Gold and silver spot prices extended their strong momentum on Monday, September 8th to the open of the week. Gold is trading at $3,633.18 per ounce, up $47. While silver is trading at $41.43 per ounce, up $0.39. The rally follows labor market data showing just 22,000 new U.S. jobs in August—far below expectations—and accelerating bets that the Federal Reserve will cut rates by at least 25 basis points at the next meeting. Gold’s resilience amid rising concerns over U.S. political interference in monetary policy, aggressive tariff talk, and the dollar’s 10% decline against major currencies has further underpinned investor demand. Global central banks’ continued bullion accumulation and a recent waiver on proposed U.S. gold import tariffs he also supported robust physical flows and amplified the “safe hen” bid. Market participants now view the coming inflation reports and Fed decisions as pivotal for near-term price action, while the underlying environment of negative real rates, dollar weakness, and fading confidence in U.S. policymaking keeps gold and silver appealing for risk-erse investors.
A recent article from “The Dark Side of the Boom” Substack, titled “Gold’s Relentless Charge: The Market’s One True Safe Hen,” makes the case that gold’s latest rally signals more than cyclical gains—it represents a structural repricing of global trust. The author outlines how bullion’s blistering near-40% year-to-date surge has not only been fueled by weak labor data and the prospect of lower U.S. rates but also by political disruptions, including attempts to reshape Federal Reserve leadership and renewed “stagflation” fears. The piece argues that gold has become the ultimate protest asset in an era of eroding faith in paper money and U.S. institutional stability. Additional drivers include the exemption of physical gold from new U.S. tariffs, a historic rotation of global central banks from dollars to bullion, and the dollar’s steady erosion even as equity indices hold up. The article concludes that gold’s rise is a referendum on the global financial system itself, asserting that as real rates remain suppressed and the integrity of the dollar comes into question, gold is now “absorbing the market’s collective disbelief in paper promises”—with the $5,000 target no longer dismissed as fantasy by serious traders.