Adrian Day, president of Adrian Day Asset Management, shares his latest thoughts on gold.
He also discusses the opportunity in gold stocks, saying that while as a group they’re up 55 percent in last year, valuation metrics are lower than they were two years ago.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
After soaring to all-time highs during the first quarter of 2025, how could gold follow up during Q2?
By setting new price records, of course.
Tariff threats, financial uncertainty and geopolitical tensions all fueled the yellow metal’s price rise during the second quarter of the year, which saw gold reach the US$3,500 per ounce mark for the first time.
While central banks continued to make gold purchases during the period, so too did retail investors, who shied away from US treasuries in favor of a more tangible safe-haven asset class.
Gold had an impressive run during the first quarter of the year, steadily rising from US$2,658.04 on January 2 to US$3,138.24 on April 2, leaving investors to wonder how much more gas was available for Q2.
Gold price, April 1 to July 10, 2025.
Chart via Trading Economics.
The price of gold started the second quarter on a downswing, falling below the US$3,000 mark by April 8, but quickly found momentum and soared to its quarterly high of US$3,434.40 on April 21.
It broke through the US$3,500 threshold briefly during the day’s trading session.
However, the gains were temporary, and gold once again fell; by May 1, it had dropped to US$3,237.30.
The metal saw a slight rebound to US$3,400.70 before the May meeting of the US Federal Reserve, but it came under pressure after that and had fallen to US$3,185 by May 14.
The end of May saw more tailwinds for the gold price, pushing it first to US$3,358 by May 23, then to US$3,381.70 by June 2. By the middle of the month, it was back to trading above US$3,400. Since that time, the precious metal has remained mainly above the US$3,300 level, closing the quarter at US$3,303.30 on June 30.
The biggest story from the first quarter has carried over into the second quarter: tariffs.
Since the start of his second term in the Oval Office, US President Donald Trump has applied the threat of tariffs like a cudgel in trade talks with other countries. His long-held belief is that other nations, even longtime allies, are benefiting from trade with the US, while the US itself is facing detrimental effects.
During the first quarter of the year, the Trump administration levied tariff threats against Canada and Mexico. While most of his promised import fees were dialed back at the eleventh hour, a 25 percent tax was still applied to imports of Canadian steel and aluminum, as well as non-CUSMA-compliant automobiles and parts.
On April 2, Trump announced a broader set of tariffs on nearly every country in the world, regardless of trade status with the US. Dubbed “Liberation Day” by Trump, the executive order applied a baseline 10 percent fee to all imports from most countries to the US, plus significant reciprocal measures against countries with the largest trade deficits.
The new measures, set to be implemented on April 9, created panic among investors, causing a global market meltdown. Fear also spread to US debt holders, such as Japan and Canada, which began to sell US treasuries, pushing up the 10 year bond yield. Spooked investors rapidly flocked to gold, pushing the price to record highs above US$3,400.
“The bond market understands that Washington is so broken and the debt situation is so bad,’ he explained. ‘It varies in degrees compared to other countries, but everybody’s in the same boat. That’s why gold all of a sudden … gold is the safe haven now, even more than treasuries. And I don’t think a lot of people every thought they’d see that again.’
Ultimately, the stock market turmoil and the shift in bond market sentiment brought about a quick reversal from Trump, who paused his tariff plans for 90 days. Although the gold price showed signs of easing as market participants calmed, the metal remained high through the end of the quarter as uncertainty remained near the surface.
The pause was set to expire on July 9, but the White House announced a last-minute extension delaying the implementation of the tariffs on all but 14 countries, including Japan, South Korea and South Africa.
However, there are still underlying concerns.
The US-China trade war, which raged through much of the first half of the year, was put on hold on May 12 after tariffs between the two largest economies reached their peak, adding headwinds to the gold price. Up to that point, the US had levied a 145 percent import tax on Chinese goods while China had applied a 125 percent tax on US imports.
Although tensions have stabilized since the pause, on July 7, China warned the US against reigniting conflicts. China also said it would retaliate against any country that makes deals with the US to China’s detriment.
Financial uncertainty was a key driver of the gold price through the second quarter as investors sought to diversify their portfolios amid a chaotic investment landscape, but it wasn’t the only factor.
Geopolitical tensions also played a significant role, particularly in the Middle East.
With the Israel-Gaza conflict now past 18 months, the larger fear was that it would spill into a broader regional war.
Those fears were stoked in late May, when there was speculation that Israel was preparing to attack nuclear facilities in Iran. The news helped pull gold out of monthly lows as more investors sought the safety of the metal.
Ultimately, the speculation was true — on June 12, Israel launched attacks against key nuclear sites in Iran, causing Iran to launch counterattacks against targets in Israel and providing further tailwinds for the gold price.
Other support for the gold price came from continued purchases from central banks.
According to World Gold Council data, central banks bought 244 metric tons of gold in Q1. The amount was 24 percent higher than the five year quarterly average, but 9 percent lower than the average from the last three years.
The largest first quarter gold buyers were the National Bank of Poland, which added 49 metric tons of the metal to its holdings, increasing its total to 497 metric tons. This was followed by the People’s Bank of China, which purchased 13 metric tons, bringing its reported gold reserves to 2,292 metric tons
In another report, the World Gold Council indicates that despite high prices, central banks continued to buy gold in May, albeit at a slightly reduced pace, with a net 20 metric tons entering their reserves.
But it’s not just central banks that are picking up gold.
“In the past, there has been relatively little involvement, even to now, from western retail investors in this move. This has been overwhelmingly led by central banks and large funds,” Temple said.
However, he noted a shift in buying on the back of wider interest, pointing to gold’s popularity at Costco Wholesale (NASDAQ:COST), although he noted, ‘So far, this hasn’t moved the needle significantly.’
