LWS Financial Research

📈 LWS Financial Research's Model Portfolio continues to outperform the S&P 500, both in 2026 and since its inception in September 2022. As of October 16, 2026, the portfolio has delivered a 34.9% year-to-date return, compared with 17.85% for the S&P 500 Total Return Index in euros, outperforming the benchmark by 17.05 percentage points. Since September 2022, the Model Portfolio has gained 247.7%, versus 77.1% for the S&P 500, representing 170.6 percentage points of cumulative outperformance. The investment philosophy behind these results is straightforward: buy assets below their intrinsic value and remain patient until the market recognizes that value. Simple in principle, difficult in practice. Source: LWS Financial Research, @albertrjf. #ValueInvesting #PortfolioPerformance #SP500

Trump’s Venezuela Oil Megadeal Faces Major Operational and Financial Hurdles Reuters reports that North American Blue Energy Partners (NABEP), led by Venezuelan businessman Alejandro Betancourt, faces significant challenges in developing 17 Venezuelan oilfields with an estimated 64 billion barrels of reserves. The agreement gives the U.S. government a 35% stake in NABEP’s parent company and the right to purchase 20% of production at extraction cost. NABEP aims to increase output from approximately 224,000 barrels per day in mid-October to over 1 million bpd. However, Reuters interviewed 15 industry sources who described deteriorating infrastructure, contractor payment delays, equipment shortages and difficulties recruiting skilled workers. Around 80% of the 4,000 inactive wells in the Maracaibo basin require repairs. Rice University energy expert Francisco Monaldi estimates that only around 10 billion barrels could realistically be developed within Venezuela’s 25-year legal framework, even under favorable conditions. NABEP claims to have invested $1 billion of its own capital since 2024 and says it does not plan to seek external financing. The company has secured 60 drilling rigs, although only three are currently operating in the Orinoco Belt, with another three expected to follow. Venezuelan officials estimate that reaching 1 million bpd could take six to seven years. Meanwhile, the country’s total crude production remains near 1.2 million bpd. Betancourt has previously faced money-laundering investigations linked to alleged PDVSA embezzlement. The U.S. investigation was suspended in 2026, and he has not been charged with any crime. The first shipment under the agreement, comprising 1 million barrels, arrived in Texas this week. NABEP confirmed that the cargo was provided to the United States at no cost.

Chile’s copper commission, Cochilco, has sharply cut its 2026 production forecast to 4.94 million tonnes, down 8.4% YoY, compared with its previous estimate of 5.27 million tonnes. Lower ore grades, maintenance and operational disruptions are weighing on output. BHP’s Escondida and Spence mines, together with Codelco, account for 77.3% of the national production decline. Chile’s copper output fell 15.1% YoY in September, while Codelco expects production to stagnate near 1.3 million tonnes annually over the coming years. For 2027, Cochilco now forecasts 5.08 million tonnes, down from its previous projection of 5.55 million tonnes. Despite weaker production, Cochilco raised its copper price forecasts to $6.18/lb for 2026 (from $5.95) and $5.95/lb for 2027 (from $5.10), citing mining supply constraints and a refined copper market with limited capacity to absorb further disruptions.

🛢️ U.S. oil and gas drilling activity remained unchanged for the third consecutive week, with the total rig count holding at 603, according to Baker Hughes $BKR. For the week ending October 30, oil rigs increased by two to 462, their highest level since early October, while natural gas rigs declined by two to 130, their lowest since early September. Miscellaneous rigs remained unchanged at 11. Despite the weekly stagnation, the total U.S. rig count is 57 rigs, or 10%, higher than a year earlier. Wyoming recorded an increase of two rigs to 18, its highest level since June 2025. The recovery follows three consecutive years of declining drilling activity. U.S. rig counts fell 20% in 2023, 5% in 2024 and 7% in 2025, as producers prioritized shareholder returns and debt reduction over production growth. However, higher oil prices linked to supply disruptions from the Iran war are expected to support activity in 2026. According to the U.S. Energy Information Administration, American crude oil production is projected to rise from a record 13.7 million barrels per day in 2025 to 13.9 million in 2026. Meanwhile, U.S. natural gas production is expected to increase from 107.6 billion cubic feet per day to 112.2 billion, supported by growing electricity demand from data centers and expanding LNG exports. #BakerHughes #OilAndGas #EnergyMarkets

