Why Warsh's Fed Could Mean More Volatility Ahead

Why Warsh’s Fed Could Mean More Volatility Ahead Fed Chair Kevin Warsh is shaking up policy communication – and volatility is spiking across stocks, bonds, and currencies. Here's what traders should watch… Written by Larry Benedict Published on Aug 3, 2026 At their latest rate-setting meeting, the Fed voted to keep interest rates steady at a range of 3.50-3.75%. That marks the fifth consecutive meeting where rates were held at that level. The decision was also widely anticipated by economists, so there were hardly any surprises in store for investors last week. But that didn’t stop a big reaction from unfolding across the capital markets in everything from stocks to bonds and currencies. Volatility is on the rise in a big way among various asset classes, and we have a new Fed Chair to thank. A new normal for the Fed has arrived… and that’s great news for traders.

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Goodbye to the Status Quo In May, Kevin Warsh became the 17th person to head the Federal Reserve. New Fed chairs often see their resolve and nerves tested during the first year at the helm. The average drawdown for the S&P 500 in the first year following a new Fed chief is 20%. But Warsh could deliver fireworks well beyond the stock market. That’s because of Warsh’s background and desire for the element of surprise. He doesn’t come from academia, where things fit neatly into theoretical models. Before becoming Fed chair, Warsh spent over a decade working in Stanley Druckenmiller’s family office. For those unfamiliar, Druckenmiller is considered one of the greatest macro traders in history. He went on a 30-year winning streak with an average annual return of about 30%. That means Warsh brings a macro trading perspective to the most important position in economics. Warsh is said to be data-dependent and wants flexibility to react and not be constrained by forecasts. He also wants to be able to catch the market by surprise to achieve a big impact on policy decisions. That means investors won’t receive advance notice of key pivots in policy ahead of time. It’s early in Warsh’s term, and there have already been huge changes in the way the Fed communicates. Just look at the Fed’s meeting statements, which have been cut in half compared to Jerome Powell’s last meeting. We saw last week how greater uncertainty at the most important central bank in the world is already rattling markets. But I’m preparing to take advantage… Tune in to Trading With Larry Live Each week, Market Wizard Larry Benedict goes live to share his thoughts on what’s impacting the markets. Whether you’re a novice or expert trader, you won’t want to miss Larry’s insights and analysis. Even better, it’s free to watch. Visit us on YouTube to catch the latest! A New Normal Druckenmiller is quoted as saying “invest first, then investigate” along with “[know] when to stop analyzing.” For investors used to a central bank holding their hand by broadcasting policy changes, it’s a harsh new reality. Uncertainty at the Fed is already running high. At last week’s meeting, there were three dissenting votes in favor of hiking interest rates. That’s the most dissent facing a new Fed chair since the early 1970s. And it could get worse. Warsh described the meeting as asking “for a good family fight, and I got one.” In response to the lack of direction on interest rates following the meeting, markets went haywire. The Nasdaq continued its sharp pullback into correction territory. It is down as much as 11% off the early June peak. The 30-year Treasury yield saw a sharp move higher and hit 5.21%, the highest level in 19 years. That’ll put pressure on borrowing costs for consumers and businesses. And the U.S. dollar made a sharp pullback against a basket of other major currencies. While most investors hate uncertainty, it’s great news for traders. These are the kind of environments where active traders can thrive. I target macro trading themes for subscribers to my One Ticker Trader advisory, and I’m putting the finishing touches on my latest monthly update, where I’ll detail how macro themes impact everything from stocks to oil and Bitcoin… and the tickers we use to trade it. If you’d like to learn more about how we hunt for profits, check out my recent presentation here. Regards, Larry Benedict Editor, Trading With Larry Benedict Get Instant Trade Alerts on Mobile! Click the icon below from your mobile device to download The Opportunistic Trader app today for one-tap access to trade alerts, issues, and model portfolios for all of Larry’s services. Available in the app store on