues >>>> it's not anymore about cutting cost and low production, it is now full on new 'debasement' world and higher production...long-term bullish but we've reached some pretty hefty levels by the end of Q3 ! Ukraine-Russia war latest: Germany says Europe and Russia ‘no longer at peace’ while Putin plans huge conscription Australia keeps policy rate steady at 3.6% as inflation worries loom Switzerland agrees with US not to manipulate its currency Inflation won't fall to 2% for 2 more years, Fed's Hammack says During meeting with Trump, Netanyahu agrees to U.S. peace plan for Gaza Trump meeting ends: No government shutdown deal Labor Dept. won't release jobs report, other data in case of shutdown SEC to fast-track Trump’s plan to scrap quarterly earnings reports Mark Bristow in shock departure from Barrick Mining - Miningmx Etsy pops 16% as OpenAI announces ChatGPT Instant Checkout for the shopping site OpenAI revenue grows 16% in H1 2025, cash burn persists- The Information By Investing.com 'Could Be Devastating': US Soybean Farmers Warn of Bankruptcies Amid Trade Shift First Brands files for bankruptcy, revealing billions of dollars in liabilities Politics UK on X: "🚨 NEW: The Met Police has made the single largest cryptocurrency seizure in the world, currently worth more than £5.5 billion" / X „Sprecht endlich von Krise“ – Palantir-Chef Alex Karp liest Deutschland die Leviten - WELT NEXTA on X: "🇵🇱Tusk: “The war in Ukraine is our war” Polish Prime Minister Donald Tusk issued a stark warning to the West: the war in Ukraine is not someone else’s tragedy but a shared struggle that affects us all here and now. He stressed that Europeans must stop seeing the conflict as https://t.co/QUdNhexebP " / X Arnaud Bertrand on X: "This is legit hilarious: according to the US Secretary of Agriculture herself, Trump's bailout of Argentina means that US taxpayers are now effectively subsidizing Argentinian soybean exports to China - the very market American farmers have been shut out of. All the funnier when https://t.co/71oBWi7T7L " / X Equity bulls emerge from the shadows and Gold rally broadens – The Armchair Trader

‘Buffett Indicator’ for stock valuation passes 200%, beyond level he once said is ‘playing with fire’ Markets : U.S govt shutdown risk as Trump shrugs off impending shutdown as parties deadlock, Fed outlook, FED cut is 90% priced in for Oct and a 70% chance of another in December, though strong jobs data could slow the pace of easing, the AI boom is unsustainable unless tech spending goes ‘parabolic,’ Deutsche Bank warns: ‘This is highly unlikely’, precious metals keep on trucking, XAG, PLAT, PALL and Gold hitting pretty hefty levels (>> Gold is a financial asset, the only financial asset, held by nearly all central banks, with no corresponding liability, makes it the base) , huge momentum last week, Gold was 21% of global assets in 1980, today it is about 5%, Moldova moves closer to Europe >>> Week ahead: Market looking for Goldilocks in the jobs report Geopolitics : President Trump has authorized long-range strikes into Russia, Special Envoy to Ukraine General Keith Kellogg says -- but occasionally Ukraine has not been granted authority by the Pentagon to carry them out/Thread, Trump sends troops to Chicago, drones were spotted in many NATO countries over weekend, seems provocation in full swing China runs massive current account surpluses. It pegs its currency to USD, so it has to buy lots of Dollars to stop its currency from rising. China used to put those Dollars into Treasuries, but that isn't a good idea any more. So China builds huge inventories in basic metals/Thread Fannie Mae on if we want affordable homes again: 1. Prices must crash by -38%, or: 2. Incomes must rise by +60%, or: 3. Mortgage rates must crash by -415 bps For any of these 3 things, something massive would have to happen to the macroeconomy >>> how about building a LOT more of them #XAGUSD you know our long held though on this one, the markets will be allowed to run hot, deficit spending of 100% will be embraced, because the alternative; losing the new Cold War, is an unthinkable outcome. This is why SILVER gets a double boost. It is both a monetary metal, a hedge against the coming