Market Performance - On July 24, the three major U.S. stock indices closed mixed, with the Dow Jones down 0.7%, the Nasdaq up 0.18%, and the S&P 500 up 0.07% [1] - The Dow Jones Industrial Average closed at 44,693.91, down 316.38 points [2] - The Nasdaq Composite closed at 21,057.96, up 37.94 points [2] - The S&P 500 closed at 6,363.35, up 4.44 points [2] Individual Stock Movements - Tesla saw a significant decline, dropping over 8% to 305.06 [3] - Other notable declines included IBM, which fell over 7% [2] - Nvidia, Amazon, and Broadcom each rose over 1% [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell over 1%, with several Chinese stocks experiencing declines of over 2%, including Netease, Weibo, and Baidu [3][4] Economic Commentary - President Trump visited the Federal Reserve, expressing hope that Chairman Powell would lower interest rates, suggesting a potential savings of over $1 trillion if rates were reduced by three percentage points [6][7] - Trump’s visit comes just under a week before the Fed's interest rate decision, indicating a strategic push for rate cuts [7] - Ray Dalio, founder of Bridgewater, warned that without action to reduce the fiscal deficit, the U.S. could face an "economic heart attack" within three years [9]

Group 1: Core Argument - The essence of capitalism's self-regulation is a misinterpretation; it is a product of class struggle rather than benevolence from the ruling class [2][3] - The welfare state and labor rights are not improvements from capitalism but rather concessions made under pressure from the working class [2][3] - The current state of capitalism is more cunning and financialized than in the 19th century, with unresolved contradictions accumulating globally [4][5] Group 2: Analysis of Financial Systems - The U.S. stock market is characterized as a casino of virtual capital, reflecting the deepening contradictions of capitalism [3][4] - The U.S. national debt is described as the largest form of virtual capital, relying on the exploitation of global labor [6][7] - The proposed "dollar stablecoin" is seen as a misguided attempt to salvage a hollow financial system, leading to further instability [7][8] Group 3: Implications of Dollar Stablecoin - The dollar stablecoin represents a new form of financial colonization, creating a dependency on U.S. financial systems in the digital realm [12][14] - It perpetuates a hidden global seigniorage, extracting value from global users while offering little in return [18][19] - The stablecoin system enhances financial surveillance and control, undermining the autonomy of individuals and nations [20][21] Group 4: Global Economic Dynamics - The dollar stablecoin threatens the monetary sovereignty of developing countries, exacerbating financial instability and inequality [21][22] - A call for international solidarity among the working class is emphasized as a necessary response to the challenges posed by the dollar stablecoin [22][23] - The ultimate solution lies in the abolition of capitalism itself, as monetary systems will always serve as tools of class oppression under capitalism [24][25]

Group 1: Domestic Political Landscape - The "Big Beautiful Bill" has created significant rifts within the Republican Party, leading to unprecedented collaboration between fiscal hawks and Democrats to block the bill [2][4] - The Congressional Budget Office predicts that the bill will increase national debt by $3.4 trillion over the next decade, pushing federal debt to over $36.2 trillion [2][4] - Approximately 10 million low-income individuals face potential loss of health insurance due to the bill's provisions [2][4] Group 2: International Relations and Military Dynamics - Trump's ultimatum to Russia for a 50-day ceasefire has been met with disdain, as Russia escalates military operations and increases troop strength to 700,000 [5] - The Russian response to Trump's threats has been characterized as a diplomatic humiliation, undermining U.S. credibility on the global stage [5] Group 3: Economic and Financial Implications - The U.S. Treasury is caught in a "borrow new to pay old" cycle to manage a looming $10 trillion debt due in 2026-2027, indicating a precarious financial situation [7] - Trump's demands for the Federal Reserve to raise interest rates from 1.5% to 3% reflect growing tensions between fiscal policy and monetary policy [7] - The internal crisis is exacerbated by lawsuits from 12 states against federal tariff policies and 24 states suing over education funding cuts, indicating a broader constitutional crisis [7] Group 4: Political Power Dynamics - The political landscape in the U.S. is rapidly deteriorating, with influential figures like Elon Musk publicly distancing themselves from Trump, signaling a shift in power dynamics [9][10] - The fragmentation of power has left Trump vulnerable to multiple challenges, including health concerns and declining poll numbers, which threaten his political capital [10] - Trump's family business has seen a $4 billion increase in wealth within six months of his return to the political arena, highlighting the changing nature of political influence [10]