Android and iPhone. More stories like this Read the latest analysis on hot growth stocks, and market-moving developments The Mean Reversion ICE Trade That Paid Off 54% A beaten-down exchange giant, an oversold RSI signal, and one well-timed options trade – here's how patience turned Intercontinental Exchange (ICE) into a 54.1% winner… Jul 31, 2026 • 3 min read Bitcoin’s Make-or-Break Chart Level Here are the scenarios that you need to watch for the next big move in Bitcoin – and how you can use technical analysis to stay objective amid all the noise… Jul 30, 2026 • 3 min read How Leverage Turns a Normal Pullback Into a Crash Bull markets don't end on bad news – they end when investors overleverage… Jul 29, 2026 • 3 min read 1125 N Charles St, Baltimore, MD 21201 www.opportunistictrader.com To ensure our emails continue reaching your inbox, please add our email address to your address book. 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We're Less Than 90 Minutes Out And (Nasdaq: USAU) Tops Our Morning Watchlist And The Countdown Has Already Started

Any content you receive is for information purposes only. Always conduct your own research. *Sponsored U.S. Gold Corp. (Nasdaq: USAU) Claims Top Spot On Krypton Street’s Watchlist This Morning—Monday, August 3, 2026 Don’t Miss Our Next Update—Get Real-Time Alerts Sent Directly To Your Phone. Up To 10X Faster Than Email. Get A Glimpse Of USAU While It’s Still Early… August 3, 2026 Dear Reader, It is Monday morning, gold is holding above $4,000, and the world has not gotten any quieter over the weekend. Missiles intercepted. Oil climbing. Central banks buying the metal for a 20th consecutive month. When the backdrop looks like this, money hunts for hard assets in safe places, and there are only so many fully permitted gold projects on American soil for it to find. That is exactly where U.S. Gold Corp. (Nasdaq: USAU) sits this morning: a Wyoming gold-copper project with every major permit in hand, a study engineered $800 below the current gold price, and a float of fewer than 14M shares. The bell rings in less than 90 minutes. Read this one before it does. The company controls three projects across Wyoming, Nevada, and Idaho, anchored by the fully permitted CK Gold Project outside Cheyenne. A feasibility study published March 31 laid out a $632M after-tax NPV and a 2.5-year payback using a $3,250 gold price, an assumption sitting roughly $800 below where the metal changes hands today. At $4,000 gold, the study’s own sensitivity table lifts that figure to $946M. The share structure is where things get interesting for readers who follow smaller names. USAU has approximately 16.5M shares outstanding, and Yahoo Finance lists fewer than 14M shares in the public float, one of the tighter structures attached to any fully permitted US gold-copper project. According to TipRanks, analyst coverage is active as well. H.C. Wainwright’s Heiko Ihle reiterated a Bullish rating with a $27.50 target, which is over 100% upside potential from Friday’s $12.98 close. Alliance Global Partners raised its target from $23.50 to $27 in April, and Roth MKM carries a Bullish rating at $22. About U.S. Gold Corp. (Nasdaq: USAU) U.S. Gold Corp. is a US-focused gold and copper exploration and development company built around one late-stage asset and two exploration properties. The CK Gold Project in southeast Wyoming is the centerpiece. The deposit sits about 20 minutes west of Cheyenne and three miles north of Interstate 80, with roads, rail, power, water, and labor already in place. The project holds proven and probable reserves of 1.02M ounces of gold, 260M pounds of copper, and 3M ounces of silver, or 1.598M gold-equivalent ounces. The March 2026 feasibility study outlines an 11-year mine producing roughly 85,000 gold-equivalent ounces per year at a 20,000 ton-per-day processing rate, with $394M in initial capital and all-in sustaining costs of $1,785 per gold-equivalent ounce. What separates CK Gold from most development-stage peers is the permitting file. The mine operating permit was approved in April 2024, followed by water discharge, reclamation bond, and air quality approvals, and the industrial siting permit runs through June 2027. The project sits on State of Wyoming land with no direct federal involvement, carries a 2.1% royalty earmarked for education, and is expected to create roughly 255 direct local jobs. Construction of the mine access road began in January 2026. Waste rock may add another revenue stream, and the company holds a non-binding letter of intent to supply rail ballast to a major railway, per the company’s latest corporate presentation. The