Gold and Silver prices are suffering with Gold down 2.5% in the past 5 days at $6266CAD and down 6% month over month. Silver is down 4% this month and down 3.5% from the last 5 days now $105CAD. Silver is still up 131% Year over Year. US Dollar index DXY is up 1.25% this week at 99.25 and down 1.5% YOY. SP500 Volatility Index VIX is up 0.5%. SP 500 ES futures rose 1% and are now trading 7460 having remained above 7000 since mid April..
On Thursday the President described a successful visit to China. "It's been an incredible visit. I think a lot of good has come of it," Trump told Xi. Trump has stated that both the USA and China are agreed that the Strait of Hormuz must open, downplaying the weight of critics like Chinese Foreign Minister Wang Xi who referred to the Iran war as “pointless” and “should never have happened.”
Crude WTI futures are up 2% at $100 and now up 63% YOY. On March 2, 2026, Iran's Islamic Revolutionary Guard Corps (IRGC) officially declared the strait closed.
NYMEX NG natural gas futures which spiked over 100% above $7 in January are now trading $2.96 USD per Million BTU.
Crypto is consolidating, with BTC down 1.5% this week to $79,000 and ETH down 4% at $2200. The crypto crash originally started on Oct. 10 when Trump threatened to impose an extra 100% tariff on Chinese imports
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Ai powered Government Contractor Palantir is down 2% - PLTR currently trades at $133.50, and up 9% YOY after falling from a 52 week high of 207.52.
NVDA is up 6% in the past 5 days at $226.29, well above the previous all time high of $216.83 and is a 5 Trillion dollar market cap. NVDA accounts for approximately 8% of the entire SP500
S&P AeroSpace and Defense ETF XAR fell 0.5% in the past 5 days to $264.25 after making a new All Time High of 295.23 following the assasination of the Iranian Supreme Leader. XAR is up 6% Year to Date
Weekly Jobless Claims were up 12,000 at 211,000 for the week ending May 8th.
The Gold/Silver ratio rose 1% now at 59.46 up from a low this year of 43.52 after falling steadily since late October and from its March high of 107. Longer 20 yr and 30 yr US government bonds yields broke above 5%, currently 5.12 and 5.11% respectively.
The Polymarket quoted probability of a total 0 bps in cuts rose to 67%. The probability of 25 bps is 16%. Short term rates are above 4% in the 2yr at 4.07%
US Comex Copper Futures HG, a leading indicator of economic growth, are flat $6.29 usd/lb after hitting a new all time high in this week of $6.72 usd/lb.