U.S. Stock Market - U.S. stocks traded mostly lower, with the Dow Jones index falling more than 150 points, down 0.37% to 45,713.02 [1] - The NASDAQ fell 0.03% to 22,341.05, and the S&P 500 dropped 0.14% to 6,605.77 [1] - Energy shares increased by 1.1%, while utilities stocks fell by 0.8% [1] Company Performance - Dave & Buster's Entertainment Inc. reported second-quarter revenue of $557.41 million, missing analyst estimates of $562.78 million [2] - The company reported adjusted earnings of 40 cents per share, falling short of estimates of 92 cents per share [2] Commodity Market - Oil prices increased by 2.2% to $64.70, while gold rose by 0.2% to $3,726.00 [5] - Silver traded up 0.1% to $43.000, and copper fell by 0.1% to $4.7120 [5] European Market - European shares were lower, with the eurozone's STOXX 600 falling 0.86% [6] - Spain's IBEX 35 Index decreased by 1.30%, London's FTSE 100 fell 0.74%, Germany's DAX 40 dipped 1.29%, and France's CAC 40 fell 0.72% [6] Asian Market - Asian markets closed mostly higher, with Japan's Nikkei gaining 0.30% and India's BSE Sensex increasing by 0.73% [7] Notable Stock Movements - Turbo Energy, S.A. shares surged 408% to $13.72 after securing a $53 million contract for energy storage projects in Spain [8] - WEBTOON Entertainment Inc. shares rose 28% to $19.13 following a non-binding agreement with Disney [8] - Jumia Technologies AG shares increased by 22% to $11.90 after an upgrade from RBC Capital [8] - Bionano Genomics, Inc. shares dropped 41% to $1.6398 due to a $10 million public offering announcement [8] - GD Culture Group Limited shares fell 19% to $7.84 after entering a share exchange agreement [8] - Next Technology Holding Inc. shares decreased by 17% to $23.79 after filing for a stock shelf of up to $500 million [8] Economic Indicators - U.S. business inventories increased by 0.2% month-over-month in July, aligning with market estimates [11] - The NAHB/Wells Fargo Housing Market Index remained steady at 32 in September [11] - U.S. industrial production rose by 0.1% in August, exceeding market expectations [11] - U.S. retail sales increased by 0.6% month-over-month in August, surpassing expectations [11] - Export and import prices both rose by 0.3% in August [11]

Core Insights - Gold prices in Vietnam are declining, with local prices still significantly higher than global rates, indicating a notable market disparity [1][7] - The global gold market is experiencing an upward trend, driven by concerns over the U.S. labor market and expectations of a Federal Reserve rate cut [3][8] - Year-to-date, gold prices have increased by approximately 39%, influenced by a weak dollar and strong central bank purchases [6] Local Market Analysis - The price of gold bars from the Saigon Jewelry Company decreased by 1.43% to VND131.4 million (approximately US$4,980.1) per tael [1] - Gold ring prices also fell by 1.23% to VND128 million per tael, with a tael weighing about 37.5 grams [2] Global Market Dynamics - Spot gold prices rose by 0.5% to $3,651.92 per ounce, nearing a record high, with a weekly appreciation of 1.8% [4] - U.S. gold futures for December delivery increased by 0.5% to $3,690.30, reflecting positive market sentiment [4] Expert Predictions - Experts predict that gold could soon reach or exceed the $3,700 mark, with short-term resistance anticipated around $3,900 [5][9] - The long-term outlook for gold remains positive due to its under-ownership by institutions, suggesting potential for significant growth [5][9]

Economic Indicators - Consumer prices rose 0.4% in August, increasing the annual CPI rate to 2.9% from 2.7% in July, driven by higher costs in shelter, food, and gasoline [2] - The headline PPI index decreased by 0.1% in August but remained 2.6% higher year-over-year, while core PPI increased by 2.8%, marking the largest yearly rise since March [3] - Nonfarm payrolls increased by only 22,000 in August, with unemployment steady at 4.3% and labor force participation at 62.3% [4] Market Reactions - The 2-year Treasury yield is at 3.56% and the 10-year yield at 4.07%, indicating a modestly inverted yield curve [5] - The S&P 500 closed at 6,584 after a 1.6% weekly increase, marking its best performance since early August [6] - The Nasdaq Composite reached 22,141, achieving five consecutive record highs, while Bitcoin is trading at $115,234 with a global crypto market cap of $4.14 trillion [7] Commodity Trends - Gold prices surged to $3,643 per ounce, nearing record highs as investors seek inflation hedges amid lower real yields [8]

Market Trends & Industry Dynamics - China is easing gold trade licensing [1] - China aims to diversify reserves away from the US dollar [1]

