Gold and Silver prices came back strong this week with Gold up 5% in the past 5 days and still up 2% in the past month at $5900 CAD. Silver is making new USD denominated highs up 10% from last week to $74.87 CAD. US Dollar index DXY is down this week ½% and still down nearly 9% YTD at 99.18. SP500 Volatility Index VIX rose 14%. SP 500 ES futures fell 1/4% this past week in a strong downtrend on Thursday as US Government Reopening Euphoria gave way to Uncertainty in Ai Valuations. ES is currently trading 6772 and closing in on the key 7000 level. Crude WTI futures have risen 1/4% to $60.04.
The US Government began funding itself on Wednesday with President Trump signing the bill ending the 43 day long - longest shutdown in history. Trump complained that his funding success had been somewhat eclipsed.
“The Democrats are trying to bring up the Jeffrey Epstein Hoax again because they’ll do anything at all to deflect on how badly they’ve done on the Shutdown, and so many other subjects,”
In a less successful turn for the President, a discharge petition to release the Epstein Files garnered the necessary 218 signatures on November 12.
CBC news reports that Trump's name appears at least 1500 times in the documents from the Epstein Estate, noting “The vast majority of the mentions, however, appear to reveal nothing new or substantive connecting Epstein” Conversely, in one 2019 email to author Michael Wolff, Epstein claimed that Trump "knew about the girls” and in another 2011 email to Ghislaine, Epstein claims Trump spent hours at their house with a redacted victim.
Samuel Chamberlain at the New York Post reported that the Whitehouse is “Furious” that the “the Dems on the House Oversight Committee deliberately withheld the name of the victim - Virginia Guiffre who said before her death earlier this year that she witnessed no wrongdoing by Trump during their interactions.”
The New York Post article does not make clear who is “furious” or how they know the redacted victim is Virginia Guiffre
Crypto’s storm has continued with BTC down 4% this week to $99,200 USD in a continuation of the selloff initiated by Trump's Tariff threats last month. ETH is down 6% to $3220 this past week and 25% this past month. S&P AeroSpace and Defense ETF XAR fell 1% in the past 5 days to $227.13
Weekly Jobless Claims reporting is not yet available due to the recently ended government shutdown. The Gold/Silver ratio is down 5% at 78.74. Longer 20 yr and 30 yr US government bonds are up 2-3bps to 4.69 and 4.71% respectively.
Ai powered Government Contractor Palantir PLTR rebounded hard but lost nearly all the gains up only 1/2% this week after Hedge Fund Trader Micheal Burry disclosed a large Put Option bet against PLTR and NVDA last week causing a quick tank in both stocks and a mechanical rebound that may have shaken him out of his position. On Monday “Big Short” trader Michael Burry announced the deregistration of his Hedge Fund. Bruno Schneller MD at Erlen Capital Management is quoted saying "Burry's decision feels less like 'calling it quits' and more like stepping away from a game he believes is fundamentally rigged,"
PLTR currently trades at $172.214. NVDA rose 1% this week to $186.86. Nvidia is 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 rose 20pts to 46% and the probability of 75 bps in fell 19pts to 52%. Short term rates are up 3bps in the 2yr at 3.59. US Comex Copper Futures HG, a leading indicator of economic growth, rose 2% to $5.07 usd/lb.