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SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6827.42
6827.42
6827.42
6899.86
6801.80
-73.58
-1.07%
--
DJI
Dow Jones Industrial Average
48458.04
48458.04
48458.04
48886.86
48334.10
-245.98
-0.51%
--
IXIC
NASDAQ Composite Index
23195.16
23195.16
23195.16
23554.89
23094.51
-398.69
-1.69%
--
USDX
US Dollar Index
97.950
98.030
97.950
98.500
97.950
-0.370
-0.38%
--
EURUSD
Euro / US Dollar
1.17394
1.17409
1.17394
1.17496
1.17192
+0.00011
+ 0.01%
--
GBPUSD
Pound Sterling / US Dollar
1.33707
1.33732
1.33707
1.33997
1.33419
-0.00148
-0.11%
--
XAUUSD
Gold / US Dollar
4299.39
4299.39
4299.39
4353.41
4257.10
+20.10
+ 0.47%
--
WTI
Light Sweet Crude Oil
57.233
57.485
57.233
58.011
56.969
-0.408
-0.71%
--

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Turkey President Erdogan: Hopes To Discuss Ukraine-Russia Peace Plan With Trump After Meeting With Putin

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Turkey President Erdogan: Peace Is Not Far Away, Black Sea Should Not Be Used As A Battleground, Safe Navigation Needed

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IAEA: Ukraine's Znpp Temporarily Lost All Offsite Power Overnight Due To Widespread Military Activities Affecting The Electrical Grid

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Iranian Media Says 18 Crew Members Of Foreign Tanker Seized In Gulf Of Oman Over Carrying 'Smuggled Fuel' Detained

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Regional Governor: Two Killed In Ukrainian Drone Strike On Russia's Saratov

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Chinese Foreign Ministry - China Foreign Minister Met With United Arab Emirates Counterpart On Dec 12

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China's Central Financial And Economic Affairs Commission Deputy Director: Will Expand Export And Increase Import In 2026

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Thai Leader Anutin: Landmine Blast That Killed Thai Soldiers 'Not A Roadside Accident'

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Thai Leader Anutin: Thailand To Continue Military Action Until 'We Feel No More Harm'

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Cambodian Prime Minister Hun Manet Says He Had Phone Calls With Trump And Malaysian Leader Anwar About Ceasefire

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Cambodia's Hun Manet Says USA, Malaysia Should Verify 'Which Side Fired First' In Latest Conflict

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Cambodia's Hun Manet: Cambodia Maintains Its Stance In Seeking Peaceful Resolution Of Disputes

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Nasdaq Companies: Allergan, Ferrovia, Insmed, Monolithic Power Systems, Seagate Technology, And Western Digital Will Be Added To The NASDAQ 100 Index. Biogen, CdW, GlobalFoundries, Lululemon, ON Semiconductor, And Tradedesk Will Be Removed From The NASDAQ 100 Index

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Witkoff Headed To Berlin This Weekend To Meet With Zelenskiy, European Leaders -Wsj Reporter On X

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Russia Attacks Two Ukrainian Ports, Damaging Three Turkish-Owned Vessels

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[Historic Flooding Occurs In At Least Four Rivers In Washington State Due To Days Of Torrential Rains] Multiple Areas In Washington State Have Been Hit By Severe Flooding Due To Days Of Torrential Rains, With At Least Four Rivers Experiencing Historic Flooding. Reporters Learned On The 12th That The Floods Caused By The Torrential Rains In Washington State Have Destroyed Homes And Closed Several Highways. Experts Warn That Even More Severe Flooding May Occur In The Future. A State Of Emergency Has Been Declared In Washington State

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Trump Says Proposed Free Economic Zone In Donbas Would Work

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Trump: I Think My Voice Should Be Heard

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Trump Says Will Be Choosing New Fed Chair In Near Future

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Trump Says Proposed Free Economic Zone In Donbas Complex But Would Work

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          Why Trump’s Use Of Military In US Is So Controversial

          Kevin Du

          Economic

          Summary:

          Trump’s actions mark a sharp departure from his predecessors. Historically, US presidents have made sparing use of the armed forces for missions within the nation’s borders, a legacy of resistance to the presence of British soldiers in the colonies in the 1700s. Trump’s mobilization of the military domestically has drawn sharp criticism from Democrats as an authoritarian abuse of power.

