Housekeeping: Good Morning. The story “Trump Second Shooter Theory Emerges” will be posted shortly. TheIndia Report is located in premium at bottom
Weaker dollar if Trump is right, Weaker dollar if Trump is wrong
Today:
Premium: India Needs The Gold Report
Commentary: 3 Big Stories:
Trump Conspiracy Theories Might Not Be Theory
Global Outtage of MSFT Tech
High Powered Dems are saying Biden Will Bow out
Equity Recap:
US equities retreated on Thursday, weighed down by health care (-2.29%) and consumer discretionary (-1.28%)
Premium / Markets: India Needs The Gold
This is “Must Read” because, as India Goes, So go the BRICS now
We include for premium subscribers at bottom in a second post this morning including over 40 charts covering India’s changing influence, their gold economics, and future outlook.
India’s demand for gold is likely to remain strong in the face of higher prices.
India is the world’s second largest consumer of gold, accounting for 20–25% of demand. Despite higher prices, demand for physical gold has remained strong over the past year.
Gold imports increased by 26% y/y to 230t in the first five months of 2024,
despite prices hitting a record above USD2,400/oz.
India’s current account deficit (CAD) of 1% leaves room for a change in gold’s import duty in the next Union Budget, and the industry is calling for a 5% cut.
Much much more attached at bottom
Market News:
Trump Conspiracy Theories Might Not Be Theory
Law enforcement officials investigating the assassination attempt on Donald Trump told lawmakers Wednesday that 20 minutes passed between the time U.S. Secret Service snipers first spotted the gunman on a rooftop and the time shots were fired at the former president, according to several law enforcement officials and lawmakers briefed on the matter.
Bottom Line Up Front: There was likely at least one additional shooter to the one being discussed in the media right now. In true JFK assassination form, there was a primary shooter, and a secondary, more highly skilled shooter. - Matt Riley Ht Alchemist Jedi and Chris Martenson
Global Outage of MSFT Tech
A major software outage hit banks, aviation and payments systems. CrowdStrike said one of its products caused Microsoft’s Windows operating system to crash
High Powered Dems are saying Biden Will Bow out
Joe Biden’s exit from the presidential race is seen as inevitable by much of Washington, but we’ll see what the weekend brings. His campaign team called an all-staff meeting today, the AP reported.
Politics/Geopolitics:
Israeli officials mull EU and Palestinians running Rafah crossing and if enacted, it would foreshadow an end to the conflict between Israel and Hamas and enable more aid to get into Palestinian territory, according to Bloomberg.
Israeli media reported smoke rising as a result of an explosion in Tel Aviv caused by an explosive device which was said to be a drone, while Yemen's Houthis said they will reveal details about a military operation that targeted Tel Aviv.
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, JULY 15 12:00 pm Fed Chairman Powell speaks
TUESDAY, JULY 16 8:30 am U.S. retail sales June -0.2% 0.1%
WEDNESDAY, JULY 17 8:30 am Housing starts June 1.30 million 1.28 million
THURSDAY, JULY 18 U.S. leading economic indicators June -0.3% -0.5%
FRIDAY, JULY 19 10:40 am New York Fed President Williams speaks 1
