Gold and Silver prices settled this week with gold rebounding ¾ % in the past 5 days and still up 2% in the past month at $5640 CAD. Silver is nearly flat up ⅓ % from last week to $68.32 CAD. US Dollar index DXY is flat this week though still down nearly 9% YTD at 99.67. SP500 Volatility Index VIX rose 14%. SP 500 ES futures fell 2% this past week in a strong downtrend after coming within 50 handles of the key technical level of 7000 back in late October. ES is currently trading 6717. Crude WTI futures have fallen 2.3% to $59.93.
The US Government Shutdown continues. CBC reported Thursday more than 760 Flights have been cancelled for Friday alone. The FAA has stated flights will be reduced from 4% to 10% by mid November in an effort to maintain safety due to staffing shortages. US Troops in Germany were given instructions to food bank resources on the US Army Garrison Bavaria Website before the information was quickly scrubbed.
Crypto’s storm has continued with BTC down 8% this week to $100,300 USD in a continuation of the Trump tariff selloff from last month. The Tariffs were quickly reversed in the classic TACO fashion (Trump Always Chickens Out) but the selloff remains with BTC unable to push to significantly higher highs since last month's test. ETH is down 15% to $3258 this past week and 30% this past month. No indication has been made that 19 yr old Baron Trump has lost any of his Crypto gains, reportedly up to $150 million as of mid October.
S&P AeroSpace and Defense ETF XAR fell 6.5% in the past 5 days to $232.97 Despite Trump’s current deployment of the US Navy to Venezuela.
Weekly Jobless Claims reporting is suspended due to the government shutdown. The Gold/Silver ratio is flat at 82.16. Longer 20 yr and 30 yr US government bonds are up 2-3bps to 4.66 and 4.69% respectively. Ai powered Government Contractor Palantir PLTR was crushed down 12% this week after Hedge Fund Trader Micheal Burry disclosed large Put Options positions on both PLTR and 5 Trillion dollar giant NVIDIA. PLTR currently trades at $175.05. NVDA fell 9% this week after crossing the key $200/share level last week to a high on of $212.16 and a failed test of that high on Monday reaching only $211.34 now fallen back to $188.08 - making it no longer a $5 Trillion dollar company by Market Capitalization.
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 fell 1pt to 26% and the probability of 75 bps in rose 1pt to 71% . Short term rates are down 16bps in the 2yr at 3.56. US Comex Copper Futures HG, a leading indicator of economic growth, fell back 2% to $4.98 usd/lb.