- the dollar gets sold on Wednesday…
- And Gold/Silver have banner days!
Good Day… And a Tub Thumpin’ Thursday to one and all! I just woke up from a day dream, right here at my writing desk… What a day for a day dream, I’ve been dreaming since I woke up today… (Lovin’ Spoonful) You know, this could be a woozy of a Pfennig, when I’m breaking out songs already! Well, maybe… The Alan Parsons Project greet me this morning with their song: I Wouldn’t Want Be Like You
Well…. no beating around the bush today… The metals broke out yesterday… Gold was up $120.00, Silver was up $2.51, and Copper was up $9 to pass its previous all-time high! There was a lot of pent up frustration in these trades, as Gold/Silver had been in their summer slowdowns, but they woke up yesterday and kicked tail and took names later….
I really thought they would meet with resistance from the SPTs once they got to $4,100 and $60, but not now…. Gold/Silver flew through those previous lines in the sand and didn’t look back! Gold closed the day at $4,199 and Silver at $62.17… it was a banner day indeed for these two metals…
And I didn’t forget about Copper; it ended the day at $674.50…
Gold /Silver were up even more during the day, only to see the SPTs take their ounce of flesh… I think on days when the metals go on a run, that it make it easier for the SPTs, as they can sell short under the cover of darkness, with darkness being the high levels the two metals are running to…
The dollar saw selling on the day, and the BBDXY gave back 2 index points to close out the day at 1,203… I don’t think traders are buying what the POTUS and his defense sec are selling…. They are telling everyone who’d listen that a deal with be done with Iran by Friday…
My friend, and editor of 5 Bullets letter, had this to say about that: “Which takes us to Friday — just in time for the “deal” to fall apart and the war to resume while markets are closed for the weekend.”
Dave has a way with words… And his thoughts are usually bang on!
In the overnight markets last night… Well, the dollar selling abated and soon we saw some buying of the beleaguered dollar… The BBDXY begins today at 1,204…. What will tomorrow bring? I think in the back of our minds we all are hoping for one thing but know in our heart of hearts that we’ll get the other thing…. I’m talking about the “Peace Agreement”… or whatever they want to call it!
The price of Gold is pushing the metals rally envelope this morning, and is up $61 to start our day, while the SPTs are getting started early on Silver, and it’s down 31-cents to start our day today… UGH!
The price of Oil starts today with a $75 handle… hint to those who follow the Oil price… I would look to buy Oil here, and wait for the deal announcement to be ditched tomorrow… But then that’s just me…
The 10-year’s yield control must be over for now, because the bond saw some selling overnight, and the yield on the bond sits at 4.63% yield this morning…
Well, what do we have here? $100 Billion that was taken in tariffs is being refunded to those that paid them… A total of $129 Billion has been approved for a refund, but now $100 Billion is being refunded… You may recall me wondering how the refunds would be dispersed… For it’s a real Fuster folks… But the folks in charge have the system, and they’ll get them out… The problem as I see if for you and me, is that imports were taxed at high rates, and so the prices were adjusted higher… So where do we stand to get in line for a refund? See? You and I always get the short end of the stick…. And those elevated prices? Well, I doubt seriously that they will fall… Once prices go up they remain up…. That’s just how it goes…
The Euro Wannabes of zloty, koruna and forint, have been itching to get going VS the dollar. Yesterday, the forint had rallied to 313, and I thought about mentioning them then, but forgot, and so, here we are today, and while the three aren’t just pushing the currency rally envelope, they are still attempting to gain VS the dollar this morning…
And all the shenanigans going on with the price of Oil sure has the Petrol Currencies in a pickle… The leader, the Russian ruble, is really getting sold with the current price of Oil down, so too is the ruble… But the Brazilian real is still strong, and the Norwegian krone has gained a bit, most of its gains come from the dollar weakness…
I still believe in Oil… and I think that once it gets proved that the “peace deal” is a pile of bunk, Oil will climb higher once again… And we’re one day closer to the reveal of the so-called Peace Agreement with Iran… I don’t feel that there is one that exists, and so we’ll see tomorrow… Oh boy, I can hardly wait! NOT!
The U.S. Data Cupboard yesterday had the ADP Employment Report and brother did it get the rate cut folks, out in the street and yelling from the roof tops… The report showed that only 44,000 jobs were created in June… And while a few traders and economists view this report to be the real labor report… There are still millions of people that still believe in the lies and more lies that the BLS gives us and will present their number for Job Creation tomorrow…
Today’s Data Cupboard will have the usual Weekly Initial Jobless Claims for us to view today, and tomorrow, besides the Jobs Jamboree, we’ll see the color of the Consumer Credit (read debt)… And should be an interesting print…
For What It’s Worth… Well… the Chinese didn’t get the memo regarding Gold’s summer months doldrums… or maybe they did and that’s what drove them into Gold, these lower prices… Well, a report on this can be found here: Chinese Dip-Buying Bolsters Gold as Prices Find Floor at $4,000 | Financial Post
Or, here’s your snippet: ” Chinese institutional investors have swooped on gold in recent weeks, helping to arrest the precious metal’s decline and keep prices above the key threshold of $4,000 an ounce.
Article content
Gold-backed exchange-traded funds in China saw 14 straight days of inflows up to Monday, the longest streak since March, according to calculations by Bloomberg. That points to a shift in sentiment in the world’s biggest bullion market after war in the Middle East fueled a long stretch of outflows and price declines.
“Interest from institutional investors has increased since gold fell to around the $4,000 level,” said Steve Zhou, an analyst at Huaan Fund Management Co, which operates the country’s biggest gold ETF. A selloff in China’s equities markets has helped boost inflows, he said.
Gold has shed more than a quarter from a record high earlier this year, as the Iran conflict fanned inflation fears and raised rate-hike bets, offering a headwind for non-yielding precious metals. But prices just posted their first monthly gain since February and slipped below $4,000 only a few times during July.”
Chuck again… well, I thought that China’s reaction to the drop in price and the summer doldrums of Gold was interesting, and something I kept telling everyone that we should buy the dips… The Chinese did…
Market Prices 8/6/2026: American Style: A$ .7057, kiwi .5879, C$ .7143, euro 1.1540, sterling 1.3460, Swiss $1.2348, European Style: rand 16.4145, krone 9.53335, SEK 9.4780, forint 315.36, zloty 3.7259, koruna 20.9743, RUB 81.40, yen 157.91, sing 1.2824, HKD 7.8447, INR 95.22, China 6.7627, peso 17.25, BRL 5.1224, BBDXY 1,204, Dollar Index 99.74, Oil $75.96, 10-year 4.63%, Silver $61.86, Platinum $1,748.00, Palladium $1,408.00, Copper $6.79, and Gold… $4,261
That’s it for today… A great win last night for my beloved Cardinas in the Bronx… The took 2 of 3 from the Yankees and come home now for the next 6 games…. They probably won’t make the playoffs this year, but I don’t think anyone thought they would when the season began…. I go into the weekend still dealing with this cold… I usually have them for about 2 weeks, and Kathy gets one and is all healed the next day… it’s not fair! Blackfoot takes us to the finish line today with his song: Highway Song… I hope you have a Tub Thumpin’ Thursday today, and Please Be Good To Yourself!
Chuck Butler