President Trump signs executive order to allow Bitcoin and crypto in 401(k)s.
Source: Finviz
2007: Airbnb was an idea. 2025: $45 million in revenue a day.
Source: Jon Erlichman
The US has slapped tariffs on imports of one-kilo gold bars, in a move that threatens to upend the global bullion market and deal a fresh blow to Switzerland, the world’s largest refining hub.
The Customs Border Protection agency said one-kilo and 100 ounce gold bars should be classified under a customs code subject to levies, according to a so-called ruling letter dated July 31, which was seen by the Financial Times. Ruling letters are used by the US to clarify its trade policy. The CBP’s decision stands in sharp contrast with the industry’s previous expectations that these types of gold bars should be classified using a different customs code that is exempt from Trump’s countrywide tariffs. Here are some interesting comments by EndGame Macro on X 👇 : 🔴 This 39% tariff on 1 kilogram and 100 ounce gold bars from Switzerland is a calculated move with immediate market consequences. The July 31 U.S. Customs ruling reclassified these bars, the exact formats COMEX accepts for delivery into a tariffed category. That’s critical because Switzerland is the world’s largest gold refining hub, and a substantial share of the physical gold that underpins COMEX futures flows from there. ‼️ Within hours of the news, premiums for New York gold futures jumped above the spot price, signaling that deliverable supply into the U.S. market had abruptly tightened. Swiss refiners have already slowed or halted shipments, further compounding the squeeze. 👉 At its core, this is about LEVERAGE and STRATEGIC POSITIONING. The U.S. is applying pressure on Switzerland while giving domestic refiners a direct pricing advantage in kilo and 100 ounce formats. That could lock in a higher New York futures premium even if global spot prices hold steady. By effectively capping imports of these bar types, the move raises the stakes for COMEX short sellers, whose ability to source bars for delivery just got more complicated. Alternative routes such as shipping 400 ounce bars to London for recasting in the U.S., or rerouting through non Swiss refineries will take time, limiting throughput in the interim. 👉 The longer game may be less about tariffs for revenue and more about WEAPONIONZING the gold market, creating a controlled squeeze in the very bar formats that drive global futures pricing. It pressures the Swiss refining system, reasserts New York as the central arena for price discovery, and ensures that if gold is going to play a larger role in the future global monetary system, it will do so on U.S. terms. In a year when gold is already up on macroeconomic concerns, a politically engineered choke point like this can actively shift where and how the world’s benchmark gold price is set. Source: FT, EndGame Macro
The US Bond Market has now been in a drawdown for over 5 years, by far the longest in history.
Source: Charlie Bilello
Gold hits new record high
News: Trump wants to tariff imported gold bars. Premiums for New York gold futures jumped above the spot price, signaling that deliverable supply into the U.S. market had abruptly tightened. Swiss refiners have already slowed or halted shipments, further compounding the squeeze. By effectively capping imports of these bar types, the move raises the stakes for COMEX short sellers, whose ability to source bars for delivery just got more complicated. Stay tune Source: The Coastal Journal, Endgame Macro on X
China’s July exports top expectations, rising over 7%; imports record biggest jump in a year ‼️
▶️ Exports climbed 7.2% in July in U.S. dollar terms from a year earlier, customs data showed Thursday, exceeding Reuters-polled economists’ estimates of a 5.4% rise. ▶️Imports rose 4.1% last month from a year earlier, marking the biggest jump since July 2024, according to LSEG data. The data also indicated a recovery in import levels following June’s 1.1% rebound. Economists had forecast imports in July to fall 1.0%, according to a Reuters poll. ▶️On a year-to-date basis, China’s overall exports jumped 6.1% from a year earlier, while imports fell 2.7%, customs data showed. China’s trade surplus this year, as of July, reached $683.5 billion, 32% higher than the same period in 2024. Source: Augur Infinity @AugurInfinity, CNBC
Working with people smarter than you is a blessing, not a threat.
Source: Wisdom Stoics @WisdomStoics
Many investors bet Germany’s “whatever it takes” fiscal stimulus package and an enormous uplift in European defence spending would drive a prolonged upturn in the region’s equity markets.
A BofA survey of fund managers showed allocations to Eurozone stocks leapt to their highest level since 2021 at the beginning of this year. But the outperformance was short lived. Strong earnings from the US mega caps have sent Wall Street stocks powering ahead again, despite Trump’s tariff onslaught and deteriorating US economic data. Weak second-quarter earnings in Europe have supported the growing view that the region’s stock rally is losing momentum. With more than half of the companies in the Stoxx Europe 600 having reported earnings, the index is on track for no earnings growth compared with a year ago, according to Bank of America, sapping optimism over a revival in the region’s equity markets. By contrast, the S&P 500 index’s constituents are on track to post 9 per cent year-on-year average earnings growth, according to BofA, powered largely by strong results from Silicon Valley’s tech giants and Wall Street banks. Source: Financial Times, LSEG
