Gold and Silver prices are strong again this week with gold setting a new all time high of $5666 CAD currently back $98 to $5568.. Spot gold is up 2.5% in the past 5 days and up 11% in the past month. Silver is up 3% to $69.18CAD after hitting a new all time high of $51.24USD. US Dollar index DXY is up 1.55 at 99.32. SP500 Volatility Index VIX rose 0.5%. SP 500 ES futures rose 0.3% this past week after a push even higher to a new all-time high of 6812 and currently trading only 24 handles below that point.
The US Government Shutdown continues with the National Post reporting “No end in Sight.” President Trump has responded “The Democrat shutdown is causing pain and suffering for hardworking Americans, including our military, our air traffic controllers and impoverished mothers, people with young children, people that have to live not the greatest of lives,”
On Wednesday, BBC reported “Judges heard arguments in Portland, Oregon, and Chicago, Illinois, where local leaders have sued the government, arguing the use of military on civilian streets is unconstitutional.” In response, White House Deputy Chief of Staff Stephen Miller said, “ under title X, the president has plenary authority.” Indicating Trump could use his full limitless power to deploy the National Guard.
Crypto has held with BTC down 0.5% this week to $121,400 USD after pushing to a new all time high of $126,100 and ETH up 0.25% to $4350. S&P AeroSpace and Defense ETF XAR rose 2.75% in the past 5 days to $245.48. Weekly Jobless Claims reporting is suspended due to the government shutdown. The Gold/Silver ratio is down 0.75% to 80.40. Longer 20 yr and 30 yr US government bonds are flat at 4.68 and 4.72% respectively. Ai powered Government Contractor Palantir PLTR fell 0.5% this week, currently $185.47. With the first rate cut now in since the Sept 17th FOMC meeting; The probability of a total of only 25 bps in rate cuts in 2025 as priced by PolyMarket fell 1 pt to 3%, the probability of 50 bps in cuts rose 2pts to 21% and the probability of 75 bps in cuts rose 1pt to 69%. Short term rates are down 6bps in the 2yr at 3.59. US Comex Copper Futures HG, a leading indicator of economic growth, is up 12 cents to $5.08 usd/lb, back above the key $5 level