          In his two terms, President Donald Trump has repeatedly deployed the US military for domestic assignments. In 2018 and again in early 2025, Trump stationed National Guard troops and active-duty military personnel along the southern border to crack down on illegal immigration. In June, he summoned the Guard and the Marines to Los Angeles — over the objections of local leaders — to subdue protests against his administration’s mass arrests of migrants. And in August, Trump called up the Guard to combat violent street crime in Washington, DC, and suggested he may do the same in other cities, including New York and Chicago.

          Trump’s actions mark a sharp departure from his predecessors. Historically, US presidents have made sparing use of the armed forces for missions within the nation’s borders, a legacy of resistance to the presence of British soldiers in the colonies in the 1700s. Trump’s mobilization of the military domestically has drawn sharp criticism from Democrats as an authoritarian abuse of power.

          In 2018, Trump’s defense secretary, James Mattis, authorized the deployment of up to 4,000 National Guard troops to the US-Mexico border to support federal agents with surveillance and logistics for immigration enforcement.

          In 2020, more than 30 state governors used National Guard troops to curb protests that erupted after the murder of George Floyd in Minneapolis. Two years later, former Defense Secretary Mark Esper testified to a House committee that he and others had needed to persuade Trump not to deploy active-duty troops — those serving in the Army, Navy, Air Force and Marines — in US cities as well. At the time, Trump felt the widespread unrest made the US look weak, Esper told the committee.

          As Trump campaigned for a second term, he made clear he wanted to be more aggressive in using the military. At an event in Iowa in 2023 he labeled several big cities “crime dens” and said he had previously been held back from sending in the military.

          Following up on his vow to target an estimated 11 million immigrants who are in the country illegally, Trump in January ordered a new deployment of Army soldiers and Marines to the border to help block migrants from crossing without authorization. The Defense Department said at least four military planes would be used to help carry out deportations of about 5,000 detained migrants from El Paso and San Diego. As of early July, about 8,500 military personnel were stationed at the border.

          In June, the president sent 4,000 National Guard troops and about 700 US Marines to Los Angeles for 60 days amid protests against immigration raids in the nation’s second-largest metropolitan area. In July, after protest activity faded, most of the troops were recalled.

          In early August, Trump announced he would take federal control of Washington, DC’s police department and deploy 800 National Guard troops there, escalating his push to exert power over the nation’s capital. On August 12, troops began arriving in the city.

          The law strictly limits the federal deployment of troops within US borders.

          The US Constitution provides that neither the president nor Congress can use the armed forces to carry out their policy agenda without consent from the other branch. Domestic deployment of active-duty military personnel has historically been viewed as an option of last resort.

          The 1878 Posse Comitatus Act, along with amendments and supporting regulations, generally bars the use of the active-duty US military from carrying out domestic law enforcement. Important exceptions to the 1878 law are contained in the 1807 Insurrection Act and its modern iterations, which allow the president, without congressional approval, to employ the military for domestic use in certain extreme circumstances. The Insurrection Act has been used very rarely to deploy troops under federal control domestically without a request from a state government, and modern examples mostly date from the Civil Rights era.

          Occasionally, a president has deployed National Guard troops to respond to civil unrest and rioting, but almost always at the request of a state’s governor. President Lyndon Johnson, for example, sent National Guard soldiers under federal control to Detroit, Chicago and Baltimore to help quell race riots in the late 1960s after governors asked for help. Likewise, President George H.W. Bush activated the California National Guard in 1992 at the request of Governor Pete Wilson and Los Angeles Mayor Tom Bradley when rioting broke out in the city following a jury’s acquittal of police officers charged with severely beating a Black man, Rodney King, after a high-speed car chase.

          The last time a president activated a state’s National Guard without a request from the governor was in 1965, when Johnson used the guard to protect civil rights demonstrators in Alabama after the governor refused to do so.

          In recent decades, both Republican and Democratic presidents, including George W. Bush and Barack Obama, have relied on the National Guard and active-duty military members to reinforce US Customs and Border Protection with tasks including engineering, aviation and logistical support. But Trump has gone further by creating military zones along the US-Mexico border where troops can detain migrants without running afoul of restrictions on their involvement in domestic law enforcement.

