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Today · 2026-08-26 · Wed

Bernstein's going up the gold target for the second half of the year to $4375

ON 10 JULY, BERNSTEIN RAISED THE 2026 GOLD PRICE PROJECTION TO A TARGET OF $4375 PER OUNCE FOR THE SECOND HALF OF THE YEAR AND $4533 FOR THE YEAR. ACCORDING TO THE AGENCY, CONTINUED CENTRAL BANK PURCHASES AND THE FEDERAL RESERVE’S ESTIMATED INTEREST RATE FOR THE NEXT 12 MONTHS WILL NOT INCREASE AND WILL BE THE MAIN FACTOR UNDERPINNING THE PRICE. BERNSTEIN PREDICTS THAT THE FED WILL INCREASE INTEREST RATES BY ONLY ONE OR TWO TIMES AT MOST, AND THAT THERE WILL BE LIMITED PRESSURE FOR GOLD ETF OUTFLOWS. BERNSTEIN STATED THAT THE INCREASE IN REAL INTEREST RATES IN THE SECOND QUARTER OF 2026 HAD LED TO A FALL IN GOLD PRICES FROM $4650 PER OUNCE TO ABOUT $4,000, BUT THAT THERE WAS STILL ROOM FOR GOLD TO RISE AS INTEREST RATES WERE EXPECTED TO STABILIZE. AT THE SAME TIME, THE AGENCY WARNS THAT IF INFLATION CONTINUES TO BE HIGHER THAN EXPECTED AND PROMPTS THE FEDERAL RESERVE TO ADOPT MORE AGGRESSIVE MEASURES TO RAISE INTEREST RATES, IT WILL BE THE MAIN RISK OF RISING GOLD PRICES。

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LUTNIK URGED SK HERCULES AND SAMSUNG TO EXPAND THEIR CAPACITY TO STORE CHIPS IN AMERICA

ON 10 JULY, UNITED STATES SECRETARY OF COMMERCE LUTNIK CALLED ON TRISTAR ELECTRONICS AND SK HERCULES TO SCALE UP THE PRODUCTION OF STORAGE CHIPS IN THE UNITED STATES TO HELP ALLEVIATE THE GLOBAL SHORTAGE OF CRITICAL PARTS FOR ARTIFICIAL INTELLIGENCE DEVELOPMENT. LUTNIK CONFIRMED THAT HE WAS NEGOTIATING WITH THE TWO KOREAN STORAGE CHIP MANUFACTURERS, BUT DID NOT DISCLOSE THE DETAILS. HE ACKNOWLEDGED THAT CHIEF EXECUTIVE OFFICER MEHROTRA MIGHT NOT HAVE WELCOMED THE EXPANSION OF COMPETITION IN THE UNITED STATES, BUT LUTNIK INDICATED THAT THIS INITIATIVE WAS NECESSARY TO MAKE THE UNITED STATES CHIP SUPPLY CHAIN MORE ROBUST. “YOU KNOW THAT HE (MEHROTRA) WILL NOT LIKE THIS, BUT I WOULD LIKE TO BRING HIS COMPETITORS — SAMSUNG AND SK HERCULES — TO THE UNITED STATES TO SET UP A FACTORY” LUTNIK SAID, “AMERICAN LIGHT IS NOW IN THE LEAD. THE REST OF THE COMPANY'S GONNA FEEL SO RED, RIGHT? SO THEY HAVE TO FOLLOW."

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Goldman Sachs prohibits employees from engaging in forecasted transactions in financial and political markets

On 10 July, the Goldman Sachs Group prohibited employees from engaging in forecast market transactions, with the exception of sports and entertainment. Goldman Sachs ' personal transactions policy prohibits transactions involving incident contracts related to particular companies (including Goldman Sachs), election results or any financial market performance. Goldman Sachs stated that repeated violations of its policies by employees could lead to dismissal or closure of accounts. In the event of an improper transaction, the Bank may request the confiscation of the proceeds of an employee in excess of $200 or the donation of the employee to a charity。

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The U.S. stock is rising at the same time

On 10 July, the U.S. stock rose collectively by 0.27 per cent, by 1.3 per cent, by 0.81 per cent for the Standard 500 index, by more than 4 per cent for large technology units, by 4 per cent for American light technology, by 4 per cent for Meta and by 3 per cent for Botton and Tesla. Precious metals, storage and computer hardware plates rose by 7 per cent, by 5 per cent in the west, by 4 per cent in Dale, and by 3 per cent in Rote, Hightech and Pan American Silver。

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The Federal Reserve announces the leadership and objectives of the working group

On 10 July, the Federal Reserve announced the leadership and objectives of the working group. The Chairman of the Fed, Walsh, stated that the objective of the working group was to put the Fed in the best position to achieve its objectives, that the ad hoc working groups would operate independently and be supported by the Fed's staff; that the working group would work to improve methods and tools; and that the commitment to price stability and job maximization would be “unswerving”. The five working groups are the Inflation Working Group, the Balance Sheet Working Group, the Employment Working Group, the Data Working Group and the Communications Working Group. The Task Force was headed by a number of former global central bank governors, including Kim, Rajan, Fraga and former Federal Reserve Board member Stan。

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Meta: Exploring the AI Cloud business is a legitimate consideration of renting computing