currency crisis, and a critical industrial metal, essential for everything from solar panels, data centers, robots, advanced weaponry, and so much more. Silver is the perfect asset for the era we are now entering Moldova’s pro-EU ruling party wins majority in parliamentary elections Week ahead: Market looking for Goldilocks in the jobs report Trump's new tariffs hit furniture, prescription drugs, kitchen cabinets US tariffs force Switzerland to rethink trade ties - SWI swissinfo.ch Ukraine war latest: Russian oil tankers 'launching drones against Europe'; UK should reduce nuclear weapons, Kremlin says | World News | Sky News Trump promises ‘something special’ in Gaza ahead of Netanyahu meeting | The Independent Robin Brooks on X: "China runs massive current account surpluses. It pegs its currency to USD, so it has to buy lots of Dollars to stop its currency from rising. China used to put those Dollars into Treasuries, but that isn't a good idea any more. So China builds huge inventories in basic metals... https://t.co/GzxcepaloT " / X The AI boom is unsustainable unless tech spending goes ‘parabolic,’ Deutsche Bank warns: ‘This is highly unlikely’ David Einhorn Sounds Warning on the AI Spending Splurge Famous HF manager David Einhorn : The AI boom that everyone’s chasing today could become the biggest capital-destruction event since the dot-com bust After Weeks of Threats, Trump Sends Federalized Troops To Downtown Chicago GOLD '' If there’s a bubble in gold, it isn’t on display here." Ronnie Stoeferle on X: "Excellent work by @Callum_Thomas: "For example, when compared to all other ETFs, gold ETF “implied allocations“ have only just made new multi-year highs… but remain well below long-term average (and previous highs). If there’s a bubble in gold, it isn’t on display here." https://t.co/uiScUAMwXk " / X (1) Jacqui Heinrich on X: "President Trump has authorized long-range strikes into Russia, Special Envoy to Ukraine General Keith Kellogg says -- but occasionally Ukraine has not been granted authority by the Pentagon to carry them out. KELLOGG: "Everybody should follow what the President says. He's the https://t.co/Zx36foTgnP " / X The Kobeissi Letter on X: "Fannie Mae on if we want affordable homes again: 1. Prices must crash by -38%, or: 2. Incomes must rise by +60%, or: 3. Mortgage rates must crash by -415 bps For any of these 3 things, something massive would have to happen to the macroeconomy. How did we end up here? https://t.co/4y6aMi9qlS " / X Switzerland plans extra taxes on electric vehicles - SWI swissinfo.ch A safer route into the cryptocurrency maze – The Armchair Trader

Great line from Michael Cembalest, JPM..... "Other recent AI news: Oracle’s stock jumped by 25% after being promised $60 billion a year from OpenAI, an amount of money OpenAI doesn’t earn yet, to provide cloud computing facilities that Oracle hasn’t built yet, and which will require 4.5 GW of power (the equivalent of 2.25 Hoover Dams or four nuclear plants), as well as increased borrowing by Oracle whose debt to equity ratio is already 500% compared to 50% for Amazon, 30% for Microsoft and even less at Meta and Google." Markets : Trump brings back a long list of tariffs, US M2 money supply surged another +4.8% YoY in August 2025 to a record $22.2 trillion, Trump-"Putin ought to stop.", Bessent was already talking SPX500 back up last night after a 1pct down move.., G7 weighs price floors for rare earths to counter China's dominance Geopolitics : Pentagon chief orders US military officials from around the world to Virginia next week, been a real heavy news in UKR-Russia war this week (like almost never before - nearly 50% of Russia's oil production at a standstill) , running short of fuel in many regions Trade : Trump Takes Aim at Chip Makers With New Plan to Throttle Imports. Administration wants domestic manufacturing to match imports and would impose tariffs on those companies that don’t step up production. (WSJ), Trump suggests farmer bailout coming from tariff money, Trump slaps 25% tariffs on heavy truck imports, starting Oct. 1, U.S. to impose 100% tariff on branded, patented drugs unless firms build plants locally, Trump says Without tech spending, the US would have been close