          Trump has repeatedly signaled he might invoke the Insurrection Act, though he has not done so. Instead, the Trump administration has justified deployments by arguing that local and state officials have failed to restore order in their jurisdictions. In his takeover of policing in the District of Columbia, Trump declared a public safety emergency under a provision of DC’s Home Rule Act that allows him to temporarily assume control of the city’s Metropolitan Police Department.

          In Trump’s announcement of the DC deployment, he painted a nightmarish picture of a Washington that’s been “overtaken” by “bloodthirsty criminals” and “roving mobs of wild youth.” That was at odds with a finding from the Justice Department in January that violent crime in the capital reached a 30-year low in 2024.

          To unilaterally dispatch the California National Guard to Los Angeles, Trump cited a provision of Title 10 of the US Code that permits the president to deploy the guard in cases of invasion by a foreign nation, a rebellion, or danger of a rebellion. Under this statute, troops are still not permitted to do civilian law enforcement.

          On June 7, the president issued a proclamation giving Defense Secretary Pete Hegseth the authority to direct troops to take “reasonably necessary” actions to protect immigration agents and other federal workers and federal property. It also permits him to use members of the regular armed forces “as necessary to augment and support the protection of federal functions and property in any number determined appropriate in his discretion.”

          In Los Angeles, the president’s move to stop what he called “migrant riots” was condemned as inflammatory and unnecessary by local officials, including Mayor Karen Bass and California Governor Gavin Newsom, who would normally be responsible for requesting such a mobilization.

          Newsom argued that the president abused his authority, saying there was no rebellion or invasion that justifies Trump sending troops into Los Angeles. The governor has also said the troops were diverted from more important duties, including wildfire suppression and helping battle drug smuggling at the Mexican border.

          In June, Newsom filed a lawsuit challenging the LA deployment. A federal appeals court declined to block the deployment, finding that the president likely acted lawfully. In August, US District Judge Charles Breyer held a three-day trial to evaluate whether the deployment violated the Posse Comitatus Act. As of August 15, he had not issued a decision.

          DC Attorney General Brian Schwalb sued Trump on Aug. 15, alleging the president exceeded his authority in taking control of the Metropolitan Police Department and deploying hundreds of National Guard troops to the nation’s capital.

          Source: Bloomberg Europe

          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          Intel stock rises on report Trump administration eyes stake in company

          Adam

          Stocks

          Intel stock (INTC) rose more than 3% at the start of trading Friday following a report that the US government is considering taking a stake in the struggling chipmaker.
          According to Bloomberg, the plan could see the government help Intel build out its planned chip complex in Ohio, which the company has had to delay as part of its ongoing turnaround effort. Intel announced the facility in 2022 with an initial investment of $20 billion that could grow to $100 billion over time.
          Intel declined to comment on the report.
          In a statement, a company spokesperson said, "Intel is deeply committed to supporting President Trump's efforts to strengthen U.S. technology and manufacturing leadership. We look forward to continuing our work with the Trump Administration to advance these shared priorities, but we are not going to comment on rumors or speculation."
          Shares of Intel are up 18% over the past 12 months and 22% year to date.
          The report follows President Trump's meeting with Intel CEO Lip-Bu Tan on Monday.
          The Ohio site was supposed to include two new manufacturing plants and start producing chips by 2025, but that's since been delayed into the 2030s. CEO Lip-Bu Tan, who took over when former CEO Pat Gelsinger was ousted by the company's board due to the slow turnaround in 2024, has since delayed the plant even further.
          The Trump administration is making a major push to reshore American chip manufacturing.
          Intel and rivals TSMC (TSM), Samsung, and others have been working to build more chip fabrication plants in the US since the Biden administration signed the CHIPS Act in 2022.
          Part of Intel's plan under Gelsinger was to turn Intel into a contract chip manufacturer, similar to TSMC. But the gambit has run into trouble. So far, the foundry's main customer is still Intel, and the company is reportedly facing headwinds in getting its 18A chip technology up to the level needed to satisfy clients.
          Intel has signed agreements to build chips for Amazon (AMZN) and Microsoft (MSFT), using its chip designs.
          Trump initially called for Tan to resign as CEO of Intel due to his investments in Chinese tech firms but backed away from the stance after meeting with him on Monday.
          Intel is still far away from making any meaningful headway in the AI space, ceding the market to both Nvidia and rival AMD.
          Earlier this week, the White House announced the US government will take a 15% cut of the sale of Nvidia and AMD chips shipped to China, an unconventional arrangement that highlights the government's increased focus on the semiconductor industry.

