Trumponomics Will Need the Fed As US trading partners are "being forced to invest in US factories and infrastructure instead of US stocks and bonds, the US will need to find very large buyers of US stocks and bonds held by those nations, which cet par could put downward pressure

Why gold is rising vs the dollar The gold-oriented BRICS command 40% of global output in purchasing power terms and growing (IMF, April 2025) compared to the dollar-oriented G7’s diminishing 28%. BRICS have a net trillion dollar annual trade surplus. The only market large and

As the US goes digital to reinforce the dollar's role via stablecoins, the BRICS accumulate gold. There's about $20T of above ground gold, half of it tied up in jewelry. Not enough at current prices to meet BRICS demand never mind to back $315T in global debt. Price must ⬆️ $SA.

In the last 6 months, GDX has experienced $2.3B in net outflows while the ETF is up 40% in price. Imagine where GDX goes when retail's AI obsession breaks and investors get serious about gold companies. The performance is there. Source ScotiaBank $SA

Why Gold? Gold doesn’t miss quarterly estimates and collapse 30% in a week (Meta, Target etc) Gold doesn’t “cook the books” and defraud its investors (Enron, Worldcom, Lehman Brothers etc) Gold doesn’t do stupid mergers offering little if any real value (eBay buying Skype, AOL

“Gold is about to be revalued to $15,000 an ounce,” warns former Swiss banker Clive Thompson in this interview. With US debt spiraling out of control and interest costs swallowing nearly 20% of government revenues, Thompson says Washington has only one card left to play:

This is where all the money went. When the fever breaks (and it always does), we think gold companies' earnings will attract some of the outflow. It won't take much to make new all-time highs. $SA

China is working once again to inflate a stagnant economy, providing incentive for Chinese investors to continue their love affair with gold. The government encourages saving in gold to reduce dollar demand and capital flight. $SA

"August is on track to break records with over 3 million ounces of gold requested for delivery on COMEX—a market that was never designed for physical settlement. Meanwhile, US gold imports have surged 17x... "This isn’t panic buying. It’s calculated. Coordinated. Institutional.

"Conviction flows...ETFs, central banks, and speculators...explain 70% of monthly gold price moves. As a rule of thumb, 100 tonnes of net purchases by conviction holders – central banks, speculators, and ETFs – corresponds to a 1.7% rise in the gold price." GS Gold Market Primer

"Of the total above-ground stock, about 22% is estimated to be locked in investment vaults, another 17% sits in central bank reserves and much of the remainder is in jewelry – predominantly in emerging markets..." GS Gold Market Primer $SA

Goldman notes that global gold supply is growing at about 1% per year, much slower than base money, which is what makes gold, gold (and, we add, ensures a rising price in fiat). $SA GS Gold Market Primer

"In commodities, the saying goes 'high prices cure high prices', meaning that higher prices reduce demand and bring more supply, which bring prices down. Gold breaks this rule. Its available supply – sales of existing stock plus new mine output – is barely affected by price.

Gold Co. Eyes Big Gains in BC's Golden Triangle ow.ly/Csnx50WJ6uH Seabridge Gold Inc. announced it has filed its report to shareholders and interim financial statements for the three- and six month-periods ending June 30, 2025. Read why analysts like this gold explorer

The premium for gold on China's SGE has bounced off its 2025 low and is now slowly moving higher...one of the steps likely required for new highs in the gold price. Source: ScotiaBank $SA

Will Powell's speech tomorrow tend to confirm a September Fed rate cut...or not? FWIW, we think not, in part because there is another month of jobs and inflation data to come beforehand and in part because he wants to establish Fed independence from Trump. $SA

Swiss gold exports to the US reached their highest level since March, Bloomberg reports, with July shipments climbing to nearly 51 tons compared to less than 0.3 tons in June. The previous high occurred in January when exports surged to 193 tons. Source: GoldFix $SA

If...US employment and/or US equity prices roll over y/y, it will more than overshadow the tax receipt benefit from tariffs…leading to a decline in receipts and a sharp RISE in the budget deficit, DESPITE tariffs. Translation: The US needs to cut rates NOW in order to make the

A Formula for a Higher US Dollar Gold Price "The Fed [is] talking about cutting rates into upside inflation risk due to rising downside employment risk while US employment receipts accelerated to up 7.2% y/y in the latest month and are running up 6.3% y/y YTD..." From Luke Gromen