WEEKEND WRAP: Busy Week Ahead for Earnings, CPI, PPI, Retail Sales as Midterms Loom; Gold, Silver Recovery Underway; Yields Tamed, Though Still High

With early voting already underway, it has become imperative for the incumbent Republicans to maintain the status quo narrative, playing down inflation and high food and gas prices while maintaining a degree of allegiance to President Trump's radical foreign policies.

As the weeks wind down to the midterms, expect various distortions in news coverage, especially concerning the wars in Ukraine and the Middle East, which appear to be spiraling out of control. Republicans maintain a posture favoring global intervention into any and all markets and international affairs, a deadly combination of monarchial-like power and monetary intrusion. Global affairs being lower on the list of priorities for American voters than food and gas prices, the Trump administration presently is free to pursue whatever policies and processes it prefers. Once elections are over, those may change, depending on, naturally, which party is declared the winner.

In the interim, investors have third quarter earnings to keep them occupied. Major banking institutions kick off the Q3 2026 earnings season next week, with reporting heavily concentrated on Tuesday and Wednesday of the week ahead.

Rolling earnings reports over the next three weeks should provide more than enough cover for the incumbents, with corporate earnings in many sectors expected to be positive. Stocks could very well set forth to new records. There will be plenty of opportunities to chase returns prior to the midterms and probably afterward.

One other aspect to bear in mind is that a good number of investment funds will be closing their books for 2026 at the end of October, likely locking in profits for the year. Demand for stocks may suffer the consequences of higher interest rates (yields) and the upcoming FOMC meeting falls just prior to Election Day with the Fed making its penultimate rate policy decision on October 28.

Keeping all things in perspective, there's a good probability of investment institutions - outside of earnings reactions - to take an wait-and-hold position. As crazy as the world may seem in the current environment, money managers may find reason enough to stand pat for a couple of weeks and see where things lay once the dust settles.

Stocks

Stocks got the usual Friday boost, putting all of the major indices into the positive column for the week with the noable exception of the Dow Transports, which finished lower by more than one percent. The NASDAQ and S&P each finished at record highs on Tuesday, October 6, and ended the week very close to those highs. Expectations for more record closes are high over the next two to three weeks with earnings coming forward hot and heavy.

The week ahead will be dominated by banking and financial institutions with some other major companies spicing up the lineup:

Tuesday, October 13 (before open): JPMorgan Chase (JPM), Goldman Sachs(GS), Citigroup (C), Wells Fargo (WFC), Albertson's (ACI), Domino's Pizza (DPZ), United Health Group (UNH)

Wednesday, October 14 (before open): Bank of America (BAC), Morgan Stanley (MS), BlackRock (BLK), State Street (STT), ASML (ASML), Progressive Insurance (PGR)

Thursday, October 15 (before open): U.S. Bancorp (USB), Charles Schwab (SCHW), PNC (PNC), Bank of New York Mellon (BNY), Taiwan Semiconductor (TSM), Ericsson (ERIC); (after close): Alcoa (AA), Simmons Bank (SFNC), Interactive Brokers (IBKR), J.B. Hunt (JBHT)

Friday, October 16 (before open): M&T Bank (MTB), Truist Financial (TFC), Citizens Financial Group (CFG), Regions Financial (RF), Travelers (TRV)

On the economic front, the market will take account of the NFIB Business Optimism Index and Existing Home Sales on Tuesday, with an important CPI reading out Wednesday prior to the opening bell, the last CPI report before both the FOMC meeting (October 27-28) and Election Day (November 3). Thursday will also be busy, with September PPI in focus, along with weekly unemployment claims, monthly reports from the NY Empire State and Philly Fed, and September Retail Sales. The weekly EIA crude and distillates report is also Thursday.

Friday's releases include Capacity Utilization and Industrial Production, plus the Baker Hughes U.S. Rig Count, and U.S. Import/Export Prices.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
09/04/2026	3.79	3.83	3.90	3.91	4.00	3.98	4.13
09/11/2026	3.93	3.99	4.05	4.07	4.15	4.12	4.35
09/18/2026	3.97	3.98	4.10	4.14	4.24	4.24	4.44
09/25/2026	4.04	4.14	4.20	4.24	4.32	4.33	4.50
10/02/2026	4.04	4.09	4.11	4.19	4.26	4.27	4.46
10/09/2026	4.13	4.13	4.13	4.25	4.29	4.32	4.47