Temple added, “Traditionally the big needle mover when you’ve got these larger swings in markets and market sentiment has come from investors who are buying exchange-traded funds (ETFs) and buying the larger gold stocks, and then ultimately working their way down the food chain and buying the better exploration stories. We finally started in recent months to see some of that where it’s deserved. There have been some really nice moves.’
This idea is echoed in the World Gold Council’s June ETF report, which indicates that ETF flows ended the first half of 2025 with the highest semiannual inflows since the first half of 2020.
The North American movement led the way, with more than US$4.8 billion entering the market in June, bringing the total for the first half of the year to US$21 billion. This was followed by US$2 billion in inflows in Europe, with its first half total reaching US$6 billion. Asian markets added US$610 million with a first-half record of US$11 billion.
The expectation is that the factors that drove the gold price in H1 are unlikely to go away soon.
Trump continues to kick the tariff question down the road. And although a ceasefire has been called between Israel and Iran, tensions in the region are still high. The conflict between Russia and Ukraine is ongoing, with Russia escalating attacks at the start of July, to the point of invoking Trump’s ire.
“We were thinking that by the time you got into June, July, August, not only would you have some seasonal weakness, but you’d also have a situation where financial markets might have calmed down and taken a less pessimistic outlook to the economy, simply because the initial shock of Trump policies was in there and had been digested. What we’re seeing is a prolongation of that shock period.’
Financial uncertainty and conflicts were a theme echoed by Kandoshko.
She pointed to the July 9 — now August 1 — deadline for tariffs as a potential inflection point.
“This could spark another rally in gold prices if trade tensions escalate. I have a feeling that the existing tariffs will gradually push prices up, which might lead the Fed to hold off on cutting rates. In the grand scheme of things, higher inflation is likely to boost gold demand, especially from central banks,” Kandoshko said.
She also believes a weak US dollar will likely be a boon for gold, making it more attractive to overseas buyers.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Q2 confirmed that the artificial intelligence (AI) boom is entering a new phase in the physical world.
As the industry evolves, attention is being directed to strengthening underlying infrastructure while advancing areas like embodied AI, a subsector that MarketsandMarkets projects will grow at a CAGR of 39 percent globally by 2030.
Also during Q2, a geopolitical tech rivalry exacerbated shifting macroeconomic conditions.
While the race for compute, energy, hardware and supply chain dominance intensified, talk of tariff policies reigniting inflation or contributing to stagflation created brief periods of contraction.
Concerns also grew around AI-driven job displacement, amplified by Anthropic CEO Dario Amodei’s ominous warning that AI could eliminate up to half of all entry-level white-collar jobs within the next five years.
On a more positive note, the S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC) both ended Q2 up by 0.5 percent, closing the first half of 2025 at all-time highs with gains of 5.5 percent.
That said, investor enthusiasm for AI is showing early signs of recalibration.
Big Tech delivered generally robust Q2 earnings despite initial volatility in April, but posted only modest year-to-date gains, suggesting near-term caution around richly valued growth names. Meanwhile, quantum computing, which NVIDIA (NASDAQ:NVDA) CEO Jensen Huang said was decades away just six months ago, made measurable progress in Q2, drawing attention from both deep-tech investors and national governments.
McKinsey’s annual Quantum Technology Monitor projects that quantum computing, communication and sensing could generate up to US$97 billion in global revenue by 2035, with quantum computing leading the way.
Not surprisingly, AI companies performed well. Thirty-eight AI stocks chosen by Morningstar — including Palantir Technologies (NASDAQ:PLTR), Palo Alto Networks (NASDAQ:PANW), Synopsys (NASDAQ:SNPS) and Micron Technology (NASDAQ:MU) — closed 27.3 percent higher, outpacing the Morningstar US Technology Index, which gained 22 percent.
Ultimately, the quarter underscored a strategic pivot for major tech players, prioritizing vast infrastructure investments alongside aggressive AI monetization efforts to capitalize on this transformative era.
In public markets, AI-related equities continued to attract attention.
NVIDIA posted another blockbuster quarter, with its market cap on the cusp of $US4 trillion at the end of June. Its performance was driven largely by demand for Blackwell architecture.
Alphabet (NASDAQ:GOOGL), facing a possible Chrome divestiture, reported an increase in AI-related ad revenue and highlighted growing adoption of its Gemini model suite. Amazon (NASDAQ:AMZN) reported a 23 percent annual increase in net sales from its Amazon Web Services segment, beating earnings estimates by 17.78 percent.
Meta Platforms’ (NASDAQ:META) Reality Labs division reported a $US4.2 billion operating loss; however, interest in embodied AI applications for the metaverse and augmented reality continue to be the company’s long-term play, with CEO Mark Zuckerberg poaching the industry’s top talent to assemble the Meta Superintelligence Lab. On July 7, Reuters reported that the company had added Apple’s (NASDAQ:AAPL) Ruoming Pang as its latest recruit.
Microsoft’s (NASDAQ:MSFT) OpenAI partnership faced issues after OpenAI bought Windsurf, an AI coding firm. Disputes arose over Microsoft’s access to WindSurf’s IP and its stake in a restructured OpenAI.
Q2 was also marked by a shift to AI in hardware, robotics and edge applications.
Chipmakers Advanced Micro Devices (NASDAQ:AMD) and Google introduced specialized AI accelerators, a potential challenge to NVIDIA’s nearly three year run as the dominant provider.
Notable developments in robotics included Google Cloud and Samsung Electronics’ (KRX:005930) partnership, integrating Google Cloud’s advanced generative AI technology into Samsung’s new home AI companion robot, Ballie.
Data center operators like Amazon Web Services and Google Cloud also increased their infrastructure investments in the US as part of an effort to reduce reliance on foreign markets and secure long-term AI compute capacity.
