➡ China is speeding up its efforts to make the yuan a global currency, using gold as a reliable guarantee in international trade. The upcoming BRICS Summit in July will showcase this shift, featuring a network of gold vaults built outside China and controlled locally. This allows trade partners to use yuan while keeping gold as a stable asset, reducing reliance on the U.S. dollar. The summit will also discuss other financial and precious metals news.
➡ The market for gold, silver, and platinum is fluctuating. Gold’s value is decreasing, while silver is stable, possibly due to investors selling gold and hoping silver’s value drops. Platinum’s value is also unstable, but it’s not influenced by geopolitical factors like gold. Lastly, palladium’s value is dropping as investors sell it to buy platinum.

China is accelerating efforts to internationalize the yuan using gold as trusted collateral and global trade. The July BRICS Summit will highlight a shift from rhetoric to infrastructure, featuring a decentralized network of gold vaults built outside China and controlled locally. This structure allows trade partners to settle in yuan while holding gold as a neutral, stable asset. Functionally replacing U.S. dollar reliance and key payment chains. Welcome to the Morning Markets and Metals with Vince Lancey. Where each morning Vince brings you the financial and precious metals news to get you ready for your day. And now, here is Vince.

Good morning everyone. I’m Vince Lancey and this is Friday’s gold fix market rundown. It’s 8.11 a.m. PCE Day, the final data point of the week and the markets are not looking up or looking forward to this data. Okay, there’s the home page. I want to draw your attention to the front and center. The BRICS 2025 post put out on May 24th. China builds a global gold vault network. Says it all. That’s part of a five post suite we did between May 23rd and May 27th. Covering what we believed and are proven to be correct are the BRICS agenda and public facing interest this July.

The lower right hand side, there’s a post titled Unlocked, the complete BRICS 2025 summit analysis. What we’ve done today because of the increased interest in the event coming up is we’ve taken these five posts and we’ve unlocked four of them. Touching on everything we think will come out of the event. I’m sure we’ll be surprised, but the categories are Enbridge, whatever happened to it. What is this gold vault thing that they’re doing? What is the gold vault thing in context of one, your one internationalization? And finally, in another post, we discuss it as another stepping stone towards partial global de-dollarization.

So that’s what we’re going to discuss today. And of course, we’re going to discuss the markets. Tenure yields are up two and change. The dollar is 97.25 down nine. The S&P 500 is up 20 at 61.64, very light days. The market’s still going higher. VIX, 16.25 down 35, back to the old days. Gold, 32.76 down 50, near its lows of the session. Silver, 35.96 down 64. Copper, 497 down five. WTI, 66.70 up 53. Natural gas, 351 up nine. Bitcoin, 106 spot 900 down almost nothing. Palladium down seven and change at 1125. Platinum down a whopping 5.4% at $76 lower.

1343 still above 1300, but close to my signal to be nervous. Gold, silver, marginally higher at 9106. And you can see grains are all strong with soybeans, the weakest of them all. OK, we will discuss gold and silver. But if you’re looking at the whole board there, there are a couple things at play here. One is perhaps there’s more peace news. I don’t think so. But you could see by the behavior of the metal suite that you have a violent undoing of the last two weeks undoings. So call it a retracement back to the old days.

Somebody got something to crack, probably a gold long pute. And then everything started getting hammered along with it in sympathy. I pretty much have an idea of who is hammering along hammering things along in sympathy. But well, we’ll talk about it more. I will say I did say platinum was overbought and I did take off three quarters of my own position. So let’s see if this is a dip to buy or the beginning of a violent reversal. Onward and upward. The complete BRICS 2025 summit analysis. What is this? Well, just as an intro, July appears significant for several reasons.

Basel three implementation looms, although its enforcement remains uncertain. Seasonally, July has historically delivered strong performance for gold up almost every July going back years. The summer is a come rallying period until September when the bottom usually falls out. Over the past 30 years, the metal has shown a positive average return during this month aligning with broader summer strength and precious metals. You can see I just basically add lip to my own statement there. Often the volatility of September comes in and just ruins everything for a couple months. But for gold market observers in 2025, the central event is neither seasonal nor regulatory.

It’s geopolitical. The upcoming BRICS summit, scheduled for July 6th through 8th, immediately following the U.S. Independence Day holiday, will be the focus. China is accelerating efforts to internationalize the yuan using gold as trusted collateral and global trade. The July BRICS summit will highlight a shift from rhetoric to infrastructure, featuring a decentralized network of gold vaults built outside China and controlled locally. This structure allows trade partners to settle in yuan while holding gold as a neutral, stable asset, functionally replacing U.S. dollar reliance in key payment chains and U.S. treasuries as stores of value. Oral exporters and emerging economies stand to benefit.

We’ve cataloged these developments partly in collaboration with Bai and Eric Young over the years. But let’s talk about now, sorry, our full BRICS summit series, previously premium, is now unlocked for free subscribers. And it continues in the post, the complete BRICS 2025 summit analysis emailed to everyone who has signed up this morning with its own summary of what we think is going to happen. Now, related posts, non-BRICS related, Goldfix PM, is China’s hunt brother buying platinum now? Just speculation, but it makes a lot of sense when you consider that. Bianchi Ping, I’m not sure if I’m saying his name right, took J.P.

Morgan to the woodshed in 2024 and then announced about two months ago he was buying copper. And then, of course, platinum rallied. So he probably was buying more than copper. Next, a special founders report. Gold exotics are back. You may remember a report we put out here, a breakdown of a Goldman report saying that the 6040 legacy portfolio is dead and that instead of bonds, gold and oil should be added in or substituted for some bonds. Well, Goldman has some product out, and we say that in a nice way. They have some ways that their clients are now beginning to express that opinion by buying gold and earning a dividend on it.

