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President Trump wants to see Fort Knox gold for himself

ByVictoria

“We have found hundreds of billions of dollars of fraud so far. And we’ve just started. We’re actually going to Fort Knox to see if the gold is there, because maybe somebody stole the gold. Tons of gold,” Trump said.

“I think the gold is probably there. It’s probably almost certainly there,” David Sacks, Trump’s crypto czar, told Fox News last week, though he still agreed with the president’s calls to investigate the matter.

“Nobody thinks this is a crazy idea to go check because we don’t know,” Sacks added, arguing that “we cannot fully trust that our gold is still in Fort Knox” because of the “corruption” in Washington.

Source – ABC News

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    “We are witnessing a resilient economy … against a backdrop of geopolitical concerns, and an expectation of some sort of chaos down the road,” said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.

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    Source – Reuters

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    Copper up, investors confused

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    Copper prices drifted higher on Wednesday as investors waited for details of U.S. reciprocal tariffs, but tin extended a rally to its highest in nearly three years on supply fears.

    Benchmark three-month copper on the London Metal Exchange (LME) was up 0.2% at $9,711 a metric ton by 0953 GMT after slipping to its weakest in three weeks at $9,668.50.

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    SPDR Gold Shares was rallying a sharp 1.6%

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    “Gold bars are bought as a hedge” against tariff-related downside risks to stocks as well as U.S. and global economic growth, commodity analysts at Citigroup said in a research note on Friday after the U.S. stock market’s close. “In precious metals, we see gold moving higher very near term” to $3,000 per ounce, they wrote.

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    Gold boosts South African rand

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    South Africa’s commodity-backed currency edged up on Monday, helped by higher gold prices, as investors digested last week’s unexpectedly weak U.S. jobs data and awaited tariff updates ahead of the United States’ August 8 deadline.

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    South African rand raises

    ByVictoria
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    The South African rand strengthened on Tuesday, helped by the gold price extending its historic run to a new all-time peak.

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    South African rand – is the official currency of South Africa. 1 South African Rand is $0.055 USD.

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    Gold up 1.7%

    ByVictoria
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    Futures are up 1.7% at $3,350.60 a troy ounce and on track for weekly gains of nearly 4%.

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