03/09/2025 Daily Reports
• Gold surged to a new all-time high of 3,546.96/oz, extending a six-day rally and posting a 5% advance over the past sessions.
• Expectations that the Fed may cut interest rates this month continue to fuel demand for non-yielding bullion. Friday’s US jobs report will be a critical signal.
• Investors sought safety in gold as global equity and bond markets saw renewed selling pressure.
• Trump’s attacks on the Fed raise investor anxiety about central bank independence, with uncertainty surrounding Governor Lisa Cook’s position and Powell’s successor.
• Silver has rallied nearly 40% year-to-date, breaching 40/oz for the first time since 2011. Industrial demand (solar panels, clean energy tech) and supply deficits support its strength.
• Silver-backed ETFs saw holdings rise for a seventh month, tightening available stockpiles in London. Lease rates remain unusually high at around 2%.
• Ongoing tariff disputes and Trump’s legal battles add uncertainty, reinforcing demand for safe-haven assets.
• Platinum and palladium also gained, while the dollar index extended its rally.
What’s Next?
Gold’s rally above 3,500 is not just a technical milestone but a reflection of deep market uncertainty. Rate-cut bets, fiscal concerns, and political risk are converging to make bullion the asset of choice. However, silver’s outperformance signals that investors are also betting on industrial demand and structural supply shortages.
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Alphabet and Apple Share Prices Rise After Google Antitrust Ruling; The US is tightening chip export rules for TSMC; Japanese Markets Slide on Budget and Yield Concerns
• The share prices of major U.S. tech stocks, including Alphabet (the parent company of Google) and Apple, increased after a U.S. judge ruled that Google would not have to break up in a significant antitrust case. The judge said Google should share search data and stop making deals that only it can make. But the judge said Google did not have to sell its most important products, like its Chrome browser. This was seen as a big win for Google, and it made investors happy.
• The U.S. government has also taken action that will affect the semiconductor industry. It has stopped TSMC from shipping U.S.-made tools to its China facilities. This is just one of many steps to make it harder to export goods. TSMC will now need to get a license for each shipment, which could make it harder to get semiconductors to other companies.
• Meanwhile, Japanese markets are under pressure because of uncertainty in politics and the economy. The Nikkei index fell as the government asked for a record-high amount of money in its budget, which has worried people about the country’s debt. This, together with the 30-year Japanese Government Bond (JGB) yield hitting a high not seen for decades, has made financial conditions tighter and put a lid on how much equities are worth. The U.S. action on TSMC’s shipments to China has also made the situation more uncertain for Japan’s economy, which relies heavily on exports of semiconductors.