          Source: finance.yahoo

          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
          Share

          Dow Briefly Hits Record High On UnitedHealth Boost; Trump-Putin Meet In Focus

          Devin

          Economic

          The blue-chip Dow briefly hit a record high on Friday, as UnitedHealth's shares jumped after Berkshire Hathaway raised its stake in the health insurer, while investors assessed mixed data to gauge the Federal Reserve's monetary policy path this year.

          A meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin was also on the radar, with markets hoping it could pave the way for a resolution to the Ukraine conflict and determine the outlook for crude prices. The meeting will take place at 1900 GMT.

          UnitedHealth Group (UNH.N), opens new tab gained 13.5% and was on track to log its biggest daily rise since 2008 after Warren Buffett's company (BRKa.N), opens new tab revealed a new investment in the health insurer, while Michael Burry's Scion Asset Management also turned more bullish on the company.

          Rising costs in the broader healthcare sector and an about 40% slump in heavyweight UnitedHealth's shares this year have left the Dow (.DJI), opens new tab lagging its Wall Street peers on the road to record highs. The price-weighted index last scaled an all-time high on December 4.

          The healthcare sector (.SPXHC), opens new tab gained 1.3% on Friday and is on track for its best weekly performance since October 2022.

          More broadly, Wall Street's main stock indexes are on track for their second week of gains, buoyed by expectations that the Fed could restart its monetary policy easing cycle with a 25-basis-point interest rate cut in September.

          The central bank last lowered borrowing costs in December and said U.S. tariffs could add to price pressures. However, recent labor market weakness and signs that tariff-induced inflation was yet to reflect in headline consumer prices have made investors confident of a potential dovish move next month.

          "The question is has the tariff gotten into the price of goods yet? And it appears that there hasn't," said Joe Saluzzi, co-head of equity trading at Themis Trading.

          Saluzzi also said while markets have largely priced in a September rate cut, investors might be overlooking risks, with low volatility and rich valuations pointing to a sense of complacency.

          At 12:07 p.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab rose 87.49 points, or 0.20%, to 44,998.75, the S&P 500 (.SPX), opens new tab lost 18.18 points, or 0.28%, to 6,450.36 and the Nasdaq Composite (.IXIC), opens new tab lost 101.44 points, or 0.47%, to 21,609.23.

          In a mixed day for economic data, a report showed retail sales in July rose as expected, but consumer confidence and factory production numbers indicated tariffs were taking a toll on other pockets of the economy.

          Chicago Fed President Austan Goolsbee was also cautionary in his remarks.

          Trump has said he will unveil tariffs on steel and semiconductors next week.

          Among other stocks on the move, Applied Materials (AMAT.O), opens new tab tumbled 13.3% after the chip equipment maker issued weak fourth-quarter forecasts.

          Intel (INTC.O), opens new tab rose 5.8% after a report said the Trump administration was in talks for the U.S. government to potentially take a stake in the chipmaker.

          Declining issues outnumbered advancers by a 1.26-to-1 ratio on the NYSE and by a 1.45-to-1 ratio on the Nasdaq.

          The S&P 500 posted 9 new 52-week highs and no new lows while the Nasdaq Composite recorded 66 new highs and 62 new lows.

