Gold and the power triple
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Why is gold surging amid US uncertainty and global tariff debates?
Gold continues to surge ahead as uncertainty remains in the US over so many things, like will Donald Trump's tariffs have to be unwound? Imagine. And where does the power really lie? Is it in the White House or is it actually in Tianjin in China, where President Xi, Vladimir Putin, and Indira Modi all met and seemingly got on very well, the New World Order. Meanwhile, more numbers that contribute to Australian GDP they were our yesterday, we're getting more today, and European inflation which seems far from troublesome these days. It's Tuesday, it's the second of September 2025. It's the morning call from NAB. Good morning. Not much going on with the US dollar, but the pound is up 0.3%. The Aussie is up a little over 0.1%.
It's at 65.5 US cents, but no big moves anyway, really, with currencies. US stocks and bond markets were closed for Labor Day holiday, but in Europe the Eurostocks fifty is up 0.3%, the DAX is up 0.6%, the FTSE 100 up just 0.1%, and bond yields up a little in Europe. Two basis points added today. Uh German Bundes, ten-year German Buns, three for UK Gilts. Aussie ten years. We're up four basis points yesterday to four point three one percent. Today on futures, add another four basis points to that. And oil is higher, one percent added to WTI and Brent. Brent now uh a bit over sixty-eight a barrel. And gold hit another new high, reaching three thousand five hundred and forty-five per ounce on comics. That's up nearly thirty percent for the year.
How are recent gold highs influencing safe‑haven sentiment for investors?
to date. And here's Nabs Rodrigo Catrill this morning. Uh I mean it really is the safe haven choice right now, isn't it, gold? I mean i I guess it's because the you know, you can't have the US dollar as a safe haven choice 'cause that's creating some of the uncertainty. And, you know, we've got lower yields in bonds, we've got a weaker dollar. Obviously all of that is helping drive the the gold price up as well. I mean it's a double or triple whammy basically, isn't it, for gold right now?
Morningfield, yeah, that's the combination and then and then you probably need to add as well the uncertainty or the challenge to the Fed independence which uh also plays into it. So yes, and and maybe we'll touch a little bit on that, but the you know, the tensions in Ukraine with Russia continue to escalate. So this idea of a ceasefire um it's also looking less likely. So all of those components play into um, you know, that the appeal of of gold. I mean gold had a very good week uh last uh and and a good month after all um uh in in August and and it looks as it started in a positive way as well. So So J
JP Morgan is saying they're forecasting four thousand dollars by the second quarter of next year, which, you know, that's only another fourteen or fifteen percent. So that uh seems eminently possible, doesn't it?
Um yeah, there's there's a lot of arguments supporting this idea of um You know, particularly because of what's going on in terms of uh US policy, not only just in terms of the Fed independence, but also um, you know, the push towards um having this uh probably a more nationalistic agenda t uh and and therefore this alternative of something at le at least less linked to the US economy and US dollars is is appealing for many.
Now this uh court challenge to Donald Trump's uh tariffs, I mean that's uh it's almost a an out for Howard Lutnick, uh who said early on in the year and we were reminded on uh of this i uh in Bloomberg this morning, uh he said back in March that by the third quarter we'll start to see the impacts of all of this, of the uh economic policy of the Trump uh government. Uh by the fourth quarter we will We'll feel the full power of Donald Trump's economy, he said. Uh so the fact that it's all been delayed because of all of these challenges is the out for him because we really are not seeing any positive influence out of what's been done so far, are we?
What impact do Ukraine tensions and a stalled ceasefire have on gold prices?
No. Uh but at the same time, you know, politicians are very good at spinning things. And uh 'cause I saw another comment that's suggesting, well, this is why it's not happening, you know, because everybody's trying to delay us in terms of where we want to to go.
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Chapters
8 chapters
1
Why is gold surging amid US uncertainty and global tariff debates?
0:01–1:31
2
How are recent gold highs influencing safe‑haven sentiment for investors?
1:31–3:52
3
What impact do Ukraine tensions and a stalled ceasefire have on gold prices?
3:52–6:03
4
How does the Russia‑China‑India alliance reshape the global power balance?
6:03–8:02
5
What do China’s latest PMI figures reveal about its export strength?
8:02–9:44
6
Why is European unemployment falling and how might it affect monetary policy?
9:44–11:25
7
How are Australian inventory levels and profit pressures influencing the inflation outlook?
11:25–13:04
8
What are the expectations for US manufacturing and upcoming economic releases this week?
13:04–14:15