AGE Gold Commentary

Greetings!

July�s dismal jobs report, with weak hiring and sharp downward revisions for May and June, highlights a softening labor market. Rising tariffs are nudging inflation higher, but the real threat lies in fading employment strength�the backbone of US consumer spending. If the Fed stays restrictive despite weakening jobs, it risks undermining the economy itself.

That�s why rate cuts are increasingly likely after the Fed�s September and October meetings. The key question now: will Chairman Powell tip his hand at this week�s Jackson Hole gathering?

In this AGE Gold Commentary, we show how gold has surged after every Fed rate cut since 2007, and why the coming rate cut cycle could drive it higher once again. And while gold looks strong, silver�s upside potential looks even stronger. The latest one-year silver chart is extremely bullish.

You can also view this video on the AGE YouTube channel, which includes a transcript.

Sincerely,

Dana Samuelson
President