Inflows of new money, though strong, are well below the surges of the financial crisis or Covid pandemic, and they're being matched by existing investors choosing to sell at gold's new record highs. With the Dollar gold price last month setting its 7th month-average record in 2025 so far, the number of new account openings on BullionVault beat August 2024 by 77.4%, marking the 4th strongest August in the West London fintech's 2-decade history.
At its annual jamboree at Jackson Hole, Chair Powell signalled his apparent support for a rate cut later this month, stating that the softening labour market could offset the inflation risks from Trump's tariffs. The market had already been anticipating a 0.25% cut on 17 September but this cemented expectations and last week's crop of US data did little to change things.
Shares of Apple are still exploding higher on earnings and tariff news. Just days ago, Apple's EPS of $1.57 beat estimates by 14 cents. Revenue of $94.04 billion, up 9.6% year over year, beat by $4.88 billion. According to analysts at Wedbush, Apple's $100 billion investment in the U.S. is a "good strategic poker move for Cook". According to Wells Fargo, Apple's $100 billion investment is all about tariff exemption.
Alternative payment mechanisms are being actively employed, including gold, cryptocurrencies, and, more recently, netting arrangements: clearing operations, which we are currently implementing.