Companies began testing or rolling out new AI agent capabilities, empowered by the Model Context Protocol from Anthropic. Major tech players, along with payment giants Visa (NYSE:V), Mastercard (NYSE:MA), Stripe, Block (NYSE:SQ) and PayPal (NASDAQ:PYPL), began adopting the Model Context Protocol to integrate seamless payment functionality directly into AI chatbots, moving beyond simple browse to full commerce.
Microsoft enhanced its GitHub Copilot offering with new coding agents capable of autonomous actions, while a handful of companies, including Dataiku, Databricks and Atlassian (NASDAQ:TEAM), introduced tools designed to build, deploy and manage autonomous systems for real-world enterprise applications.
On the quantum computing side, a paper published by researcher Craig Gidney for Google’s Quantum AI division suggests that a quantum computer could break a highly secure 2048 bit encryption, like the kind used for online banking, much faster than previously thought, requiring fewer than a million qubits.
Quantum computing firms later saw their shares spike following bullish comments from NVIDIA’s Huang at his company’s Paris GTC conference. Before Huang’s comments, IBM (NYSE:IBM) announced its development of the world’s first large-scale, error-free quantum computer, set to launch by 2029.
Q2 confirmed the AI cycle is evolving beyond text-based chatbots to hardware, embodiment and commercial uses.
While the Magnificent Seven still largely drove returns in Q2, there’s an expectation that earnings growth will broaden out to other sectors. Picton Investments’ 2025 mid-year update suggests that foundational model growth is encountering headwinds, with competition challenging the need for extensive capital expenditure.
Graph indicating that investor enthusiasm for AI stocks has recently ‘lost altitude.’
Graph via Picton Investments.
However, the firm also suggests that this shift is redirecting the spotlight to real-world AI applications, leading to an expected acceleration of industrial adoption and the creation of new companies.
At this year’s Web Summit conference in May, panelists emphasized the critical role of strategic early stage investments when it comes to navigating the evolving AI landscape and identifying new opportunities.
“Our take is (that) AI is going to upend a lot of technology businesses. In the specific sense, I am of increasingly high conviction that authoring software is going to be more or less free, and that’s going to shake up the topology of the software business market (in terms of) what makes sense and what’s investable,” said Brett Gibson, managing partner at Initialized Capital, during a panel discussion on where AI investment is headed next.
He added that customizable software will ultimately allow for tailored solutions for virtually any need.
In H2, quantum computing could continue its shift from pure research into early stage commercialization.
Updates may come from firms like IonQ (NYSE:IONQ), which recently raised US$1 billion to expand quantum networking, as well as Quantinuum and PsiQuantum, which may reach technical milestones.
Meanwhile, D-Wave (NYSE:QBTS) is pivoting toward hybrid commercial models, which may offer continued proof of revenue from quantum optimization-as-a-service.
However, the outcome of ongoing trade negotiations between the US and the rest of the world could impact chip capacity and rare earths supply chains, constraining the growth of AI hardware stocks.
The Trump administration’s imposition of 25 percent tariffs on Japan and South Korea may pose a threat to semiconductor capacity and rare earths equipment imports critical for AI hardware.
“Both countries have been close partners on economic security matters and have a lot to offer the United States on priority matters like shipbuilding, semiconductors, critical minerals and energy cooperation,” Asia Society Policy Institute vice president Wendy Cutler said in response to the hikes.
The second quarter of the year confirmed an evolution in the AI landscape as the industry moves beyond theoretical discussions to real-world applications and critical infrastructure development.
While geopolitical tensions and concerns about job displacement may continue to present challenges, this pivot could set the stage for continued innovation and adaptation as the industry navigates both opportunities and complexities.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
western copper and gold corporation (‘Western’ or the ‘Company’) (TSX: WRN) (NYSE American: WRN) is pleased to provide an update on its Environmental and Socio-economic Effects Statement (‘ESE Statement’) submission for the Casino Project (the ‘Project’).
The ESE Statement incorporates extensive technical work, including environmental and socio-economic baselines studies and assessments. Western is pleased with the progress to date and the level of consultation achieved thus far with First Nations and communities. The feedback from this engagement is making the Project stronger, and we look forward to continuing and intensifying these efforts during the assessment process. The Company expects to deliver its ESE Statement to the Yukon Environmental and Socio-economic Assessment Board (‘YESAB’) before the end of October.
‘The Western team and our external consultants have been working diligently on the Project ESE Statement’ said Sandeep Singh , President & CEO. ‘There is an incredible amount of work that has already gone into the Project. We are now in the final stages of compiling and refining this body of work into our submission.
The Company is the first to undertake a Panel Review in the Yukon , the highest level of rigor of any project assessed in the territory. We welcome that oversight and believe, more than ever, that the Project can be advanced sustainably and for the benefit of all Yukoners.
As one of Canada’s largest and most advanced critical minerals projects, we are uniquely positioned to benefit from Yukon and Federal priorities around resource security, Arctic sovereignty, and nation-strengthening infrastructure.’
ABOUT western copper and gold corporation
western copper and gold corporation is developing the Casino Project, Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino Project, using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
‘Sandeep Singh’
Sandeep Singh
President and CEO
western copper and gold corporation
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively ‘forward-looking statements’) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘plans’, ‘projects’, ‘intends’, ‘estimates’, ‘envisages’, ‘potential’, ‘possible’, ‘strategy’, ‘goals’, ‘opportunities’, ‘objectives’, or variations thereof or stating that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Such forward-looking statements herein include statements regarding the timing of the ESE Statement submission and expectations about the assessment process.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the risk of unforeseen challenges in advancing the Casino project, potential impacts on operational continuity, changes in general market conditions that could affect the Company’s performance; and other risks and uncertainties disclosed in the Company’s annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure documents.
