Gold and Silver prices are strong again this week with gold setting a new all time high of $5242CAD currently back $16 to $5226.. Spot gold is up 3% in the past 5 days and up 12% in the past month. Silver is up 5.5% to $62.75CAD. US Dollar index DXY is up 1% at 98.41. SP500 Volatility Index VIX rose 6%. Risk-on sentiment stalled with SP 500 ES futures down 1% this week, after continuing to push even higher to a new high of 6756.75. The index has since fallen back nearly 100 handles to 6660 on the same futures contract. Fed Chair Powell gave an ominous warning on Tuesday saying "We do look at overall financial conditions, and we ask ourselves whether our policies are affecting financial conditions in a way that is what we're trying to achieve… But… by many measures, for example, equity prices are fairly highly valued." Overall market sentiment remains bullish with this rate cut concurrent with new All Time Highs and at least one more rate cut is widely expected by market participants. WTI futures are up 4.5 % to $65.23. On Thursday, CNN reported that “Alan Greenspan and every other living former Fed chair [told the] Supreme Court that Lisa Cook should keep her job” Trump had asked the Supreme Court to let him fire the Federal Reserve Governor on allegations of mortgage fraud based on her declaring two properties both as primary residences. Crypto softening has continued with BTC down 6% this week to $109,870 USD and ETH down double digits 12% to $3937. S&P AeroSpace and Defense ETF XAR fell 1/2% in the past 5 days to $226.06. The Washington Post reported on Thursday that Secretary of War Pete Hegseth ordered a “rare, urgent meeting of hundreds of generals, [and] admirals” from all around the world, though the reason was not made clear. Weekly Jobless Claims fell 17,000 to 218,000. The Gold/Silver ratio is down 2.5% to 83.34. Longer 20 yr and 30 yr US government bonds both rose less than 5bps to 4.73 and 4.75% respectively. Japanese 30yr bonds slid back from its all time high of 3.30% earlier this summer to 3.11% now - while the Nikkei still pushes to new all time highs. Ai powered Government Contractor Palantir PLTR rose 1% this week, currently $179.12. On Tuesday, Boeing announced it would work with Palantir to “help standardize data analytics and insights across geographically dispersed locations.” 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 rose 4 pts to 8%, the probability of 50 bps in cuts rose 5pts to 28% and the probability of 75 bps in cuts fell 8pts to 57%. Short term rates are up 8bps in the 2yr at 3.65. US Comex Copper Futures HG, a leading indicator of economic growth, is up 18 cents to $4.77usd/lb.