S&P expects US general government net debt to approach 100% of GDP as non-discretionary interest costs and aging-related spending rise structurally.

International gold is down about 30% from January's record high. Li Xunlei, vice chairman of the China Chief Economist Forum, said gold's long-term pattern is characterized by extended bear periods and shorter bull runs. Since 1971 roughly 30 years were bears and 25 years bulls; each historic bull delivered more than 5x gains and typically lasted about 10 years. The current bull has risen roughly 3x and is approaching a 10-year duration, so market participants should remain cautious.

China's National Energy Administration says national electricity supply and demand are broadly balanced, but some provinces in East, Central, Southwest and South China face tighter supply. The agency says interprovincial power transfers and other mutual-aid measures can effectively secure supply in those areas.