approved closure plan carries a legacy angle as well. The exhausted pit could one day serve as water storage for a growing Cheyenne, a scenario that would trim reclamation costs while handing the city added reservoir capacity. Beyond Wyoming, the exploration file gives readers something to watch. The Keystone project covers 20 square miles on Nevada's Cortez Trend, 11 miles on-trend south of Nevada Gold Mines' Cortez Complex, where more than 51M ounces of gold have either been produced or sit within mineral reserves and resources. The company calls the trend elephant country for its history of deposits above 20M ounces, and U.S. Gold controls the entire Keystone claim block outright, with an approved Plan of Operations for targeted drilling. The 2026 plan merges geophysics, surface geochemistry, and past drilling through VRIFY's AI platform to generate new targets, and the company is in discussions with industry-leading producers about a potential Keystone partnership. The Challis Gold Project rounds out the portfolio in Idaho, a state the Fraser Institute ranks eighth among global mining jurisdictions, carrying a historical, non-current resource of roughly 313,825 ounces of gold at Johnny's Point." President and CEO George Bee previously served as a senior vice president at Barrick Gold and has taken multiple mines from development into production. The balance sheet held $36.1M in cash as of the January 31 10-Q, following a $31.2M private placement closed in December 2025. A Metal Caught Between Missiles and the Fed The gold market in mid-2026 is a contest between two forces. On one side sits the heaviest geopolitical calendar in years: US and Iranian forces exchanged fire through July, American air defenses intercepted ballistic missiles on July 29, and strikes inside Iraq pushed oil higher on supply concerns. Gold reaffirmed its safe-haven role each time the headlines escalated. On the other side sits a Federal Reserve leaning hawkish, a firm dollar, and rising Treasury yields, the classic combination that caps rallies in the metal. The result is a metal that pulled back roughly 28% from its January record on rate expectations yet refuses to break down, holding the $4,000 to $4,100 band through late July. The World Gold Council’s mid-year framework places fair value near $4,100, while JPMorgan has a $6,000 per ounce figure by year-end. Central bank accumulation remains the structural bid underneath the market. The People’s Bank of China has extended its gold accumulation streak to 20 consecutive months, and the European Central Bank has pointed to geopolitical tension as a driver of official-sector gold demand. For development-stage companies, the level matters more than the daily direction. A project engineered to work at $3,250 gold operates with an $800 cushion at current spot prices, and every dollar above the base case flows straight into study economics. There is also a jurisdiction angle. Domestic mineral supply has become a standing policy theme in Washington, covering both gold and the copper that rides alongside it in deposits like CK. Nevada alone accounts for roughly 78% of US gold production, and assets located entirely within US borders avoid the permitting and expropriation risks that shadow projects abroad. A gold-copper developer with all of its ground in Wyoming, Nevada, and Idaho sits squarely inside that theme. Copper deepens the case. A meaningful share of CK Gold’s reserve value sits in the red metal, which continues to draw demand from grid buildouts, data centers, and electrification programs. A single US site producing a clean gold-copper concentrate answers two supply questions at once, and it does so from a deposit twenty minutes outside a state capital. Recent Developments Behind the (USAU) Story June 10, 2026 – Exploration Push Begins Around the CK Pit U.S. Gold completed an enlarged drone-mounted geo-magnetic survey covering 325 line-kilometers over the CK Gold Project. Initial results extend anomalies first identified in 2017 and point to additional structures capable of hosting gold-copper mineralization. A gravity survey was planned for late July, and a mineral resource drilling program is being developed to test mineralization below the existing pit shell and at new targets outside the proposed footprint. April 1, 2026 – Value Drivers Beyond the Feasibility Study The company outlined levers not fully captured in the study, pointing to potential aggregate and rail ballast sales from waste rock, mineral resource expansion at higher metal prices, and continued engineering optimization at CK Gold. March 31, 2026 – Feasibility Study Delivered Halyard-Micon International completed the CK Gold feasibility study: a $632M after-tax NPV at a 5% discount rate, a 27% after-tax IRR, and a 2.5-year payback at $3,250 gold, across an 11-year mine life averaging roughly 85,000 gold-equivalent ounces per year. March 18, 2026 – GDXJ Index Inclusion U.S. Gold was added to the VanEck Junior Gold Miners ETF, broadening the institutional audience for the shares and adding passive demand tied to index flows. 