Gold and Silver prices are very strong this week with gold setting a new all time high of $4934CAD currently back $40 to $4893. Spot gold rose 4% in the past 5 days and is likely to cross $5000/oz CAD very soon; Though the key technical level of $3500 USD that provided a reversal point in April - has now been breached with a solid close above on Tuesday. Silver is stronger at $56.13CAD having breached its key $40USD level and closed above on Monday. US Dollar index DXY is up 0.4% to 98.26. SP500 Volatility Index VIX is up 7% with a peak under 20 on Tuesday’s ISM Manufacturing report that indicated US Factories are suffering from import tariffs. Lost ground was quickly recovered. Risk-on sentiment continues (for now) as we approach the Sept 17th FOMC rate decision. It is widely accepted to be a rate cut of 25 bps with the possibility of another cut later in the year. WTI futures are down 1% from this time last week to $63.28 despite US Secretary Bessent’s statement that the US “will be examining sanctions on Russia this week.”. Equities marched higher up only 1/2% in the past 5 days of trading. ES SP500 futures are currently 7 handles off the all-time high now at 6,516. Former Federal Reserve Governor Lisa Cook has received an open letter of support for her against her dismissal by Trump signed by nearly 600 economists. "Recent public statements about Governor Cook—including threats of removal and a claim that she has been fired—have arrived alongside unproven accusations," read the letter. With Cook removed, the President could nominate a dovish replacement and thereby control interest rate policy to lower rates. “It’s really important for Americans to understand how dangerous this is,” former Fed Chair and former Treasury Secretary Janet Yellen said on Thursday. Crypto has softened with BTC down 1% this week to $111,500 USD and ETH down 5% to $4335. S&P AeroSpace and Defense ETF XAR under performed down 2% in the past 5 days at $215.29. Weekly Jobless Claims rose 8,000 to 237,000 and unemployed workers outnumber available jobs for the first time since 2021. The Gold/Silver ratio fell ½% to 87.15 with both strong gold and silver. Longer 20 yr and 30 yr US government bonds both fell slightly to 4.80 and 4.85% respectively. Japanese 30yr bonds hit a new all time high of 3.30% . Ai powered Government Contractor Palantir PLTR fell 1% this week, currently $156.14 despite the announcement of an Ai Partnership with Lumen Technologies LUMN that sparked a 5% Rise in LUMN shares on Thursday. The probability of a single 25 bps rate cut in 2025 as priced by PolyMarket fell 6 pts to 19%, the probability of 50 bps in cuts rose 2pts to 47% and the probability of 75 bps in cuts rose 8pts to 26%. Short term rates are down 4bps in the 2yr at 3.59. US Comex Copper Futures HG, a leading indicator of economic growth, is up 2 cents to 4.57usd/lb.