to, or in, a recession earlier this year: DB's Saravelos. "Perhaps Nvidia, which employed only 36,000 people at the last update earlier this year, holds the keys to all global macro in 2026:" DB The BRICS+ doesn’t need to be super successful for the USD price of Gold to go up. It just needs to start using physical Gold as collateral for international trade, and the USD price of physical Gold  will shoot up. As Zoltan Pozar once wrote: “the West keeps the price of commodities low so that it can reap the profits/benefits of world trade via design, marketing and sales of the final products. Ex-colonies are just paid a thin margin for their commodities to keep them just barely alive”. In order for the BRICS+ new system to use Gold/Silver as international trade collateral to work the following need to happen, let prices go higher! / Thread Chicago Fed’s Goolsbee warned against cutting too quickly, while Trump appointee Miran urged sharper cuts; Powell reiterated the need to balance inflation and jobs, Fed's Logan calls for overhaul of central bank rate control toolkit G7 weighs price floors for rare earths to counter China's dominance - The Korea Herald Fed’s Logan calls for shift to TGCR as new interest rate target Scott Bessent tells NYC to ‘drop dead’ while he arranges a $20B swap line for Argentina’s chain-saw-wielding, dog-cloning president Trump suggests farmer bailout coming from tariff money He announced : 100% tariff on pharmaceuticals, 50% tariff on kitchen, 50% tariff on bathroom vanities and associated products 4, 30% tariff on upholstered furniture, 25% tariff on heavy trucks and wants to cut interest rates down to 2% U.S. to impose 100% tariff on branded, patented drugs unless firms build plants locally, Trump says Hegseth orders rare meeting with hundreds of senior military officials Amazon reaches $2.5 billion settlement with FTC over Prime program CoreWeave strikes $6.5 billion deal with OpenAI to power next-gen AI models Intel in talks with Apple as it works on turnaround Oracle, Silver Lake & MGX main investors in TikTok U.S., sources say Trump slaps 25% tariffs on heavy truck imports, starting Oct. 1 NEXTA on X: "Russia has received its final warning European diplomats have privately warned the Kremlin that NATO is prepared to shoot down Russian aircraft that violate the airspace of Alliance countries. This was reported by Bloomberg sources. Diplomats from the UK, France, and Germany https://t.co/dbNmyFthCH " / X NEXTA on X: "Russia threatens NATO with war if Russian planes are shot down "If NATO shoots down a Russian plane, it will mean the beginning of a military conflict. It will be war," said Russia's ambassador to France, Alexey Meshkov, in an interview on RTL radio. How terrifying! I remember https://t.co/PeV18y9SFI " / X Eric Yeung 👍🚀🌕 on X: "#Silver is the fire alarm 🚨. It is in China’s interest to keep the price of #Silver LOW because China is the world’s factory and needs to use a lot of #Silver for manufacturing. But a lot of Global South trading partners of China export #Silver. As Zoltan Pozar once wrote: https://t.co/flNDbm44Pl " / X Microsoft blocks Israel’s use of its technology in mass surveillance of Palestinians | Israel | The Guardian Former French President Sarkozy found guilty of criminal conspiracy in illegal financing case The Kobeissi Letter on X: "BREAKING: US M2 money supply surged another +4.8% YoY in August 2025 to a record $22.2 trillion. This marks the fastest pace since July 2022, in-line with a +4.8% YoY increase in the prior month. US money supply has now grown for 18 consecutive months. Furthermore, https://t.co/4X4vRioEcI " / X

