Gold and Silver prices have been strong this week. Spot gold is nearly flat at $4,579 CAD. Silver pushed higher again to $53.55 CAD. A firm US Dollar index DXY rose to 98.95 before backing off to a current 98.58. WTI futures are again flat this week, having ranged again from $65-$69 with buying pressure coming from 3 days of drone attacks in Iraq’s Kurdistan region and the resulting loss of 150,000 barrels per day of supply. No group has claimed responsibility. Safe Haven Demand was bolstered when Israel struck the Syrian defense ministry in Damascus on Wednesday, now aiding Druze militias fighting Against the Syrian Army -- that it previously helped to install to depose the previous Syrian ruler Bashar Al Assad. Normalcy does not appear to be the likely outcome of the continued US and Israeli aggression. Escalations that push oil risk and the Iranian closure of the Strait of Hormuz, causing another rise in WTI to nearly $80, appears unlikely. The continued Risk ON market spilled over into crypto with BTC hitting a new all time high of $123,000 USD and ETH rose sympathetically to $3,678 before falling back to a current $3,656 - up 33% on the week. Equities continue to push higher into uncharted territory with the ES S&P 500 futures up 1% in the past 5 days to 6,356.25 and the NQ Nasdaq Futures up nearly 2% over the same time frame at 23,301 currently. S&P AeroSpace and Defense ETF XAR outperformed again, now up 6% this week to $222.95. Weekly Jobless Claims fell again, now 7,000 to 221,000. The Gold/Silver ratio fell 2% to 87.40 with flat gold and strong silver. Longer 20 yr and 30 yr US government bonds both rose above the key 5% level before falling back to 4.99% respectively. Ai powered Government Contractor Palantir PLTR rose 8% this week to $155.68 before falling back to $153.9. The probability of a 25 bps rate cut in 2025 as priced by PolyMarket rose 2 points to 25%, the probability of 50 bps in cuts fell 3pts to 35% and the probability of 75 bps in cuts remained at 18%. Short term rates rose 2 bps in the 2yr to 3.89. President Donald Trump said Fed ChaIr Jerome Powell will likely not be fired, though notably he does not have the authority to do so.. “I don’t rule out anything, but I think it’s highly unlikely. Unless he has to leave for fraud,” He added, “I mean it’s possible there’s fraud involved,” Copper Futures HG, a leading indicator of economic growth, remained under last weeks’ new all time high of $5.89 USD/Lb currently strong at $5.53, above the old high.