Housekeeping: Good Morning
Featured Analysis:
China’s Longi Begins Replacing Silver With Copper in Solar Cells
Longi Green Energy has begun commercial production of solar cells that replace silver with copper, marking a major step toward reducing the photovoltaic industry’s exposure to volatile precious-metal prices. The new Shaanxi facility uses Longi’s Alloy Contact Matrix technology and reportedly improves efficiency. While copper is cheaper, it carries its own supply risks. Broad adoption could curb one of silver’s fastest-growing demand sources as China’s solar sector battles overcapacity, falling prices, and heavy losses industrywide.
JPM: A Pause in De-Dollarization, Not the End of It
JPMorgan says central banks modestly increased dollar reserves in early 2026 as geopolitical tensions raised demand for liquid assets, marking a pause rather than an end to de-dollarization. Reserve managers added roughly $50 billion to dollar holdings, the first quarterly increase since 2024. Gold nevertheless remained central, reaching about 31% of total reserves before price declines lowered its share. The report suggests tactical liquidity needs temporarily outweighed, but did not reverse, long-term diversification strategies.
In Other News:
Data on Deck: CPI/ PPI Warsh Speaks
MONDAY, JULY 13
12:30p Fed Waller Speaks
2:00 pm Monthly U.S. federal budget
TUESDAY, July 14
8:30 am Consumer price index June
10:00 am Federal Reserve Chairman Kevin Warsh testifies to Congress
WEDNESDAY, JULY 15
8:30a Core PPI (prev 0.4% → est 0.3%)
8:30a PPI (prev 1.1% → est 0.0%)
THURSDAY, JULY 16
8:30a Core Retail Sales (prev 0.8% → est -0.1%)
FRIDAY, JULY 17
8:30 am Import price index June
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