CBO Report: U.S. National Debt to Exceed $56 Trillion by 2034

The national debt continues to head in the wrong direction and at an accelerated pace. It will now surpass $56 trillion by 2034, according to a new report by the Congressional Budget Office.

At the moment the debt remains just under $35 trillion. Part of the problem is that the U.S. continues to spend more money than it collects in taxes.

“Continuing to spend massively more than we take in and adding every year massively to the national debt will not go on forever and unless we deal with it in a constructive way we will have a financial catastrophe at some point,” said Sen. Mitt Romney, R-Utah, on the topic earlier this month.

For 2024, the CBO predicts the U.S. will spend $1.9 trillion more than it brings in. That’s up from the initially predicted $1.6 trillion deficit this year.

The increase was largely driven by President Biden canceling $100 billion in student loan debt, as well as the ballooning costs of aiding Ukraine and Israel and increased Medicaid spending.

“We have a political system where instead of doing any of the necessary things that hard budgets require, our politicians seem to bury their heads in the sand,” said Maya Macguineas, president of the Committee for a Responsible Budget during an interview with The National Desk on the issue last month.

A partial or full extension of Donald Trump’s 2017 tax cuts – which Biden and Trump have said they support to varying degrees, will increase the deficits further.

“It’s not just spending. It is both spending and taxing you have to do both in order to reach balance,” Romney pointed out.

The leaders elected this fall will have to make a series of important decisions impacting the country’s financial situation including whether to raise the debt limit and by how much. They will also need to consider whether or not to extend Trump’s 2017 tax cuts and make decisions on healthcare subsidies.

World Gold Council Survey: 29% of Central Banks to Increase Gold Holdings in 2024

An increasingly complex geopolitical and financial environment is making gold reserves management more relevant than ever. In 2023, central banks added 1,037 tonnes of gold – the second highest annual purchase in history – following a record high of 1,082 tonnes in 2022.

Following these record numbers, gold continues to be viewed favourably by central banks as a reserve asset. According to the 2024 Central Bank Gold Reserves (CBGR) survey, which was conducted between 19 February and 30 April 2024 with a total of 70 responses, 29% of central banks respondents intend to increase their gold reserves in the next twelve months, the highest level we have observed since we began this survey in 2018. The planned purchases are chiefly motivated by a desire to rebalance to a more preferred strategic level of gold holdings, domestic gold production, and financial market concerns including higher crisis risks and rising inflation.

China’s Energy Consumption Per Person Outstrips Europe, Led by Tech and Renewables

(Bloomberg) — China’s energy use per person surpassed Europe’s for the first time last year as demand from technology and manufacturing industries continued to climb.

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The country ramped up coal-fired generation, but also added more renewable capacity than the rest of the world combined, according to the Energy Institute’s annual Statistical Review. That means the carbon intensity of its energy is actually falling.

Chinese consumption is being driven by the expansion of data centers, 5G infrastructure and car charging, while many factories are also running at full tilt to meet demand for goods overseas.

“We should not ignore the energy and emissions that Europeans have effectively exported to Chinese manufacturers,” EI Chief Executive Officer Nick Wayth said.

There’s mounting evidence that dependence on fossil fuels in major advanced economies may have peaked. In Europe last year, they accounted for less than 70% of primary energy for the first time since the Industrial Revolution, thanks to lower demand and renewables growth, according to EI.

That underlines the decarbonization dilemma for many countries. If a decline in energy consumption and emissions in Europe simply boosts carbon output elsewhere, policies to tackle global climate change aren’t working.

Coal use also increased in India last year amid rapid economic growth. For the first time, the country consumed more of the polluting fuel than Europe and North America combined, according to the statistical review.

“The big picture masks diverse energy stories playing out across different geographies,” Wayth said. “In advanced economies we observe signs of demand for fossil fuels peaking, contrasting with economies in the Global South, for whom economic development and improvements in quality of life continue to drive fossil growth.”

Listen on Zero: It’s Done. The Future of Battery-Powered Cars.

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Tether Launches a New Gold-Backed Dollar-Tracking Token

  • Tether has unveiled a new “tethered asset” product called Alloy.
  • Alloy intends to offer price stability using users’ assets.
  • aUSD₮ is the first Alloy token. It tracks the value of the U.S. dollar and is backed by users’ Tether Gold (XAU₮).

