Gold at new record

Gold soars past $3300
“Bullish sentiment continues to abound in gold though, which shows no sign of slowing down. It might be the ‘most crowded trade’ according to Bank of America’s latest survey, but so was ‘Long Tech’ for months at a time, and that didn’t stop investors from piling in. All this comes as inflation remains muted for now. It is the level of uncertainty in the macro outlook right now that makes gold so compelling.”

Global market sentiment remains mixed
“Investors seem to spend their days wondering when the next tariff headline will drop. Memories of last week’s manic volatility are still fresh, so while European markets have continued their recovery from the recent low, the gains feel fragile at best. A different situation applies in the US, where the ban on Nvidia’s export of H20 chips to China continues to cast a pall over sentiment.”