Gold and Silver prices corrected this week with gold falling 2% in the past 5 days and still up 4% in the past month at $5596 CAD. Silver is down 11% from its peak but up ½% this week to $68.36CAD. US Dollar index DXY is up 1/2% this week though down nearly 9% YTD at 99.487. SP500 Volatility Index VIX fell 1%. SP 500 ES futures rose 0.3% this past week approaching all time high prices and key technical level of 7000 currently trading 6903. Crude WTI futures have fallen 3% to $60.13.
The US Government Shutdown continues. CNN reported Thursday evening that Food stamp benefits could be halted for millions of Americans.
Crypto is still soft with BTC down 1% this week to $110,300 USD after Trumps renewed tariff selloff earlier this month. ETH is up 3% to $3865.
S&P AeroSpace and Defense ETF XAR fell 1/2% in the past 5 days to $247.65 - Despite Trump instructing the Pentagon to renew Nuclear Testing for the first time since 1992. It came in response to Russian President Putin disclosing that Russia had successfully tested a Poseidon nuclear-powered super torpedo. "Because of other countries' testing programs, I have instructed the Department of War to start testing our Nuclear Weapons on an equal basis. That process will begin immediately," Trump said on Truth Social, his social media platform.
On Tuesday the platform announced it will institute prediction market functionality to provide all purpose crypto backed gambling, for its users:
Trump Media and … Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi… will make prediction markets available on Truth Social through an exclusive arrangement with Crypto.com … Following the integration, Truth Social will be the first social media platform to offer its users technology to access embedded prediction markets capabilities through CDNA.
Trump Media DJT is currently down 56% YTD at $15.33
Weekly Jobless Claims reporting is suspended due to the government shutdown. The Gold/Silver ratio is down 3% to 81.81. Longer 20 yr and 30 yr US government bonds are up to 4.64 and 4.66% respectively. Ai powered Government Contractor Palantir PLTR rose 6.5% this week, currently $194.55. NVDA made new all time highs on Tuesday crossing the key $200/share level to a high on Wednesday of $212.16 making it the first $5 Trillion dollar company worldwide.
On Wednesday the Federal Reserve cut rates by 25bps but indicated that another December cut “is not a forgone conclusion,”
With the first two rate cuts now in since the Sept 17th FOMC meeting; the probability of a total 50 bps in cuts in 2025 rose 15 pts to 27% and the probability of 75 bps in fell 9pts to 71% . Short term rates are up 23bps in the 2yr at 3.72. US Comex Copper Futures HG, a leading indicator of economic growth, pushed higher on Wednesday to $5.28 now back to $5.08 usd/lb. Wednesdays push in copper coincided with London LME copper making a new all time high of $11,200 per metric ton