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
09/04/2026	4.37	4.45	4.54	4.65	4.78	5.25	5.24
09/11/2026	4.63	4.69	4.78	4.87	4.96	5.38	5.35
09/18/2026	4.76	4.83	4.86	4.93	5.01	5.38	5.34
09/25/2026	4.81	4.94	4.98	5.06	5.17	5.54	5.49
10/02/2026	4.83	4.96	5.06	5.17	5.28	5.67	5.63
10/09/2026	4.80	4.89	5.02	5.13	5.24	5.65	5.60

Yields dropped slightly from multi-year highs during the week past, though hardly a ringing endorsement for lower rates overall. Long-dated treasuries remain threatened by excessive corporate issuance in the AI/tech space, crowding out buyers and sending prices for treasury notes and bonds lower.

Significantly, yields on bills spiked, with one-month and three-month issues adding nine and six basis points, respectively. Those advances crimped the full spectrum spread back to +147, a 12-bip move lower. 2s-10s were static for the week, moving just one basis point lower.

Concern over high interest rates continues to be a sore spot for the U.S. Treasury. Secretary Scott Bessent's recent parlay into buybacks of government debt hardly moved anybody's core positioning. At best, he kept interest rates from spiking even higher. Under current conditions, which includes high inflation, a lack of international bidders, and stubborn buyers demanding higher yields, there's little the secretary or anybody else can do to curb an ongoing interest rate rise across the entire curve. Inflation remains a priority for the Federal Reserve, though odds of another rate hike at the October 27-28 FOMC meeting remain low, with less than 18% believing the Fed will hike rates at the upcoming meeting, according to the CME's FedWatch tool. Election politics also come into play, many believing that Chairman Warsh would dare raise rates right before the midterms.

But, no, the Fed is not politically-motivated. Also, DOGE and tariff rebate checks are in the mail.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27
6/26: +31
7/2: +35
7/10: +35
7/17: +37
7/24: +36
7/31: +47
8/7: +46
8/14: +51
8/21: +50
8/28: +39
9/4: +41
9/11: +33
9/18: +25
9/25: +36
10/2: +45
10/9" +44

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121
6/26: +117
7/2: +128
7/10: +135
7/17: +133
7/24: +136
7/31: +149
8/7: +140
8/14: +146
8/21: +147
8/28: +138
9/4: +145
9/11: +142
9/18: +137
9/25: +145
10/2: +159
10/9: +147

Oil/Gas

Oil prices continues to trend in a range of $91-93 for WTI crude on the futures market, as the incumbent party attempts to keep a lid on prices despite escalating conditions in the Middle East. How long futures markets can contain oil prices remains a major concern for President Trump and his Republican allies heading into the midterms. So far, so good, with prices holding in what's considered a somewhat reasonable range.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.33 last week and $4.34 this week, holding steady after a price drop the week prior. Lower prices at the pump are a positive for the Republican party. Early voting has already begun in some states while the price of gas remains unacceptably high. The belief by MAGA Republicans that high fuel prices are temporary will be a key consideration in midterm voting patterns.

Gas prices in key states:

California (leader): $6.39 (+0.01)
Washington: $5.44 (-0.02)
Indiana: $3.92 (+0.18)
Oklahoma: $3.97 (+0.05)
Louisiana: $3.91 0.01)
Mississippi: $3.89 (-0.02)
Florida: $4.11 (+0.07)
Illinois: $4.71 (+0.06)
Pennsylvania: $4.45 (-0.02)
New York: $4.43 (-0.03)
Maryland: $4.24 (+0.03)
Michigan: $4.67 (+0.22)
Texas: $3.78 (lowest) (-0.11)
Georgia: $3.77 (-0.01)

On Sunday, October 11, there are thirty-sex (36) states with average prices at or above $4.00, with twelve (12) below the $4 threshold (other than Indiana, all clustered in the Southeast), not including Hawaii ($5.64) and Alaska ($4.95), with four above $5 (California, Nevada, Oregon, and Washington) and one, California, above $6.00. The Southeast has maintained as the lowest region overall over the past 15 weeks, with prices falling below $4.00 this week ($3.78-3.95) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices ranging higher, from $4.00 to $4.25. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest.

All Northeast states, from Delaware and Maryland all the way to Maine, continue to average well above $4.00.

