August 8, 2025 - (Gold Market Wire) - Gold's long-term rally is still intact, as the gradual inching forward reaches the shot for a new all-time high. Closing out the week at a new high will be a very strong signal, and our chance to establish length for the trading book.

The weekly gap, as it stands now is positive. The overhead downtrend has been cleared. We need to close above that line, or preferably at new all-time highs, to re-establish the trading length we shed last week. Fortunately the "Trump Nuclear Subs" news, which caused the market to rocket higher, when it was about to sell-off - interrupted our selling program, and only a portion was sold. Sometimes you get lucky.

The news of an up-coming meeting between Putin and Trump - with no EU representation - in the UAE(?) as early as next week, could calm the tension in the market somewhat. We note that Trump has acted quickly, and through a personal representative, in Witkoff, to arrange the summit. It appears he is aware that he must use the month of August, when Washington is mostly closed, to circumvent the Lindsey Graham's of the neo-con wing of US politics, to accomplish anything. But with Russia in control of the battlefield, it is hard to see what can be accomplished. Putin is going to demand that NATO abandon its attempts to have Ukraine become a member. And that a such an 'agreement' is going to have to be set in stone. The Western adherence to agreements has a poor record, and Putin is going to be guarded.

Lastly, the levy of a 39% tariff on Swiss gold exports to the USA has put a new twist into the game. One must ask if this could create a shortage on the COMEX whose contract 'spec' is for physical delivery. We must ask "is everyone going to stand for Delivery this month", to avoid the tariff? We certainly would!

Is COMEX. about to emptied? Or the contract novated?...while physical trade moves to the Shanghai Exchange, Singapore and Dubai? If delivery demands soar, the much anticipated "scramble for physical" may commence in earnest. That may be a sight to behold.