{"id":65562,"date":"2026-08-06T09:04:59","date_gmt":"2026-08-06T09:04:59","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=65562"},"modified":"2026-08-06T09:04:59","modified_gmt":"2026-08-06T09:04:59","slug":"weak-dollar-boosts-gold-copper","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2026\/08\/06\/weak-dollar-boosts-gold-copper\/","title":{"rendered":"Weak Dollar Boosts Gold &#038; Copper"},"content":{"rendered":"<h4>Key Points<\/h4>\n<ul>\n<li>Gold is testing resistance at $4,250 per ounce.<\/li>\n<li>Copper (COMEX September futures) jumped to $6.72\/lb.<\/li>\n<li>US Treasury intervention in the Japanese Yen has rattled bond market investors.<\/li>\n<li>The ISM Services PMI signals expansion, but signals weak job growth and strong inflationary pressures.<\/li>\n<\/ul>\n<hr \/>\n<p>Gold rallied to test resistance at $4,250 per ounce. A breakout would signal another test of $5,000.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-05-gold.png?resize=525%2C404&#038;ssl=1\" alt=\"Spot Gold\" width=\"525\" height=\"404\" \/><\/p>\n<p>Copper jumped to $6.72\/lb on the COMEX futures exchange (Sep&#8217;26), continuing its long-term uptrend.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-05-copper.png?resize=525%2C332&#038;ssl=1\" alt=\"CNBC: Copper\" width=\"525\" height=\"332\" \/><\/p>\n<p>The Dollar softened after last week&#8217;s joint intervention by Japan&#8217;s Ministry of Finance (MoF) and the US Treasury to support the Yen. Bond market traders are questioning why the US Treasury was involved and not the G7. Coordinated action by G7 central banks has supported past interventions. This time, the G7 were not involved, and the conclusion is that the US Treasury was acting to protect its Treasury market. The US Treasury repo operations circumvented the MoF being forced to sell US Treasuries to support the Yen, a move that would have driven up yields. (<a href=\"https:\/\/www.reuters.com\/commentary\/reuters-open-interest\/us-japan-action-undercuts-g7s-historic-fx-role-2026-08-06\/\">Reuters<\/a>)<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-05-dxy.png?resize=525%2C404&#038;ssl=1\" alt=\"Dollar Index\" width=\"525\" height=\"404\" \/><\/p>\n<h2>Stocks &amp; Financial Markets<\/h2>\n<p>Bitcoin<sup>1<\/sup> continues to consolidate in a narrow range above 60000, a bearish sign in a downtrend. A breakout above 65000 would signal that financial market risk aversion is easing, while a break below 60000 would warn of a major liquidity contraction.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-05-btc.png?resize=525%2C363&#038;ssl=1\" alt=\"Bitcoin (BTC)\" width=\"525\" height=\"363\" \/><\/p>\n<p>Dow Jones Industrial Average broke out above 53000, and is headed for a test of 55000. Trend Index troughs above the zero line confirm buying pressure.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-05-dow.png?resize=525%2C404&#038;ssl=1\" alt=\"Dow Jones Industrial Average\" width=\"525\" height=\"404\" \/><\/p>\n<h2>ISM Services<\/h2>\n<p>The ISM Services PMI increased to 54.1% for July, signaling a broad economic expansion.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-05-ims-services-pmi.png?resize=525%2C311&#038;ssl=1\" alt=\"ISM Services PMI\" width=\"525\" height=\"311\" \/><\/p>\n<p>However, the Employment index fell to 47.4%, warning of weak job growth ahead.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-05-ims-services-employment.png?resize=525%2C267&#038;ssl=1\" alt=\"ISM Services Employment\" width=\"525\" height=\"267\" \/><\/p>\n<p>Services Prices also increased to 70.3%, a level similar to Manufacturing, signaling strong inflationary pressures.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-05-ims-services-prices.png?resize=525%2C267&#038;ssl=1\" alt=\"ISM Services Prices\" width=\"525\" height=\"267\" \/><\/p>\n<h2>Conclusion<\/h2>\n<p>US Treasury operations to assist Japan&#8217;s intervention in support of the Yen underscore the fragility of US Treasury markets. The move fueled a rally in Gold and Copper, as well as the Dow, as confidence in US Treasury markets was shaken.<\/p>\n<p>The ISM Services PMI signals continued expansion, but warns of weak job growth and strong inflationary pressures.<\/p>\n<h4>Acknowledgments<\/h4>\n<ul>\n<li>CoinDesk: <a href=\"https:\/\/www.coindesk.com\/price\/bitcoin\">Bitcoin<\/a><\/li>\n<li>CNBC: <a href=\"https:\/\/www.cnbc.com\/quotes\/@HG.1\">Comex Copper Futures (Sep&#8217;26)<\/a><\/li>\n<li>Reuters: <a href=\"https:\/\/www.reuters.com\/commentary\/reuters-open-interest\/us-japan-action-undercuts-g7s-historic-fx-role-2026-08-06\/\">US-Japan action undercuts G7&#8217;s historic FX role<\/a><\/li>\n<li>Institute for Supply Management: <a href=\"https:\/\/www.ismworld.org\/supply-management-news-and-reports\/reports\/ism-report-on-business\/\">ISM Report on Business<\/a><\/li>\n<\/ul>\n<h4>Notes<\/h4>\n<ol>\n<li>Cryptocurrencies are the highest-risk asset class, and we analyze Bitcoin (BTC) solely to identify risk sentiment in financial markets. Our analysis is not a recommendation to buy or sell BTC, nor is it a commentary on the merits of cryptocurrency.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Key Points Gold is testing resistance at $4,250 per ounce. Copper (COMEX September futures) jumped to $6.72\/lb. US Treasury intervention in the Japanese Yen has rattled bond market investors. The ISM Services PMI signals expansion, but signals weak job growth and strong inflationary pressures. Gold rallied to test resistance at $4,250 per ounce. A breakout &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2026\/08\/06\/weak-dollar-boosts-gold-copper\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Weak Dollar Boosts Gold &#038; Copper&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4738,5342,3761,9,34,35],"tags":[4585,815,1113,1578,5903,3557,6194,7409],"class_list":["post-65562","post","type-post","status-publish","format-standard","hentry","category-copper","category-cryptocurrency","category-gdp-and-activity","category-gold-precious-metals","category-us-canada-countries-regions","category-us-dollar-index","tag-bitcoin","tag-copper","tag-dow-jones-industrial-average","tag-gold-2","tag-ism-services-pmi-index","tag-us-dollar-index","tag-us-treasury-market","tag-yen-intervention"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Weak Dollar Boosts Gold &amp; Copper - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Weak Dollar Boosts Gold &amp; Copper - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Key Points Gold is testing resistance at $4,250 per ounce. Copper (COMEX September futures) jumped to $6.72\/lb. US Treasury intervention in the Japanese Yen has rattled bond market investors. The ISM Services PMI signals expansion, but signals weak job growth and strong inflationary pressures. Gold rallied to test resistance at $4,250 per ounce. 