🛢️ Saudi Arabia's crude oil exports appear to have increased in October despite Iranian attacks on shipping in the Persian Gulf and reported Houthi strikes against Saudi energy facilities, according to two of three tanker-tracking firms. TankerTrackers.com estimates Saudi crude exports averaged 7.9 million barrels per day in October, up from 5.8 million bpd in September. Preliminary data indicate approximately 3.32 million bpd were shipped from western ports and 4.55 million bpd from eastern terminals. Petro-Logistics also reported stronger Saudi exports, supported by a recovery in shipments from the Red Sea port of Yanbu. However, Kpler's estimates tell a different story, showing exports declining to 5.72 million bpd from 6.7 million bpd in September. Petro-Logistics noted that total flows through the Strait of Hormuz have fallen by 2–3 million bpd from their early-October peaks, even as overall Saudi exports remain relatively strong. Significant uncertainty surrounds the figures, as many tankers have disabled tracking signals because of security risks. Analysts increasingly rely on satellite imagery, port observations and alternative data to estimate shipments. The estimates remain preliminary and may be revised as additional information becomes available. #SaudiArabia #CrudeOil #EnergyMarkets

🛢️ Imperial Oil $IMO , majority-owned by ExxonMobil $XOM, beat Q3 2026 earnings expectations as surging refining margins more than offset weaker crude oil production. Adjusted earnings reached C$5.11 per share, exceeding the C$4.70 consensus, supported by stronger downstream profitability amid global fuel supply disruptions. Downstream earnings surged to C$1.56 billion (US$1.12 billion), compared with C$444 million a year earlier, benefiting from higher refining margins and a more favorable product mix. The Iran conflict and attacks on energy infrastructure in the Middle East and Russia have tightened global supplies of diesel, gasoline and jet fuel. Meanwhile, Brent crude averaged $89.27 per barrel during Q3, up more than 31% year over year. Despite stronger profitability, refinery throughput declined to 381,000 barrels per day from 425,000 bpd, reflecting unplanned outages, a third-party pipeline disruption and scheduled maintenance. Petroleum product sales increased to 474,000 bpd from 464,000 bpd, supported by higher export volumes. In the upstream segment, production fell to 418,000 barrels of oil equivalent per day from 462,000 boepd, following lower output and scheduled shutdowns across its three Alberta assets. Imperial also reduced its 2026 production target at the Kearl oil sands mine to 280,000 gross bpd, citing disruptions caused by third parties earlier this year. The company returned C$2.51 billion to shareholders through dividends and share repurchases during the quarter. #ImperialOil #ExxonMobil #OilAndGas

🛢️ The world's largest oil companies are generating extraordinary profits from the Iran war, but their reluctance to increase capital spending suggests they remain unconvinced that today's elevated energy prices will last. According to Reuters columnist Ron Bousso, BP $BP, Chevron $CVX, ExxonMobil $XOM, Shell $SHEL and TotalEnergies $TTE generated a combined $56 billion in net earnings during Q3 2026, supported by higher oil and gas prices, exceptional refining margins and strong trading results. Brent crude has surged approximately 60% to $114 per barrel since the conflict began on February 28. European natural gas prices have reached their highest levels since late 2022, while diesel prices remain near September's record of more than $200 per barrel. Yet the companies are directing much of their excess cash toward strengthening balance sheets and shareholder returns rather than launching major investment programs. Combined net debt fell from $204 billion in Q1 to $117 billion in Q3, while quarterly share repurchases reached $12.3 billion. BP nearly halved its net debt year over year to $13.9 billion. Capital spending plans, however, remain largely unchanged. Shell reduced its 2026 investment guidance by $1 billion to $23–25 billion, while Chevron expects spending near the lower end of its $18–19 billion range. Exxon plans to maintain annual share buybacks at $20 billion in 2027. Major acquisitions have also been limited by volatile commodity prices and disagreements over asset valuations. North American natural gas has been a notable exception, including Shell's $16.4 billion acquisition of Canada's ARC Resources, reflecting confidence in LNG export growth. TotalEnergies is also interested in expanding U.S. gas production by roughly 1 billion cubic feet per day. Bousso argues that oil executives are not treating current prices as evidence of a new energy supercycle. Before the war, companies were preparing for potential oversupply later this decade, and the conflict has not eliminated longer-term uncertainty surrounding demand and the energy transition. Boards will reassess 2027 spending plans before year-end, but the column suggests that additional cash distributions are more likely than a major acceleration in production investment. #OilAndGas #EnergyMarkets #CapitalAllocation