          Source: Reuters

          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
          Share

          Mainland Chinese Investors Buy Record Amount of Hong Kong Stocks

          Adam

          Stocks

          Economic

          Mainland Chinese traders bought a record HK$35.9 billion ($4.6 billion) worth of Hong Kong-listed stocks on Friday, adding to their already hefty purchases so far this year.
          The amount surpassed an earlier record of HK$35.6 billion set in April after Donald Trump announced sweeping global tariffs, according to Bloomberg-compiled data going back to late 2016. A gauge of Chinese stocks in Hong Kong pared a decline of 1.5% to finish the session 1% lower.
          Mainland Chinese Investors Buy Record Amount of Hong Kong Stocks_1

          Southbound Buying Hits Fresh Record of HK$35.9B

          The latest buying spree takes the year-to-date Southbound flows to HK$940 billion, putting it on track for an annual record and inching closer to the HK$1 trillion estimated by some analysts. Mainland investors’ appetite for Hong Kong shares has expanded given cheaper valuations for dividend stocks and the appeal of Chinese tech firms following DeepSeek’s breakthroughs in artificial intelligence.
          The inflows have helped push the Hang Seng China Enterprises Index up 24% so far this year, making it one of the world’s best performers. The funds also have squeezed Hang Seng Connect AH Premium Index to the lowest level since 2019, with onshore traded A shares tracked by the gauge now trading at a 22% premium over their Hong Kong counterparts.
          Mainland Chinese Investors Buy Record Amount of Hong Kong Stocks_2

          A/H Premium Slips to Lowest in Six Years

          Meanwhile, animal spirits have seen a revival in the domestic market, where a liquidity-driven rally drove a popular stock gauge close to a decade high.

          Source: Bloomberg

          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
          Share

          U.S. debt risk is not priced in, and gold prices could skyrocket once investors do the math – Sprott’s Ryan McIntyre

          Adam

          Commodity

          Gold continues to benefit from strong and steady central bank demand, and the more recent pivot of North American and European investors into gold-backed ETFs could have a major impact once markets digest the implications of the U.S. debt situation, according to Ryan McIntyre, managing partner at Sprott Inc.
          In an interview with Kitco News this week, McIntyre discussed the various factors that are driving the gold market – some longer-running, some more recent – and the impacts each is likely to have over the coming months.

          Bedrock central bank demand

          The first of the longer-term factors that have helped push gold prices to record highs are bullion purchases by central banks, which rose considerably since Russia’s full-scale invasion of Ukraine in February 2022.
          McIntyre said central bank demand is still exerting significant influence on the market, both in terms of providing a floor for prices, but also by signaling to other market players.
          “I think it's still a bit of a bedrock, like it has been over the past three years,” he said.
          But what’s really changed over the past year or so has been the increased buying on the retail side. “To me, that's the story in terms of incremental demand,” he said. “You've seen it mainly reflected in the amount of physical gold held by gold-backed ETFs. We've seen that actually increase for the first time in many years after bottoming out in May of last year.”

          Gold ETF holdings are rising

          McIntyre noted that gold holdings are up about 11% year-to-date, but they're still down about 17% from their peak back in October of 2020. “Still plenty of room to go before we hit an all-time high of gold held by gold-backed ETFs,” he said. “But you have seen the institutional and retail investor come along a little bit. To me, that's a new story.”
          The shift has been global, but also regional: Asian investors have been buying steadily for years, but Europe and then North America jumping in is what turned global flows positive overall.
          “Absolutely,” McIntyre said. ”And to me, I think it really is all about people's feelings of uncertainty.”
          He said that much of the world has been worried about the future for the past decade, if not longer – but not so much in the United States.
          “They've been pretty comfortable with their existing holdings, S&P 500-type stocks, that type of thing,” he said. “And I think for the first time in a while, they started to reassess a little bit on the risk side in terms of how much risk they're taking and how much they're willing to take.”

          Americans grow apprehensive

          McIntyre said that with all the turmoil going on in the US government, he thinks Americans are finally starting to question what they have as a safety net. “Gold obviously has great history as a safe-haven asset, and people have gravitated towards it,” he said. “I think it's really as simple as that.”
          When asked about the potential for a ‘stagflation’ scenario, in which the U.S. economy sees rising inflation in the midst of low or negative economic growth, McIntyre said he could see inflation playing out both ways.
          “I could see it being higher, but I can also see it being lower as well,” he said. “I'm not convinced one way or the other, due to the economy. But what I can definitely say is that, from a currency debasement standpoint, you have to believe that's going to strengthen, no matter what the economy does or doesn't do.”
          McIntyre said the fiscal position “particularly the United States, but this applies to several other Western countries as well, is in such a different place than it's been in a long time, and the fact that we're running 7% deficits relative to GDP here, and more than half of that just relates to net interest, is kind of crazy.”

