Gold Outflow

Gold experienced a weekly outflow of $2.9 Billion, the largest in more than a decade and the third largest in history.

Beef Prices Hit Historic High

US New Home Sales

Sales of new single-family homes in the United States surged by 10.9% from the previous month to a seasonally adjusted annualized rate of 743,000 units, extending the downwardly revised 2.6% increase in the previous session and sharply higher than market expectations of a softer rate of 692,000 homes sold. 

It was the sharpest increase since August of 2022, lifting home sales to their highest since February 2022, likely helped by builder incentives aimed at alleviating affordability challenges that have a firm grip on the resale market.

This was enough to offset the increase in mortgage rates during the month. 

Sales rose the most in the South (11.7% to 478,000) and the Midwest (35.5% to 84,000). 

In turn, sales dropped sharply in the Northeast (-14.8% to 23,000). 

The median home price rose by 0.8% to $407,200. 

In turn, housing inventory was at 504,000 units, equivalent to 8.1 months of supply at the latest sales rate. 

source: U.S. Census Bureau

Iran Missile Update

💠 The US found strategic materials used in Iran missile programs, and
found Iran's construction sector to be controlled by IRGC.

Fed Summary Update

💠 Fed's Bostic: More businesses say they can no longer delay tariff price hikes or job cuts

💠 Fed's Hammack: sentiment data about the economy has been concerning

💠 Fed's Musalem: Monetary policy currently is well positioned

China Gold Imports Surge

• China imported the most gold in nearly a year last month, as strong investor demand and central bank policy shifts pushed bullion inflows sharply higher despite record prices.
• According to customs data released Tuesday, gold imports jumped 73% month-on-month to 127.5 metric tons in April — the highest level since May 2024.
• Market participants attribute the spike in imports to the People's Bank of China (PBOC), which is understood to have allocated fresh import quotas to select commercial banks in April. The central bank, which maintains tight control over physical bullion flows, typically issues licenses only to designated institutions.

Market Brief

💠 Fed's Bostic: Rates in the US are mildly restrictive

💠 Fed's Kashkari: There is big uncertainty now in the economy

💠 Fed's Williams: Uncertainty has led the Fed to keep interest rates steady so far

💠 The Bank for International Settlements (BIS) has warned that growing U.S. financial volatility could spark a sudden scramble for dollars

SP500 Futures: Weekly Prep

🔵 Weekly SP500 Futures Preparation

> Avg Daily Range: ~111/day

> Expected range this week: 5807.75-6085.75

> Volatility: 18

> Daily Goal: ~8

Gold: Weekly Prep

🔵 Weekly Gold Preparation

> Avg Daily Range: ~$87/day

> Expected range this week: $3115.90-$3303.40

> Volatility: 25

> Daily Goal: ~$4

Crude Oil: Weekly Prep

🔵 Weekly Crude Oil Preparation

> Avg Daily Range: ~$2/day

> This week expected range: $58.70-$65.25

> Volatility: 42

> Daily Goal: ~$0.40