Group 1: Market Overview - The international spot gold price opened at $3346.33, reaching a high of $3352.19 and a low of $3309.59, closing at $3338.99, down $7.98 or 0.24% [1] - The US dollar index opened at 98.26, peaked at 98.94, and closed at 98.65, down 380 points or 0.39% [3] - The Wellxin precious metals index opened at 7023.44, peaked at 7110.36, and closed at 7080.01, up 58.97 points or 0.84%, marking a new historical high [4] Group 2: Economic Indicators - US retail sales for June increased by 0.6%, significantly above the expected 0.1% and prior value of -0.9%, with a year-on-year increase of 3.92% compared to May's 3.29% [6] - The dollar's strength is challenged by technical resistance, despite the positive retail sales data initially boosting the dollar [5][6] Group 3: Inflation and Interest Rate Expectations - There is a divergence in views regarding inflation, with some economists believing inflation risks are temporary, while others warn of potential long-term inflation due to government policies [7] - Moody's report indicates that the number of companies facing the highest default risk has reached an 11-month high due to trade and tariff uncertainties [7] Group 4: Bankruptcy Trends - The number of bankruptcies in the US for Q2 was 5648, with an annualized figure of 23309, marking a new high since the cycle bottom in 2022 [8] - The rising bankruptcy trend correlates with increasing unemployment rates, suggesting a deteriorating economic environment [9] Group 5: Market Dynamics - The relationship between corporate bankruptcy trends and stock market performance indicates that rising bankruptcies may lead to systemic risks in the equity markets [11] - The US federal debt has significantly increased, with the latest figure at $36.63 trillion, up over $6 trillion from three years ago, which may impact market perceptions of debt quality [14][16] Group 6: Precious Metals Outlook - Despite significant price increases in gold and silver, ETF investments in these metals have not shown the same enthusiasm as in previous bull markets [18] - Recent developments suggest potential regulatory changes allowing retirement funds to invest in gold, which could influence market dynamics [18]