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Nothing Makes Sense Anymore (Here’s Why)
We seem to be drifting in a strange calm. Gold has circled around the $3,350 level for three months, silver has held in a narrow band, and traders now wait (at the time of writing) for Jerome Powell’s Jackson Hole remarks to provide direction. A single dovish word could send the dollar lower and real […]
Everything Is Fine…Until It Isn’t
When the early decades of the 21st century are chronicled, future observers may marvel at the odd distractions that kept us pretending the world was stable, even as the global economic foundations shifted beneath our feet. Exhibit A: Coinbase’s two-minute musical advert released in last month, titled “Everything Is Fine”, cheerily depicted Britons navigating leaky […]Gold Price Slips as Markets Digest Strong US Jobs Data – But Is Something Bigger at Play?
At the time of writing, gold prices are hovering near their session lows, trading at around $3,347 per ounce. The catalyst was a set of stronger-than-expected US labour market figures: new applications for unemployment benefits fell to 224,000 last week, undercutting forecasts of 228,000. The four-week moving average also surprised on the downside, pointing to […]Political Shocks and the Fault Lines in Gold’s Paper Market
When a bureaucratic letter from US Customs and a four-word social media post from President Trump can shake one of the deepest commodity markets in the world, the real lesson is not in the headlines. It is in the plumbing. Late last week, the global gold market experienced a momentary rupture that should trouble anyone […]
Gold Tariffs: A Market Shock with Systemic Implications
Earlier, the Financial Times reported a development that has surprised the international gold market: U.S. Customs & Border Protection (CBP) has ruled that one-kilo and 100-ounce gold bars, the standard units for delivery on New York’s COMEX futures exchange, are now subject to import duties. The ruling reclassifies these bars under a tariffable customs code, […]