"Gold keeps cranking higher with spot prices moving to a new all-time high a whisker off $4,640, while silver extended its parabolic rally to clear $90. Crude prices were at three-month highs with Brent (continuous) running into resistance at the 200-day moving average around $65.75, as flagged in yesterday's note. WTI spiked to $61.50 - as noted on Friday a clear break above $59 was likely to see a swift move toward the $60-61 area."
"Apart from Iran and Greenland, gold is also higher because of the worries about Fed independence - it's maybe not that the market is explicitly baking in a looser Fed in 2026 that will do the bidding of the White House, it's more a confidence signal in the value of money and institutions in the US. Political pressure on the Fed is nothing new - the idea of independence being sacrosanct is really a product of the 1990s - but"
Gold and silver surged to new record highs amid rising geopolitical tensions and market concerns about central bank independence. President Trump warned Iran of "very strong action" and urged the regime to "show humanity" amid protests, stoking fears of disruptions such as a Strait of Hormuz closure. Oil briefly climbed to three-month highs, with Brent testing resistance near the 200-day moving average and WTI spiking above $61.50 after breaking $59. Markets also note talks involving Greenland, Denmark and US officials. Political pressure on the Fed has weakened confidence in institutions, supporting precious metal demand despite an expected crude glut later in the year.
Read at London Business News | Londonlovesbusiness.com
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