☢️ Cameco $CCJ President Grant Isaac highlighted a striking development in the uranium market: prices have recovered substantially even though utilities have yet to resume contracting enough uranium to replace their annual consumption. According to Cameco, long-term uranium contracting has remained below annual replacement requirements since 2012, partly because utilities have relied on inventories and contracts secured during previous market cycles. Isaac noted that annual long-term contracting volumes have recently averaged approximately 100–120 million pounds, compared with global reactor requirements of around 179 million pounds in 2025. These figures are not directly comparable, since current uranium deliveries also come from historical contracts. Nevertheless, they illustrate the gap between recent contracting activity and the industry's physical requirements. With spot uranium trading around $90 per pound and long-term prices near $97 per pound, a central question remains: what happens to prices when utilities need to increase their long-term purchasing commitments? #Uranium #Cameco #NuclearEnergy

🛢️ ExxonMobil $XOM reported $17.5 billion in adjusted earnings for Q3 2026, beating Wall Street expectations as surging refining margins offset weaker upstream profits. Adjusted EPS reached $4.23 versus the $4.08 consensus, while total adjusted earnings exceeded analysts' $16.6 billion forecast. The standout performance came from Exxon's downstream business, where adjusted earnings surged 120% quarter over quarter to $9 billion, driven by higher refining margins amid disruptions to global fuel supplies caused by the Iran conflict and Ukrainian attacks on Russian refineries. Exxon's Gulf Coast refineries operated at 100% crude unit utilization and achieved their second-highest diesel production level on record. Meanwhile, upstream adjusted earnings declined 20% sequentially to $7.3 billion, reflecting lower Brent crude prices compared with the previous quarter. Total production remained broadly stable at 4.5 million barrels of oil equivalent per day. Specialty Products contributed $1.3 billion in adjusted earnings, up 32% quarter over quarter. Exxon returned substantial capital to shareholders, paying $4.3 billion in dividends and repurchasing $5.1 billion in shares during the quarter. The company also announced plans for $20 billion in share buybacks in 2027, maintaining its 2026 repurchase level. CEO Darren Woods highlighted Exxon's scale, integration and technical capabilities in meeting global energy demand. The company is also pursuing geographic diversification. Exxon recently signed an agreement to explore, develop and produce shale oil in Azerbaijan and has held discussions about a potential return to Venezuela. #ExxonMobil #OilAndGas #Earnings

🛢️ ExxonMobil $XOM and Chevron $CVX beat Q3 2026 earnings expectations as surging refining margins drove their downstream profits to their highest levels in at least six years. Exxon reported adjusted EPS of $4.23, while Chevron delivered $5.28 per share. For Exxon, refining profits exceeded earnings from exploration and production for the first time in at least six years. Chevron's downstream division also recorded its strongest quarterly performance over that period. The U.S.-Israel war against Iran and the Russia-Ukraine conflict have disrupted global fuel supplies, pushing gasoline and diesel prices higher. The effective closure of the Strait of Hormuz and attacks on refineries in Saudi Arabia and Russia have further tightened refined-product markets. Both companies have been operating their U.S. refineries near full capacity, benefiting from exceptionally strong fuel margins. Exxon continues investing in refining capacity, including its Baytown complex in Texas, while using its trading operations to redirect fuel supplies toward markets facing shortages. Chevron is pursuing efficiency improvements at its Gulf Coast facilities and sees potential to expand capacity at its Pascagoula refinery by 7% before the end of the decade. Despite the surge in earnings, both companies are prioritizing debt reduction rather than increasing shareholder distributions. Exxon reduced debt by $8 billion during Q3, while Chevron has cut net debt by nearly $14 billion since the end of 2025. Exxon also confirmed plans to repurchase $20 billion of shares in 2027, maintaining the same annual pace as the previous two years. Chevron CFO Eimear Bonner highlighted the volatility of energy markets, noting that Brent crude traded between **$68 and $132 per barrel during Q3