Group 1 - The core point of the article highlights a significant turnover at the Department of Government Efficiency (DOGE), with at least eight core members leaving in the past six months, indicating a shift from the Trump administration's influence [1][3] - The article notes that in addition to the eight core members, at least seven engineers have also departed, many of whom held high-level access across multiple agencies, with three more engineers preparing to leave [3] - A White House spokesperson claimed that DOGE is making progress, having saved over $170 billion for Americans, while senior officials explained that many departures were from "political appointees" with term-limited positions [3] Group 2 - The article describes changes in security protocols at DOGE headquarters, including the removal of armed guard checks and access signs, reflecting a transformation in the department's operational environment [3] - Following the departure of Elon Musk from DOGE, the department's focus has shifted to more targeted actions, such as eliminating unused government websites and assisting the National Weather Service in system upgrades [3] - The relationship between Musk and Trump has been tumultuous, with Musk criticizing the "Big and Beautiful" bill, which he believes undermines his cost-cutting policies during his tenure at DOGE, while Trump accused Musk of being emotional over the loss of electric vehicle tax incentives [4]

Group 1 - Current gold prices are experiencing slight fluctuations, trading around $3327.25 per ounce, influenced by geopolitical developments and market sentiment [1] - The upcoming meeting between US President Trump and Israeli Prime Minister Netanyahu to discuss a ceasefire in Gaza is expected to ease market tensions, impacting gold's appeal as a safe-haven asset [1][3] - The market is closely watching the US Treasury Secretary's indication of a potential extension of tariff deadlines to August 1, which may further alleviate concerns [1] Group 2 - Gold prices are currently in a consolidation phase, with August futures around $3340, indicating a trading range between $3250 and $3476.30 [3] - Retail investor sentiment is bullish, with 59% expecting gold prices to rise, although a lack of new fundamental catalysts may keep prices in a high-level fluctuation [3][4] - Long-term factors such as US debt crisis, a weakening dollar, and inflationary pressures are expected to support gold's attractiveness as a safe-haven and store of value [4] Group 3 - The potential for gold prices to break above $3500 exists if new geopolitical or macroeconomic catalysts emerge, despite current short-term volatility [4] - Investors are advised to monitor trade negotiations, Federal Reserve meeting minutes, and interest rate decisions from Australia and New Zealand for potential investment opportunities in the gold market [4]

Core Viewpoint - The gold market experienced a three-day upward trend driven by safe-haven demand and a weak dollar, but faced a pullback due to stronger-than-expected U.S. non-farm payroll data, ultimately closing the week with a slight gain [1] Group 1: Fundamental Analysis - U.S. non-farm payroll data for June showed an increase of 147,000 jobs, surpassing the expected 111,000, with the unemployment rate dropping to 4.1%. This data weakened expectations for a Federal Reserve rate cut in July, leading to a significant drop in gold prices on Thursday [2] - Uncertainty surrounding Trump's tariff policy, with a 90-day tariff suspension period ending on July 9, has supported gold as a safe-haven asset while increasing market volatility [2] - The U.S. Congress passed a tax reform bill that will increase the federal deficit by $3.4 trillion over the next decade, with total U.S. debt exceeding $37 trillion. This rising sovereign debt diminishes the dollar's attractiveness and supports a long-term upward trend for gold [2] - Easing geopolitical tensions, particularly regarding the Russia-Ukraine conflict and progress in Iran nuclear negotiations, have reduced the geopolitical risk premium, putting some pressure on gold prices [2] Group 2: Upcoming Events - Key events to watch next week include the Reserve Bank of Australia's monetary policy decision on July 8, the release of the Federal Reserve's June FOMC meeting minutes on July 9, and the weekly initial jobless claims data on July 10. These events may provide insights into monetary policy and economic outlook, impacting gold prices [3] - July 9 marks the deadline for Trump's tariffs, with ongoing negotiations with major economies like Japan and India progressing slowly. The market anticipates potential threats of increased tariffs to compel concessions from other countries, although an extension of the deadline is also likely [3] Group 3: Technical Analysis - The gold market exhibited a fluctuating upward trend this week, closing with a bullish candlestick, aligning with the expectation of a near-term bottom and subsequent rebound [4] - The current market is in a corrective phase following a rise from a low of 3347 to a high of 3365, indicating a second wave adjustment within a larger upward structure. The focus will be on the progress of this correction, with anticipation for a subsequent third wave upward movement [5][7] - After the completion of the second wave rebound, attention will shift to potential opportunities in the third wave downward movement, which is a key focus for upcoming trading strategies [8]

