Monday - 8.18.25: Gold prices edged slightly lower Monday, trading both sides of unchanged as traders engaged in position evening ahead of this week’s central bank symposium in Jackson Hole. Markets are watching for Fed Chair Jerome Powell’s upcoming speech, which may reveal how much support exists within the FOMC to cut interest rates in September. Meanwhile, divisions among Fed officials persist over the timing of future cuts, with the latest FOMC minutes set for release Wednesday. December gold was last down $3.60 at $3,379.00, while September silver was up $0.105 at $38.08.
Tuesday - 8.19.25: Gold and silver prices fell to two-week lows near midday Tuesday, with silver seeing solid losses, as chart-based selling by short-term futures traders weighed on both metals. Position evening ahead of the Jackson Hole Fed symposium later this week also contributed to the decline. Markets are awaiting Fed Chair Jerome Powell’s Friday speech, where he’s expected to unveil the Fed’s new policy framework and possibly signal support for a September rate cut. December gold was last down $8.60 at $3,369.60, while September silver dropped $0.604 to $37.42.
Wednesday - 8.20.25: Gold and silver prices climbed solidly near midday Wednesday, boosted by a mid-week selloff in U.S. stock indexes and fresh technical buying, as traders grew wary of the historically volatile September and October months ahead. Markets are also bracing for this afternoon’s release of FOMC meeting minutes, which could offer clues on the Fed’s rate path. Attention remains focused on the Jackson Hole symposium, where Fed Chair Jerome Powell is scheduled to speak Friday. December gold was last up $27.40 at $3,386.50, while September silver rose $0.393 to $37.725.
Thursday - 8.21.25: Gold prices dipped slightly while silver firmed up midday Thursday as markets turned their focus to the Jackson Hole Fed symposium, where Fed Chair Jerome Powell is set to speak Friday. His remarks may shed light on the likelihood of a rate cut in September. Meanwhile, FOMC minutes released Wednesday revealed most officials remain more concerned about persistent inflation—fueled in part by tariffs—than about labor market weakness. December gold was last down $3.50 at $3,385.00, while September silver was up $0.302 at $38.075.
Friday - 8.22.25: Gold jumped after Fed Chair Jerome Powell’s Jackson Hole speech, with December futures climbing to $3,353.60 an ounce and silver trading at $37.905. Powell signaled that while inflation risks remain elevated, growing weakness in the labor market may warrant a rate cut as soon as September, sending traders rushing to price in Fed easing before year-end.
Markets rally as Fed Chair hints that rate cuts could be on the horizon.
Gold surged higher after Federal Reserve Chair Jerome Powell suggested that a policy adjustment—including a potential rate cut—may be warranted as soon as next month. While Powell’s remarks struck a careful balance between inflation and employment risks, his acknowledgment that restrictive policy might need to shift was enough to send bullion to session highs. With tariffs fueling inflation and labor markets showing cracks, markets are betting the Fed will pivot sooner rather than later.
Powell’s speech at the Fed’s annual symposium offered a nuanced outlook:
A dovish shift from the Fed could reshape global markets. Rate cuts typically weaken the U.S. dollar and lower yields, both of which support higher gold prices. At the same time, inflation risks from tariffs and slowing labor force growth complicate the Fed’s path. Investors now face a landscape where gold is increasingly attractive as both a hedge against policy uncertainty and a safe-haven in a fragile global economy.
Powell’s carefully worded comments opened the door to rate cuts, and gold wasted no time reacting. With markets already pricing in September easing and at least one more cut this year, the Fed is walking a tightrope between inflation and jobs. For gold investors, the takeaway is clear: policy uncertainty and tariff-driven price pressures are creating fertile ground for bullion’s next leg higher.
Concerns mount as fiscal deficits, tariffs, and global realignments drag down the greenback.
The U.S. dollar, once a symbol of financial dominance, is now under intense pressure. Experts warn that the dollar’s current slide isn’t a temporary slump but the start of a prolonged secular bear market. Weighed down by fiscal deficits, political uncertainty, and a shifting global trade order, the greenback may continue depreciating over the next several years. While the dollar retains a key role in global finance, its dominance is eroding at the margins — and that erosion could accelerate.
A chorus of analysts is calling time on the dollar’s decade-long bull run:
These warnings follow the dollar’s dramatic 16% plunge in the first half of 2025.
A prolonged dollar downturn affects everything from import costs to global commodity pricing, emerging market debt, and international reserves. If U.S. assets lose some of their safe-haven appeal, foreign capital may pivot elsewhere—into gold, non-dollar bilateral trade, or local savings deployment in a multipolar world. In a high-debt, low-growth U.S. environment, even modest dollar depreciation could stoke inflation and reshape global investment strategies.