          Debt interest set to negate growth

          “I think about it this way: The current forecast of [Sprott], and most people, including the Congressional Budget Office for the United States, they're basically forecasting the economy to grow about 4% a year, nominal,” he said. “If interest is three plus percent of GDP, it's basically consuming over three-quarters of the growth. We're not that far away from it actually consuming what the economy's going to grow at – just in interest alone, let alone new borrowing required – which is an absolutely scary proposition. Once you get to the point where interest is basically overwhelming the growth, that to me is an obvious signal that the debt cannot be repaid.”
          “And not only that, but it's going to accelerate the worsening of the fiscal position,” he added. “That would literally be impossible to pay at that point. And even the Congressional Budget Office forecasts that net interest expense will be above 4%, so above the phenomenal growth rate that it’s forecasting now.”
          McIntyre said that one of the biggest threats looming over the value of the dollar is that the United States will have to print a lot of extra money to cover these deficits, and ultimately to pay the debt itself.
          “The government has taken on an inordinate amount of extra expense relative to GDP,” he added. “The government is actually supplementing the economy now, and has been since the COVID crisis, so that deficit we're running at 6% to 7%, could easily be close to 10% without that government support.”
          “The sovereign risk is the most unpredictable element of the whole thing: When do people really start pricing it into the yields and everything else?” he said. “That's the biggest risk that is on the horizon – and it's not so far away anymore, in my eyes.”
          But while some of gold’s major drivers are relatively steady, incremental, and linear, others are far less predictable. Chief among these are two that have dominated the conversation in financial market circles since Trump took office: Trade tariffs and the Fed’s independence.

          Markets tuning out tariff talk

          McIntyre acknowledged that gold’s recent run-up to an all-time high of $3,500 per ounce happened against the backdrop of extreme tariff uncertainty, but the market has since built up some immunity to the administration’s announcements and threats.
          “I think people have gotten more comfortable with announcements versus reality,” he said. “It just changes so frequently, I just think people are discounting it to a degree – rightly or wrongly, I don't know – but it's so hard to keep up with just in its own right. There's so many tariffs, whether it's on specific products or products from different countries. There are so many nuances.”
          “Some of it's misinformation, some of it's real,” he added. “You get all these different crosswinds. Just even in the Trump administration, conflicts get resolved between different people over Truth Social and other social media within hours. One person says one thing, someone else has to correct it or adjust it. I think people are somewhat desensitized to a degree.”
          “From an investment standpoint, from our side, focused on commodities and precious metals in particular, the only thing we know is the more that there's uncertainty, the better it is for gold,” McIntyre said. “It obviously has been very good for gold prices and will continue to be. To me, it's whether people can really live with the amount of uncertainty given what they own as investments. If you're a gold investor, it's neutral to positive depending on exactly what it is, but it's likely not a negative.”

          Attacks on Fed independence

          Trump’s recent attacks on Federal Reserve chair Jerome Powell and the FOMC’s wait-and-see monetary policy have been much more difficult to tune out, as unlike trade policy, they strike at the heart of the credibility of the U.S. dollar, both domestically and internationally as a reserve currency.
          McIntyre said part of the problem is that markets are so fixated on the Fed these days, because they’re desperate for lower rates to bail them out.
          “Currently, I would say a lot more people focus on the Fed and what interest rates might be doing rather than what the economy's doing,” he said. “The only reason people care about the economy is how it impacts rates because everyone's so leveraged, including the government.”
          “To me, one of the most fearful things was removing that person from the BLS last week due to the labor numbers [being] theoretically manipulated, which of course is very unlikely,” he said. “But again, it's an eroding of confidence in institutions. And you don't know when the psyche changes, but when it does change, it's so hard to reverse. You never want to get close to having people switch to that kind of fearful mindset, on a sovereign level, because it's pretty tough to reverse.”

