Wealthion Macro Bites 10/7/25

China’s PBOC added 40,000 ounces to its gold reserves in September (11^th consecutive month of increase) bringing the total to 74.06 million ounces.  China has now purchased 1.26 million ounces (39.2 tonnes) since restarting its purchases in Nov. ’24.  The World Gold Council reports global central bank net purchases totaled 15 tonnes in August, with the National Bank of Poland remaining to top gold buyer in ’25 adding 67 tonnes to its gold reserves.

In its flagship annual report Renewables 2025, the International Energy Agency (IEA) lowered its forecast for global renewable energy capacity growth through 2030 by 900 gigawatts (compared to last year’s estimates) now expecting additions to total 4,600 gigawatts.  IEA cut its forecast of U.S. renewable energy growth in half due to President Trump’s policy changes. 

President Trump will impose a 25% tariff on all medium and heavy-duty trucks effective November 1.  Under trade deals reached with Japan and Europe, the US has agreed to 15% tariffs on light duty vehicles, but it is not clear whether they will now face 25% for the heavy-duty vehicles.  The top 5 import sources are Mexico, Canada, Japan, Germany, and Finland.

Investment manager Carlyle Group whose portfolio companies employ more than 700,000 people is stepping in to the economic data void left by the U.S. government shutdown with a proprietary estimate that nonfarm payrolls increased just 17,000 in September.

President Trump said he was open to negotiating with Democrats over health care subsidies to end the government shutdown but later seemed to retreat in saying Democrats must allow the government to reopen first. 

DXY dollar index +0.35%, spot gold -0.1% and spot silver -0.2%.