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Housekeeping: Good Morning

Featured Analysis:

In Other News:

Data on Deck: FOMC

MONDAY, JULY 6

* No major US releases

TUESDAY, JULY 7

* 9:45a S&P Global Services PMI (prev 50.7 → est 51.3)

* 10a ISM Non-Manufacturing PMI (prev 54.5)

WEDNESDAY, JULY 8

* 8:30a Trade Balance (prev -55.90B → est -78.80B)

THURSDAY, JULY 9

* 2p FOMC Meeting Minutes

FRIDAY, JULY 10

* 8:30a Initial Jobless Claims (prev 215K)

* 10a Existing Home Sales (prev 4.17M → est 4.20M)

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Housekeeping: Good Morning

Featured Analysis:

In Other News:

Data on Deck: Nonfarm

MONDAY, JUNE 29

* 12:35p FOMC Member Barkin Speaks

TUESDAY, JUNE 30

* No major US releases

WEDNESDAY, JULY 1

* 9:45a Chicago PMI (prev 62.7 → est 55.7)

* 10a CB Consumer Confidence (prev 90.6 → est 94.4)

* 10a JOLTS Job Openings (prev 7.585M → est 7.280M)

THURSDAY, JULY 2

FRIDAY, JULY 3

* Bank Holiday

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Housekeeping: Good Morning

Featured Analysis:

In Other News:

Data on Deck: Nonfarm

MONDAY, JUNE 29

* 12:35p FOMC Member Barkin Speaks

TUESDAY, JUNE 30

* No major US releases

WEDNESDAY, JULY 1

* 9:45a Chicago PMI (prev 62.7 → est 55.7)

* 10a CB Consumer Confidence (prev 90.6 → est 94.4)

* 10a JOLTS Job Openings (prev 7.585M → est 7.280M)

THURSDAY, JULY 2

* 9a Fed Governor Warsh Speaks

* 3:15p U.S. President Trump Speaks

FRIDAY, JULY 3

* 8:30a Nonfarm Payrolls (prev 172K → est 114K)

* 8:30a Unemployment Rate (prev 4.3% → est 4.3%)

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This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit vblgoldfix.substack.com/subscribe

This is a free preview of a paid episode. To hear more, visit vblgoldfix.substack.com

Housekeeping: Good Morning

Featured Analysis:

In Other News:

Data on Deck: Nonfarm Payrolls

MONDAY, JUNE 29

* 12:35p FOMC Member Barkin Speaks

TUESDAY, JUNE 30

* No major US releases

WEDNESDAY, JULY 1

* 9:45a Chicago PMI (prev 62.7 → est 55.7)

THURSDAY, JULY 2

* 9a Fed Governor Warsh Speaks

* 9:45a S&P Global Manufacturing PMI (prev 55.1 → est 55.7)

FRIDAY, JULY 3

* 8:30a Nonfarm Payrolls (prev 172K → est 114K)

* 8:30a Unemployment Rate (prev 4.3% → est 4.3%)

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A GoldFix- Competent Investor Joint Presentation

Tom Bodrovics sat down with Jesse Felder, founder, editor, and publisher of The Felder Report, for a wide-ranging discussion on oil, market sentiment, AI, and where investors may be missing the real opportunity.

The conversation focused on the sharp disconnect in today’s energy market. Jesse discussed how oil inventories have fallen toward historic lows while institutional investors remain deeply bearish on the sector. That gap between fundamentals and positioning, he argued, may be one of the most important signals in markets today.

They also covered the potential impact of depleted strategic petroleum reserves, future demand for oil, and the geopolitical backdrop that could continue to pressure supply. Jesse explained why energy may still be undervalued even after a strong five-year run, especially as investor attention remains concentrated on AI and a narrow group of technology stocks.

The discussion also touched on cash flow, capital discipline, and the broader risk of investors chasing the most crowded parts of the market while ignoring sectors with improving fundamentals.