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He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-h3s","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":65109,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/07\/02\/dow-meets-resistance-while-gold-respects-support\/","url_meta":{"origin":65562,"position":0},"title":"Dow Meets Resistance While Gold Finds Support","author":"Colin Twiggs","date":"July 2, 2026","format":false,"excerpt":"Key Points Brent Crude prices remain close to $70 per barrel. Shipping through the Strait of Hormuz has slowed following an IRGC attack. Bitcoin continues to test support at 60,000. The Dow is encountering resistance above 52,000. Gold respected support at $4,000 per ounce. Brent Crude futures (September '26) remain\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Brent Crude Futures (ICE September'26)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-07-01-brent-sep26.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-07-01-brent-sep26.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-07-01-brent-sep26.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":64813,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/06\/04\/bitcoin-plunge-signals-risk-off-2\/","url_meta":{"origin":65562,"position":1},"title":"Bitcoin Plunge Signals Risk-Off","author":"Colin Twiggs","date":"June 4, 2026","format":false,"excerpt":"Key Points Bitcoin tests primary support at $63,000, signaling risk-off. The ISM Services PMI at 54.5% continues to indicate expansion, while the Prices index at 71.3% signals strong inflationary pressure. Japanese Ministry of Finance efforts to support the Yen are driving up US Treasury yields. US exports of nonmonetary Gold\u2026","rel":"","context":"In &quot;Copper&quot;","block_context":{"text":"Copper","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/copper\/"},"img":{"alt_text":"Bitcoin (BTC)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-06-03-btc.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-06-03-btc.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-06-03-btc.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":64306,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/05\/03\/sp-500-uptrend-against-gold\/","url_meta":{"origin":65562,"position":2},"title":"S&#038;P 500 Uptrend Against Gold","author":"Colin Twiggs","date":"May 3, 2026","format":false,"excerpt":"Key Points The S&P 500 index made a new high at 7230, reversing its long-term downtrend against Gold. However, the Dow is struggling to break resistance at 50,000. The ISM Manufacturing PMI indicates the sector is expanding, but producer prices are soaring. Lithium is in a strong uptrend, while Copper\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500\/Gold ratio","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-05-01-spx-gold.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-05-01-spx-gold.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-05-01-spx-gold.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":63326,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/12\/02\/tight-liquidity-and-rising-bond-yields-weigh-on-stocks\/","url_meta":{"origin":65562,"position":3},"title":"Tight liquidity and rising bond yields weigh on stocks","author":"Colin Twiggs","date":"December 2, 2025","format":false,"excerpt":"Key Points Selling pressure on the S&P 500 has increased as liquidity tightens. Ten-year Treasury yields are also rising amid growing pressure on Japanese bond markets. The ISM Manufacturing PMI declined to 48.2% as the sector continues its long-term contraction. Gold and silver are testing support, but remain in a\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Bitcoin (BTC)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-12-01-btc.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-12-01-btc.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-12-01-btc.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":59061,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/11\/06\/oops-bonds-forex-and-metals-markets-cast-their-vote\/","url_meta":{"origin":65562,"position":4},"title":"Oops &#8211; Bonds, forex, and metals markets get to vote","author":"Colin Twiggs","date":"November 6, 2024","format":false,"excerpt":"Markets got an inkling of a surprise Trump win shortly after 6:00 p.m. last night. Ten-year Treasury yields jumped more than 20 basis points to 4.475% before retracing to test support. The US Dollar strengthened across the board.........against the Aussie Dollar. Against the Japanese Yen. The Chinese Yuan. And the\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"10-Year Treasury Yield","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-06-10y.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-06-10y.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-06-10y.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":56433,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/08\/07\/contracting-liquidity-could-spoil-the-recovery\/","url_meta":{"origin":65562,"position":5},"title":"Contracting liquidity could spoil the recovery","author":"Colin Twiggs","date":"August 7, 2024","format":false,"excerpt":"The Japanese Yen found support and stocks enjoyed a slight bounce as less cautious buyers went hunting for bargains. But financial markets are not settled. Corporate bond spreads are widening and Bitcoin broke support at $60K to warn of contracting liquidity. Financial Markets Moody's low investment-grade Baa corporate bond spread\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Moody's Baa Rated Corporate Bond Spreads","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-06-baa.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-06-baa.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-06-baa.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/65562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=65562"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/65562\/revisions"}],"predecessor-version":[{"id":65563,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/65562\/revisions\/65563"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=65562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=65562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=65562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}