🛢️ BP $BP reported record quarterly underlying profit of $8.46 billion in Q3 2026, beating analyst expectations as the Iran war drove energy prices and refining margins sharply higher. Underlying replacement cost profit reached $8.46 billion versus the $7.33 billion consensus, compared with just $2.2 billion a year earlier. This represents the highest quarterly profit under BP's current reporting metric. Operating cash flow reached $14.8 billion, while net debt declined to $13.9 billion, allowing BP to achieve its debt reduction target one year ahead of schedule. The strongest performance came from its Customers & Products division, where pretax profit surged to $6.95 billion, exceeding expectations of $6.3 billion and rising from $1.72 billion a year earlier. BP's refining indicator margin climbed to $46.70 per barrel, compared with $29.60 in Q2 and $15.80 a year ago. The company also reported significantly stronger gas marketing and trading results. Unlike Shell $SHEL and TotalEnergies $TTE, which increased share buybacks following strong quarterly results, BP plans to use part of its excess cash to settle outstanding liabilities related to the 2010 Deepwater Horizon disaster. BP has already allocated approximately $69 billion to the disaster, with remaining related liabilities and provisions totaling $5.94 billion. Meanwhile, the company recorded $4 billion in quarterly impairment charges, largely associated with energy transition businesses. Recent impairments exceeding $5 billion have primarily involved Archaea, Lightsource BP and other low-carbon investments. CEO Meg O'Neill highlighted stronger operating performance alongside favorable commodity prices and margins. BP shares initially gained 1.2%, outperforming the broader European energy sector. The company is scheduled to provide its next strategic update on December 15. #BP #OilAndGas #Earnings

🥇 Gold prices declined Friday as rising oil prices and stronger U.S. inflation data reinforced expectations of another Federal Reserve interest rate hike in December. Spot gold fell 0.5% to $4,000.54 per ounce, while December futures declined 0.5% to $4,010.10. Gold is heading for its second consecutive monthly decline. U.S. inflation accelerated in September, driven partly by higher gasoline and consumer goods prices. According to CME FedWatch, markets are pricing in approximately a 75% probability of a December rate hike. Meanwhile, oil prices continued climbing toward their fourth consecutive monthly gain, supported by supply concerns following an attack on a tanker near the Strait of Hormuz. KCM Trade analyst Tim Waterer warned that gold's $4,000 support level is facing a significant test, with uncertainty over whether bargain hunters will prevent further declines. Other precious metals also weakened. Silver fell 1.6% to $51.53 per ounce, platinum declined 1.9% to $1,459.75, and palladium dropped 1.4% to $992.37. All three were heading for weekly and monthly losses. #Gold #Inflation #FederalReserve

🛢️ Oil prices climbed Friday as escalating Houthi attacks against Saudi Arabia intensified concerns over Middle Eastern energy supplies, putting crude on track for its fourth consecutive monthly gain. Brent rose 0.75% to $115.74 per barrel, while WTI gained 0.71% to $102.72. Brent is heading for a nearly 14% monthly increase, while WTI is on course to rise 15%, potentially closing above $100 for the first time since April. The Houthis claimed attacks against several major Saudi energy facilities, including the Ras Tanura and Rabigh refineries and an Aramco installation at Abqaiq. Saudi Arabia's coalition separately reported intercepting a cruise missile targeting the kingdom's western region. Meanwhile, Iran's Revolutionary Guards reported that three oil tankers struck naval mines, exploded and caught fire while attempting to use an unauthorized route south of the Strait of Hormuz. Diplomatic uncertainty also persists. President Trump confirmed that Vice President JD Vance had contacted Iran, while Iranian media reported that Tehran received his letter but had not responded, insisting that Washington meet its conditions. According to MST Marquee, continued military activity around the Strait of Hormuz and uncertainty over diplomatic negotiations are keeping oil prices elevated. ExxonMobil $XOM and Chevron $CVX have reportedly canceled planned executive travel to a major oil industry conference in the United Arab Emirates, reflecting heightened regional security concerns. #CrudeOil #MiddleEast #EnergyMarkets

