Wall Street Breakfast Podcast: Gold Extends Record Run

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Gold climbs to record on weaker dollar, government shutdown fears. (00:25) SEC’s Atkins is fast-tracking Trump’s proposal to end quarterly reporting. (01:18) Boeing (BA), machinists union to resume talks with federal mediator. (02:25)

This is an abridged transcript.

Gold (XAUUSD:CUR) hit a new record. This morning it is above $3,800 an ounce, boosted by a weaker dollar as traders weigh the risk of a potential U.S. government shutdown that could delay key jobs data and cloud the Federal Reserve’s policy outlook.

As of the time of this recording, gold is up 1.2% to a record high of $3,815 an ounce, surpassing last Tuesday’s peak after six consecutive weekly gains. Silver (XAGUSD:CUR) climbed to its highest level since 2011, up 1.8% to $46.91 an ounce.

The dollar (DXY) has weakened as investors are awaiting a key meeting between congressional leaders and President Trump. A softer greenback boosts demand for precious metals, while weaker payrolls could strengthen the Fed’s case for rate cuts in October.

SEC Chair Paul Atkins is fast-tracking President Trump’s proposal to allow semi-annual corporate reporting instead of the current quarterly requirement.

he wrote in an op-ed in the Financial Times, “It is time for the SEC to remove its thumb from the scales and allow the market to dictate the optimal reporting frequency based on factors such as the company’s industry, size and investor expectations.”

He goes on to say, “Giving companies the option to report semi-annually is not a retreat from transparency. Instead, it puts a renewed focus on market-driven disclosure practices that favor the interests of companies and their investors over prescriptive regulatory mandates.”

Atkins also took a swipe at Europe’s recent corporate sustainability directives, saying these regulations require the disclosure of matters that may be socially significant but not financially material.

He said Europe should focus on reducing “unnecessary reporting burdens” if it wants to attract more listings and investment.

The International Association of Machinists and Aerospace Workers will restart contract negotiations with Boeing (NYSE:BA).

IAM 837 announced Friday that negotiations will start again today, which is nearly two months after workers walked off the job.

More than 3,200 union members are on strike at Boeing Defense facilities in the St. Louis area.

The discussions will include a federal mediator.

Two of the comments on this story on Seeking Alpha say that compensation should reflect quality of work.

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Catalyst watch:

• Notable investor events include TD Bank Group’s (TD) Investor Day, ArcBest’s (ARCB) Investor Day, and TotalEnergies’ (TTE) Investor Day.

• Sony Group (NYSE:SONY) will spin off its financial services arm, Sony Financial Group, in a major restructuring move. More than 80% of Sony Financial shares will be distributed to Sony shareholders via a dividend-in-kind.

• FedEx (FDX) will hold its annual meeting. Investors will be looking for news of the business split scheduled for next year.

Dow, S&P and Nasdaq futures are in the green. Crude oil is down 1.5% at $64/barrel. Bitcoin is flat at $112,000.

The FTSE 100 is up 0.5% and the DAX is up 0.3%.

The biggest movers for the day premarket: GSK (NYSE:GSK) +3% – Shares rose following the announcement that CEO Emma Walmsley will step down after nine years in the role and be succeeded by Chief Commercial Officer Luke Miels, effective Jan. 1.

On today’s economic calendar:

• 8:00 am Cleveland Federal Reserve Bank President Beth Hammack participates in a policy panel: “Inflation: Drivers and Dynamics Conference 2025” hosted by the European Central Bank (ECB) and the Center for Inflation Research and the Federal Reserve Bank of Cleveland.

• 10:00 am Pending Home Sales Index

• 1:30 pm New York Federal Reserve Bank President John Williams participates in a conversation organized by the Rochester Institute of Technology.

• 1:30 pm Fed’s Alberto Musalem speaks before the event, “The Past, Present and Future of the Federal Reserve”.

• 6:00 pm Atlanta Federal Reserve Bank President Raphael Bostic moderates a conversation on Atlanta’s economy, air travel and leadership as part of the Atlanta Fed Leading Voices Series.