Gold Bullion Movement and Palantir Earnings Analysis

1. Background of Gold Bullion Movement

Recent Gold Bullion Issues
The waiting time for gold withdrawals at the Bank of England has recently increased to about 8 weeks. This is an unusual phenomenon compared to the past, indicating that issues related to the movement of physical gold have occurred.
Main Causes
- Large-Scale Physical Gold Moving to the US: Recently, 400 tons of gold were moved from London to the New York Mercantile Exchange. This is the second-largest single transfer since 1994.
- Tariff Issues: The intention to avoid export tariffs by moving gold to the US in advance.
- Price Difference: A price difference of up to $60 has arisen between gold trading in London and New York, creating an incentive for arbitrage trading.
Gold Purchases by Major Countries Like China and Turkey
China is rapidly increasing its gold holdings instead of holding government bonds.
Turkey, Poland, Russia, and others are also participating in gold hoarding.
This is causing a reduction in the physical gold market's inventory.

2. Korea's Gold Holding Situation

The Bank of Korea holds 104 tons of gold, ranking 36th in the world.
The problem is that most of this gold is stored at the Bank of England.
Problems
- First physical inspection in 33 years.
- Questionable whether physical gold can be properly withdrawn in case of a crisis.
- Relying on overseas locations for gold, which should act as a 'safe asset' in the event of currency devaluation or global crisis situations.

3. Palantir Earnings Announcement and Its Significance

Key Highlights of Earnings
- Exceeded consensus earnings estimates, with a 22% stock price increase in after-hours trading.
- U.S. commercial revenue growth (based on Q4) of 64%, and U.S. government revenue growth of 45%.
- Significant acceleration in revenue and high operating profit margin due to the operating leverage effect (455% increase).
CEO Comments and Key Messages
- Alex Karp emphasized, "We are at the center of the AI revolution, and our position is becoming stronger."
- Positive evaluation due to the commercialization of large language models (LLMs) becoming a reality.
Palantir's Competitiveness
Focus on creating economic value through the application of AI technology, not just the AI technology itself.
Focus on securing economic moats rather than commoditization, unlike competitors.

Investment Points
- Accelerated revenue growth and high customer growth rate.
- Unique AI commercialization capabilities within the industry.
- Potential for the company's value to increase in the long term.

The recent issue of extended gold withdrawal waiting times at the Bank of England has emerged as a major issue in global gold movements. The main causes are the movement of gold to the US (400 tons), gold hoarding by countries (China, Turkey, etc.), and the occurrence of price differences.
The Bank of Korea stores most of its gold at the Bank of England, but there is uncertainty about the recovery of physical gold in the event of a national crisis. A re-examination of the domestic gold holding and management strategy is necessary.
Palantir is accelerating revenue and is securing competitiveness at the center of AI commercialization through earnings announcements. This is likely to lead to a long-term increase in corporate value.

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[Palantir Earnings Announcement] (https://nextgeninsight.net/?s=%ED%8C%94%EB%9E%80%ED%8B%B0%EC%96%B4)
[Recent Gold Bullion Movement] (https://nextgeninsight.net/?s=%EA%B8%88%EA%B4%B4)

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Trump's Tariff War: Impact on Financial Markets and Future Outlook

1. Background of Trump's Tariff Policy

Former President Trump used tariffs as a powerful bargaining chip, impacting the global trade order.
From an "America First" perspective, he used tariffs as a means to reduce trade deficits and pressure major trading partners like China.

Using Tariffs to Induce Negotiations
Trump acted like a negotiation expert while in office, employing a strategy of imposing tariffs if cooperation was not forthcoming.
Tariffs were used as a bargaining chip, targeting countries such as China, Canada, and Mexico from the initial stages of the U.S.-China trade war.
Fentanyl Issue and Border Security
The United States considered the influx of Chinese-produced fentanyl through Mexico a significant problem.
Consequently, the United States demanded that Mexico and Canada block this route and issued tariff suspensions in exchange for strengthened border security.

2. Changes in Financial Markets Amid the Tariff War

Trump's tariff policy brought significant volatility to the financial markets.

Financial Market Reactions Before Tariff Implementation
- The threat of tariffs caused stock markets to fall, and investors moved funds to safe assets (gold, dollar).
- Companies in the automotive, steel, and agriculture sectors worldwide were expected to suffer the most.
Market Reaction After Tariff Suspension
- The possibility of negotiations through tariff suspensions created positive expectations in the market.
- The stock market rebounded, tensions eased to some extent, and the foreign exchange market also showed stability.

3. Readjustment of Agreements with Mexico and Canada

Possibility of USMCA Agreement Amendments
- Even with the USMCA agreement that replaced the previous NAFTA agreement, adjustments and abolition of tariff-free benefits cannot be ruled out.
- Trump strongly pressured the issue of circumvention of tariffs by using Mexico or Canada's manufacturing base for exports.
Movements of Multinational Corporations
- Multinational companies became more active in adjusting their production and export structures through Mexico and Canada, comparing them with U.S. labor costs.

4. Potential Global Expansion of Tariff Policy

Potential Targeting of the European Union (EU) and South Korea
- The tariff policy is likely to be extended towards countries or regions (including the EU) with high import/export imbalances.
- Countries like South Korea must also remain vigilant regarding the major economic policy shifts of the United States.
Changes in Multilateral Trade Order
- The U.S. tariff policy is not merely limited to trade, it is used as a strategic tool for securing economic advantages.
- Contingency plans for more cohesive and proactive responses from other countries must be taken into consideration.

< Summary >
Trump's tariff war was not just a trade issue but had a significant impact on global financial markets and treaty structures.

Tariffs were used as bargaining chips to apply pressure on countries like Mexico and Canada.
The financial markets saw a pronounced shift toward safe assets amidst the uncertainty caused by concerns about tariff implementation.
The positive signal of tariff suspensions briefly offered hope to the market, but future negotiations remain uncertain.
Apart from U.S.-China conflict, the global trade order is changing, and countries like South Korea and the EU must carefully respond to the new trade policy trends of the United States.

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