Gold prices reflect a shift in paradigm – Part I

Futures Jump After Overnight Rollercoaster Session As Oil Unexpectedly Tumbles, Yen Soars Futures erase an overnight slide, and have resumed their ascent trading near all time highs, despite a hawkish Fed statement but stronger Mag7 earnings. The hawkish Fed followed by a less hawkish press conference, plus the news that Powell is staying on seemingly removing a cut, actually have bond yields lower pre-mkt by 2-4bp as the Dollar weakens on what appears to be BOJ intervention which has sent the USDJPY plunging most since 2022. As of 8:00am ET,...

Navy Abandons USS Boise Overhaul After 11 Years And $800 Million Spent The U.S. Navy has finally thrown in the towel on the Los Angeles-class attack submarine USS Boise (SSN-764). After more than eleven years pierside and roughly $800 million poured into a repair effort that never really started, the service announced that the 34-year-old boat will be inactivated rather than returned to the fleet. The decision comes as the Navy shifts focus to Virginia- and Columbia-class construction, yet one has to wonder why those same priorities could not have been...

In Scramble To Open Up Hormuz, France & Italy Open Talks With Iran After India's Request Amid very confused and mixed messaging coming from Washington over the status and future fate of Hormuz oil transit, the EU is trying its hand at a solution. France ⁠and ⁠Italy have ​opened 'tentative' talks ‌with Iran ‌seeking ⁠to ⁠negotiate a deal to ​guarantee safe ​passage for their tankers ⁠through vital strait which remains a crucial chokepoint for stalled global crude transit, the ​Financial ⁠Times reports Friday, citing people briefed on ⁠the efforts. This comes as...