Group 1: Gold Market Insights - The inflation-adjusted price of gold has reached a record high, trading above $3,610 per ounce, marking the first such occurrence since the 1980s [1] - Rising inflation and anticipated interest rate cuts create a favorable environment for gold, which is also historically correlated with Bitcoin [1][7] - The latest US CPI data for August shows annual inflation at 2.9%, up from 2.7% in July, indicating persistent price pressures [3] Group 2: Economic Indicators - The US Producer Price Index (PPI) for August was reported at 2.9%, lower than the expected 3.3%, suggesting potential declining inflation [4] - The PPI is viewed as a leading indicator for the CPI, which may influence the Federal Reserve's decision on interest rates [4] Group 3: Demand Factors for Gold - Increased demand for gold in 2025 is driven by global tensions, including trade disputes and political instability, enhancing its status as a safe-haven asset [5] - Central banks in emerging markets are increasing gold reserves to diversify from the US dollar, reflecting concerns over its stability [6] Group 4: Interest Rates and Investment Behavior - Expectations of lower interest rates reduce the opportunity cost of holding gold, contributing to its price increase [7] - Bitcoin is often referred to as "digital gold," sharing similar investment dynamics in the context of inflation [7]

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Core Viewpoint - A senior Russian advisor claims the U.S. is attempting to manipulate cryptocurrency and gold markets to address its national debt crisis, which exceeds $35 trillion, by potentially converting parts of this debt into stablecoins [1][2][3]. National Debt Context - The U.S. national debt has reached over $35 trillion, the highest globally, resulting from decades of budget deficits, military spending, and social obligations [4]. - The extraordinary borrowing during the COVID-19 pandemic has exacerbated the debt situation, potentially surpassing WWII peak levels relative to the economy [5]. - Projections indicate that U.S. federal debt could exceed 150% of GDP by 2055, surpassing levels seen during WWII [6].

Group 1: Gold Price Trends - Gold futures opened at $3,672.80 per ounce on Friday, reflecting a 1% increase from Thursday's close of $3,636.90, and reached a high of $3,695.50 that morning [1][2] - The current price of gold has increased by 2.9% from the opening price of $3,567.80 one week ago and has risen 9.4% over the past month from $3,356.20 on August 12, 2025 [3] - Year-over-year, gold prices have surged by 45.2% from the opening price of $2,529.10 on September 12, 2024 [3] Group 2: Market Influences - Gold prices did not react significantly to a higher-than-expected Consumer Price Index report for August, which showed a 0.4% increase after a 0.2% rise in July [2] - Despite inflation concerns, investors anticipate the Federal Reserve will lower interest rates next week due to a weakening employment situation in the U.S., which could further drive gold prices higher [2] - Lower interest rates enhance gold's attractiveness compared to cash and fixed income, while its status as a safe-haven asset increases demand during price rises [2] Group 3: Investment Opportunities - Costco has begun selling gold bars, silver coins, and platinum bars, providing a convenient option for investors looking to diversify their wealth [5][6] - The club store first introduced gold bars in 2023, followed by silver and platinum, with all three precious metals showing substantial price increases in 2025 [6] - Analysts remain bullish on gold, with Goldman Sachs predicting a price of $3,700 per troy ounce by year-end 2025, representing a 40% increase from the January 2 opening price of $2,633 [10]

Trade Impact - UAE's ban on trade with Sudan has negatively impacted Sudan's gold exports [1] - Sudan is seeking alternative gold buyers in Oman and other locations [1]

Investment Rating - The report maintains a bullish outlook on gold and silver, raising long-term price targets for gold to $2,500 per ounce and silver to $35 per ounce, reflecting increases of +25% and +30% respectively [3][4]. Core Insights - The report highlights that the conditions driving the recent strength in gold prices are expected to persist, including factors such as the US structural deficit, inflationary pressures from deglobalization, perceived threats to the independence of the US central bank, and global geopolitical tensions [3]. - Central banks are projected to continue purchasing gold at elevated levels, with a calculation indicating that over 11,000 tonnes of gold would need to be acquired to achieve a 30% gold holding in total reserves, suggesting a bullish outlook for gold prices [2][12]. - The average gold price forecast for the next six years has been increased by +6% to $3,049 per ounce, while the average silver price forecast has been raised by +7.5% to $38 per ounce [3]. Summary by Sections Price Forecasts - Long-term real gold and silver prices have been raised to $2,500 per ounce and $35 per ounce respectively, with near-term forecasts for gold at $3,356 per ounce in 2025 and $3,659 per ounce in 2026 [3][7]. - The report anticipates a short to medium-term target for gold prices to reach $4,000 per ounce [3]. Central Bank Purchases - Central banks are expected to exert upward pressure on gold prices through continued purchases, with a significant amount of gold needed to reach optimal portfolio allocations [2][12]. - The report notes that central banks with less than 30% of their reserves in gold will need to purchase a total of 24,665 tonnes to achieve this target, indicating a long-term demand for gold [2][21]. Company Ratings and NAV - The report indicates that net asset values (NAVs) and price objectives (POs) for North American precious metals companies have increased, with an average NAV increase of around 12% and POs up by approximately 11% [4]. - Agnico Eagle Mines (AEM) is highlighted as the top pick due to its strong track record and growth potential [4].