**Special BRICS Gold Comment

Summit starts today.

Good Morning: We saw a very nice piece from TS Lombard on the BRICS and want to write that up tonight/tomorrow for you all. Until then let’s look at current events Geopolitically and Tactically.

Topics:

1. Brics Summit Brings Buying

2. Xi Attends

3. Bretton Woods 3 is Coming

4. Always Negotiating

5. Price Action

6. Risk: Powell Speaking at JHole

7. More

Brics Summit Brings Buying

BRICS summit starts today. So here is a tactical comment. Yesterday’s domestic Silver buying was mostly short covering triggered by smaller funds not wanting exposure before Jackson Hole. But it started in Asia with Shanghai traders adding to longs. Gold did nothing strangely. Which implies the Gold selling was still present yesterday.

Traditionally, in tactical moves for the PM complex when Silver leads, if Gold does not follow soon thereafter, then the whole complex turns around.