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There was a lot of news today that, on balance, didn't move the needle much in the financial markets, which are marking time until August's PPI and CPI reports are released on Wednesday and Thursday, respectively. Let's review all the non-events today:
(1) Gold & geopolitics. The nearby futures price of gold jumped to yet another record high of $3,707 per ounce this morning on news that Israel attacked the leadership of Hamas in Doha, Qatar. Profit-taking pared some of the gain by early afternoon. The gold spot price is on track to reach our $4,000 target by the end of this year (chart). That has been our target since the price rose above $3,000 earlier this year. We turned bullish on gold when it rose above $2,000 last year.
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