Tether, primarily known as a stablecoin provider, has established itself as a cornerstone of the cryptocurrency market with its USD₮ stablecoin. Deployed on multiple blockchain networks including Ethereum, Solana, and TON, USD₮ plays a crucial role in bridging the gap between digital assets and the U.S. dollar.

The company’s product lineup includes stablecoins pegged to other fiat currencies such as the euro and yuan, as well as Tether Gold (XAU₮,) which is touted as a digital representation of gold. However, Tether has unveiled a new category of digital assets called “tethered assets,” which track the price of a specific reference asset, such as the U.S. dollar, but are backed by users’ assets in a collateralization process. 

How Tether’s aUSD₮ Token Works

Tethered assets are an innovative category introduced by Tether, with the aUSD₮ token tracking the value of the U.S. dollar while being backed by users’ Tether Gold tokens. This unique structure aims to combine the stability of the dollar with the intrinsic value of gold, creating a hybrid asset that leverages the strengths of both.


The smart contract continuously recalculates the CMP as the collateral’s value fluctuates. This real-time adjustment enables users to add new collateral and create more Tethered Assets as needed. 

However, if the value of gold drops below a set level (less than 75% of the collateral value), the deposited assets are liquidated. In such cases, “specialized actors” can purchase the collateralized Tether Gold assets at a small discount, ensuring the overall stability of the Alloy ecosystem by keeping aUSD₮ within specific parameters.

Once minted, Alloy tokens become available in the user’s associated wallet, ready for a variety of applications such as spending, saving, or perhaps further investment once the Alloy ecosystem expands.

What Are the Differences Between aUSD₮ over XAU₮?

While Alloy (aUSD₮) and Tether Gold (XAU₮) both offer gold exposure, choosing one over the other depends on an individual’s specific financial needs and investment strategy. The differences are as follows:

  • Underlying asset: aUSD₮ is designed to track the value of one US dollar. XAU₮ represents ownership of one troy fine ounce of physical gold.
  • Collateralization: aUSD₮ is over-collateralized by Tether Gold (XAU₮). XAU₮ is directly backed by physical gold stored in a Swiss vault.
  • Purpose: aUSD₮ aims to provide a stable, dollar-pegged asset while allowing users to maintain exposure to gold. XAU₮ is designed to provide direct exposure to physical gold in a digital token form.
  • Creation process: aUSD₮ can be created by users depositing XAU₮ as collateral. XAU₮ is issued by Tether Gold when users purchase tokens backed by physical gold.
  • Price stability mechanism: aUSD₮ uses over-collateralization and secondary market liquidity pools to maintain its peg to the U.S. dollar. XAU₮’s value fluctuates with the price of physical gold.
  • Redemption: aUSD₮’s redemption process is the return of XAU₮ tokens. XAU₮ can be redeemed for physical gold, subject to minimum requirements and fees.

Final Thoughts on aUSD₮

Tether’s aUSD₮ token offers a new approach to price stability by collateralizing users’ assets. However, Adam Cochran, a partner at Cinneamhain Ventures, highlighted a distinct disadvantage of aUSD₮ in the onboarding process. Cochran stated that a user’s wallet is required to be whitelisted before being allowed to mint aUSD₮. 

Whitelisting a wallet involves submitting Know Your Customer (KYC) information, including proof of address and photo ID, and paying a $150 registration fee, making aUSD₮ unappealing to privacy-minded individuals.

The issue is compounded by the fact that Tether Gold (XAU₮) is readily available for purchase on decentralized exchanges like Uniswap, which operate without restrictions or personal information requirements.

Looking ahead, Cochran speculated that aUSD₮ may be just the first of many tokens under the “Alloy” banner, all employing the same user asset collateralizing process. Cochran further suggested that Tether would roll out Alloy tokens backed by yield-bearing DeFi assets, instead of Tether Gold, which would offer greater integration with the DeFi landscape.

Tether earmarks $1B for emerging market investments to diversify its core business model:
Tether Allocates $1 Billion for Emerging Markets Investments

Bearish sentiment takes hold as crypto markets extend losses:
Crypto Market Plunges: Weekend Bloodbath Erases $40 Billion

Yuan Hits Weakest Level Since November as China Loosens Currency Control

(Bloomberg) — China set the yuan’s daily reference rate at its weakest since November in a sign policymakers are loosening their grip on the currency.

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The People’s Bank of China set the so-called fixing at 7.1192 per dollar, an increase of 33 ticks, the most in about two months. The move comes as the dollar inches closer to this year’s peak, with traders betting on higher-for-longer interest rates in the US.

