Gold Stopped Following The Rules | This Week In Focus
Sep 4, 2026 Market Updates and Analysis
The market now puts the odds of a Fed rate cut this month at zero, with a hike and a hold running roughly even. Gold came off its best month since January anyway, up more than 10 percent, though still about a fifth below its record.
This week Jeremy Szafron sat down with a man who spent 15 years inside the room that sets rates, and two others who trade on what it does. None of them spoke to each other. All landed on the same problem: the rules that used to explain this market have stopped working. Plus two stories nobody else covered: the metal you can't build a Tomahawk without, which has no futures market, and why America still values its gold at $42 an ounce.
Jim Bullard, who ran the St. Louis Fed for 15 years, on the committee split and central banks moving out of Treasuries into gold. Phil Streible of Blue Line Futures on why a rate hike would be a policy mistake and the wrong kind of inflation. John Feneck of Feneck Consulting on tungsten, the miner rule investors get backward, and the rotation out of AI he sees before March.
Recorded September 3, 2026.
Watch the full interviews:
Jim Bullard: • Foreign Central Banks Chose Physical Gold ...
Phil Streible: • Gold Has Rallied Into October in 13 of the...
John Feneck: • No ETF, No Futures Market: Why 17% Of His ...
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