🔥 Origin Energy $ORG reported a 34.2% quarter-over-quarter increase in revenue from its Australia Pacific LNG (APLNG) joint venture, supported by higher LNG prices and growing electricity demand from data centers. Origin's share of APLNG revenue reached A$667 million ($469 million) in the September quarter, benefiting from tighter global LNG markets following disruptions to approximately 17% of Qatar's export capacity. Realized LNG prices surged 33.6% to $13.27 per MMBtu, compared with $9.93 in the previous quarter. APLNG, jointly owned by Origin Energy, ConocoPhillips $COP and Sinopec $600028, recorded a 1% increase in total sales volumes, although Origin's share of production declined 1% to 44.8 petajoules. Meanwhile, electricity sales volumes in Origin's Energy Markets division increased 3% year over year, supported by expanding commercial activity and rising demand from data center customers. Australia's energy market operator expects data centers to account for approximately 13% of electricity supplied through the national grid by 2035–36. Origin CEO Frank Calabria said the company's gas-fired generation assets remain well positioned to meet peak summer demand amid forecasts of above-average temperatures. Origin shares climbed as much as 1.5% to A$12.33, reaching their highest level in six months, outperforming the broader ASX 200 index. #OriginEnergy #LNG #DataCenters

⚡ New Fortress Energy $NFE has signed a five-year agreement to lease 10 mobile power turbines with a combined capacity of up to 300 MW to an investment-grade U.S. company. Equipment deliveries will be staggered between Q4 2026 and Q1 2027, providing a multiyear arrangement for the company's existing power generation assets. New Fortress expects the agreement to contribute positively to earnings and improve liquidity, although financial terms and the expected earnings contribution were not disclosed. Separately, the company reaffirmed that its FLNG 1 facility remains on track to resume operations in Q4 2026, maintaining its previously communicated restart timeline. #NewFortressEnergy #NaturalGas #Energy

🛢️ The U.S. Department of Energy has awarded contracts to exchange more than 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), completing President Trump's planned 172-million-barrel emergency release. The operation forms part of a broader 400-million-barrel coordinated release by International Energy Agency (IEA) member countries, aimed at addressing energy supply disruptions. According to the DOE, the United States has secured the return of more than 216 million barrels to the SPR beginning in early 2027, including 44 million additional barrels beyond the volume released. The department estimates the additional barrels are worth more than $4 billion, with no additional cost to U.S. taxpayers under the exchange arrangements. Crude oil will be supplied from the Big Hill and Bryan Mound SPR storage facilities, with the DOE coordinating transportation through pipelines, terminals and refining partners. The department said the exchange structure is designed to replenish the reserve with more oil than was withdrawn while maintaining long-term emergency preparedness. #StrategicPetroleumReserve #CrudeOil #EnergySecurity

🔶 Analysts have raised their 2027 copper price forecasts, supported by expectations of growing demand from AI data centers and electrification, although concerns remain about excess inventories and potentially overstated demand projections. According to a Reuters survey of 25 analysts, LME cash copper is expected to average $14,012 per metric ton in 2027, a 7.3% increase from July's forecast, but still 3.8% below current prices. Copper has gained 15% year to date, reaching a record high of $14,875 per ton in September, partly driven by large inventory flows into the United States amid speculation over potential tariffs. Demand expectations from AI infrastructure, power grids, electric vehicles and clean energy have also supported prices. However, Julius Baer's Carsten Menke warned that copper demand expectations are currently stronger than actual market demand, with electrification providing structural support but not yet triggering a major boom. Meanwhile, analysts raised their estimated global copper surplus for 2026 by 12% to 125,000 tons and nearly doubled their 2027 surplus forecast from 50,000 to 92,000 tons. #Copper #Commodities #ArtificialIntelligence

🛢️ The first shipment of Russian diesel under the agreement between President Donald Trump and Moscow is reportedly heading toward the United States, potentially marking the first U.S. imports of Russian petroleum products since the 2022 ban. According to LSEG shipping data, the Malta-flagged tanker Agioi Fanendes loaded 40,000 metric tons of ultra-low-sulfur diesel at Russia's Baltic port of Primorsk on October 22, with an initially reported arrival in New York on November 7. However, the vessel's operator clarified that no U.S. destination or discharge port has been confirmed. The identities of the buyer and seller also remain unknown. Trump announced the agreement on October 9 as part of efforts to reduce elevated diesel prices ahead of the November 3 midterm elections. The agreement calls for an initial 300,000 metric tons (2.25 million barrels) of Russian diesel exports, followed by another 500,000 tons in November and 1 million tons thereafter, according to Trump. The administration also suspended portions of new U.S. sanctions against Russia, while Moscow lifted its own restrictions on diesel exports. The Kremlin confirmed that the first tanker had departed, although it did not specify whether the cargo was destined for the United States or another market. Russian diesel shipments are also resuming toward traditional destinations, including Turkey and Brazil, according to LSEG and Kpler shipping data. Russian Deputy Prime Minister Alexander Novak indicated that diesel exports could recover to their usual levels of 3–3.5 million metric tons per month by year-end, as companies finalize the necessary commercial arrangements. #Diesel #Russia #EnergyMarkets