The onshore yuan was little changed around the 7.26 level, while the offshore currency slipped to its weakest this year. The fixing came as Chinese banks maintained their benchmark lending rate for a 10th straight month, as pressure on the yuan restricts policymakers’ space for easing.

“The creep higher in the fixing continues, as it approaches the next psychological big figure level of 7.12,” said Khoon Goh, head of Asia research at ANZ Group Holdings Ltd. A higher fixing level versus the US currency allows for a weaker yuan.

“The top of the trading band now greenlights onshore spot to push past 7.26, an indication that the authorities are accommodating a bit more yuan weakness to relieve some depreciation pressure,” Goh said. He added he didn’t expect authorities to allow large depreciation moves.

Chinese Banks Hold Lending Rates Following PBOC’s Caution

The weakness in China’s currency is symptomatic of deteriorating sentiment toward the world’s second-largest economy, which is also experiencing a bond market rally as investors seek out haven assets. Yields have tumbled to or toward record lows amid mixed economic data and expectations of further stimulus.

Worsening capital outflows, seen in a surge in local firms’ purchase of foreign exchange and exporters’ hoarding of the dollar, have also added to the yuan’s woes. And from the dollar’s side, any delay to Federal Reserve rate cuts would likely add more pressure on the yuan as China’s wide interest-rate gap with the US favors the greenback.

Dollar Shy of Fresh 2024 High as Haven Bid, Soft Data Collide

China has maintained a strong hold on the yuan using its daily reference rate for most of the year. However, it has been gradually weakening its so-called currency fixing amid calls from former officials for relaxing its control over the yuan in order to open the room for more easing.

On Wednesday, PBOC Governor Pan Gongsheng signaled there is more room to ease monetary policy as other economies are pivoting to cut rates this year. The appreciation momentum of the dollar is weakening, which will help keep the yuan stable and expand the room for China’s monetary policy, he said.

For Becky Liu, head of China macro strategy at Standard Chartered Bank, the weaker fixing was a delayed reflection of earlier strength in the dollar and not yet sufficient to conclude it’s a move far from the recent norm.

“The PBOC continues to manage this depreciation pressure with very gradual adjustments to the fixing,” said Lynn Song, greater China chief economist at ING Bank. “Given this policy stance, we continue to expect last year’s dollar-onshore yuan high of 7.34 will not be broken this year despite more pressure from yield spreads.”

Correction: A previous web headline contained the wrong currency ticker.

(Updates with additional context)

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Soft U.S. Data Pushes Gold to Two-Week High

By Harshit Verma

(Reuters) -Gold prices hit a two-week high on Thursday, after recent weak U.S. economic data raised market expectations of interest rate cuts from the Federal Reserve later this year, while uncertainty surrounding multiple elections globally also lent support.

Spot gold was up 0.3% at $2,333.69 per ounce as of 0908 GMT, after hitting its highest since June 7 earlier in the session. U.S. gold futures were steady at $2,347.30.

“Gold remains primarily driven by market expectations surrounding the Fed’s policy pivot. It may well remain rangebound for a while, until U.S. economic data can pave the way for lower interest rates and trigger the next leg up for gold,” Han Tan, chief market analyst at Exinity Group, said.


Last week’s data showed a moderation in the labour market and price pressures, followed up with soft retail sales data on Tuesday, suggesting that economic activity remained lacklustre in the second quarter.

The Fed is looking for further confirmation that inflation is cooling as they steer cautiously toward what most expect to be a rate cut or two by the end of this year.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

Additionally, gold was buoyed by safe-haven bids on persistent geopolitical tensions, downside economic risks, and the uncertainty surrounding French politics.

Last week, France’s president called a snap election, with its high debt levels a source of concern for market participants.

The market’s immediate focus is on the U.S. weekly jobless claims data due at 1230 GMT as well as flash purchasing managers’ indexes on Friday.

“We hold a positive view for gold with a price target of $2,500 per ounce by the end of 2024,” ANZ analysts said in a note.

Spot silver rose 1.5% to $30.19 per ounce, platinum was up 0.1% at $981.66 and palladium gained 0.2% to $906.46.

(Reporting by Harshit Verma and Sherin Elizabeth Varghese in Bengaluru; Editing by Mrigank Dhaniwala)

Gold Prices Rise as Market Eyes Potential Fed Rate Cuts

Most recent article: Gold gains on rising Geopolitical threat levels

  • Gold price refreshes weekly high early Thursday amid September Fed rate-cut bets.
  • Geopolitical risks and political uncertainty in Europe also lend support to the XAU/USD.
  • Stabilizing US Dollar alongside the US bond yields rebound keep Gold price below the 50-day SMA. 