Bitcoin

This week: $82,717.91
Last week: $85,242.28
2 weeks ago: $84,540.25
6 months ago: $72,892.87
One year ago: $112,530.80
Five years ago: $61,855.90

Crypto and bitcoin remain bid, though off recent highs. SSDD.

Precious Metals

Gold:Silver Ratio: 69.09; last week: 68.59

Futures, per COMEX continuous contracts:

Gold price 9/11: $4,390.00
Gold price 9/18: $4,415.90
Gold price 9/25: $4,320.50
Gold price 10/2: $4,172.10
Gold price 10/9: $4,220.30

Silver price 9/11: $65.02
Silver price 9/18: $66.79
Silver price 9/25: $64.71
Silver price 10/2: $60.71
Silver price 10/9: $61.11

SPOT: (kitco)
Gold 9/11: $4,348.10
Gold 9/18: $4,377.63
Gold 9/25: $4,283.78
Gold 10/2: $4,141.90
Gold 10/9: $4,193.60

Silver 9/11: $64.48
Silver 9/18: $66.24
Silver 9/25: $64.28
Silver 10/2: $60.39
Silver 10/9: $60.70

Once China's markets reopened from the Golden Week holiday on Thursday, prices for gold and silver rebounded sharply, confirming that the LBMA and COMEX had been artificially suppressing prices for precious metals on their derivative markets while the main driver and price-maker, China, was absent.

There need be no more obvious proof that price suppression, a tactic of the U.S. government and its open market agents, has continued for many years, even decades. Without the suppression mechanism, it's likely that gold would have returned to its rightful place as a neutral reserve currency many years ago, and the U.S. government forced to either abandon or revalue the U.S. dollar, the latter being the most probably circumstance.

The current alignment of Western nations acting against the best interests of honest money portends continued volatility in precious metals markets. China continues to acquire gold at a record pace along with other non-Western-aligned Asian and African nations. For PM investors in the U.S., U.K. or Europe, the handwriting could not be more obvious. The world is turning to gold as the standard of exchange and store of value for central banks and national interests. This process - of extinguishing a fiat-based reserve currency with one that has stood the test of time for thousands of years - is slow and often frustrating. Recent years, however, have shown that gold's resilience and acceptance is quite strong and growing worldwide.

Silver's condition mirrors that of gold, though at a more nuanced level. It's use as an industrial, medical, and military metal outpaces its role as a monetary one, but, given the recent levels of the gold:silver ratio (GSR) around 70 and slightly below, it's apparent that silver will follow gold's advances and declines in a somewhat orderly fashion and at some points become the value option of choice. History is filled with settlements of the GSR at levels far below those of the current environment, with most falling between 12 and 16 ounces of silver to one ounce of gold. A world in which gold and silver are finally properly valued will be one in which individuals have control over their own wealth without being subjected to the whims and mendaciousness of kings, royals, and Keynesian-inspired governments.

While China's Golden Week did not align properly with the Western Monday-Sunday regime, running from Thursday-Wednesday, there was some distortion in reported prices, which at Money Daily are either Fridays or Sundays. Thus, prices do not reflect the severe declines in gold and silver that were experienced in the early part of the week (Monday-Wednesday). One might be well-advised to look back one more week, to 9/25, for a more reasonable expectation of prices over the coming days and weeks. Additionally, once the midterms are over and done, prices may catch a serious bid in whatever aftermath presents itself in the U.S. concerning foreign, fiscal, and monetary policies.

No matter what, demand from central banks for gold and industrial uses for silver remain well anchored. Investment demand remains the missing link to the gold/silver story. Once acceptance of gold and silver becomes essential to institutions and individuals, the prices will rise accordingly. In a more sinister - and correct - sense, the further the U.S. dollar declines in purchasing power, the higher the prices of gold and silver will soar.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	67.00	79.99	73.65	73.84
1 oz silver bar:	66.00	83.87	74.48	74.81
1 oz gold coin:	4189.99	4750.00	4430.79	4408.70
1 oz gold bar:	4225.00	4472.67	4390.18	4387.49

The Single Ounce Silver Market Price Benchmark (SOSMPB) rebounded sharply this week, rising to $74.20 , a gain of $3.37 per troy ounce from the October 4 price of $70.87.

WEEKEND WRAP

Patience may be the key to a sensible investment strategy until the midterms, which are now just more than three weeks ahead, though early voting is already underway in a handful of states and by the end of the week will be widespread, a benchmark for early voting being 15-20 days prior to election day, putting full-on early voting roughly between October 13 and 18.