To achieve monetary gains, you are not buying “what is” right now. You are buying what may potentially be in the future Markets : Fed's Daly is for more rate cuts (as exp), BoJ minutes (slightly hawkish), SNB unch as expected (willingness to intervene in FX markets, if necessary), Schumer hopeful Congress can avoid a shutdown but places onus on Republicans and Trump, Nvidia’s investment in OpenAI will be in cash, and most will be used to lease Nvidia chips , Copper up (mine closure-RIKS this particular mine finds it Very hard to reopen any time soon, too expensive!), Foreign investors now have a record allocation to U.S. equities, worth keeping an eye on energy stocks #XLE looks to be breaking up, #PLAT was a screaming buy few months ago... after 50% rally (worth a TP on some, look for levels to rebuy) >>> overall a 'definitive' feel of profit taking in well owned positions, momentum ETF etc, end of quarter profit taking by the looks Geopolitics : Russia hikes VAT to 22% to fund war machine , China is quietly testing the foundations of the global financial order amid Bifurcation of the Global System (Thread), Turkey at the UN: Crimea is not Russia, If the Russians refuse to negotiate in good faith, it will be very bad for their country-JD Vance, Tr ump has made Ukraine such a staple issue of his administration he knows now he has to be seen in some sort of resolution Bessent on Argentina: "The plan is as long as President Milei continues with his strong economic policies to help him, to bridge him to the election, we are not going to let a disequilibrium in the market cause a backup in his substantial economic reforms." HSBC Claims Quantum Computing Bond Trading Breakthrough SNB : Sees global growth subdued due to tariffs and uncertainty, inflation in US seen high but in EU close to target Fed's Mary Daly says more rate cuts are 'likely' necessary Japanese Yen bulls shrug off BoJ's hawkishness amid political risks Schumer hopeful Congress can avoid a shutdown but places onus on Republicans and Trump - POLITICO US says 'all options' on table to help stabilise Argentina's fiscal turmoil - BBC News Why now ? almost like meddling in another countries' politics or fair ? HSBC Claims Quantum Computing Bond Trading Breakthrough Velina Tchakarova on X: "China is quietly testing the foundations of the global financial order amid Bifurcation of the Global System. The People’s Bank of China is now inviting friendly central banks to buy and store gold inside Shanghai rather than in New York, London, or Zurich. At first glance this" / X Freeport-McMoRan Confronts Hard Questions After Fatal Mud Rush In Indonesia Animal Spirits: A Mania is Brewing - A Wealth of Common Sense This has to be a bubble...right? S&P 10,000? Why is gold at ATHs in an AI boom? Why is there $7.7 trillion in money market funds? How the Fed can bring down mortgage rates The two-speed economy & more Nvidia OpenAI investment in cash mostly used to lease Nvidia chips Microsoft adds Anthropic model to Microsoft 365 Copilot Instagram Hits 3 Billion Monthly Users As Mark Zuckerberg Meta’s Most Successful $1 Billion Acquisition - Tech *Walter Bloomberg on X: "NVIDIA’S $100B BET ON OPENAI RAISES BUBBLE FEARS Nvidia will invest up to $100 billion in OpenAI to expand data centers powered by its chips. Analysts warn of circular financing, inflated demand, and bubble-like risks. Bernstein’s Stacy Rasgon called the deal unprecedented in" / X On the other hand : AI 'workslop' is emerging as the latest office headache Is Tether really worth $500 billion? – The Armchair Trader Mortgage demand stalls after mini refinance boom Jürgen Nauditt 🇩🇪🇺🇦 on X: "The disaster came unexpectedly – ​​production of one of russia's symbols, the Lada Aura, was halted. Fewer than 800 vehicles were sold, and in September 2025, it was decided to halt production. Not even advertising from putin helped – he extolled the car's virtues in front of a https://t.co/7A6HIAOJeb " / X Anton Gerashchenko on X: "Several weeks ago, Putin said there would be no increase in taxes in Russia. Today, the Russian government officially announced that the VAT will grow from 20 to 22% in Russia starting on January 1, 2026. This money will go towards war. Each Russian will pay more for any https://t.co/djc5pM0RFA " / X Andy Burnham: Could the ‘King of the North’ return to Westminster and nab the top job? Kitco NEWS on X: "Platinum's BIG Comeback, but is it still a "Screaming Buy"? #gold #news #platinum #kitconews: Saxo Bank's Ole Hansen recalls when platinum was “a screaming buy”, as supply deficits and jewelry demand sparked a 50% rally. With a $2,200 discount to gold,… https://t.co/2rrogenvtV https://t.co/XI9Ske9jK5 " / X China's president Xi Jinping unexpectedly joins the UN climate summit, by video, to offer his nation's 2035 climate pledge Cut GHGs to 7-10% below peak by 2035, "striving to do better" Raise non-fossil share of energy to at least 30% * Boost wind/solar to 3,600GW Experts: What to expect in China's climate pledge for 2035 - Carbon Brief This is significantly below the at least 30% below 2024 levels that experts had said was needed to be in line with the goals of the Paris Agreement