Gold price (XAU/USD) refreshes a one-week top in the early European morning on Thursday, looking to recapture the 50-day Simple Moving Average (SMA) pivotal resistance. The incoming US macro data pointed to signs of easing inflationary pressures and that the economy is slowing down, fueling speculations that the Federal Reserve (Fed) will cut interest rates twice this year. This turns out to be a key factor driving flows towards the non-yielding yellow metal. 

Adding to this, geopolitical tensions and renewed political uncertainty in Europe lend additional support to the safe-haven precious metal. Meanwhile, the Fed last week adopted a more hawkish stance, and policymakers continue to argue in favor of one rate cut in 2024. Moreover, a goodish bounce in the US Treasury bond yields helps revive the US Dollar (USD) demand. This could keep a lid on any further gains for the XAU/USD.

Daily Digest Market Movers: Gold price extends gains even as USD bounces

  • The uncertainty over the likely timing of when the Federal Reserve will start cutting interest rates keeps traders on the sidelines and leads to subdued range-bound price action around the Gold price. 
  • The Fed projected only one interest rate cut this year as compared to three projected in March, which acts as a tailwind for the US Treasury bond yields and caps the upside for the non-yielding yellow metal.
  • The US Retail Sales data released on Tuesday pointed to lackluster economic activity, which, along with weaker US consumer and producer prices, should allow the Fed to ease monetary policy soon.
  • The current market pricing indicates a greater chance of the first rate cut in September and the possibility of one more rate cut in November or December, offering some support to the XAU/USD.
  • Ukrainian drone strikes on Russian energy infrastructure and Israel’s warning that an all-out war with Iran-backed Hezbollah was coming soon point to escalating geopolitical risk in Europe and the Middle East. 
  • Adding to this, concerns that a new government in France could weaken fiscal discipline act as a tailwind for the safe-haven assets and should help limit any meaningful downfall for the commodity.
  • Investors now look forward to the Swiss National Bank (SNB) decision and the crucial Bank of England (BoE) policy meeting, which might infuse volatility and provide some impetus to the metal. 
  • Traders will further take cues from the US economic docket, featuring the release of the usual Weekly Initial Jobless Claims, Philly Fed Manufacturing Index, Building Permits and Housing Starts.

Technical Analysis: Gold price bulls await breakout through the 50-day SMA barrier before placing fresh bets

From a technical perspective, bulls might still wait for a sustained strength beyond the 50-day Simple Moving Average (SMA) support breakpoint-turned-resistance, currently pegged near the $2,344-2,345 region, before placing fresh bets. The subsequent move-up will suggest that the recent corrective decline has run its course and lifts the Gold price beyond the $2,360-2,362 zone, towards the $2,387-2,388 intermediate hurdle en route to the $2,400 mark. The momentum could extend further towards the all-time peak, around the $2,450 area touched in May.

On the flip side, the $2,320-2,318 region is likely to protect the immediate downside ahead of the $2,300 mark. Some follow-through selling below the $2,285 horizontal support will be seen as a fresh trigger for bearish traders and pave the way for the resumption of the recent pullback from the record high. The Gold price might then accelerate the fall towards the next relevant support near the $2,254-2,253 region before eventually dropping to the $2,225-2,220 support and the $2,200 round-figure mark.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

Revolutionize Your Portfolio with Gold, Silver, and Bitcoin

In today’s video, we dive deep into the ultimate anti-fragile assets that can safeguard your wealth in these uncertain times: gold, silver, and Bitcoin. For the past 40 years, traditional investments thrived in a world of falling inflation and interest rates, but those days are behind us. Join Alan Hibbard as he explores why you need to rethink your portfolio and embrace greater diversification. Learn how central banks are fueling a bullish gold market, the pitfalls of traditional investments like miners and ETFs, and why decentralized assets are crucial for future-proofing your wealth. Don’t miss this essential guide to navigating the new economic reality.

