Uncertainty. De-Dollarization. Debasement. RBC Just Named the Decade.
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Uncertainty. De-Dollarization. Debasement. RBC Just Named the Decade.
Dear investor.
Gold at $4,364 today, rebounding +0.84%. Silver at $64.72, up +1.20%. September is beginning with a market that is recalibrating after a hawkish Jackson Hole and a labor market that is sending a very different message than the one the Fed needs.
Warsh's August 28th speech surprised markets with its directness. Inflation must return to 2% clearly and at sufficient speed. September rate hike odds moved to 60%. Gold sold off from its three-month high of $4,696. That is the short-term story of last week.
This morning the short-term story shifted. ADP reported only 38,000 jobs created in August, far below expectations and the weakest reading in over a year. An economy that cannot generate employment at the pace required to justify further tightening is an economy that puts Warsh in the same impossible position the Fed has occupied for months: inflation above target, growth slowing, and no clean decision available. Gold and silver both moved higher immediately.
RBC Capital Markets published its gold outlook this morning and the framing was unambiguous: gold will approach $5,000 in 2026 and $5,300 in 2027. The three forces driving it, in RBC's own words, are uncertainty, de-dollarization and debasement concern. Those three forces are not September decisions. They are decade-long structural shifts that one Jackson Hole speech accelerates more than it reverses.
The World Gold Council confirmed this week that gold looks cheap relative to the monetary risks that are now embedded in the system. Saxo Bank confirmed that commodity-led inflation provides long-term structural support regardless of near-term Fed decisions.
Silver at $64.72 is the more compelling number today. The gold-to-silver ratio has widened back above 67 to 1, a level that has historically marked the beginning of silver's most powerful recoveries. The sixth consecutive annual supply deficit continues to deepen. Industrial demand does not respond to hawkish speeches.
Uncertainty. De-dollarization. Debasement. RBC named the decade this morning. IMG has been describing it for over a year.
Contact our team today.! The structure has not changed.
Much success to all.
Disclaimer.
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