Donald Trump was more optimistic about Ukraine’s prospects (after meeting with Zelensky), saying it could reclaim all territory lost in its war with Russia with help from the EU. He also said NATO should shoot down Russian aircraft violating the alliance’s airspace Markets : No real change from Powell (more cuts coming, and priced) and he mentioned that ''equities were fairly high weighted on sentiment'' , Trump Uturns on Ukraine-Russia, Oz inflation 3% (top of range), Crude gets a little boost from prospect of Russian oil curbs, PALL also up nicely yesterday (Russian sanctions risk..), together with PLAT, GOLD (own it, but ''most overbought on the monthly charts in 45years) BTC and others struggled this week (not always but often a sign for risk sentiment overall), NVDA's $1trn AI pump announcement the other day 'failed' to lift stocks further (WOETH NOTING-short-term momentum etc).. Nvidia-OpenAI Deal: Proof Of AI Boom Or 'Circular Vendor Financing'? - this discussion is certainly gaining some tractions, it's obviously of HUGE interest for markets Trade : Washington expects to finalize trade deals with some Southeast Asian countries within weeks, a US official says Geopolitics : Trump was telling everyone he was losing patience with Putin, he sure has done a big UTurn after his meeting with Zelensky yesterday in/around UN, Trump to U.N.: ‘Your Countries Are Going to Hell’, 130 Chinese freight trains stuck at the Belarus–Poland border, Berlin is preparing a large-scale rearmament program worth €83 billion, which is almost entirely focused on European manufacturers Global investors are effectively outsourcing their equity exposure to the U.S. because the U.S. system offers what other markets cannot which is deep liquidity, legal protections, and the dominance of firms that define the global economy/Thread Bank of England and OECD Sound Warnings on Sticky UK Inflation   China manufactures about 80% of the world’s solar panels, supplies 60% of its wind turbines, 70% of its EVs, 75% of batteries. China’s share of global clean energy patents stands at around 75%/BBG UN latest: Ukraine can win all of country back, Trump says - in what Zelenskyy tells Sky News is a 'big shift' | World News | Sky News Trump's United Nations Speech: Read Full Text Transcript Speech by Chair Powell on the economic outlook - Federal Reserve Board UK inflation to be highest in G7 this year in huge cost of living blow Bitcoin’s Breaking Point: BTC Below This Price Would Signal Bear Market BTC, ETH, Solana all struggled this week, not always, but often a sign for risk sentiment OpenAI Unveils Plans for Seemingly Limitless Expansion of Computing Power - WSJ OpenAI laid out its vision for a vast, $1 trillion buildout of computing warehouses across the U.S. and abroad Nvidia-OpenAI Deal: Proof Of AI Boom Or 'Circular Vendor Financing'? 130 Chinese Trains Stuck In Brest - Belarusian News - Charter'97 Australia’s Faster Inflation Boosts Case for Slower RBA Cuts China’s stock rally is a job partly well done | Reuters Sofia Horta e Costa on X: "China manufactures about 80% of the world’s solar panels, supplies 60% of its wind turbines, 70% of its EVs, 75% of batteries. China’s share of global clean energy patents stands at around 75%. So much to unpack in this piece, a big reality check for anyone underestimating China" / X What is the gold to silver ratio telling us about silver's prospects? – The Armchair Trader Boeing Defense, Space & Security Partners with Palantir to Accelerate AI Adoption Across Defense, Classified Programs Alibaba shares rise over 6% after CEO unveils new AI products and spending plans Stellantis Dealers Are Embracing BYD And Making Things Awkward Brits raiding savings to deal with ongoing financial uncertainty The education of Steve Witkoff NEXTA on X: "Trump admitted: his ties with Putin meant nothing The U.S. president acknowledged that his personal contacts with the Russian dictator did not help him in resolving the war: “I thought I could end the conflict thanks to my relationship with Putin... But unfortunately, those ties https://t.co/jrtfJRtsnA " / X Eric Yeung 👍🚀🌕 on X: "1) China aims to become custodian of foreign sovereign gold reserves to strengthen its standing in the global bullion market, according to people familiar with the matter. 