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China Commands 80% of Global Solar Silver Supply Chain

They are not messing around

Given Janet Yellen’s China  trip and concerns about Their Solar industry dominance and a recent report by BOA describing said dominance. We thought it appropriate to breakdown Silver’s Supply Chain contribution to the Solar Value chain , as possibly the single most important component in Solar. Enjoy

Authored by GoldFix UNLOCKED ZH Edit

Report Sections:

  1. Purpose
  2. China’s Solar Silver Supply-Chain
  3. What is the Silver Value-Chain?
  4. Value-Chain (Sweet Spot) Analysis
  5. What Else the Value Chain Says
  7. PASTE>
  8. POWDER>
  9. Bottom Line: China Not Likely an Exporter
  10. Addendum: Not Enough Supply, Too Much Demand

Having gotten somewhat of a handle on Silver supply, the purpose of this piece is to break down China’s Solar Supply-Chain to better understand where demand trends. In doing so we will also answer a question surrounding trends in China’s import/export matrix. Part 1 was entitled Not All Silver is the Same.

Silver is pulled out of the ground. It gets refined. It gets put into solar panels. The panels get installed. This is the supply chain.

Greatly Simplified, this is China’s Photovoltaic Silver Supply-Chain:

In our previous piece we discussed the mining portion of the Supply-Chain above. That helped us understand industrial supply issues. To summarize it here: based on proven reserves at current consumption rates due to net-zero energy applications, Silver will be in short supply in as little as 5 years.

In terms of Supply-chain analysis , that covers the “Mining” section in the above flow.

This piece will be about the portion of the supply-chain schematic above between Mining and installation. This is where Silver gets fabricated into Solar panels and is referred to commonly as the Value-added section of the chain or Value-chain.

The value-added parts of this supply chain (as in most chains) are the middle parts in CAPS below

Here are all those sections broken out in more detail…

①Silver Mining → ② Silver Refining → ③ Silver Powder (High Purity Silver Powder) → ④ Photovoltaic Silver Paste (High Temperature Silver Paste and Low Temperature Silver Paste) → ⑤ Photovoltaic Panels → ⑥ Photovoltaic Modules → ⑦ Photovoltaic Power Stations

We can differentiate between Supply-Chain and Value-Chain this way:

The main difference between a value chain and a supply chain is that the supply chain deals with building the product and getting it to the consumer, while the value chain looks for ways to enhance the product’s value as it moves along that supply chain.

Value chains are sufficiently complex enough to get their own focus. But it is helpful to understand that in general, as Bai reminded us, save for the assembly of panels, almost the whole supply chain in Silver is the refinement process. Value-Chains are that part of the supply chain that add value to the raw material to be made into a product. There can be services and other abstract logistics as well. But for our purposes in discussing Silver, refinement and final assembly are the Silver value-chain.

Refining>Powder>Paste >Solar Cell>Solar Panel

China seemingly dominates most of the value-added section of their domestic production value chain ( “vertical integration” applies here) with one exception.

For that one exception we shall see China has taken measures (for now) to make that part of the chain as reliably secure as possible through inter-dependency. We will come back to that exception in a bit.

The subtitle uses the word sweet-spot because the value-added section has the highest profits as a function of needing the most technological expertise. It is where human ingenuity does its best work and where the most money is made. Humans add the value here.

Their Solar value-chain dominance should dispel western illusions that China is lacking in high-end technology skills for production.

As we go backwards (travel upstream in the value-chain section) from finished product back to raw material we can get a better feel for several aspects of Silver use.

The value chain also tells a story about industrial progress in China. Simply put: whereas China manufacturing once was relegated to the non-value portions of many supply chains, we now see not only that they dominate some value added portions, but it reveals a timeline of their progress getting there.

By examining various points we can see the amount of metal used, the cost inputs, and the marketshare in that process. We can also get an evolutionary view of how Chinese industry has grown into providing much if not all of the added value in the finished goods it now sells to the west.

Here is the value-added portion of that supply chain again

We will start on the right of this flow chart above and work our way left now.

Working backwards (upstream) we start at Solar Panels and Solar Cells. According to Bai, China accounts for a large part of this value-added piece.

China is the world’s largest manufacturer of photovoltaic panels [Solar Panels] and modules [Cells], with a global market share of 70%; 90% of China’s photovoltaic panels and module products are exported to European and American countries.

This is pretty straight forward. China makes the solar cells and subsequent panels that get shipped overseas. The main takeaway here is, China has all but absorbed this part of the chain into its industrial base.


Working upstream from there towards the Paste section, we see China’s presence in Paste manufacture is also massive…

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Tether Introduces Gold-Backed Stablecoin Alloy

  • Tether has unveiled its second-biggest product to date –  Alloy by Tether
  • The stablecoin offers the security of gold with the convenience of digital assets.
  • The innovation comes at a time when trust in traditional financial systems is waning.