Basically, it’s a gold bond. It’s a good idea. They’ve been around for years, but they’re a good idea. Yesterday, we noted and broke down Howard Marks’ statement that he believes we are repealing the laws of economics. We also, we don’t do a lot of individual equities here, but that’s our roots as an analyst. We saw some brutal analysis that slammed Tesla at the robo-taxi level by GLJ, had tipped a zero hedge for that, and we took that report and just broke it down and gave you all the good bits as well. They call it a woeful flop.

I mean, it’s so negative that we had to add something positive at the end, just so we didn’t go out and short the stock ourselves. We walked away from that going, my God, I hate Tesla, but it’s a little bit biased, more than a little bit, and then unlocked the complete BRICS 2025 Summit analysis. The data on deck today is PCE. It’ll probably be out by the time you see this. Inflationary indicator, assume that it’s lower again. I’m not sure what that will bring, but it should bring some relief for gold if it comes out that way.

Charts and final market check. All right. Let’s start with gold. This is a reaction. More analysis needs to be done, but I don’t like it. Of course, it’s lower. So how smart is that to be bearish when it’s lower? No. What I mean is it’s below a 50-day moving average. That means nothing to me, but to hot money, it will mean something, and you’ll see sellers come in. Now, I am looking for, though, I expect those sellers to come in, CTA’s, Momentum Funds, probably Shanghai as well. And I want to see how it holds in that bottom yellow line that I have there.

That yellow line is where we had seen many times part of a range where Chinese insurers and central banks had been buying. You could see that it got down to the 50-day way back in May, May 14th, 15th, and it rejected it violently. It is now below it again. The difference is it’s below it with a flattening of the moving average. So it’s bearish. There will be more selling. Let’s see if the knife is caught between $32.41 and $31.78. I don’t know. Let’s move on to silver, which I feel a little more confident in. Silver’s behavior, it’s down $0.59, is noise.

That’s noise, okay? Silver’s just fine. You could make the case that below here you want to get a little nervous, and you know what? I don’t disagree with you. But I’m not nervous all the way down to $35, really $34.70 is where I start to get nervous. I am long. It’s expressed with options and some light futures length. I’m slightly in the money. No, wait, I’m out of the money as of now. Okay, so I’m basically scratching. I bought it on a break of this structure, basically. On a break of this structure, I wanted to buy it, and then I bought it in here.

Anyway, so silver doesn’t look bad, which, if you think about it, gold looks like crap to me, potentially, and silver looks okay, which is symptomatic of or a representation of the gold-silver spread unwinding all of that bullishness in gold, all that geopolitical risk. So, you know, the gold-silver spread is barely budging with gold down $49. Silver is marching to its own tune, and I believe it’s being marked lower by people that are short silver and long gold, and they are selling their gold and hoping the silver keeps going lower. We’ll see if I’m wrong about that.

Platinum. Platinum wasn’t an easy call to get out of my length, but it certainly was crazy. You may or may not recall. We said, I’ll spread this out a little bit. We said, here’s your measured move, sometimes called official, and above this area to get long, and that was above 1309. 1327 was another probably tippy-top area to get long. We got along at 1338, and we did sell it yesterday, three-quarters of it. Now we’re along 25% of that position, and while we’re hurting on that remaining 25%, we’re still in the money. Is this a dip to buy? Well, I think anyone who says it’s not a dip to buy is short.

How’s that? Below. I’m going to focus a little bit here because I have it on. If it gets below 1325, I think 1300 will become another magnet, and so the gravitational pull of that strike will pull it back, and I think that the market, at best, I think the best thing for another move higher in platinum is for the market to get to 1300 and stay there and let everybody get comfortable again. If it gets under 1300, I don’t know what will happen. Is it a buy here? Well, the difference between platinum and other metals is gold specifically, is platinum is not geopolitical.

So right now, hot money is puking, and they will continue to puke. Palladium, well, palladium is only down seven. Why is that? Because there are a ton of people out there that are selling their palladium to buy their platinum. They’ve been doing that for the last week, and now they’re just done with their palladium shorts, and they’re probably puking their platinum loans. Hard to say, but the whole complex is all about selling everything to buy gold and now unwinding everything to buy, unwinding everything to sell gold. Okay? I’m Vince. It’s A27. Have a great day. Well, believe it or not, we’re almost to the end of another trading week, and hopefully you’ve had a good time all week here checking in with Vince Lancy and as well as the other shows that we have going on throughout the week.

Hopefully it’s been helpful during these somewhat chaotic times, so thank you for being here. Thank you, Vince, for recording that show each morning, and also would like to thank Dolly Barton Silver, who is kindly a sponsor of the Arcadia channel and brought us today’s show with Vince. Vince was really fun catching up with the CEO of Dolly Barton, Sean Kunkin, on Monday, where we did a deep dive into why the silver price really got clobber during that decade back in the 2010s when we still had quantitative easing and zero percent interest rates, yet the silver price came down, and fortunately, that’s a topic I’ve been wanting to unravel for quite a while, which we did there, and at the end of that call, Sean gave a great overview of what’s going on at Dolly.

We chopped that one out, and if you’d really like to get a better feel for what they are doing, especially now that they’ve increased their land package and are out drilling, well, as I wish you a good weekend, I will also let you know that that video with Sean is coming your way now. Thank you, Vince. [tr:trw].

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