Charlotte Mloud runs through a weekly mining-market update: gold and silver sold off after a stronger-than-expected U.S. jobs report reduced near-term rate-cut expectations, while Middle East conflict continued to add support and volatility. The video also covers central-bank gold buying, the ECB’s claim that gold has become the world’s top reserve asset, and a skeptical look at Russia’s newly stated 2026 gold production estimate.
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This weekly update focuses on three overlapping gold-market drivers: macro data, geopolitics, and longer-term structural demand. Charlotte Mloud opens by saying gold had been on track for a calm week, but a stronger-than-expected U.S. jobs report pushed it “well below 4,400 per ounce,” with silver also falling below $69. The immediate mechanism she highlights is lower rate-cut expectations after non-farm payrolls rose by 172,000 in May, which reduces one of the near-term supports for precious metals. She then layers in the geopolitical backdrop, noting that the Iran war and broader Middle East uncertainty are still creating “ups and downs” in gold. A U.S. House resolution aimed at stopping the war until authorized by Congress is mentioned, but she characterizes it as largely symbolic rather than market-changing. …
Near term, gold is vulnerable to stronger U.S. data and falling rate-cut odds, while war headlines can still trigger quick rebounds. The setup is choppy and headline-driven until the macro data or conflict tone changes materially.
Over the next few weeks to months, the base case is range-to-firm gold if central-bank buying persists and geopolitical tension stays elevated, but sustained upside likely needs softer U.S. data or renewed Fed easing expectations. A continued surprise in labor or inflation data would keep the metal under pressure.
Structurally, the video argues gold remains supported by sovereign debt expansion and reserve diversification, with official-sector buying reinforcing that regime. The long-term risk to that thesis would be a credible shift toward fiscal restraint or a durable reversal in central-bank demand, which the speaker views as unlikely.
Gold fell below 4,400 per ounce after a stronger-than-expected U.S. jobs report.
The host links the jobs report directly to gold's decline.
The May non-farm payrolls gain of 172,000 reduced expectations for Fed rate cuts.
She explicitly says the jobs print lowered rate-cut odds.
The Iran war is still contributing to gold’s ups and downs through conflict and uncertainty.
The host directly attributes gold volatility to the conflict.
What is the ultimate long-term driver for gold prices?
Chris Blloy says the most consistent driver for gold is the expansion of U.S. debt. He notes there are charts showing hard correlations between U.S. debt growth and gold prices, and that the thing that would truly hurt gold long-term would be if the U.S. started paying down its debt, which he says isn't going to happen.
Which central banks were the top gold buyers in April?
Poland was the top buyer at 14 tons, followed by China at 8 tons. China's streak of buying gold reached 18 consecutive months, and its April level was its highest since December 2024. Turkey's reserves stayed virtually flat after selling 60 tons in March for FX and liquidity purposes.
What does the ECB's report say about gold as a reserve asset?
Gold accounted for 27% of all global central bank reserve assets as of end of 2025, up from 20% the prior year, putting it ahead of U.S. Treasuries at 22%. The ECB notes this shift largely reflects valuation effects and that gold will face limitations as a reserve asset going forward, but also that central bank buying points to a desire to strengthen balance sheet resilience amid geopolitical risks.
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