Eurodollar University

For more information on 21shares and to sign up for their newsletter, visit https://bit.ly/3JTI4GQThere was one key stat from this week which helps explain the increasingly desperate state of the US labor market, offering background behind the "unexpectedly" weak payroll numbers from Friday. August's estimate was its lowest since...May 2009. Given the connection to employment, it all fits together with so many other signals including record low copper-to-gold. Yep, record low. Eurodollar University's weekly conversation w/Steve Van Metre-------------------------------------------------------------------------------------For more information on 21shares and to sign up for their newsletter, visit https://bit.ly/3JTI4GQ-------------------------------------------------------------------------------------ISM Services August 2025https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/services/august/https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDUDisclaimerThis video is sponsored by 21Shares. The information provided in this video is for educational and informational purposes only and should not be considered financial or investment advice. Investing involves risk, including the possible loss of principal. Products mentioned may not be available in all jurisdictions, and their suitability will depend on your individual circumstances. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

Payrolls were ugly, a big miss for August on top of revisions to June which pushed the monthly change negative. If that wasn't enough, a rising unemployment rate after a crash in full-time employment. Plus, a plunge in Canadian payrolls punctuate the turning point for North American jobs. Rates were down sharply, no surprise. Eurodollar University's Money & Macro Analysis---------------------------------------------------------------------------Eurodollar University's One Big Weekly Themehttps://eurodollaruniversity.substack.com/Eurodollar University's Deep Dive Analysishttps://eurodollar.university---------------------------------------------------------------------------

It's not what everyone says, watch what they do. Big companies and big banks (JPM, too) are making heavy preparations for sharply lower interest rates. The former, in particular, have basically revived the long-dormant commercial paper market in a clear sign. At the same time, US and global banks are remaking their balance sheets in critical and unambiguous ways. Even some Fed officials are now seeing it, too. R is back to being an ultra-low STAR.Eurodollar University's Money & Macro Analysis---------------------------------------------------------------------------Eurodollar University's One Big Weekly Themehttps://eurodollaruniversity.substack.com/---------------------------------------------------------------------------Bloomberg America Inc. Swaps Decades for Days in Rush to Commercial Paperhttps://www.bloomberg.com/news/articles/2025-09-02/30-years-try-30-days-america-inc-flocks-to-commercial-paperCNN Be prepared for 7% interest rates, warns Jamie Dimonhttps://www.cnn.com/2023/10/02/investing/jamie-dimon-jpmorgan-7-percent-interest-rate-recessionFRBNY John Williams All the Stars We Cannot Seehttps://www.newyorkfed.org/newsevents/speeches/2025/wil250825Bloomberg Won Advances After BOK Governor Defends Currency Interventionhttps://www.bloomberg.com/news/articles/2025-08-28/won-gains-after-bok-rhee-s-comments-on-forex-intervention-goalshttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Dollar Tree says after seeing a major influx of especially middle-income Americans in its stores, it won't be able to raise prices. The latest jobs data leaves absolutely no doubt why that is. According to the turnover stats, the US labor market LOST jobs in June and July.Eurodollar University's Money & Macro Analysis---------------------------------------------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That’s exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider---------------------------------------------------------------------------------------------------------------------WSJ Dollar Tree Shares Fall as Tariffs Dampen Near-Term Outlookhttps://www.wsj.com/business/retail/dollar-tree-boosts-outlook-as-sales-jump-c48b7461WSJ Dollar General Draws Shoppers Across Income Levels, Raises Outlookhttps://www.wsj.com/business/retail/dollar-general-boosts-outlook-after-earnings-rise-95e4bff8https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

After trading conspicuously sideways for the past four months, gold has finally broken out of its range. However, at the same time the US dollar exchange value is threatening to do the same - by moving HIGHER. It's a bad combination: rising gold, higher dollar, and falling interest rates. If any doubts remain about what's really happening, the copper-to-gold ratio leaves everyone no doubt.Eurodollar University's Money & Macro Analysis---------------------------------------------------------------------------Eurodollar University's One Big Weekly Themehttps://eurodollaruniversity.substack.com/---------------------------------------------------------------------------Bloomberg Why Investors Can’t Seem to Get Enough of Goldhttps://www.bloomberg.com/news/articles/2025-09-02/gold-price-record-why-bullion-is-safe-haven-amid-tariffs-inflationhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Chinese stocks are heading into orbit, taking off like a rocket ever since the US and China reached an agreement to not inflict the worst of trade wars. Curiously, though, the Chinese economy has further deteriorated which means the equity surge is looking more and more like something we've seen before from Shanghai.Eurodollar University's Money & Macro Analysis---------------------------------------------------------------------------Eurodollar University's One Big Weekly Themehttps://eurodollaruniversity.substack.com/---------------------------------------------------------------------------Bloomberg China Stocks Are Sending Warning Signs on Liquidity-Driven Rallyhttps://www.bloomberg.com/news/articles/2025-08-25/china-stocks-are-sending-warning-signs-on-liquidity-driven-rallySCMP 4 reasons fears of China stock market bubble are misplacedhttps://www.scmp.com/opinion/china-opinion/article/3323431/four-reasons-fears-china-stock-market-bubble-are-misplacedhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Federal Reserve officials are reassessing their strategies as job market trends highlight economic uncertainty. The discussion revolves around the potential for a significant interest rate cut due to fears of rising unemployment and shifting consumer sentiment. Troubling signs emerge from the manufacturing sector, where inventory levels are rising despite waning demand. This disconnect raises concerns about an upcoming economic downturn, revealing a stark gap between optimistic forecasts and actual economic performance.

The podcast dives into the alarming collapse of Canada's economy, with significant declines in GDP and rising unemployment since May 2023. It highlights stagnant disposable income and overproduction issues among firms. The discussion also touches on global implications, suggesting synchronized challenges across labor markets. Experts analyze the ineffective measures by the Bank of Canada in combatting inflation and consider the potential of gold as a reliable asset amidst this turmoil. Tune in for insights on economic strategies and future outlooks!

Two-year Treasury yields hit a new low, reshaping the yield curve and suggesting future interest rate trends. The discussion critiques common economic misconceptions, particularly regarding the Fed's approach to inflation. Innovative investment strategies for gold, allowing it to earn interest, are introduced. The dynamics between the bond market and the Fed highlight market independence, raising questions about the safety and demand for treasuries in the current climate.

France faces the imminent collapse of its government due to budget crises and a risky confidence vote. Political instability looms as economic stagnation grips the nation, leaving citizens dissatisfied. The discussion explores the broader implications of France's struggles, including the overlooked contraction of its economy and rising unemployment. Parallels are drawn with Germany's issues, highlighting a troubling trend of ineffective government spending. Amid this turmoil, a platform aiming to revitalize gold as currency is introduced.