Gold and Silver prices have been firm this week. Spot gold is flat at $4,541 CAD. Silver pushed higher again nearly to 14 year highs to, to $50.71 CAD. A firm US Dollar index DXY rose to 97.92 before backing off to a current 97.58. WTI futures are also flat this week, having ranged from $65-$69 with selling pressure coming from a USD rising on technical support. Barchart posted a historical DXY chart with rising trendlines noting that for the USD “it’s now or never,” suggesting that either USD strength returns or a major shift in the buying power of US dollars would disrupt world markets. Normalcy appears to be the likely outcome of that particular price discovery process as Equities hit new all time highs Thursday on the SP500 ES futures at 6,335.50 and currently holding at 6,327 up 4.75% MoM and 12.75% YoY. The Risk ON market spilled over into crypto with BTC hitting a new all time high of $117,400 USD and ETH rose sympathetically to $3000 before falling back to a current $2,940 - up 4% Thursday. S&P AeroSpace and Defense ETF XAR rose with the market by 1% to $209.74. Weekly Jobless Claims hit a 7 week low falling 5,000 to 227,000. The Gold/Silver ratio fell 1% to 89.62 with flat gold and strong silver. Longer 20 yr and 30 yr US government bond rates are flat, 4.86% respectively. Ai powered Government Contractor Palantir PLTR recovered most of last week’s loss rising 6% this week to $142.40. The probability of a 25 bps rate cut in 2025 as priced by PolyMarket is flat at 23%, the probability of 50 bps in cuts rose from 36% to 38% and the probability of 75 bps in cuts rose to 18%. Short term rates fell 2 bps in the 2yr from 3.89 to 3.87. President Donald Trump said Fed ChaIr Jerome Powell should “resign immediately” if allegations that he deceived Congress prove true. He added, “ We should get somebody in that’s going to lower interest rates.” Goldman Sachs expects a total of 75bps in rate cuts this year with their Chief US Economist David Mericale saying “ The team is penciling in 25-basis-point-cuts in September, October, and December, as well as cuts of the same magnitude in March and June 2026.” Copper Futures HG, a leading indicator of economic growth, hit a new all time high of $5.89 USD/Lb after briefly drifting below the key $5 level on Wednesday.