7 Reasons Why (USAU) Is Topping This Morning’s Watchlist —Monday, August 3, 2026… 1. Small Float: With fewer than 14M shares listed as available to the public float, USAU’s small float could have the potential to witness big moves if demand begins to change. 2. Permits Secured: USAU has secured every major permit for the CK Gold Project, allowing construction activities to move forward with mine access road work already underway. 3. Analyst Coverage: According to TipRanks, USAU is followed by multiple firms, including H.C. Wainwright, Alliance Global Partners, and Roth MKM, all maintaining Bullish ratings with published targets well above the recent closing range. 4. Study Economics: A March 2026 feasibility study shows USAU's CK Gold Project carrying a $632M after-tax NPV at $3,250 gold, with the study's sensitivity analysis increasing that figure to $946M at $4,000 gold. 5. U.S. Footprint: USAU controls projects across Wyoming, Nevada, and Idaho, positioning the company within a fully domestic portfolio as U.S. mineral supply remains a national focus. 6. Exploration Pipeline: Beyond the flagship CK Gold Project, USAU is advancing new exploration targets at Keystone using geophysics, surface geochemistry, historical drilling data, and VRIFY's AI platform while discussing a potential partnership with industry-leading producers. 7. Gold Backdrop: With gold holding near the $4,000 to $4,100 range and JPMorgan pointing to $6,000 per ounce by year-end, USAU is advancing a project modeled at just $3,250 gold, leaving a wide gap between the study’s base case and current market expectations. Get A Glimpse Of USAU While It’s Still Early… USAU brings together several characteristics that continue to draw attention across the gold sector. A public float of fewer than 14M shares, a fully permitted flagship project already moving into construction activities, active Bullish analyst coverage, and a feasibility study built around a gold price well below today's market all help distinguish the company. Add in a portfolio spanning Wyoming, Nevada, and Idaho, an expanding exploration program at Keystone, and a gold backdrop supported by elevated geopolitical uncertainty, and there is no shortage of developments to follow in the weeks ahead. We have all eyes on USAU this morning. Take a look at USAU while it’s still early. Sincerely, Alex Ramsay Co-Founder / Managing Editor Krypton Street Newsletter KryptonStreet.com (“KryptonStreet” or “KS” ) is owned by Media 1717 LLC, a single member limited liability company. Data is provided from third-party sources and KS is not responsible for its accuracy. Make sure to always do your own research and due diligence on any day and swing profile KS brings to your attention. Any emojis used do not have a specific defined meaning, and may be used inconsistently. We do not provide personalized in-vest-ment advice, are not in-vest-ment advisors, and any profiles we mention are not suitable for all in-vest-ors. Pursuant to an agreement between Media 1717 LLC and TD Media LLC, Media 1717 LLC has been hired for a period beginning on 08/02/2026 and ending on 08/03/2026 to publicly disseminate information about (USAU:US) via digital communications. Under this agreement, TD Media LLC has paid Media 1717 LLC seven thousand five hundred USD (“Funds”). To date, including under the previously described agreement, Media 1717 LLC has been paid twenty eight thousand five hundred USD (“Funds”). These Funds were part of the twenty five thousand USD funds that TD Media LLC received from a third party named Sideways Frequency LLC who did receive the Funds directly or indirectly from the Issuer and does not own stock in the Issuer but the reader should assume that the clients of the third party own shares in the Issuer, which they will liquidate at or near the time you receive this communication and has the potential to hurt share prices. Neither Media 1717 LLC, TD Media LLC and their member own shares of (USAU:US). Please see important disclosure information here: https://kryptonstreet.com/disclosure/usau-anEnI/#details

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This hedge-fund collapse set up a far more bullish sell-off than it appeared...