Forward-looking statements are based on assumptions management believes to be reasonable, such assumptions and factors as set out herein, and in the Company’s annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure document.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, other factors may cause results to be materially different from those anticipated, described, estimated, assessed or intended. These forward-looking statements represent the Company’s views as of the date of this news release. There can be no assurance that any forward-looking statements will be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend to and does not assume any obligation to update forward-looking statements other than as required by applicable law.
View original content to download multimedia: https://www.prnewswire.com/news-releases/western-copper-and-gold-provides-update-on-ese-submission-302504836.html
SOURCE western copper and gold corporation
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Sranan Gold Corp. (CSE: SRAN) (FSE: P84) (Tradegate: P84) (‘Sranan’ or the ‘Company’) invites investors to attend the Company’s upcoming live webinar presentation and audience Q&A.
CEO Oscar Louzada will provide an overview of the Company’s 29,000-hectare Tapanahony Project in Suriname, where historical drilling and artisanal mining underscore the project’s resource potential, and a sufficiently funded drilling campaign is set to commence imminently.
The webinar will be a live, interactive online event where attendees can ask the presenter questions. A recording will be available for those who cannot join the live event.
Event: Presentation and Q&A with Sranan Gold Corp. hosted by Radius Research
Presentation Date & Time: Thursday, July 17, 2025 at 12:00PM Eastern Time / 9:00AM Pacific Time
Webcast Registration Link: https://us02web.zoom.us/webinar/register/5217520835419/WN_k-jVtrbsRY2cRugxL6RHSg
This webinar is hosted by Radius Research, part of Market Radius Capital, Inc. and hosted by Martin Gagel, a former top-ranked sell-side technology and special situations analyst.
About Sranan Gold
Sranan Gold Corp. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Suriname. The highly prospective Tapanahony Project is located in the heart of Suriname’s modern-day gold rush. Tapanahony covers 29,000 hectares in one of the oldest and largest small-scale mining areas in Suriname. There is significant production from saprolite by local miners along a 4.5-kilometre trend, where several areas of mining have been opened.
Sranan Gold is also exploring its Aida Property consisting of five mineral claims covering an area of 2,335.42 hectares on the Shuswap Highland within the Kamloops Mining Division. For more information, visit sranangold.com.
Information contact
Oscar Louzada, CEO
+31 6 25438975
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
Forward-looking statements
Certain statements in this release constitute ‘forward-looking statements’ or ‘forward-looking information’ within the meaning of applicable securities laws including, without limitation, the timing, nature, scope and details regarding the Company’s exploration plans and results at its projects. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as ‘may’, ‘would’, ‘could’, ‘will’, ‘intend’, ‘expect’, ‘believe’, ‘plan’, ‘anticipate’, ‘estimate’, ‘scheduled’, ‘forecast’, ‘predict’ and other similar terminology, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. These statements reflect the company’s current expectations regarding future events, performance and results and speak only as of the date of this release. Further details about the risks applicable to the Company are contained in the Company’s public filings available on SEDAR+ (www.sedarplus.ca), under the Company’s profile.
Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258809
News Provided by Newsfile via QuoteMedia
President Donald Trump’s surprise announcement of 30 percent tariffs on imports from the EU and Mexico has triggered immediate backlash from various stakeholders, with less than three weeks to go before the tariffs take effect on August 1.
The tariffs—part of a broader series of trade penalties that include duties on copper and new levies on Canada, Japan, South Korea, and Brazil—have drawn sharp criticism from some of the country’s closest allies and trading partners.
In Canada, Prime Minister Mark Carney responded forcefully to the 35 percent tariff on Canadian goods, defending his country’s record and accusing Trump of undermining years of bilateral cooperation.
Throughout the current trade negotiations with the United States, the Canadian government has steadfastly defended our workers and businesses. We will continue to do so as we work towards the revised deadline of August 1.
Canada has made vital progress to stop the scourge…— Mark Carney (@MarkJCarney) July 11, 2025
“Throughout the current trade negotiations with the United States, the Canadian government has steadfastly defended our workers and businesses,” Carney wrote on X. “We are building Canada strong.”
Canada’s United Steelworkers union condemned the copper tariffs, which they say threaten thousands of Canadian jobs.
“This is yet another escalation in Trump’s trade war that puts Canadian jobs and entire industries at risk,” said USW National Director Marty Warren in a July 10 release.
“Canadian workers didn’t start this trade war, but they’re the ones paying the price,” Warren added.
The union also urged Ottawa to protect its domestic industry: “More than 3,000 of our union’s members work in Canada’s copper industry alone. We need immediate and decisive action to protect these workers.”
Across the Atlantic, the EU has not yet issued a formal response, but analysts say the move could derail the bloc’s ongoing negotiations with Washington.
“Trump’s strategy is to make outrageous demands, then bring them down, then make another push to win some last-minute concessions,” Mathieu Savary, Chief Strategist at BCA Research, told Reuters.
He also predicted that Europe may eventually settle for a 10 percent tariff—’something that the EU can actually handle.’
The US move has also rattled Asia. South Korea’s Ministry of Trade said it would accelerate negotiations with the US following Trump’s threat of a 25 percent tariff.
The ministry said its goal is to “produce mutually beneficial results” and address trade imbalances.
Meanwhile, Japan’s Prime Minister Shigeru Ishiba convened a national task force, saying he “deeply regrets” the tariffs and that Tokyo would continue to protect its national interests.
In Africa, South African President Cyril Ramaphosa blasted Trump’s 30 percent tariff on South African exports, calling it unjustified.
“This reciprocal tariff is not based on an accurate representation of trade data,” Ramaphosa said, maintaining that 77 percent of US exports to South Africa are already duty-free while urging the state to respond to a proposed trade framework submitted in May.
In Latin America, Brazil’s President Luiz Inácio Lula da Silva took aim at Trump’s broader protectionist tone.