⛏️ Glencore $GLEN reported stronger Q3 2026 production across several key commodities, maintained its full-year guidance and expects Marketing Adjusted EBIT to exceed $5 billion in 2026. Copper production reached 201,600 tonnes in Q3, up 2% quarter over quarter, bringing year-to-date output to 598,600 tonnes, up 3% year over year. Excluding the closure of Mount Isa and the sale of Kidd, comparable copper production increased 12%, supported by stronger African operations and higher grades at Antamina. Zinc production totaled 547,200 tonnes during the first nine months, down 23%, primarily reflecting the closure of Lady Loretta, lower zinc grades at Antamina and the Kidd disposal. On a comparable basis, production declined 13%. Cobalt production plunged 52% to 13,700 tonnes, reflecting Democratic Republic of Congo export quotas and Glencore's prioritization of copper production. Some cobalt is being retained in solution rather than processed into saleable hydroxide. Other production highlights included nickel at 54,600 tonnes (+4%), steelmaking coal at 21.5 million tonnes (-13%), and energy coal at 73.9 million tonnes (+1%). Quarter over quarter, steelmaking coal production increased 14%, energy coal rose 8%, and chrome ore output advanced 11%. Ferrochrome production increased 29%, supported by the progressive restart of smelting operations at Lion, Boshoek and Wonderkop. Glencore maintained its 2026 production guidance: Copper: 810,000–870,000 tonnes, expected near the lower end. Zinc: 700,000–740,000 tonnes, expected near the upper end. Nickel: 70,000–80,000 tonnes, expected around the midpoint. Steelmaking coal: 30–32 million tonnes, expected near the lower end. Energy coal: 96–101 million tonnes, expected near the upper end. Management expects higher copper output in Q4, driven by improved grades and recoveries at Collahuasi, alongside stronger steelmaking coal production following operational improvements and maintenance completion. The company also reaffirmed expectations for full-year Marketing Adjusted EBIT above $5 billion. #Glencore #Copper #Commodities

🛢️ PBF Energy $PBF is accelerating refinery efficiency improvements, targeting more than $350 million in annual savings by the end of 2026. The company has identified several small and medium-sized projects designed to increase refinery utilization, improve product yields and reduce operating costs, without significantly expanding refining capacity. Q3 adjusted earnings reached $12.78 per share, exceeding analysts' expectations of $10.74. Shares rose approximately 3.6% in morning trading. PBF also expects its refinancing and debt reduction measures completed in 2026 to lower annual interest expenses by at least $130 million in 2027. Management indicated that refined product markets could normalize more slowly than crude markets, while years of industry capacity reductions should continue supporting refining margins. Additionally, wider light-heavy crude price differentials, driven by transportation costs and increasing heavy crude supplies, are benefiting refiners able to process discounted heavier grades. Operationally, 2027 is expected to have a heavier-than-usual refinery maintenance schedule, partly reflecting work deferred from 2026, while 2028 should see fewer planned shutdowns. #PBFEnergy #OilRefining #Energy

🥇 Gold fell more than 1% Thursday as persistent U.S. inflation reinforced expectations of another Federal Reserve interest rate hike in December. Spot gold declined 1.1% to $4,022.19 per ounce, while December futures slipped 0.4% to $4,035. The precious metal is heading toward its second consecutive monthly decline. The Federal Reserve kept interest rates unchanged Wednesday, as expected, while awaiting additional inflation data before its next policy decision. Markets are pricing in approximately an 80% probability of a December rate hike, according to CME FedWatch. Investors are now awaiting the U.S. Personal Consumption Expenditures (PCE) inflation report, the Fed's preferred inflation gauge. According to Bybit analyst Han Tan, gold could fall below $4,000 per ounce if PCE inflation exceeds expectations, strengthening the case for higher interest rates. Higher borrowing costs increase the opportunity cost of holding non-yielding assets such as gold. Other precious metals also declined, with silver falling 2.4% to $52.67, platinum dropping 2.3% to $1,502.61 and palladium slipping 0.8% to $1,002.55 per ounce. #Gold #FederalReserve #Inflation