Gold just had its best week in 7 months. Here’s why Mike Khouw is buying more

Gold jumped roughly 7% last week, logging its best weekly gain since January, driven by a weaker U.S. dollar, falling Treasury yields, and an unexpected contraction in employment data that reduced fears of aggressive Federal Reserve rate hikes. (Note: the employment data wasn't that bad; layoffs were low, private employment climbed by 30,000, and the data was negatively skewed by the seasonal effect of ~50k fewer government education jobs) Key Drivers for Gold last week:Weak U.S. Jobs Data: Softer-than-expected nonfarm payrolls and downward revisions signaled a cooling labor market, prompting investors to seek safety.Macroeconomic Shifts: Declining Treasury yields and a softer U.S. dollar lowered the opportunity cost of holding non-yielding bullion.Inflation and Fed Credibility: Some market anxiety over future monetary policy decisions boosts safe-haven demand.Broader Precious Metals Rally: Strong upward momentum spilled over into silver, platinum, and palladium. Copper remains near the highs.The People's Bank of China (PBOC) is expanding its gold storage in Hong Kong to support the city's ambition to become a major international bullion-trading hub. This shift accelerates a broade...