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[View this email in your browser]( [Youtube]( [Kitco Metals]( Editor's Picks [@neils_C]( Commodity analysts have been warning investors that [gold’s]( will end when the market gets a clear signal that the Federal Reserve is finally ready to ease its restrictive monetary policy. After this week, it appears that all roads lead to a rate cut as early as September. Expectations started to pick up after [Federal Reserve Chair Jerome Powell provided a relatively neutral testimony before Congress, saying that high inflation is not the only risk to the economy.]( Following his comments, gold investors received even more encouraging news as core consumer inflation rose at its slowest pace since 2021. The U.S. labor market is also slowing, and with inflation pressures starting to ease, the Federal Reserve has room to start cutting rates. While we have seen some wild volatility in interest rate expectations this year, it is hard to see what would change the current trajectory; the labor market has clearly peaked, which means the Fed will have to act even if inflation remains elevated above the 2% target. While the gold market remains well-supported by these rate expectations, some economists and market analysts continue to see the Federal Reserve’s monetary stance as a sideshow in the broader landscape. [Dr. Nomi Prins, founder of Prinsights Global, told Kitco News']( Jerome Szafron on the sidelines of the Rick Rule Symposium in Boca Raton, Florida, that the Federal Reserve has very little control over the economy. “More and more central banks, which colluded to save each other and themselves in the wake of the financial crisis of 2008, are out for themselves as there is more dollar diversification,” she said in the interview. While central bank gold buying has slowed since record purchases at the start of the year, global gold reserves continue to grow. This week, commodity analysts at Citi said they expect central bank gold purchases to hit another record above 1,000 tonnes for a third consecutive year. In this environment, more analysts, including Prins, think it's only a matter of time before gold prices push to $3,000 an ounce. Many investors are asking, however, if the gold market has enough momentum to reach that level. The Federal Reserve's looming rate cut has been the most anticipated economic event in recent history. Markets have been expecting a monetary policy pivot since November 2022, so a September move is not much of a surprise. However, analysts note that gold has already achieved record highs this year, with no major interest from retail investors. This week, the [World Gold Council noted that North American-listed gold-backed exchange-traded funds continued to see outflows in June.]( Analysts have noted that renewed interest from North American investors has the potential to drive gold prices significantly higher. Most of gold’s gains usually come after the first rate move, so many see this rally as just a warm-up to the main event. So much for the summer doldrums. Neils C. Editor's picks [Stop worrying about the pennies as gold and silver consolidate, focus on the bigger trend, says analyst David Brady]( worrying about the pennies as gold and silver consolidate, focus on the bigger trend, says analyst David Brady]( [Fed Is Not In Control Even as Rate Cuts Coming, Gold to Hit $3k in Wake of US Elections — Nomi Prins]( Is Not In Control Even as Rate Cuts Coming, Gold to Hit $3k in Wake of US Elections — Nomi Prins]( [​​What’s Next for Silver? Real Reason Behind Silver's Price Manipulation, Deficit Outlook - Neumeyer]( Next for Silver? Real Reason Behind Silver's Price Manipulation, Deficit Outlook - Neumeyer]( [Rare Earth Metals: The Next Big Opportunity? Here's What You Need to Know - Rick Rule]( Earth Metals: The Next Big Opportunity? Here's What You Need to Know - Rick Rule]( [Federal Reserve's Rate Cuts Coming Too Late? Consumer Debt Crisis Looms - Danielle DiMartino Booth]( Reserve's Rate Cuts Coming Too Late? Consumer Debt Crisis Looms - Danielle DiMartino Booth]( [Kitco News]( [Fed Chair Powell tells Senate Banking Committee ‘likely direction’ is that ‘we begin to loosen policy’]( [Gold futures holding support above $2,400 as UofM consumer sentiment drops to 66]( [Gold will gain through Q4 on sovereign, safe haven buying, Fed rate cut would magnify the move – ING’s Manthey]( [BRICS strike back: Russia and India team up to challenge dollar dominance]( [Gold headed for third straight weekly gain, new ATH within reach by year-end – FX Empire’s Hyerczyk]( [Silver could break $35 per ounce this summer – StoneX Group’s Razaqzada]( [Can silver prices sustain slowing momentum in the green energy transition?]( [Trump 2.0 could push gold prices above $2,600 in 2025 - CIBC Capital Markets]( [China halts gold purchases for the second month, while other central banks boost reserves]( [Global gold ETFs see second consecutive month of inflows; North America still lags]( [The gold market remains hot even if China isn’t buying gold - TD Securities]( [Goldman Sachs doubles down on tokenization, plans three new funds by year-end]( [Rule Symposium]( [Wall Street experts nearly unanimous on gold posting gains next week, Main Street sentiment firmly bullish]( [Gold Live App]( [Kitco Mining]( ['They take the stairs up, but they always take the elevator down' - Gianni Kovacevic on copper's run]( take the stairs up, but they always take the elevator down' - Gianni Kovacevic on copper's run]( [Why the gold miners' price moves are unusual - Sprott's Ryan McIntyre]( ['AI is a self-feeding monster' - Why thrifting and substitution can't hold back tech metal demand]( [Kitco Gold Chart]( [Kitco Gold Chart]( Technically Speaking Jim Wyckoff Market Analyst and Columnist jwyckoff@kitco.com [Hotter U.S. PPI report puts price pressure on precious metals]( Promotion [Wedding gifts]( This message was intended for {EMAIL} , as a subscriber and/or customer of Kitco. 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