Gold and Silver prices are strong again this week with gold setting a new all time high of $5092CAD currently back $70 to $5021. Spot gold after hitting a new all time high is flat in the past 5 days and up 9% in the past month. Silver is down 1% to $57.65CAD. US Dollar index DXY is flat at 97.36. SP500 Volatility Index VIX rose 7%. Rampant Risk-on sentiment looks somewhat abated since the Sept 17th FOMC 25bps rate decision, though Wednesday's sell off was almost immediately recovered and a new ES futures high was hit on Thursday. SP 500 ES futures are up 1 ½% this week, 3 ½% this month, 11% in the past 3 months and 19% in the past 6 months, largely driven by expectations of this and further rate cuts. Barchart posted Thursday that the 30yr mortgage rate in the USA has fallen to the lowest level in 12 months at 6.49%. Overall market sentiment is bullish with a rate cut concurrent to new All Time Highs, but historically - smooth and unidirectional sailing is not guaranteed. The 25bps cut was widely accepted as a foregone conclusion with the likelihood of at least one more 1/4% cut before the end of the year. WTI futures are up 1.5 % to $63.23. ES SP500 futures are currently 15 handles off the new all-time high now at 6,704. Trump has asked the Supreme Court to let him fire Federal Reserve Governor Lisa Cook. If Trump wins, this would be the first time any president has fired any Federal Reserve Governor in the over 111 years since inception. Crypto is still quiet with BTC up 1% this week to $116,790 USD and ETH up 5.5% to $4579. S&P AeroSpace and Defense ETF XAR out performed up nearly 3% in the past 5 days at $227.15. Weekly Jobless Claims fell 33,000 to 231,000 reversing some of last week's surge. The Gold/Silver ratio is flat at 87.19. Longer 20 yr and 30 yr US government bonds both rose a bit more than 5bps to 4.69 and 4.72% respectively. Japanese 30yr bonds slid back from its all time high of 3.30% to 3.22% last week and now 3.19% while the Nikkei pushes to new all time highs. Ai powered Government Contractor Palantir PLTR rose 7% this week, currently $176.97. Gov.UK Announced on Thursday “The UK will be at the leading edge of defence innovation as the government signs a new partnership with Palantir to unlock billions in investment and deliver on the Government’s Plan for Change.” The probability of a single 25 bps rate cut in 2025 as priced by PolyMarket fell 1 pt to 4%, the probability of 50 bps in total cuts fell 11pts to 23% and the probability of 75 bps in cuts rose 18pts to 65%. Short term rates are up 2bps in the 2yr at 3.57. US Comex Copper Futures HG, a leading indicator of economic growth, is down 8 cents to 4.59usd/lb.