The Great Gold Reset is here. And this is how I’m playing it.
Hey folks,
First day back after Labor Day, and September’s already off to a busy start.
Crude’s catching a bid today. Word is “they” have been moving Iranian oil under the label of Iraqi oil.
If that sticks, you can bet more sanctions are coming.
Think Gas Is Expensive Now?
On top of that, Phillips 66 is shutting down its refinery in LA come December — that’s 139,000 barrels a day gone.
And Valero’s got a refinery closure on deck for 2026.
If you think California is paying a lot at the pump now… just wait.
The Dollar/Gold Conundrum
Meanwhile, gold just ripped to new all-time highs — $3,600.
What’s surprising isn’t gold itself — it’s the fact the dollar’s up too.
Usually you see the dollar weaken when gold’s rallying, but not this time.
Add in bonds selling off with rate cuts still on the horizon, and it makes you wonder: what does the dollar know that we don’t?
As you can see, it’s only day one of September, and we’ve already got plenty to think about.
Might be wise to put on your helmets and tighten your chin straps.
Stay sharp,
— Geof