At the recent BRICS summit in Rio de Janeiro, Lula said: “The world has changed. We don’t want an emperor.”
Lula was responding to Trump’s threat to slap 10 percent tariffs on BRICS nations if they pursued ‘anti-American’ policies. The Brazilian president reiterated calls for a diversified global trade system, including reducing reliance on the US dollar.
Underlying the current showdown is America’s long-standing import dependence.
According to the recent US Geological Survey (USGS), in 2024, the United States was over 50 percent import reliant for 46 nonfuel mineral commodities — and fully import dependent for 12, including many critical minerals used in manufacturing, defense, and energy sectors.
Despite the mounting backlash, President Trump remains firm, repeatedly portraying the tariffs as necessary to protect American industries and secure better trade terms.
Whether this approach yields results or triggers prolonged trade wars remains uncertain. With less than three weeks before the tariffs take effect, stakeholder groups and nations remain varied in their approach and response to the impending sanctions.
But with little indication from the White House of a willingness to retreat, the global economic community is bracing for a turbulent second half of the year.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Here’s a quick recap of the crypto landscape for Monday (July 14) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin (BTC) was priced at US$119,855, up by 0.6 percent in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$119,417 and a high of US$121,191.
Bitcoin price performance, July 14, 2025.
Chart via TradingView
Bitcoin continued to ride tailwinds into a fresh trading week, moving above US$123,000 briefly. Strong institutional demand and over US$2.7 billion in spot ETF inflows have added support, allowing Bitcoin to hold at the US$119,000 level.
Market analysts pointed to strong institutional inflows and broader participation from family offices in Asia. Ethereum followed suit, climbing past US$3,000, while Solana and XRP each rose by approximately 3 percent.
The global crypto market cap now stands at US$3.81 trillion. Analysts say this could mark a structural shift, with bitcoin increasingly viewed as a reserve asset by both institutions and some central banks.
Stocks tied to crypto companies are soaring in tandem: Coinbase and Robinhood hit new highs, while Circle stock has risen over 500 percent since its IPO.
Popular trader Daan Crypto Trades eyed two key liquidation-related zones to watch next: US$115,500- US$116,500 and the area above US$120,000.
10x head of research Markus Thielen postulates that Bitcoin’s position as a defense against a financial crisis in the US is driving the rally: “The narrative has completely shifted: no one is talking about blockchain use cases or Bitcoin’s technological promise anymore. Bitcoin has become a macro asset, a hedge against unchecked deficit spending.”
Eugene Cheung, chief commercial officer of crypto platform OSL, told Cointelegraph that the asset has the potential to reach US$130,000 to US$150,000 by year-end.
Ethereum (ETH) was priced at US$2,997.69, up by 0.1 percent over the past 24 hours. Its lowest valuation on Monday was US$2,989.38 and its highest was US$3,061.18.
Bitcoin surged to a new all-time high of US$123,153.22 on Monday (July 14), driven by investor optimism ahead of major US congressional debates on crypto regulation.
The House of Representatives is set to consider three pivotal bills this week: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act.
These proposals aim to create a federal framework for stablecoins, clarify regulatory jurisdiction between the SEC and CFTC, and ban the Federal Reserve from issuing a central bank digital currency.
On Friday, White House crypto adviser Bo Hines said he anticipates the House will pass the GENIUS Act without amendments, sending it directly to the President. However, Maxine Waters, Ranking Member of the House Financial Services Committee, and Stephen Lynch, Ranking Member of the Digital Assets Subcommittee, responded by announcing their intention to lead Democrats in opposing this Republican-led legislation, which they have labeled as dangerous.
In early 2025, Waters introduced a stablecoin discussion draft, later proposing a bill to restrict US officials and their families from crypto promotion or ownership. She also suggested the US Treasury Secretary shouldn’t approve a foreign stablecoin regime if that nation’s leader publicly declared themselves a dictator. Ohio Representative Warren Davidson (R) separately proposed a CLARITY Act amendment to protect the right to use hardware or software wallets for lawful digital asset custody.
In a Monday MSNBC op-ed, Waters reiterated her opposition, claiming the proposed bills are designed by and for the crypto industry and pose a threat to consumers and investors
While Waters has put forward these amendments and alternative proposals, the current expectation is that the GENIUS Act will be brought to a floor vote under a restrictive rule, meaning her amendments are not expected to receive a direct vote today or this week as part of the GENIUS Act itself. Instead, her efforts serve to galvanize Democratic opposition and offer a contrasting policy vision, providing reasons for members to vote ‘no’ on the Republican-led legislation.
Crypto exchange OKX joined the Global Dollar Network, a consortium promoting its regulated US dollar-backed stablecoin for wider adoption, leveraging its compliance as a key differentiator.
The Global Dollar Network has attracted dozens of partners since its launch in November 2024, including Robinhood (NASDAQ:HOOD), Kraken, Anchorage Digital, Beam, DBS and Standard Chartered. Its token, Paxos, is regulated by the Monetary Authority of Singapore, with reserves held by Singapore-based DBS Bank. In July, USDG expanded into the European Union, operating under the MiCA framework.
Spot Bitcoin ETFs saw a wave of institutional capital last week, with more than US$1 billion flowing in on Thursday alone.
BlackRock’s IBIT fund led the surge, becoming the fastest ETF to surpass US$80 billion in assets. The inflows helped propel Bitcoin above US$120,000, reinforcing its position amid growing mainstream adoption and policy momentum.
Since the start of 2025, Bitcoin spot ETFs have attracted a staggering US$22.7 billion in cumulative inflows, the vast majority of which was captured by US-listed funds.
Grayscale confidentially filed a Form S-1 with the US Securities and Exchange Commission for an initial public offering on July 14 (Monday), according to an announcement on the firm’s website.