Tether has unveiled its second-biggest product to date: Alloy by Tether, a new stablecoin backed by gold. This innovative digital asset was created by Moon Gold NA and Moon Gold El Salvador. Both subsidiaries of the 

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Tether Group aims to combine the enduring value of gold with the flexibility and efficiency of a digital currency. The introduction of the gold-backed token pegged to the US dollar marks a significant milestone in asset-backed digital currencies. 

This product will offer the security of gold with the convenience of digital assets. The launch of Alloy by Tether represents a strategic move by the company to expand its offerings beyond its flagship stablecoin, USDT. 

With Alloy, Tether is setting a new standard for digital assets tied to physical commodities. Now, investors can access a reliable and stable alternative in the volatile cryptocurrency market

This groundbreaking innovation comes at a time when trust in traditional financial systems is waning. Additionally, investors are seeking more secure and innovative ways to protect their wealth. 

With its gold backing, Alloy provides a modern approach to asset management that could attract both traditional investors and crypto enthusiasts alike. Tether’s Alloy is not just another digital currency; it’s a testament to the company’s vision and leadership in the industry. 

As Tether continues to push the boundaries of what’s possible in the world of digital finance, Alloy stands as a shining example of how traditional assets can be reimagined for the digital age.

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, also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

A Deep Dive into Physically-Backed Gold ETFs and Their Market Impact

Are Gold ETFs Backed By Physical Gold?

Physically-backed gold exchange-traded funds (gold ETFs) are an important source of gold demand, with institutional and individual investors using them as part of well-diversified investment strategies. Our comprehensive data set covers more than 100 physically-backed gold ETFs and similar products worldwide, providing regional and fund-specific analysis of demand in tonnes and flows in USD over different time periods. For more information on how our gold ETF data set is produced, please see our methodology note.

Length and frequency

Flows and holdings data are updated on the website weekly and monthly. Downloadable data in excel is available on a monthly basis, presented in both tables and charts.

Update Schedule

Weekly data is updated on the Monday of the following week, except for when a monthly update is due. Monthly updates are usually available within one week of the previous month-end.


Units are based on tonnage and USD unless otherwise noted.

U.S. crude oil holds above $80 per barrel after starting week with strong gains

  • West Texas Intermediate futures are holding above $80 per barrel after rallying more than 2% in the previous session.
  • Oil prices have emerged from a recent decline as summer fuel demand is expected to draw down inventories.
  • But some analysts caution that futures may not have much more upside.
Kpler's Matt Smith on oil price forecast: The risk is to the upside

U.S. crude oil held above $80 per barrel on Tuesday, after starting the week with strong gains.

West Texas Intermediate futures gained more than 2% on Monday, continuing a recent advance despite mixed economic data out of China, the world’s largest importer of crude oil.

Here are today’s energy prices:

  • West Texas Intermediate July contract: $80.29 per barrel, down 5 cents. Year to date, U.S. crude oil has gained 12%.
  • Brent August contract: $84.19 per barrel, down 6 cents. Year to date, the global benchmark is ahead by 9.3%.
  • RBOB Gasoline July contract: $2.46 per gallon, up 0.33%. Year to date, gasoline is higher by 16.6%.
  • Natural Gas July contract: $2.84 per thousand cubic feet. Year to date, gas is up 13.2%.

Oil rallied yesterday as retail sales for May in China topped economist forecasts, while industrial output and fixed asset investment disappointed. In a note to clients, Bob Yawger, executive director of energy futures at Mizuho Securities, cautioned that the rally in energy prices may largely be speculators covering short positions.

“It is axiomatic that if China is infected with an economic virus, the whole [world] would feel the repercussions. Yesterday was the exception that proved the rule,” Tamas Varga, an analyst with oil broker PVM, wrote in a note Tuesday.

Oil prices had recently declined partly because of a decision by OPEC+ members to start rolling barrels back onto the market in the fourth quarter.

“While the market has recovered nicely from the OPEC+ driven knee-jerk lower, there is still more relative concern about Q4 balances and beyond, which should serve as a resistance to major upside,” Ryan McKay, senior commodity strategist at TD Securities, told clients in a note Monday.

Now oil is rising as analysts see the market tightening in the third quarter on expectations that summer fuel demand will draw down inventories.

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