BREAKING: The Consumer Sentiment Index fell -3.6 points in September, to 48.1, its 2nd-lowest level in history. This marks the 2nd consecutive monthly decline, totaling -7.1 points. This comes as the Current Conditions Index decreased -1.0 point, to 50.9, its 4th-lowest reading on record. At the same time, the Consumer Expectations Index dropped -5.2 points, to 46.3, its 2nd-lowest since 1980. This year, the sentiment has deteriorated for all groups by age, education, geography, political party and income. The decline has been driven by a higher cost-of-living, as higher fuel prices, persistent inflation, rising mortgage rates, and weaker purchasing power. Consumer sentiment is at crisis levels.

Central banks are likely buying way more gold than official figures suggest: World central banks acquired +44 tonnes of gold in July, +158% above the pre-2022 average of +17 tonnes, according to Goldman Sachs. This brings the 3-month average of purchases to +91 tonnes, near its highest since mid-2025. By comparison, the 12-month moving average has oscillated between +50 and +60 tonnes over the last few months. Meanwhile, official central bank purchases of gold stood at +23 tonnes in July, or 21 tonnes below actual levels. Furthermore, official monthly purchases have not exceeded +60 tonnes in any month since November 2024, also representing a wide discrepancy. Central bank gold demand may be much greater than official figures suggest.