Bearing in mind that the politicians and staffs involved in various key races will be keeping tabs on exit polling, there is certainly to be a degree of media meddling and posturing by candidates. Traditional midterm metrics have incumbents (Republicans) losing 15-25 seats in the House and 3-6 sets in the Senate. Should Democrats gain control of both houses, there is likely to be a call for change in the policies of the presidential administration, though a radical shift is unlikely.

Should Democrats prevail, there's a good chance of stocks taking a hit, as most investment managers and big money power brokers prefer a more "conservative" agenda rather than looser policies of tax, borrow, and spend, though, in reality, neither party has shown any propensity for fiscal restraint.

In the end, whichever party ends up in control of the congress, government policy is unlikely to change in a positive, more austere manner. American citizens may be subject to more historical patterns, meaning more and more of the same.

At the Close, Friday, October 9, 2026:
Dow: 51,654.95, +423.31 (+0.83%)
NASDAQ: 27,366.17, +172.83 (+0.64%)
S&P 500: 7,811.54, +46.18 (+0.59%)
NYSE Composite: 23,939.10, +141.50 (+0.59%)

For the Week:
Dow: +477.99 (+0.93%)
NASDAQ: +175.31 (+0.64%)
S&P 500: +88.82 (+1.15%)
NYSE Composite: +284.79 (+1.20%)
Dow Transports: -205.61 (-1.03%)
Dow Transports: -205.61 (-1.03%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

Markets Poised for Upside Friday, though Flat for the Week; Gold, Silver Rebound as China Reopens; Early Midterm Voting Underway

It's all about pattern recognition.

Thursday's market setup was very similar to Wednesday's, with stock futures in the red heading toward the opening bell, with interest rates spiking again, though not so violently as the previous session. Still, investors became unnerved. By 10:00 am ET, the yield on the 10-year note had struck 5.31% and the 30-year at 5.67%, but those high yields - same as Wednesday - gradually began to reverse.

It appeared everything was going according to plan, with dip-buyers stepping in shortly after 11:00 am on the Dow, but this time, the admission by Sam Altman's OpenAI that revenues had fallen short of target, kept the S&P and NASDAQ in the red doldrums. By the close, the Dow and NYSE Composite were positive, but the S&P, and, especially, the NASDAQ had sprung leaks, ending in the red.

As usual, a Trump tweet provided some cover, the president sending a message that he would not attack Iran again before the midterms. It didn't work as well as expected for stocks, but his messaging influenced oil futures enough to send WTI from above $93 to near $90.50. As Friday's tape begins, WTI is holding in a range just below $91/barrel.

Friday's stock futures are on the rise, even as Delta Airlines (DAL) posted a third quarter earnings miss, citing high fuel prices as the key element in the disappointing period.

The least surprising development was the recovery in gold and silver prices as China's markets reopened. Spot gold has bounced back above $4,200 and silver held above $60 overnight.

What will Friday's week-ending session bring?

Stock futures are positive, led by the NASDAQ, naturally, up 225 points an hour prior to the bell.

For the week, the Dow is up a paltry 54 points, the NASDAQ is up a mere three points, and the S&P is ahead by 43 points. Essentially, the major indices are flat, which is about in line with expectations from the investor class. Stocks don't have to steadily advance from here to November 3rd, they only have to not decline very much. After all, the S&P and NASDAQ both posted all-time highs on Tuesday, so staying within a few percentage points of record closings is likely to suit the needs of entrenched Republicans who wish to maintain their slim advantages in the House and Senate.

Wall Street is aligned with the incumbents, fearing that a Democrat takeover of either house of congress might disrupt their plans of market and dollar dominance. They are on shaky ground to say the least, but keeping stocks at nose-bleed levels should appease their voter base enough that they won't notice how much they're spending for gas, or steaks, or, well, just about everything else.

The plan is to keep stock prices high and oil and gas prices in an acceptable range. $6 gas in California doesn't seem to be a concern, since the state is deeply Democrat.

There are a few wild cards in play as the opening bell approaches. Late Thursday, Elon Musk's Starlink agreed to acquire a nationwide portfolio of low-band spectrum licenses, aiming to combine them with its satellite-to-cell services.

The entry of Starlink into cell phone competition send shares of T-Mobile down nearly eight percent 7.7%, while Verizon and AT&T each dropped about six percent.

