Every correction in gold’s price reflects a correction in conviction and a test of who really understands what value looks like when everything else depends on faith.
The Supreme Court, exhibiting skepticism about the legality of Trump’s tariffs, showed that even they understand that the tariffs 1) are a tax and that they 2) are a tax on Americans.
A strong September drove official third-quarter central bank gold purchases to a net 220 tonnes. That was up 28 percent from Q2 and 6 percent above the five-year third-quarter average.
What might once have been described as economic assistance now serves as an instrument of policy signalling, a reminder that confidence in the dollar still requires demonstration.
While Powell & Company would never admit it, the central bank has no choice but to end balance sheet reduction due to the federal government’s borrowing and spending problem.
