Housekeeping: Good Morning.
The reset is a process, not an event
Topics:
Gold Breaks $3,500 as Macro Buyers Step In
Geopolitics: China May Be Active in US Gold
Market Analysis:
Geopolitics: China May Be Active in US Gold
China has notably shifted away from reactive responses to Trump’s rhetoric yet is acting decisively in markets. Gold is part of this latest approach.
Recent trading patterns
rising U.S. gold premiums,
Volatility spiking
unusual EFP activity,
and evidence of sovereign wealth funds buying GLD and SLV
All suggest China is again accumulating gold and now exporting its pricing power directly. The behavior points to a deliberate effort to assert pricing power. Time will tell if this bears out.
Full analysis in Premium Post: Geopolitics: China May Be Active in US Gold
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Data on Deck: Unemployment
MONDAY, SEPT. 1 Labor Day holiday
TUESDAY, SEPT. 2 PMI
WEDNESDAY, SEPT. 39 Job openings, Fed Beige Book
THURSDAY, SEPT. 4 PMI and speakers
FRIDAY, SEPT. 5 U.S. employment report Aug.75,000 73,000, US unemployment rate Aug.4.3%4.2%1
Charts and Final Market Check:
MONDAY, SEPT. 1Labor Day holiday
TUESDAY, SEPT. 29:45 amS&P final U.S. manufacturing PMIAug.53.353.310:00 amISM manufacturingAug.48.5%48.0%10:00 amConstruction spendingJuly0.0%-0.4%
WEDNESDAY, SEPT. 39:00 amSt. Louis Fed President Alberto Musalem speaks10:00 amJob openingsJuly7.4 million7.4 million10:00 amFactory ordersJuly-1.3%-4.8%1:30 pmMinneapolis Fed President Neel Kashkari speaks2:00 pmFed Beige BookTBAAuto salesAug.
THURSDAY, SEPT. 48:15 amADP employmentAug.75,000104,0008:30 amInitial jobless claimsAug. 30231,000229,0008:30 amU.S. productivity (revision)Q22.6%2.4%8:30 amU.S. trade deficitJuly-$77.8B-$60.2B9:45 amS&P final U.S. services PMIAug.55.355.410:00 amISM servicesAug.50.5%50.1%10:00 amSenate Banking nomination hearing for Stephen Miran to be Fed governor12:05 pmNew York Fed President John Williams speaks7:00 pmChicago Fed President Austan Goolsbee speaks
FRIDAY, SEPT. 58:30 amU.S. employment reportAug.75,00073,0008:30 amU.S. unemployment rateAug.4.3%4.2%8:30 amU.S. hourly wagesAug.0.3%0.3%8:30 amHourly wages year over year3.7%3.9%
