Gold and Silver prices have been quiet since last week. Spot rose 1% to $4,543 CAD per ounce for Gold despite the continued peace with Iran -- hinting that geopolitical risk may not have been the only impetus behind the metals’ recent strong performance. Silver also pushed higher, to $50.07 CAD. A weakening US Dollar index DXY to 96.99 and suggestions from Fed Chair Powell that a “solid majority” at the Fed expect rate cuts later this year are likely drivers. President Trump posted on TruthSocial a link to a Bloomberg article “Fed Chair Should Be Investigated by Congress, FHFA Head Says” wherein William Pulte, Director of the Federal Housing Agency, accuses Fed Chair Powell of “political bias” sufficient to be “removed for cause” Mr. Pulte also posted that he had ordered Fannie Mae and Freddie Mac to "prepare their businesses to count cryptocurrency as an asset for mortgage" prompting leading cryptocurrency based prediction market PolyMarket to post satirically "JUST IN: U.S. Director of Federal Housing orders mortgage providers to accept Fartcoin when assessing creditworthiness." WTI futures rose from below $65 to a high of $67.58… no longer pricing in any risk of a closed Strait of Hormuz. Equities hit new all time highs Thursday on the SP500 ES futures at 6,331.25 and currently holding at 6,291.25 up $68 since Sunday Open. S&P AeroSpace and Defense ETF XAR rose with the market by 1% to $208.93. Weekly Jobless Claims edged lower by 4,000 to 233,000. The Gold/Silver ratio is nearly flat at 90.67 with small gains in both metals. Longer 20 yr and 30 yr US government bond rates have risen 5bps to 4.86% respectively. Congress passed Trump’s Big Beautiful Bill which included $4.5 Trillion in tax breaks and Spending Cuts as well as increased the Debt Ceiling by $5 Trillion. Provisions limiting Federal Judges from blocking the Federal Government were removed as well as provisions banning the state level regulation of Artificial Intelligence. Ai powered Government Contractor Palantir PLTR fell 7% this week to $134.36. The probability of a 25 bps rate cut in 2025 as priced by PolyMarket rose from 19% last week to 23%, the probability of a 50 bps cut rose from 32% to 36% and the probability of 75 bps in cuts fell to 3rd place at 17%. Short term rates rose 14bps in the 2yr from 3.74 to 3.89 since Monday. Copper Futures HG, a leading indicator of economic growth, came within 20 cents of its all time high of $5.37 USD/Lb and has been above the key $5 level since last Thursday. Happy July 4th to those who celebrate including the dedicated people working diligently on our upcoming NYC location:
Gold Stock USA Inc. – Now in New York’s Diamond District We are proud to announce the upcoming opening of Gold Stock USA Inc., located at 580 5th Avenue, Suite 521, New York, NY 10036, right in the heart of the Diamond District