The dollar’s decade of strength may have ended with a thud. With leading economists forecasting a multi-year downtrend, and Trump-era economic policies amplifying global discontent, the greenback’s supremacy is no longer guaranteed. Whether this decline proves manageable or disorderly may depend on fiscal discipline, geopolitical shocks, and how fast the rest of the world moves away from dollar dependence.
America’s largest university endowment makes historic pivot into alternative assets as crypto and precious metals gain mainstream traction.
For the first time in its history, the Harvard Management Company (HMC) — steward of the world’s largest academic endowment — has taken significant positions in both gold and Bitcoin. According to newly released SEC filings, HMC has invested over $218 million in the two assets combined, signaling a bold shift toward alternative investments. This move reflects growing institutional interest in gold and crypto as hedges and growth assets amid uncertain economic and technological shifts.
HMC’s Q2 13F filing reveals:
This marks Harvard’s first-ever exposure to gold and Bitcoin. Previously, the fund reported less than 1% exposure to natural resources. With this move, gold and Bitcoin now make up 15% of Harvard’s publicly traded portfolio.
The shift comes amid strong performance in both assets. Gold is up nearly 30% year-to-date, and Bitcoin has benefited from renewed institutional interest following the launch of spot Bitcoin ETFs in early 2024.
Harvard’s entry into gold and Bitcoin may influence other institutional investors who have long resisted such moves. While many public pension funds remain cautious—especially regarding gold’s valuation metrics—Harvard’s bet gives the asset class new credibility. It also reflects a broader trend: demand for hedge-like alternatives is growing as volatility, inflation, and central bank policies cloud traditional asset classes. If other endowments follow suit, the ripple effects could reshape the landscape for both precious metals and digital assets.
Harvard’s $218 million plunge into gold and Bitcoin is more than a diversification play — it’s a signal. In a market increasingly shaped by AI, macro instability, and digital infrastructure, the old lines between traditional and alternative assets are starting to blur. Whether this move boosts long-term returns or sparks further institutional FOMO, one thing is clear: the world’s elite investors are no longer sitting out the gold-and-Bitcoin conversation.
As America’s borrowing balloons, foreign demand for Treasuries hits historic highs — with risks looming on both sides of the ledger.
The U.S. is increasingly relying on foreign governments to finance its swelling national debt, which has now surged past $37 trillion. Recent data from the Treasury Department reveals that foreign holdings of U.S. Treasuries have reached an all-time high of $9.13 trillion, underscoring America’s growing dependence on international buyers. While the dollar’s role as the world’s reserve currency continues to sustain demand, some experts warn that this arrangement is not risk-free — especially if confidence in U.S. fiscal discipline falters.
As of June 2025, foreign governments and institutions have ramped up their holdings of U.S. Treasuries:
Despite record debt levels, U.S. Treasuries remain attractive. According to Northern Trust, a $1.3 trillion asset manager, global macroeconomic factors — such as policy instability in the UK and low yields in Japan — are funneling foreign capital into American bonds.
The health of U.S. financial markets — and Washington’s ability to finance its deficits — depends in large part on foreign appetite for Treasuries. As long as the dollar remains the global reserve currency, U.S. debt will likely retain its appeal as a safe, liquid asset. But the equation cuts both ways: while foreign governments need a stable benchmark investment, the U.S. needs those same buyers to help plug widening deficits. If confidence erodes, it could lead to rising yields, currency volatility, or a more fragile global debt ecosystem.
Foreign governments are propping up America’s debt like never before — a mutually dependent arrangement that reflects both global trust in U.S. financial infrastructure and anxiety about the alternatives. With over $9 trillion in foreign-held Treasuries, the stakes are high. Should demand weaken or confidence waver, the effects could ripple across markets worldwide. The U.S. must walk a tightrope: remain a trustworthy borrower in a world of shifting alliances and ballooning obligations.
Economic Calendar: August 25 – August 29, 2025
Monday, August 25
Tuesday, August 26
Wednesday, August 27
Thursday, August 28
Friday, August 29
New Home Sales (Mon, Aug. 25)
Fed Speeches (Mon, Aug. 25)
Case-Shiller Home Price Index (Tue, Aug. 26)
Consumer Confidence (Tue, Aug. 26)
Initial Jobless Claims (Thu, Aug. 28)
GDP Revision (Thu, Aug. 28)
Pending Home Sales (Thu, Aug. 28)
PCE Index (Fri, Aug. 29)
Advanced Trade Balance (Fri, Aug. 29)
Consumer Sentiment (Fri, Aug. 29)
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