2) The People's Bank of China is using the Shanghai Gold Exchange (SGE) to court central banks in friendly https://t.co/ESquSKiWac " / X EndGame Macro on X: "Global investors are effectively outsourcing their equity exposure to the U.S. because the U.S. system offers what other markets cannot which is deep liquidity, legal protections, and the dominance of firms that define the global economy. If you’re managing sovereign wealth in" / X

Poland, NATO gave Russia a clear warning about violating it's airspace >>> Trump meeting Zelensky today at the UN asssembly, US Ambassador to the UN: United States and allies will defend every inch of NATO territory, Poland's Sikorski-"If another Russian missile or aircraft enters our airspace and gets shot down, don’t come here to whine. You have been warned." Markets : the top 10 stocks now make up 41% of the S&P 500 (an all time highs), 666 lows SPX during march 2009, we hit 6'666.66 yesterday and straight through it, GS's 1year target is 7200 SPX500, NVDA to invest $100bn in OpenAI (vendor financing ??), MAGA is now "Making the Argentine Peso Great Again" ?, Powell to speak later on, Whenever gold has gone vertical in the past, it’s been a sign that confidence in the system was breaking down (Thread), IMHO it's about the system, INCLUDING Central Banks, that is hedging significantly debased fiat currencies, because of RECKLESS debt levels created (specially) over the last 15years, that's not fear, that's planning, maths, logical and risk management (AND possible loss of FED independence, which look sincreasingly likely..Miran out to cut again, Hasset favorite, Waller voted himself out recently...rates quiet, for now anyway)) Trade : South Korea’s President Lee says U.S. investment demands would spark a financial crisis FED Miran |  Stephen Miran said US rates are too high and made a case for aggressive easing in the coming months, staking an outlier stance in his first policy speech since becoming a Fed governor Forbes: Since last year's election, the Trump family has nearly doubled its wealth to $10B , profiting from the presidency.. Goldman increases its S&P 500 target to 7200 , citing strong earnings this year. Stocks remain historically expensive, but typically perform well during Fed rate-cut cycles without a recession. Investors should focus on companies with floating-rate debt, which benefit from falling rates, and on SMID-cap stocks sensitive to economic acceleration Bessent : Argentina is a systemically important U.S. ally in Latin America, and the US treasury stands ready to do what is needed within its mandate to support Argentina. All options for stabilization are on the table Fed's Bostic: I see little reason to cut rates further for now - WSJ FT - Private equity groups warn of mis-selling as sector opens up to individual investors, sounds like laying the groundwork to blam someone else, if/when things go wrong.. you can blame the IFA's and various sales forces selling to retail “Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax.” - — Milton Friedman Nuclear energy represents a $10 trillion potential market opportunity that could hold "the answer to the world's power shortages," according to a new report from Bank of America Chicago is stepping in to lend cash to its underfunded pensions so they have enough money to avoid asset sales to cover retirement checks as they wait for property taxes to come in China plans to nearly double the number of its “15-minute community life circles” by 2030, such a great scheme Poland will shoot down encroaching Russian aircraft, warns PM Tusk – POLITICO Israeli tanks advance further into Gaza City as Trump to address UN General Assembly Ukraine-Russia war latest: UK tells UN it will confront Putin’s planes if they violate Nato airspace