Hurricane Isaias is approaching the Gulf coast. Oil rigs in the region have been shut down. Landfall for what is expected to be a Category 1 hurricane comes later today. Interest rates can only be held in their current range only so long, but the party in power only as to keep them relatively benign for another three weeks. Early voting is spreading across the nation. By next week, more than half the country will have early ballot access.

Iran and the Middle East continue to be a stubborn thorn in the administration's backside and the growing unease over AI, the burgeoning CAPEX costs, and data center buildout continue to throw shade on chip and tech sectors.

The power brokers and money dealers are spinning more than a handful of plates, but so far haven't let any fall and break. Despite their best efforts at narrative control, polls are showing Democrats taking the majority in the House, though the Senate appears to be safe for the Republicans, which is about the best they can expect. A wholesale turnover of both houses would be devastating to their cause.

At the Close, Thursday, October 8, 2026:
Dow: 51,231.64, +51.77 (+0.10%)
NASDAQ: 27,193.34, -345.35 (-1.25%)
S&P 500: 7,765.36, -36.41 (-0.47%)
NYSE Composite: 23,797.60, +95.68 (+0.40%)

More Fakery: 10-Year Note Yields Jump Again Overnight; Silver Smacked Lower, Oil Prices Rising; Dip-Buyers Out in Force

Wednesday morning's setup was one in which stock futures foretold of horror, with all of the major indices sporting large losses in futures heading toward the open bell. Fear was surely in the air.

Once the cash market opened and had gotten its footings, the bad news turned into a buying opportunity, as news narratives were softened, and, most importantly, yield on the 10-year note and 30-year bond began to tail off. That was key to the massive dip-buying that took place after 11:00 am ET and continued right through to the close.

The ultimate trigger for the initial fear factor was the 10-year note yield spiking, from 5.27% at the close of trading on Tuesday, then opening at 5.36% at 8:30 am. That rise of nine basis points sent a message to markets and the algos and traders took the bait. The overall intent of the overnight yield spike was likely designed to send gold and silver into the void. Both precious metals experienced severe declines at the same time the 10-year yield was spiking higher. Turns out, Wednesday was the last opportunity for the riggers at the COMEX and LBMA to suppress PMs. China's markets were closed for Golden Week, and they re-open on Thursday.

If any or all of that sounds like so much conspiracy theory, fine, don't buy it. But, it makes perfect sense. All markets are sensationally rigged and have been for years. They are designed to goose gains in stocks, primarily, but also are very much aligned in price suppression of precious metals, i.e., real money, a practice that's gone on for decades, with horrific results. Not only have prices for precious metals skyrocketed over the past 25 years, but inflation, the counterparty to massive fiat money creation by central banks - especially the U.S. Federal Reserve - has exploded recently. At the end of the day, stock market gains are paid for by consumer inflation, or, read in different terms, loss of purchasing power. As financial assets appreciate on the back of nearly limitless paper money creation, the downstream effect goes deep into the pockets of consumers, with higher costs for food, energy, and just about everything else.

The United States and its allies in the fiat regime, which includes all of Europe, the UK, Japan, South Korea, Australia and a handful of other countries which rely on exported inflation from the U.S. trade imbalance and deal primarily in dollars, yen, and euros, are facing an existential death spiral created by the central banks. Global debt has risen to unsustainable levels and governments are walking on eggshells in a joint effort to control the narrative, act as if $40 trillion in accumulated debt by the U.S. is no big deal, and try various methods to either tamp down sentiment or make huge profits on their - now daily - manipulations, or both. Actually, as the past few years of the Trump regime evidence, it's almost always both. Nothing like making billions as you destroy the well--being of billions of ordinary citizens.

By the middle of the day Wednesday, yield on the 10-year note had fallen off to 5.27%, right where it had close on Tuesday, prior to the spike, and stayed at roughly that level for the remainder of the session. Stocks, especially those on the NASDAQ and S&P 500, recovered most of their earlier losses. Gold and silver remained moribund.

As Thursday beckons, the same setup is being staged again. The yield on the 10-year is being quoted at 5.33%, fear of more Iranian attacks on oil vessels in the Strait of Hormuz is being ramped up, gold and silver are diving, though more damage is being done to silver than gold, for reasons unknown, but probably because China's markets are reopened and the focus is on the big kahuna, gold. Silver's meteoric rise will come later, next week, next month, but eventually market dynamics will force prices higher. As it is, silver at less than $60/ounce is a joke. In China, the spot price is upwards of $66 and in India, it's closer to $70.

