After holding reserves steady in July, central banks returned to gold buying in August.

Wednesday’s National Bank of Poland rate decision will be a close-run thing. We suspect the NBP will remain cautious and wait for new forecasts next month before making any cuts, so it has a clearer picture of the macro outlook

Stocks hit a new all-time high last week. The big picture hasn't changed. Bulls are still running the tape. The question remains whether enough new all-time highs have accumulated to finally convince the skeptics.