Not rendering correctly? View this e-mail as a web page here. The Savvy Buyer Behind the AI Panic By Joel Litman, chief investment officer, Altimetry One of the fastest-growing AI hedge funds suddenly dumped its biggest bets... Its founder, Leopold Aschenbrenner, left OpenAI and started Situational Awareness with a few hundred million dollars. Lately, it has been managing more than $20 billion. Investors treated Aschenbrenner like an AI oracle... They studied the firm's regulatory filings for clues about where this technology was heading. Situational Awareness backed up that reputation with big, leveraged positions across the AI supply chain... It held large stakes in high-flying companies like Sandisk (SNDK), Bloom Energy (BE), and Micron Technology (MU). Last week, the AI trade seemed to crack... AI and other tech stocks fell sharply. The losses hit Situational Awareness's portfolio, forcing it to sell certain positions. To the market, this looked like a serious test. The Nasdaq 100 Index briefly entered correction territory. It looked like one of AI's strongest believers had lost faith. Today, we'll reveal who was waiting to capitalize on that forced sale... and why the events surrounding Situational Awareness's collapse set up a far more bullish sell-off than it appeared. Days before Situational Awareness's portfolio sale, Citadel Securities issued an aggressive Federal Reserve forecast... The tech-driven market maker expected the central bank to raise interest rates last week. (Of course, it didn't.) The company argued that investors were underestimating the Fed's shift. A surprise increase would restore the central bank's inflation-fighting credibility... And it would abruptly end an era where every policy move was signaled in advance. Citadel's warning hit the market... hard. Recommended Links: Wall Street to CASH OUT on August 12: 'SELL THESE STOCKS NOW' JPMorgan Chase. Goldman Sachs. Fidelity. Wall Street's most powerful players are all about to CASH OUT on a specific group of stocks you likely own. That's according to Professor Joel Litman, who, over a 30-year career on Wall Street, predicted the 2008, 2020, and 2022 crashes. Right now, his proprietary data shows that the same Wall Street firms that pay for HIS research are preparing to move on a scale we have never seen before. See which stocks you should SELL immediately. Why 'Neutral' Can Be so Powerful Most folks wait for a "green light" to invest. But by the time an opportunity becomes obvious, the biggest gains are often in the rearview mirror. Pete Carmasino of our corporate affiliate Chaikin Analytics designed one strategy to identify potential breakouts before the Power Gauge turns BULLISH... which is where some of the market's biggest moves begin. Like 300% on Etsy... 392% on Okta... and 930% on Tesla. Get the details on the new group of opportunities this indicator just flagged by clicking here. The expectation of higher interest rates weighs heavily on growth stocks. Higher rates also increase the cost of financing leveraged investments. Some of Situational Awareness's stocks plummeted by almost half. Sandisk alone fell more than 40% in July. Bloom Energy was down a little more than 30%. Its AI holdings were tumbling, while the cost (and risk) of carrying those positions was rising. Since the hedge fund had borrowed money to amplify its bets, the losses triggered margin calls. This is when a broker demands more money to make sure an account's value stays above the minimum capital required. Those demands forced Situational Awareness to raise cash. And it required the hedge fund to sell positions into an already weak market. Citadel emerged as the buyer when that liquidation unfolded... The company purchased the slice of the public-stock portfolio Situational Awareness had financed with borrowed money. That enabled it to buy into AI stocks at a cheaper price. Citadel manages roughly $71 billion and has a long record of acquiring assets from forced sales. It waits for prices to fall, steps in when leverage becomes unbearable, and absorbs positions that companies can no longer finance. Global hedge fund Millennium Management also bid on the portfolio, signaling that Situational Awareness's assets were valuable to other firms. But Citadel ultimately secured the positions. It understood where the pressure would land... and had the capital ready to move on the opportunity. Don't read too much into the market panic... Situational Awareness's collapse looked like a tough verdict on the AI trade. However, Citadel's buyout offers investors a more useful perspective. The AI market isn't breaking down. In fact, the largest investors on the planet are trying to buy as many of these tech stocks as possible. Investors need to separate forced selling from deteriorating fundamentals. Citadel used the market panic to increase its AI exposure after prices had fallen. The recent sell-off signals that one of Wall Street's strongest players wanted more of the AI trade... which means demand is still strong. Regards, Joel Litman August 3, 2026 Tell us what you think of this content We value our subscribers' feedback. To help us improve your experience, we'd like to ask you a couple brief questions. Click here to rate this e-mail A publication from You have received this e-mail as part of your subscription to Altimetry Daily Authority. If you no longer want to receive e-mails from Altimetry Daily Authority, click here. Published by Altimetry. You’re receiving this e-mail at reunisoft.cryptonews@blogger.com. For questions about your account or to speak with customer service, call (800) 701-9346 (U.S.), 9 a.m. – 5 p.m. Eastern time or e-mail info@altimetry.com. Please note: The law prohibits us from giving personalized financial advice. © 2026 Altimetry. All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from Altimetry. 110 Cambridge Street, Cambridge, MA 02141. altimetry.com. Any brokers mentioned constitute a partial list of available brokers and is for your information only. Altimetry does not recommend or endorse any brokers, dealers, or investment advisors. Altimetry forbids its writers from having a financial interest in any security they recommend to our subscribers. All employees of Altimetry (and affiliated companies) must wait 24 hours after an investment recommendation is published online – or 72 hours after a direct mail publication is sent – before acting on that recommendation. This work is based on SEC filings, current events, interviews, corporate press releases, and what we’ve learned as financial journalists. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. 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