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Housekeeping: Good Morning.

“The reset is a process, not an event.”

Today

* Discussion 1: Gold Soars $145 in 48 hours as China Takes Charge

* Discussion 2: Goldman: Gold to Continue Outglittering Silver

* Price Action decoded

Analysis:

Goldman: Gold to Continue Outglittering Silver

We believe this is an attractive entry point for long-term gold exposure. Speculative positioning is light and has significant room to rebuild.

The gold-silver price ratio, which historically traded in a 45-80 range, has broken out of this range since 2022. Since the freezing of Russia’s reserves in 2022, gold has structurally decoupled because of the fivefold increase in gold purchases by central banks, which don’t buy silver.

Comment: This is how crowded trades start

Full analysis here

Data on Deck:

* TUESDAY, MAY 6 8:30 am U.S. trade deficit March-$136.0B-$122.7B

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Summary and Final Market Check…