          Investment case for gold

          “That's why ultimately I think all roads lead to gold for people looking for a safe haven,” McIntyre said. “This doesn’t mean it should be their only asset, obviously. But we definitely think it should be at least 10% of people's net worth. It's a very small market, physically, so to the extent, you actually do get some move en masse – particularly from the United States because they tend to be lower participants in the gold market versus the rest of the world – it could mean big changes for the gold price.”
          “From an investment standpoint, you should be looking at this through the lens of opportunity cost,” he added. “If you do one investment, it's obviously precluding you from doing other investments, and if there are a lot of great other opportunities, it might be a tough call. But because there are a lot of pockets of extreme overvaluation, to me, it's such an easy call to move into gold versus other things.”
          “Let's say everything stays the same,” he suggested. “Then it's all good. You don't have to worry; 90% of your portfolio will be fine. And then conversely, if it goes a bit the other way, reverts back a little bit more towards normalcy, then you're going to be really happy that you have gold. It's such a small market physically, it doesn't take a lot of money to move into that area to really move the price up, as we've seen, by central bank buying initially, and now ETF buying over the past year or so.”
          McIntyre said that one of the things that confirms we’re not in a frothy market is the continued outflows from gold mining equities. “Usually when people are really excited about gold, you usually see big inflows into that area, and you're actually seeing the opposite,” he noted. “To me, that's another great indicator that it's not frothy in this area.”

          Silver also set to outperform

          And while Sprott remains firmly bullish on gold, McIntyre said he sees equal upside in silver despite the gray metal lacking much of gold’s safe haven appeal.
          “I think gold is the ultimate safe-haven asset, full stop, and silver is the little sibling, if you will,” McIntyre said. “I think you should definitely have gold in your portfolio, and silver on more of a tactical basis. We still think silver will do very well. If gold's going up, silver will go up. It tends to be a little bit more volatile than gold, so people should be aware of that.”
          “Typically, when people move into silver, because it's an even smaller space than gold, you tend to get some exaggerated moves upward as well,” he added. “It wouldn't surprise me at all if silver did at least as well as gold over the next 12 to 24 months.”

          Source: kitco

          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          Trump's attack on Goldman could prompt watering down of Wall Street's independent analysis

          Adam

          Economic

          U.S. President Donald Trump's criticism of Goldman Sachs' research on tariff risks could prompt some analysts to water down their research, investors and academics said, an outcome that could leave investors with less reliable information.
          The reams of research that banks such as Goldman produce are used by institutional investors, such as hedge funds and asset managers, in deciding how to allocate capital.
          Trump's comments -- in which he lambasted Goldman, its economics team and CEO David Solomon and accused them of making "a bad prediction" -- have triggered a debate on Wall Street about the possible fallout, according to interviews with banking industry sources and investors.
          At one Wall Street bank, Trump's comments spurred informal conversations among staff, a source familiar with the matter said. The source said they also discussed how to incorporate government data in the wake of Trump's decision to fire the head of BLS, claiming -- without evidence -- that its data had been politicized. Still, the bank was not considering changing the way research operates.
          "This is going to come down to a person’s ability to withstand a barrage of criticism from the Oval Office, and the extent to which these banks provide support for their chief economists," said Dave Rosenberg of Rosenberg Research, who has worked in the economics departments at several banks. "If we notice that research is being watered down ... then we’ll know that this has had an effect."
          Jack Ablin, chief investment strategist at Cresset Capital, said if banks do start self-censoring, smaller investors who do not have the resources to do their own analysis are likely to suffer most.
          Trump's criticism is his latest attack on corporate America and other institutions, and is a break from historical norms, where presidents have typically avoided calling out private companies and executives for things they do not like.
          Some companies that have considered passing on tariff costs to customers have faced public criticism, and Trump, who came to politics after running businesses, has intervened directly in private business decisions by making a deal with Nvidia to give a portion of its revenues from sales to China of AI chips to the government.
          Trump “certainly is taking a number of steps that diverge from the traditional view of the respective roles of the government and private industry,” said Henry Hu, a securities law professor at the University of Texas.
          In a social media post earlier this week, Trump said foreign companies and governments were mostly absorbing the cost of his tariffs, counter to Goldman's research.
          "Given that sell-side Wall Street analyst predictions have been about as accurate as random guessing, small investors will do just fine with the president exercising his First Amendment right about flawed Wall Street research," a White House official told Reuters.
          On Wednesday, Goldman's U.S. head economist David Mericle defended its research on CNBC, vowing to "keep doing" what the bank considers informative research.
          Goldman declined requests for further comment.
          Other major banks, including Wells Fargo, JPMorgan, Morgan Stanley, Deutsche Bank, Bank of America and Citigroup, declined to comment.
          REPUTATIONAL RISKS
          There has already been evidence of self-censorship. A senior JPMorgan Asset Management investment strategist, Michael Cembalest, earlier this year said during a webinar that he refrained from voicing some of his thoughts on U.S. tariffs publicly. Shortly after Cembalest's comments, Jamie Dimon, JPMorgan's CEO, said that he expects analysts to speak their minds. Both Cembalest and the bank declined to comment for this story.
          Hu said there is a risk involved in even appearing to give way to political pressure.
          “Goldman’s reputational capital is at stake here,” he said. “If their views on the economy become biased, and they are shown to be wrong, why would anyone choose Goldman to advise them on anything?”
          Mike Mayo, banking analyst at Wells Fargo, said independent research is critical for investment bank's reputation. "Investment banks live and die by their reputation and independence. That transcends all other considerations."
          Wall Street research has long been tightly overseen, one source said, with supervisory analysts reviewing research reports to ensure that language is not inflammatory, emotive or partisan and that reports are objective and cite sources.
          That person said that if analysts feel unable to speak openly then investors will pay more or take greater risk. Liquidity will suffer and there will be less foreign participation in U.S. markets, the person said.
          It was large losses by smaller investors that triggered the first major probe of Wall Street research in the aftermath of the dot com stock bubble of the late 1990s. Eliot Spitzer, then New York Attorney General, found that Wall Street analysts had swapped their honest opinions for unwarranted "buy" ratings on companies to help their banks win underwriting and advisory business. The result: a $1.5 billion global settlement payout by Wall Street and lifetime bans for some analysts.
          It remains to be seen whether the current kerfuffle will have an outsized impact on Wall Street or if it is a storm in a teacup, said Steve Sosnick, market strategist at IBKR.
          "It does raise a lot of questions," he added.

