So China bought 20 tonnes of gold in July. Just casually. Twenty tonnes in one month which is the most theyve done since late 2023 and nobody seems to be making a big enough deal about this. June was 15 tonnes. The ETFs over there are seeing constant inflows. And this is at 4,400 an ounce remember not some bargain basement price.. these people arent messing about.

Gold finished the week up nearly 7 percent and hit about 4,435 on Monday which I did not expect at all. Dollar was firm and yields were climbing and by all rights it should have been a bad week for bullion but here we are. I think the Iran thing is doing more heavy lifting than people realise because every time it looks like a deal might happen someone opens their mouth and kills it. Strait still shut. That deal Trump was talking about.. yeah.

CPI was in line which matters because the rate hike crowd went quiet for five minutes. 4,400 holding or not holding is basically the whole conversation right now. Still 21 percent off the January high so theres that.

Copper though.

6.77 a pound on Comex. New record for copper prices. LME did 14,455 a tonne the day before. And honestly at what point do we just accept that this is what copper costs now because the AI data centre thing isnt slowing down and the mines are getting worse not better. Chile cut output forecasts again. Theres a smelter in Indonesia thats offline. The DRC banned concentrate exports. Like pick a supply problem any supply problem and coppers got it right now.

Pulled back Monday below 6.60 and Chinese imports were actually pretty weak down 11 percent on the year which you could read as bearish if you wanted to but the LME backwardation is screaming at you that physical copper isnt available. Citi want 15 grand a tonne within a year and theres still that tariff thing sitting on Trumps desk unsigned. I struggle to see the bear case honestly even after a record week.