Grayscale joins a growing list of crypto-native companies capitalizing on surging market interest. On Saturday (July 12), memecoin launch platform Pump.fun raised over US$500 million in an initial coin offering (ICO), selling out 33 percent of its maximum 1 trillion supply in about 12 minutes.
Grayscale’s official press release didn’t disclose details such as the number of shares it plans to sell or the anticipated price range. Its Grayscale Bitcoin Trust ETF (NASDAQ:GBTC) closed up 1.44 percent on Monday.
Bhutan has sold over US$59 million worth of bitcoin in recent days, taking advantage of the cryptocurrency’s historic run past US$123,000.
According to blockchain analytics platform Lookonchain, the country offloaded 512.84 BTC in the past four days. Even after the sale, Bhutan still holds over 11,400 BTC, now valued at more than US$1.4 billion.
The sales are coordinated by Druk Holding & Investments, the country’s sovereign wealth fund, which operates a clean-energy mining program powered by hydropower.
Unlike Germany, which liquidated seized crypto, Bhutan actively mines and times its sales to coincide with price peaks. Officials have emphasized the environmental sustainability of their operations in line with national policy goals.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
The Federal Reserve has brought in its inspector general to review a building expansion that has drawn fire from the White House, according to a source familiar with the issue.
Fed Chair Jerome Powell asked for the review, following blistering criticism of the project, initially pegged at $2.5 billion but hit by cost overruns that have brought accusations from President Donald Trump and other administration officials of “fundamental mismanagement.”
“The idea that the Fed could print money and then spend $2.5 billion on a building without real congressional oversight, it didn’t occur to the people that framed the Federal Reserve Act,” Kevin Hassett, director of the National Economic Council, said Monday on CNBC’s “Squawk Box.” “We’ve got a real problem of oversight and excess spending.”
The inspector general serves the Fed and the Consumer Financial Protection Bureau and is responsible for looking for fraud, waste and abuse. Powell’s request was reported first by Axios.
In a letter posted to social media last week, Russell Vought, head of the Office of Management and Budget, also slammed the project, which involves two of the Fed’s three Washington, D.C., buildings including its main headquarters known as the Eccles Building.
Vought, during a CNBC interview Friday, likened the building to the Palace of Versailles in France and charged that Powell was guilty of “fiscal mismanagement” at the Fed.
For its part, the central bank has posted a detailed frequently asked questions page on its site, highlighting key details and explaining why some of the specifications were changed or “scaled back or eliminated” at least in part due to higher-than-expected construction costs.
“The project also remediates safety issues by removing hazardous materials such as asbestos and lead and will bring the buildings up to modern code,” the page explains. “While periodic work has been done to keep the buildings occupiable, neither building has seen a comprehensive renovation since they were constructed.”
The Fed is not a taxpayer-funded institution and is therefore not under the OMB’s supervision. It has worked with the National Capital Planning Commission in Washington on the project, but also noted on the FAQ page that it “does not regard any of those changes as warranting further review.”
In separate comments, former Fed Governor Kevin Warsh, speaking Sunday on Fox News, called the renovation costs “outrageous” and said it was more evidence the central bank “has lost its way.” Warsh is considered a strong contender to succeed Powell when the latter’s term as chair expires in May 2026.
I remain very bullish and U.S. stocks have run hard to the upside off the April low with growth stocks leading the way. I expect growth stocks to remain strong throughout the summer months, as they historically do, but we need to recognize that they’ve already seen tremendous upside. Could technology (XLK) names, in particular, use a period of consolidation? Well, if we look at a 5-year weekly chart, the XLK really isn’t that overbought just yet:
The weekly PPO has crossed its centerline and is gaining bullish momentum. The recent price breakout suggests to me that we likely have further to run. And if you look at the weekly RSI, you’ll note that we’ve seen the weekly RSI move well into the 70s and even close to 80 before witnessing a market top or pause. Outside a bit of profit taking, I really don’t see the likelihood of a big selloff here. Keep in mind that the XLK represents 31% of the S&P 500. If the XLK doesn’t slow down, it’s very unlikely that we’ll see any type of meaningful decline in the S&P 500 either.
Growth stocks have historically performed well over the summer months. One way to visualize this is to compare large-cap growth (IWF) to large-cap value (IWD) using a seasonality chart. Check this out:
The average monthly outperformance since 2013 is reflected at the bottom of each month’s column. If you add those numbers for May through August, you get +5.4%. If you add those numbers for the other 8 months combined, you get +0.6%. Clearly, large-cap growth has the tendency to outperform value from May through August. We’re in the growth “sweet spot” right now.
I say absolutely not. Yes, we’ve run substantially higher off that April low, but I see more left in the tank. Will we see profit taking from time to time and could we see a period of consolidation? Sure. But I still believe that remaining on the sidelines is a big mistake as plenty of market upside remains. In fact, I see another somewhat forgotten asset class that’s poised to scorch 50% higher or more, possibly over the next 6 months. I’m investing in this area now, as I believe it’s in the early stages of a significant rally, and believe it would be prudent for you to take a look as well. For more information, simply CLICK HERE, provide your name and email address, and I’ll send you a video that explains exactly why I’m favoring this group right now!
Happy trading!
Tom
Attorney General Pam Bondi, FBI Director Kash Patel and Deputy FBI Director Dan Bongino all called for Jeffrey Epstein’s sex-trafficking secrets to be made public long before the DOJ’s stunning about-face last week.
‘This systemic review revealed no incriminating ‘client list,’’ read a joint memo leaked to Axios a week ago. ‘There was also no credible evidence found that Epstein blackmailed prominent individuals as part of his actions. We did not uncover evidence that could predicate an investigation against uncharged third parties.’
The revelation shocked many MAGA Republicans and Trump supporters, who had for years believed that Epstein was at the heart of a child sex trafficking ring that involved blackmailing prominent movers and shakers worldwide. Many also doubt the government’s finding that Epstein died by his own hand in New York’s Metropolitan Correctional Center in 2019.