          Source: reuters

          To stay updated on all economic events of today, please check out our Economic calendar
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          US Hits Russian Crypto Giant Garantex With Sanctions, $6M Bounty Announced

          Daniel Carter

          Cryptocurrency

          ● US offers $6M bounty for leaders of Garantex.
          ● Treasury sanctions Russian crypto exchange and alleged successor platform.
          ● Investigators link $96B in transactions to criminal organizations.
          US authorities have launched a coordinated strike against Garantex, a Russian-operated cryptocurrency exchange accused of processing billions in illicit transactions. According to officials, the platform has been linked to laundering proceeds from hacking, ransomware attacks, and terrorism financing.
          The State Department has awarded up to $6 million as a reward for the exchange’s leadership. This includes a $5 million reward for Russian national Aleksandr Mira Serda, while an additional $1 million is earmarked for other senior members. People have been encouraged to communicate with the US Secret Service in secure channels in case they have credible leads.

          Sanctions Target Garantex and Alleged Successor

          The Treasury Department's Office of Foreign Assets Control has re-designated Garantex and sanctioned Grinex, which investigators allege was created to bypass restrictions. The sanctions also targeted three executives and six of their companies based in Russia and Kyrgyzstan and disconnected them from the US financial network.
          Investigators estimate that between April 2019 and March 2025, Garantex handled at least $96 billion in cryptocurrency. A large portion of this activity is assumed to be connected to criminal organizations operating on the territory of several countries.
          According to the officials, the action against both Garantex and its successor is a systematic effort to prevent the re-emergence of sanctioned entities under different names. This would be done to close down financial channels through which illicit actors transfer money without checks.

          Part of Expanding US Offensive on Crypto Crime

          The measures against Garantex are part of a broader strategy to block the use of cryptocurrency for transnational crime. US agencies are intensifying efforts to dismantle digital networks that enable anonymous, rapid, and unregulated transfers.
          Authorities have warned that any exchange facilitating illegal activity will face the same aggressive sanctions. New platforms replacing sanctioned entities are expected to be swiftly targeted to prevent criminals from evading enforcement.
          By combining financial sanctions with multi-million dollar rewards, US officials are reinforcing their commitment to dismantling illicit crypto operations and holding those involved accountable.

          Source: CryptoSlate

          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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