Gold and Silver prices stayed mostly flat this week with gold up 1/4% in the past 5 days and down 6.75% in the past month at $5710 CAD. Silver is down 1% from last week to $70.07 CAD. US Dollar index DXY is up 1% this week at 100.18. SP500 Volatility Index VIX rose 24%. SP 500 ES futures fell 2.75% this past week in a strong downtrend on Thursday again due to Uncertainty in Ai Valuations. ES is currently trading 6582 and slipping further from the key 7000 level. Crude WTI futures have fallen 2.5% to $58.30.
The US Government began funding itself last Wednesday though this week the Bureau of Labor Statistics stated they will not be publishing the October employment report. Instead the data will be released along with a full report in December for the combined November and October data due to the limited data collection during the shutdown.
Crypto’s storm has worsened with BTC down 9.5% this week to $85,800 USD in a continuation of the selloff initiated by Trump's Tariff threats last month. ETH is down 18.5% to $2785 this past week and 30% this past month. The total market capitalization for cryptocurrencies has fallen by approximately $1 trillion since its most recent peak in early October 2025. This decline represents approximately 25% of the total value of all CryptoCurrencies combined.
On Thursday, Trump accused six Democrats of "seditious behaviour, punishable by death" after they released a video telling US soldiers to refuse unlawful commands.
The Video explains, "This administration is pitting our uniformed military and intelligence community professionals against American citizens,"
One of the lawmakers involved, former Astronaut Senator Mark Kelly responded "Our laws are clear. You can refuse illegal orders."
Trump doubled down in a Truth Social Post saying, "HANG THEM GEORGE WASHINGTON WOULD !!"
S&P AeroSpace and Defense ETF XAR fell 2% in the past 5 days and 8.5% in the past month to $218.75
Weekly Jobless Claims fell 8000 to 220,000 for the period ending Nov 15th. The Gold/Silver ratio is up 1/2% at 81.43. Longer 20 yr and 30 yr US government bonds are up 1-2bps to 4.70 and 4.74% respectively.
Ai powered Government Contractor Palantir PLTR has not recovered from the tank initiated by the publication of “Big Short” investor Micheal Burry’s SEC filings showing his fund owns large bets against both Palantir and Nvidia. PLTR is down 6.75% this week and 13.25% this past month.. Hedge Fund Trader Micheal Burry disclosed a large Put Option bet against PLTR and NVDA in the first week of November causing a quick tank in both stocks and rebound that may have shaken Burry out of his position. Last Monday, Burry announced the deregistration of his Hedge Fund. Burry is not alone in his criticisms of Ai Valuations. The Financial Times reported this week that “Oracle is already underwater on its ‘astonishing’ $300b Open Ai deal.” noting that the share price has dropped more than $300 billion in market cap since the deal was announced.
PLTR currently trades at $155.75. NVDA fell 1% this week to $180.64. 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 (no more cuts) in 2025 rose 19pts to 65% and the probability of 75 bps in fell 19pts to 33%. Short term rates are down 4bps in the 2yr at 3.55. US Comex Copper Futures HG, a leading indicator of economic growth, fell 2% to $4.95 usd/lb.