The market now puts the odds of a Fed rate cut this month at zero, with a hike and a hold running roughly even. Gold came off its best month since January anyway, up more than 10 percent, though still about a fifth below its record.
This week Jeremy Szafron sat down with a man who spent 15 years inside the room that sets rates, and two others who trade on what it does. None of them spoke to each other. All landed on the same problem: the rules that used to explain this market have stopped working. Plus two stories nobody else covered: the metal you can’t build a Tomahawk without, which has no futures market, and why America still values its gold at $42 an ounce.
Jim Bullard, who ran the St. Louis Fed for 15 years, on the committee split and central banks moving out of Treasuries into gold. Phil Streible of Blue Line Futures on why a rate hike would be a policy mistake and the wrong kind of inflation. John Feneck of Feneck Consulting on tungsten, the miner rule investors get backward, and the rotation out of AI he sees before March.
Recorded September 3, 2026.
Watch the full interviews:
Jim Bullard:
Phil Streible:
John Feneck:
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44 Comments
Update, and it cuts against two of my guests.
August payrolls came in at 162,000, topping every estimate in the Bloomberg survey, with July's job losses revised away and unemployment steady at 4.1%. Hike odds for the 16th went from a coin flip to about 58%. A cut is still at zero.
Both Phil Streible and John Feneck built their case on a soft labour market. That case took a hit today.
Jim Bullard did not. At 9:45 he said 20 or 30 other measures showed the labour market in equilibrium and that a weak monthly print does not mean something is breaking. That is the read that held.
Consumer prices on the 11th now decide it.
Asia doesn't care
Thankyou. Your interpretation/ summary of guest comments is excellent for lay-person understanding of some of their financial jargon
Gold always sucks on Labor Day. The manipulators are getting drunk
This style of summary reviews is excellent
TRUMPFLATION NOW WORDE
GOLD AND SILVER ARE REAL MONEY !!!
The market decides the rate and the Fed follows. The only rate they control is the overnight rate. Proven fact on their timing of whether to increase or decrease.
please interview Jeff Currie one of these days!
SLVR vs GDX
What a great episode Jeremy!…so many great tips!
Jeremy, I read somewhere that between 70,000 to 75, 000 jobs were teachers being hired for the new school year in the US.
I AM NEVER TRADE 'GOLD' AGAIN
Great overview and synopsis of important information. Thanks!
Futures is a fing rigged game 😅😅😅😅😅 good luck with that
Thank you very much for this summary. . . very helpful when I cannot watch all the videos.
"American Gold" 🤦♂️
Fed is unable to cut rate by Kevin Warsh alone , then, Trump made tbhe fed become useless for market and Trump will do his own to lower the rate by Treasury department buyback operation.❤
LACK of faith? Have anyone had a slightest glimmer of faith in FED?
ដាក់បកប្រែអស្សខ្មែឲផងអត់ចេះមើលទេអគុណច្រើន
Anyone who is or has worked in government or banking are lying.
Thx. Apopreciate these interviews and insights.
Nice work as usual Jeremy. Keep us updated💪🫶
Marking U.S. gold to market wouldn’t move gold spot — it’s just an accounting update. The Treasury doesn’t buy or sell gold at the statutory price, so changing that number has zero impact on global supply, demand, or market pricing. Spot is set by global supply and demand, not by U.S. accounting. (U.S. statutory prices are accounting fiction, not market anchors.)
There is one scenario where a U.S. revaluation might influence gold spot: If the revaluation signals a loss of confidence in the dollar.
Weekly wraps are great, thank you!
The FED ended massive stagflation and hyperinflation before by raising rates. That's all that worked.
Just gave me a chance to buy more precious metals at a lower price.
He recognizes any interventions distorts proper market signals, right? This is part of WHY we have so many issues. They do no and CANNOT make the right decisions for the economy
Having 2 or 3 jobs doesn’t mean economy is fine it means people are suffering from inflation.
It is a false to claim rules when you know it's been manipulated by the US for decades?
A wealth of great info here. Thank you.
The “costs” of owning physical metals is infinitely better than the “costs” of not owning metals when the market shits the bed. 🤷🏻♂️
Gold should be 20k+
Your past guest mentioned NovaGold and I guess you might like to know it’s just printed (on the hourly) a perfect cup and handle.
Try to pay down some of your debt and also buy some PHYSICAL silver each month. Even a few old Mercury dimes each month from your local coin shop will only set you back about $4.50 each. You still have time to prepare but time is running out. $40 + TRILLION dollars and counting in debt. Those old dimes are 90% silver and right now nobody wants them so you can buy them under spot. Here's the best part – YOU AREN'T SPENDING MONEY. YOU ARE CONVERTING ONE FORM OF MONEY (paper dollars) INTO ANOTHER FORM OF MONEY ( physical silver). ALL YOUR MONEY IS STILL THERE!!!! Just in a different form.
Trump welcomed today's job figures, again called for lower interest rates, Will swarsh deliver?😂
Private equity debt may be the real issue. If this collapses there’s no one to turn to.
Gold is following the rules. We are in recession.
Total US Government Debt = 40,127,803,657,421.12
What is the best way to get tungsten exposure on a brokerage account?
if you think the market is rigged, you’re not supposed to be in it.
if you think it’s tradeable, you’re already making money.
Bullard, “Immigration policy has changed….” Ya think, Jim? Millions invading the country and now NOT? Cause and effect? Uh-huh.
Whether a person invests or not, whether a person agrees or disagrees with what is said here, i find the conversation interesting and stimulating. I don't watch mainstream TV anymore for the crap entertainment. This channel has it all.
Systems unraveling….. Many historical market relationships are performing very differently.