On 10 July, Meta Platforms CEO Zuckerberg indicated that the company needed to obtain as much computing capacity as possible, but in a market where there was a shortage of resources to run and develop AI products, he was also considering whether it would be more valuable to lease part of Meta ' s AI infrastructure to an outside enterprise. Zuckerberg stated that it would be reasonable to rent computing resources or to consider such transactions. It was reported earlier this month that Meta is developing a cloud business plan - This will help companies to generate revenue directly through their data centres and other computing cooperation projects. Zuckerberg has indicated that there is certainly a potential for creating cloud operations, as long as we want to. That doesn't mean that Meta has built too much or has excess computing power. “I don't know who in the industry thinks they're overworked,” he says. He added that Meta was currently making full use of all its computing resources。

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France's highest antimonopoly investigation in England or facing a global annual fine of 10 per cent

ON 9 JULY, OFFICIALS OF THE FRENCH COMPETITION AUTHORITY CONFIRMED THAT THE ANTI-MONOPOLY INVESTIGATION AGAINST THE GREAT AI CHIP GIANT, INC., WAS NEARING ITS CONCLUSION, AND THAT THE REGULATORS WERE LIKELY TO BE QUICK TO ISSUE A FORMAL PROTEST STATEMENT ALLEGING NUMEROUS RESTRICTIONS ON MARKET COMPETITION. THE SURVEY WAS REPORTED TO HAVE STARTED IN 2023, WHEN REGULATORS RAIDED THE FRENCH BRANCH OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND, WITH THE CORE OF VERIFICATION AROUND THE ABSOLUTE DOMINANCE OF THE GPU AND AI CLOUD COMPUTING TRACKS AROUND THE WORLD. ACCORDING TO FRENCH ANTIMONOPOLY LEGISLATION, IF THE VIOLATION IS FINALLY DECIDED, BRITAIN WILL FACE A HIGH ANNUAL FINE OF 10 PER CENT WORLDWIDE。

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Iranian Revolutionary Guard Corps: United States attack “seriously disrupts” the resumption of shipping in the Strait

On 9 July, the Iranian Revolutionary Guard Corps stated that the strike by the United States forces would not only trigger a “destructive response” by Iran, but would also disrupt traffic in the Strait of Hormuz, a key shipping route. In a statement, the Revolutionary Guard Corps of Iran stated that the current volume of shipping had returned to 50 per cent of pre-war levels and attributed the current disruption to Washington's “adventure and intervention” on the route. It also stressed that “foreign forces have no interest in this land or in the Strait of Hormuz”. Kim Xian

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Iran sent a clear message to the war mediation

The former Ambassador of the United States to Tunisia, Joey Hood, stated that the diplomatic efforts of the United States and Iraq had come to an end. Hud noted that there was a pattern of Iranian attacks on merchant vessels, at least two of which were directed at Qatari vessels or vessels carrying Qatari crude oil and liquefied natural gas. He said: “Many of these attacks are not really directed at the United States, but at the Gulf States”. Hud noted that the United States military bases in the Gulf area were used mainly for training and exercises, and that the United States side did not actually deploy much personnel or equipment in those locations, much less in a state of exposure. He said that these Iranian attacks were “a signal to the Gulf States, particularly to the mediation: In this conflict, you better be on our side now”. Kim Xian

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Mask: Acknowledging that Anthony was previously underestimated, claims that he is now undoubtedly the leader of the AI industry

On 10 July, Mask stated in social media that he had “manifestly misread Anthropic”, stating that no company had published a model as good as his Mythos/Fable, and that Anthropic was expected to launch Mythos 2 soon. He claims that even if Anthropic were a competitor, he would not himself take restrictive measures that seriously harm the other party's development, “that is not my style”. Mask further indicated that Tesla had patented and opened its supercharged network to its competitors; and SpaceX launched its rival satellite system without raising prices or setting unfair terms。

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United States military operations remain relatively limited but highly susceptible to miscalculation

Abbas Aslani, a senior researcher at the Middle East Strategic Research Centre, based in Tehran, stated that the fatal strike launched by the United States was counter to Iran's insistence on the “new security arrangements” in the Strait of Hormuz. He indicated that Trump had initially viewed the interim agreement as a “release mechanism” to avoid a larger war with Iran. According to Aslani, “he is under pressure from domestic public opinion, as well as from the Israeli side, which may have been the reason why he took such action to make up for himself”. As the situation becomes more complex, the window for diplomatic solutions is shrinking. He noted that Iran viewed these strikes as an attempt to weaken its control over the Strait of Hormuz, but that despite military pressure, the Tehran side maintained its position. According to Aslani, “These recent aggressive actions are relatively limited in timing, scope and scale... Perhaps the United States is not willing to ignite a keg of gunpowder for regional conflicts”. However, the situation remains extremely volatile. “This is tantamount to playing with fire, and any miscalculation could lead to a situation out of control, which could lead to a regional war. Although that is not yet the case, it is highly likely that this will happen.” Kim Xian

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Meta dived at 4%

On 9 July, Meta fell 4 per cent in front of the plate. According to the news, Meta plans to start producing IRIS artificial intelligence chips in September, and plans to double the computing capacity to 14 GW next year. Meta plans to deploy a 7-Jiva computing infrastructure this year. To expand the computing infrastructure, Meta has entered into long-term, multi-year supply agreements, as shown in the memorandum. These include a memory chip protocol with Samsung electronics, a flash memory protocol with Sandisk, and a fibre-optic device agreement with a fellow electrician。

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