Trump has since brushed off the Epstein investigation as old news, slamming a reporter who asked about Epstein during a Cabinet meeting last week, and posting a Truth Social message on Saturday defending Bondi for her leadership over the case and claiming that Epstein is ‘somebody that nobody cares about.’
‘LET PAM BONDI DO HER JOB — SHE’S GREAT! The 2020 Election was Rigged and Stolen, and they tried to do the same thing in 2024 — That’s what she is looking into as AG, and much more,’ Trump wrote in a lengthy Truth Social post defending Bondi. ‘One year ago our Country was DEAD, now it’s the ‘HOTTEST’ Country anywhere in the World. Let’s keep it that way, and not waste Time and Energy on Jeffrey Epstein, somebody that nobody cares about.’
As MAGA supporters continue calling for details on Epstein’s crimes and alleged ties to the world’s elite, Fox News Digital took a look back at what Bondi, Patel and Bongino had to say about Epstein before the anticlimactic memo dropped.
Just a couple of weeks after Bondi was sworn in as the nation’s 87th attorney general on Feb. 5, she joined Fox News Channel and touted her mission of transparency, most notably on Epstein, and the assassinations of former President John F. Kennedy and Martin Luther King Jr.
‘The DOJ may be releasing the list of Jeffrey Epstein’s clients. Will that really happen?’ Fox News’ John Roberts asked Bondi in an interview on Feb. 21.
‘It is sitting on my desk right now to review. That’s been a directive by President Trump. I’m reviewing that. I’m reviewing the JFK files, the MLK files. That is all in the process of being reviewed because that was done at the directive of the president from all these agencies,’ Bondi responded.
‘Have you seen anything that you said, ‘Oh, my gosh?’’ Roberts asked.
‘Not yet,’ Bondi responded.
Bondi released an initial batch of files on Epstein to a handful of social media personalities in late February, but the packets did not contain new evidence. However, Bondi once again vowed to come through on Trump’s message of transparency on Epstein’s ‘disgusting actions.’
‘This Department of Justice is following through on President Trump’s commitment to transparency and lifting the veil on the disgusting actions of Jeffrey Epstein and his co-conspirators,’ Bondi said in press release. ‘The first phase of files released today sheds light on Epstein’s extensive network and begins to provide the public with long overdue accountability.’
The next month, in March, Bondi joined Fox News’ Sean Hannity and said she ordered the FBI to deliver evidence related to Epstein under a firm deadline, claiming a local field office in New York initially withheld evidence on Epstein.
‘I gave [the FBI] a deadline of Friday at 8 a.m. to get us everything,’ Bondi said. ‘And a source had told me where the documents were being kept, Southern District of New York, shock. So we got them all by Friday at 8 a.m.’
‘Thousands of pages of documents. I have the FBI going through them… and Director Patel is going to get us a detailed report as to why the FBI withheld all of those documents,’ she continued at the time.
Bondi again in May fanned the flames of a potential Epstein bombshell when she stated there were no files missing from her investigation and that the DOJ had uncovered tens of thousands of videos showing Epstein with ‘children and child porn.’
‘No, the FBI, they’re reviewing tens of thousands of videos of Epstein with children or child porn,’ Bondi told the media in May when asked about the Epstein files.
‘There are hundreds of victims,’ she added. ‘… The FBI is diligently going through that.’
Bondi was confronted about her February comments on the Epstein files during a Cabinet meeting on Tuesday, where she defended her remarks to Fox News regarding claims that the Epstein files were on her desk and ready for review.
‘I was asked a question about the client list, and my response was, ‘it’s sitting on my desk to be reviewed,’ meaning the file along with the JFK, MLK files as well,’ Bondi responded.
‘That’s what I meant by that. Also, to the tens of thousands of video, they turned out to be child porn downloaded by that disgusting Jeffrey Epstein,’ she continued, saying no such videos would be released or ‘see the light of day.’
Long before Patel was floated and named as Trump’s FBI chief, the longtime opponent of the ‘Deep State’ claimed the FBI was in control of Epstein’s reported client list and said it could be released on Trump’s first day in office via a subpoena.
‘That’s under direct control of the director of the FBI,’ Patel said in 2023 during an interview with BlazeTV’s Glenn Beck. ‘That’s a thing I think President Trump should run on. On day one, roll out the black book.’
Patel added in an interview with conservative social media personality Benny Johnson that same year that the FBI was keeping the list private due to the high-profile names in Epstein’s orbit.
‘Put on your big boy pants and let us know who the pedophiles are,’ Patel said, aiming his remarks at Republican lawmakers.
He continued that ‘one subpoena to the FBI’ would have forced the release of the alleged list during the same interview with Johnson.
Patel, who was seen as one of Trump’s more controversial Cabinet picks, earned the praise of key senators for his public calls to uncover details on Epstein ahead of his confirmation hearings. Sen. Marsha Blackburn, R-Tenn., for example, promoted Patel’s nomination as FBI director as he would reveal details on Epstein.
‘I look forward to working with Kash Patel as FBI Director to release Epstein’s flight logs and black book,’ Blackburn posted to X following Patel’s nomination in November. ‘Under the Trump administration, the American people are going to get answers.’
Fast-forward to his confirmation hearing in January, Patel vowed he would work to uncover Epstein’s alleged vast web of crimes and connections to high-profile individuals.
‘I want to talk to you about the Epstein case,’ Blackburn told Epstein in January during his confirmation hearing. ‘I have worked on this for years, trying to get those records of who flew on Epstein’s plane and who helped him build this international human trafficking, sex trafficking ring. Now earlier I urged then Chairman Durbin to subpoena those records and I ended up being blocked by Senator Durbin and Christopher Wray. They stonewalled on this and I know that breaking up these trafficking rings is important to President Trump. So will you work with me on this issue so we know who worked with Jeffrey Epstein in building the sex trafficking rings?’