and Moscow comes under drone attack, explosions reported in nine districts ‘Very serious threat’: Trump sounds alarm as Venezuelan militia ‘caught’ training amid US-Venezuela tensions CNBC Daily Open: Hindsight could give the Fed a stern lesson on its rate cut Fed Gov. Stephen Miran Calls for Dramatically Lower Interest Rate After Voting for Jumbo Cut Trump's Fed appointee pushes for far lower interest rates Treasury Secretary Scott Bessent on X: "Argentina is a systemically important U.S. ally in Latin America, and the @USTreasury stands ready to do what is needed within its mandate to support Argentina. All options for stabilization are on the table. 1/4" / X U.S left Asia, wants Europe to take care of itself, and is now taking steps in South America, Venezuela and others, not sure US bailing out Argentina, again, and again is going to be so popular..Argy election coming up, let's see how popular Milei is now (allegedly not great) Gold Punches to Record on Rate-Cut Outlook as ETFs Draw in Flows EndGame Macro on X: "Gold’s Vertical Repricing Whenever gold has gone vertical in the past, it’s been a sign that confidence in the system was breaking down. In the 1970s, when Nixon cut the dollar off gold, inflation and oil shocks sent it from $35 to $800. In 2008, as the financial crisis hit and https://t.co/x41uRVYNMV " / X Nvidia to back OpenAI with staged $100 billion investment NVDA invest in OpenAi, so that OpenAi can buy NVDA chips '''vendor financing' existed in the 2000 period..the numbers are are mucho bigger though Wedbush hikes Apple stock price target on hot iPhone 17 sales Chicago’s Pension Funds Are Nearly Insolvent – Incoming $28m Bailout | Armstrong Economics Nick Timiraos on X: "St. Louis Fed President Alberto Musalem signals he may need to see continuing weakness in the labor market to justify additional cuts. Musalem: I supported the decision to cut last week “as a precautionary move” intended to support a full employment labor market. Policy is" / X H-1B visa: What Trump’s $100,000 fee means for top global talent hubs Probably part of dealing with India's trade deal South Korea's President Lee Trump investment financial crisis Global Markets Investor on X: "🔴Market concentration BUBBLE is still rising: The top 10 stocks now make up 41% of the S&P 500, AN ALL-TIME HIGH. The Magnificent 7’s share has also hit a new record of 35%. Out of 500 stocks, just 10 are driving the entire index. This is absolutely MIND-BLOWING. https://t.co/RnfJHYInyJ " / X Musk's robotaxi plans for San Francisco alarmed, confused regulators, emails show Sixth Tone on X: "China plans to nearly double the number of its “15-minute community life circles” by 2030, with a focus on expanding services for the elderly and children, the Ministry of Commerce (MOFCOM) announced Friday. By the end of 2024, the country had established 5,188 such circles https://t.co/AwbpXncxxe " / X 'Farage plan would split families' and 'Will the King banish Fergie?' WIll probably be binned, or water down dramatically sooner rather than later

Markets : Modi urges Indians to abandon foreign products amid strained U.S. ties (bit of a whaoo..), Trump being very busy threatening 'many' this weekend, Cyberattack Shuts Down Major European Airports, Causing Widespread Flight Delays, U:S government shutdown looms, again (this time could get a little feisty), Powell is scheduled to speak this Tuesday at 12:35PM EST, the FY 2025 US deficit will exceed $2 trillion , India into #rareearth, Trump and Xi bless long-awaited deal to spin off U.S. TikTok >>> precious metals keep on trucking, #XAUUSD dragging #XAGUSD (outperforming), #XPTUSD and #PALL, rare earth and overall USD should remain soft(er), equitiy markets still firm (flow, usd's moving into hard assets) big picture, Powell tomorrow lets see Geopolitics : Taliban Reply to Trump: “We’re ready to Ffght for another 20 Years”, Trump again said he was disappointed with Putin and he will lose, Trump was just asked if he would help defend,Poland and Baltic states from Russia if Putin keeps escalating “I will,” he replied,  A leading political party in Germany has called for shooting down Russian aircraft that violate NATO countries’ airspace, - DPA, Scandal in