For viewers looking to better understand today’s market setup, Jesse brings a seasoned, contrarian perspective shaped by years in hedge funds, research, and publishing.

Tom Bodrovics

Jesse Felder

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Housekeeping: Good Morning

Featured Analysis:

In Other News:

Data on Deck: NFP

MONDAY, JUNE 29

* 12:35p FOMC Member Barkin Speaks

TUESDAY, JUNE 30

* No major US releases

WEDNESDAY, JULY 1

* 9:45a Chicago PMI (prev 62.7 → est 60.0)

THURSDAY, JULY 2

* 8:15a ADP Nonfarm Employment Change (prev 122K → est 118K)

* 9a Fed Governor Warsh Speaks

* 9:45a S&P Global Manufacturing PMI (prev 55.7 → est 55.7)

FRIDAY, JULY 3

* 8:30a Nonfarm Payrolls (prev 172K → est 114K)

* 8:30a Unemployment Rate (prev 4.3% → est 4.3%)

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Week Snapshot: Battle

* Day 1- down… OI comes in 1.5k as longs puke

* Day 2- down, OI +5k as shorts pile in

* Day 3- Longs buy in AM, Shorts sell in PM. OI +7k

* Day 4+ 5- shorts add more in down move +1.5k

* Day 6- shorts add again 5.5k in down move

* Day 7- New Longs buy into short selling- possible fish hook

* Day 8- New longs buy into selling- fish hook… banks covered some as well

* Failed fish hooks become bear flags

* market has to rally tonight or its LIKELY another cycle lower and the news is not good so far on war front.. last time it was bullish for Gold

CFTC COT FLOWS

* Producers: closed shorts for profits

* Endusers: Added to Longs losing

* Short Banks: Opened shorts for profits

* Long Banks: puked longs lost money

* Long Funds: Added to losers

* Short Funds: Added to winners

* Macro D- Added longs and shorts

* Retail: puked longs

Terminology:

* Closed shorts = winner; Covered shorts = loser

* Got Long = Winner; puked longs = loser

Conclusions:

* Producers and endusers are back to regular business

* Banks are playing short and getting increasingly confident BUT

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Housekeeping: Good Morning

Featured Analysis:

In Other News:

Data on Deck: NFP/ Employment

MONDAY, JUNE 29

* 12:35p FOMC Member Barkin Speaks

TUESDAY, JUNE 30

* No major US releases

WEDNESDAY, JULY 1

* 9:45a Chicago PMI (prev 62.7 → est 60.0)

THURSDAY, JULY 2

* 9a Fed Governor Warsh Speaks

* 9:45a S&P Global Manufacturing PMI (prev 55.7 → est 55.7)

FRIDAY, JULY 3

* 8:30a Nonfarm Payrolls (prev 172K → est 114K)

* 8:30a Unemployment Rate (prev 4.3% → est 4.3%)

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This is a free preview of a paid episode. To hear more, visit vblgoldfix.substack.com

Housekeeping: Good Morning

Featured Analysis:

In Other News:

Data on Deck: GDP

MONDAY, JUNE 22

* 9a FOMC Member Waller Speaks

TUESDAY, JUNE 23

* 9:45a Flash Manufacturing PMI (prev 55.3 → est 54.6)

* 9:45a Flash Services PMI (prev 50.9 → est 51.0)

WEDNESDAY, JUNE 24

* 8:30a Current Account (prev -191B → est -219B)

* 10a New Home Sales (prev 622K → est 637K)

THURSDAY, JUNE 25

* 8:30a Core PCE Price Index m/m (prev 0.2% → est 0.3%)

* 8:30a Final GDP q/q (prev 1.6% → est 1.6%)

FRIDAY, JUNE 26

* 10a Revised UoM Consumer Sentiment (prev 48.9 → est 50.0)

* 10a Revised UoM Inflation Expectations (prev 4.6%)

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