Core Viewpoint - Recent negative economic data from the United States has intensified expectations for a Federal Reserve interest rate cut, leading to a decline in the US dollar's value and raising concerns about its status as the global reserve currency [1][2]. Economic Data Summary - In May, the core PCE price index slightly exceeded expectations with a month-on-month increase of 0.2%, while consumer spending fell by 0.3%, marking the largest decline since the beginning of the year [1]. - The final GDP for Q1 and new home sales data released on June 25 were disappointing, further fueling rate cut expectations [1]. - Market data indicates a 27% probability for a rate cut in July and an 84% probability for September [1]. Dollar Performance Summary - The US dollar index has fallen for five consecutive trading days, dropping below the 97 mark, reaching its lowest point since March 2022 [1]. - Year-to-date, the dollar has depreciated by 10.34%, with a 4.59% decline in the last two months [1]. Factors Influencing Dollar Decline - The strong performance of the euro has exerted direct pressure on the dollar, as the euro accounts for over 60% of the dollar index [1]. - A historic agreement among NATO members to significantly increase defense spending has injected new vitality into the European economy, further supporting the euro's appreciation [1]. Federal Reserve's Stance - Federal Reserve Chairman Jerome Powell has been cautious about rate cuts, citing concerns over inflation pressures from trade wars, and has not provided clear guidance to investors [2]. - Powell's recent comments during a congressional hearing suggested a potential openness to rate cuts, but his statements remain ambiguous [2]. Political Pressure - Former President Trump has expressed strong dissatisfaction with Powell's reluctance to cut rates, arguing that the lack of action has negatively impacted the US economy and contributed to the dollar's decline [4]. - The conflicting economic data in the US has created uncertainty for investors regarding the future value of the dollar, exacerbating its downward trend [4]. Concerns Over Dollar's Reserve Status - Powell defended the dollar's status as a safe-haven currency during congressional hearings, asserting its continued strength as the world's largest reserve currency [4]. - Despite his confidence, there are underlying concerns reflected in his statements regarding the sustainability of US federal debt and the potential impact of the "Big Beautiful Bill" on the dollar's reserve currency status [5].

近年来，美国对华政策越来越走向极端。 从特朗普政府大张旗鼓地发起"贸易战"，到疫情期间美国不断指责中国，再到拜登政府加大对华制裁力度，美国将中国视作"威胁"的言论变得越来越直白、 公开。特别是在一些美国政客眼中，宣扬"中国威胁论"，甚至成为"反华先锋"，似乎是为自己政治生涯获取关注和话语权的捷径。为了迎合这一政治需要， 某些政客频频发表无视事实、充满荒谬的言论。 近日，美国总统竞选人妮基·黑莉更是公开表示，若中国停止购买美国国债，她将在当选总统后对中国采取报复和打击措施。言辞如此激烈，简直让人难以 置信！ 黑莉的言论就像是强买强卖的典型强盗逻辑，简直让人忍不住发笑。自她宣布参选2024年美国总统以来，这位印度裔女性候选人凭借自己独特的身份和一系 列极端的言辞吸引了不少眼球。虽然她的言论引发了热议，但她并非真正的总统热门人选——不仅在民主党阵营中有众多有力的竞争对手，在共和党内部， 民调也显示她的支持率远远落后于特朗普和德桑蒂斯。 正因如此，黑莉才急于通过攻击中国来吸引选民眼球、拉拢支持。她这种做法，实在是荒唐可笑。而这也恰恰暴露了美国经济背后的隐患——美国经济正在 深陷困境，需要一位真正有能力的人来应对这一局 ...

Group 1 - The U.S. Treasury Secretary, Janet Yellen, reassured that U.S. government bonds will "never default," despite warnings from industry leaders about a potential collapse in the bond market [1][3] - The U.S. is facing significant pressure regarding its debt situation, with concerns raised about the government's increasing debt and its impact on the bond market [5][8] - China, as the second-largest holder of U.S. debt, has significantly reduced its holdings, selling $18.9 billion in March alone, and its total holdings have decreased by 42% from peak levels [3][5] Group 2 - The bond market is experiencing unprecedented sell-offs, with U.S. bond yields rising nearly 20 basis points, marking the largest volatility in 20 years [3][5] - There are growing concerns among U.S. lawmakers and business leaders that the increasing government debt could lead to the bond market exerting control over national policies [5][8] - The U.S. government is under pressure to negotiate with China to encourage more purchases of U.S. debt, but China's recent actions indicate a clear stance against this [8]

美国国会的无党派机构就发布了最新预测，响应特斯拉CEO马斯克的警告，预计特朗普政府的大规模支 出法案将导致美国政府的赤字未来十年再扩大2.4万亿美元。不过，共和党的领袖暗示，马斯克出尔反 尔，刚承诺支持共和党，就掉过头来猛喷特朗普和共和党力推的法案。 美东时间6月4日周三，美国国会预算办公室（CBO）公布预测结果显示，相比基准预测，到2034年、 即未来十年内，名为"大漂亮法案"的共和党减税和支出法案会让美国联邦政府的收入减少3.67万亿美 元，同时政府支出会减少1.25万亿美元，联邦政府的预算赤字由此净增加2.42万亿美元。 不过，有评论指出，上述估算数字并未考虑该法案可能带给经济的提振，那些潜在的提振可能会抵消部 分政府收入的损失。 CBO此前的预测已显示，美国的债务危机可能比预期来得更快、更猛。5月CBO曾预计，大漂亮法案可 能使美国政府的预算赤字未来十年再增加2.3万亿美元。 CBO最新预测公布一天前，华尔街见闻提到，马斯克在社交媒体公开抨击该法案，称它"让人厌恶"、支 持它的议员"可耻"。当时马斯克发帖称，该法案将使本已巨大的美国政府预算赤字激增到2.5万亿美 元，让美国国民背负难以承受的负债，"国 ...