EM LATAM CREDIT: InRetail: Debt Tender Offer - Positive

SPX: 6,442.8 (+0.4%); DJIA: 45,217 (-0.2%/-79pts); NDX: 23,404.9 (+0.7%).

Spot gold pushes to a fresh all-time high of $3,556/oz, with bullion now up ~7.5% from the August 20 low. Spot is on track for its longest streak of daily higher highs since 2022, which was only previously surpassed in 2017. Clearly, gold remains in a technical bull cycle, which has been strengthened by the breach of key prior resistance at $3500.1, the Apr 22 high. The next objective is the $3600.00 handle.

• Gold’s breakout over the past few weeks has been spurred by fresh concerns around Fed independence amid the ongoing Governor Cook saga. Meanwhile, fears around fiscal pressures (and the associated threat of future government debt monetisation) continue to provide a background tailwind. There hasn’t been an obvious specific driver of today’s 0.65% rally.
• World Gold Council data on August’s ETF flows and central bank purchases should be released later this month.
• Silver’s recent price action has also been impressive, with spot pushing through $40/oz yesterday before consolidating around $41 today. The next objective is  $41.064, the 1.764 projection of the Apr 7 - 25 - May 15 swing.

• Continued unwind in the German, in the back of the Buxl leading the Gains in Germany.
• After reaching its steepest level since March 2019 the 5s/30s is back below Opening levels.
• US Cash Tsys is also richer, while the belly underperforms, and curves are leaning flatter.
• Saw the Initial small resistance moving down to 129.18 in Bund, and this level has so far held, printed a 129.16 high.