Austria: OMV top manager fired over ties to Russian intelligence GOLD : “The entire global trading system until Richard Nixon took us off was tied to gold.” - Scott Bessent United States Secretary of the Treasury Don’t fool yourself… The current United States government watches gold closely / Video-interview and Morgan Stanley CIO favors 60/20/20 portfolio strategy with gold as inflation hedge, joining the move ! The US's is in the midst of a full-on strategic retreat, away from global primacy to focus on its own hemisphere/Thread Can you recall when the biggest corruption story of the year was Bill Clinton meeting Loretta Lynch on a plane? Now we have a sitting President openly directing his AG to prosecute political enemies, firing prosecutors who refuse, and not one Republican in Congress sees this as a problem ..so far anyway, and border Czar Tom Homan was caught by the FBI accepting bribes - on camera - to deliver government contracts in exchange for $50,000 in cash (seems they all knew, coverup etc) Nvidia eyes new $500m investment in UK autonomous tech group Wayve A federal judge dismissed U.S. President Donald Trump's $15 billion defamation lawsuit against the New York Times, calling it "decidedly improper and impermissible." Modi urges Indians to abandon foreign products amid strained U.S. ties - CGTN Trump and Xi bless long-awaited deal to spin off U.S. TikTok - The Washington Post Morningstar DBRS Downgrades the Republic of France to AA, Trend Changed to Stable | Morningstar DBRS A warning to all fiscally trapped countries, thisis not jsut about France Trump been busy over the weekend : --Trump instructed his AG to go after specific political enemies --We learned that his DOJ ended an investigation into his border czar, who was caught on camera taking a $50k cash bribe --His Pentagon top brass threatened to expel journalists who report info not cleared by them --His WH spoke to a shady deal that will see TikTok in the hands of a consortium of GOP mega-donors --Trump threatened "bad things" if we don't re-take Bagram AFB --His most senior counterterrorism official is in a Twitter spat with Laura Loomer. None of this is normal. All of it is so dangerous and corrosive to our democracy ‘We can’t delay any longer’: Trump urges Bondi to prosecute his rivals Cyberattack Shuts Down Major European Airports, Causing Widespread Flight Delays - World En.tempo.co 'Relying for security on US, economically on China' no longer viable: South Korean President Lee Austrian Energy Executive Fired Over Russia Spy Links Gold Telegraph ⚡ on X: "“The entire global trading system until Richard Nixon took us off was tied to gold.” - Scott Bessent United States Secretary of the Treasury Don’t fool yourself… The current United States government watches gold closely. https://t.co/gCH7YZoHn8 " / X Morgan Stanley CIO favors 60/20/20 portfolio strategy with gold as inflation hedge By Reuters You bet .. The Kobeissi Letter on X: "China’s appetite for gold remains strong: China’s non-monetary gold imports jumped +64% MoM in July, or 104 tonnes, the second-highest reading this year. Non-monetary gold imports reflect demand from households, jewelers, and private investors. This is ~9% above the 5-year https://t.co/rb7ZQKBZnM " / X UBS allegedly considering moving headquarters to the US - SWI swissinfo.ch Arnaud Bertrand on X: "Yet another strong confirmation that the US's is in the midst of a full-on strategic retreat, away from global primacy to focus on its own hemisphere. We now have a senior Pentagon official (David Baker, Deputy Assistant Secretary of Defense, or "War" as they now call it) quoted https://t.co/Gab7rH6Uck " / X Nvidia eyes new $500m investment in UK autonomous tech group Wayve - Just Auto The Kobeissi Letter on X: "Manufacturing jobs are contracting: The US economy shed -12,000 manufacturing jobs in August, the second-largest drop since October 2024. This marks the 4th consecutive monthly decline, the longest streak since the 2020 pandemic. Over the last 4 months, manufacturing https://t.co/N0ptXg0YLq " / X India mulls strategic rare earth reserve, defense official says - MINING.COM How the Swiss central bank built a $167bn tech-led US stocks portfolio - SWI swissinfo.ch