‘Absolutely, Senator,’ Patel responded. ‘Child sex trafficking has no place in the United States of America. And I will do everything, if confirmed as FBI director, to make sure the American public knows the full weight of what happened in the past and how we are going to counterman missing children and exploited children going forward.’
Patel again vowed in February that he would let no stone go unturned as Bondi demanded more documents from the FBI related to Epstein.
‘The FBI is entering a new era – one that will be defined by integrity, accountability, and the unwavering pursuit of justice. There will be no cover-ups, no missing documents, and no stone left unturned – and anyone from the prior or current Bureau who undermines this will be swiftly pursued. If there are gaps, we will find them. If records have been hidden, we will uncover them. And we will bring everything we find to the DOJ to be fully assessed and transparently disseminated to the American people as it should be. The oath we take is to the Constitution, and under my leadership, that promise will be upheld without compromise,’ he posted to X a the time.
Patel and Bongino joined Fox News’ Maria Bartiromo in May and defended that evidence showed Epstein killed himself in his New York City jail cell in 2019 – a death many speculated was not suicide, but a cover-up to allegedly protect elites wrapped up in Epstein’s crime – which sparked outrage among conservatives for their handling of the case.
‘As someone who has worked as a public defender, as a prosecutor who’s been in that prison system, who’s been in the Metropolitan Detention Center, who’s been in segregated housing, you know a suicide when you see one, and that’s what that was,’ Patel said when questioned about Epstein’s death during the interview.
As Trump supporters spoke out against the FBI and DOJ memo determining there was no Epstein bombshell, reports circulated that a rift at DOJ could lead to Patel resigning. The FBI chief denied such claims on X while also adding that ‘the conspiracy theories just aren’t true.’
‘The conspiracy theories just aren’t true, never have been. It’s an honor to serve the President of the United States @realDonaldTrump – and I’ll continue to do so for as long as he calls on me,’ he posted to X.
Back when Deputy FBI Director Dan Bongino hosted a popular national podcast, he urged Americans to keep their eyes peeled on details related to Epstein because it’s a ‘big deal.’
‘That Jeffrey Epstein story is a big deal. Please do not let that story go. Keep your eye on it,’ he told his audience in May 2023.
In January 2024, Bongino again claimed to his audience that details surrounding Epstein were shocking and that he heard from trusted sources that there were multiple videos showing Epstein with associates abusing children.
‘Ladies and gentlemen, it has been speculated by many people who are extremely credible,’ Bongino said on a podcast in 2024, ‘including multiple sources to others and to me – one I spoke to directly – that there are a multitude of tapes.’
‘This is where I get really upset at the media,’ he said later in the podcast, adding that journalists had ‘done almost like no – maybe because I was an investigator before, it’s like, I’m amazed at how few people are putting two and two together.’
Following Patel and Bongino reporting to the public that evidence showed Epstein committed suicide, Bongino posted to X that he was not asking Americans to ‘believe me, or not,’ but was telling them the facts surrounding ‘what exists, and what doesn’t.’
‘I was asked about some of the details surrounding the Jeffrey Epstein case. I have reviewed the case. Jeffrey Epstein killed himself. There’s no evidence in the case file indicating otherwise,’ Bongino posted on the social platform X after the interview. ‘I’m not asking you to believe me, or not. I’m telling you what exists, and what doesn’t. If new evidence surfaces I’m happy to reevaluate.’
Reports spread over the weekend that Bongino clashed with Bondi over the Epstein files, including allegedly raising his voice at White House chief of staff Susie Wiles before abruptly leaving a meeting. Bongino was said to be irate over Bondi’s ‘lack of transparency from the start’ over the handling of the files. Bongino is considering resigning over the matter, but no decision has been made publicly known.
Trump, meanwhile, threw his support behind Bondi in the Saturday Truth Social post while underscoring members of his administration are all on the same team.
‘What’s going on with my ‘boys’ and, in some cases, ‘gals?’ They’re all going after Attorney General Pam Bondi, who is doing a FANTASTIC JOB,’ Trump wrote in a lengthy post on Truth Social on Saturday. ‘We’re on one Team, MAGA, and I don’t like what’s happening.’
‘For years, it’s Epstein, over and over again,’ Trump continued while pinning blaming for the files on Democrats. ‘Why are we giving publicity to Files written by Obama, Crooked Hillary, Comey, Brennan, and the Losers and Criminals of the Biden administration.’
‘They created the Epstein Files, just like they created the FAKE Hillary Clinton/Christopher Steele Dossier that they used on me, and now my so-called ‘friends’ are playing right into their hands,’ Trump wrote. ‘Why didn’t these Radical Left Lunatics release the Epstein Files? If there was ANYTHING in there that could have hurt the MAGA Movement, why didn’t they use it?’
Trump, who said from the campaign trail he was open to releasing such Epstein files if re-elected, slammed a reporter on Tuesday for inquiring about the files, calling Epstein a ‘creep’ who was old news in comparison to national tragedies such as the floods that gripped Texas this month.
‘This guy’s been talked about for years. You’re asking.… We have Texas, we have this, we have all of the things. And are people are still talking about this guy, this creep?’ Trump asked. ‘That is unbelievable.’
‘I mean, I can’t believe you’re asking a question on Jeffrey Epstein,’ Trump added. ‘At a time like this, where we’re having some of the greatest success and also tragedy with what happened in Texas. It just seems like a desecration. But you go ahead.’
The DOJ and White House did not immediately respond to Fox News Digital’s requests for comment on the previous remarks from DOJ leadership ahead of the memo determining Epstein did not have a client list.
Fox News Digital’s Ashley Oliver, Brooke Signman, and Brie Stimson contributed to this report.