Crude oil is rising this morning, with WTI crude quoted at $92.53 and rising.

No matter what one believes, it's failry evident that anything that occurs between now and the midterm elections on November 3rd is probably fake, controlled, and more noise than signal.

Let's see if Thursday's mockery of open markets is a carbon copy of Wednesday's fiasco. The key will be whether stocks continue to slide after 11:00 am or stop and reverse course as yields come down at the same time. In that circumstance, it's "Buy the Dip, Baby!"

At the Close, Wednesday, October 7, 2026:
Dow: 51,179.87, -341.41 (-0.66%)
NASDAQ: 27,538.69, -61.20 (-0.22%)
S&P 500: 7,801.77, -17.16 (-0.22%)
NYSE Composite: 23,701.92, -219.75 (-0.92%)

S&P, NASDAQ Make Record Highs, But Trouble Is Brewing in Middle East, Gulf of America; Interest Rates Spiking

Easy come, easy go.

Just as the S&P and NASDAQ recorded new all-time highs, stocks appear poised to give back some of those gains as the opening bell approaches Wednesday morning. Stock futures are falling fast as the sun rises over lower Manhattan.

With less than an hour before the opening bell rings, Dow futures are down 450 points, NASDAQ futures have shed 260, and S&P futures are off by 37 points. The accused culprits are Houthis blowing up much of Saudi Arabia's oil production, Iran blasting tankers in the Strait of Hormuz, the potential for Hurricane Isaias to damage oil rigs and refineries in and around the Gulf of America, and interest rates hitting 20+ year highs.

The Shiller PE closed Tuesday at 41.90, not the highest ever, but close.

As usual, with stocks being battered, gold and silver are being beaten down. At this time, with China's markets closed until Thursday for Golden Week, spot gold is being quoted at $4088, and silver at around $58 per ounce, both three-month lows.

Most of the downside damage occurred just after 8:00 am ET, for no apparent reason.

None of this looks particularly pleasing to the Republicans in congress nor for those expecting a windfall $5000 check from President Trump when his party wins the midterms. Those checks should be arriving about the same time as the DOGE payouts and the tariff dividends.

Risk on! Party off!

At the Close, Tuesday, October 6, 2026:
Dow: 51,521.28, +253.38 (+0.49%)
NASDAQ: 27,599.89, +122.58 (+0.45%)
S&P 500: 7,818.93, +44.98 (+0.58%)
NYSE Composite: 23,921.67, +133.06 (+0.56%)

It's All Fake: Oil Prices Suppressed Just Like Gold and Silver; NASDAQ Sets Record; S&P About to Bust Upside; Yay! Elections!

“If voting made any difference, they wouldn’t let us do it.”

As midterm elections approach, that quote, most often attributed to the great satirist, Mark Twain (Samuel Clemens) or renouned anarchist Emma Goldman, will be making the rounds on X and Facebook and elsewhere in the weeks ahead. No matter who said it, the inference is unmistakable, sardonic, and cynical, as it probably should be. The political system in the United States, dominated by two parties that often look a lot like each other is about as clean as a pair of muddy boots. Corruption and graft run through the system like wine at a music festival.

As the world turns ever closer to a closed totalitarian system, criticism of the electoral process might someday be viewed as criminal; already it is frowned upon by the established establishment. Quoting a more reliable source, the title of P.J. O'Rourke's 2011 satirical tome, "Don’t Vote It Just Encourages the Bastards" might be a better way to express disdain for the polling process. Whichever way the political winds blow, it seems Americans end up with the same government they previously hated. Not much changes; the landscape stays about the same, only some of the characters are different.

Which brings about the recent quizzical discussion over oil prices and futures markets. As Dr. Chris Martenson explains in the video clip below, the same kind of price suppression action that gold and silver proponents know all too well has recently raised its ugly head in oil futures. As the war/not a war narrative in the Middle East shifts and shimmies day to day, the price of Brent and WTI crude seem to sense an easing of tensions on a regular basis, roughly in line with positive tweets and "truths" by el Honcho Presidente Donaldo Trumpo.

Martenson isn't the only one observing the widespread rigging. The argument against synthetic markets (futures) driving real world prices has been raging for some time, only now, oil market analysts are some of the people sounding the alarm.

The obvious rationale for keeping oil prices down is that elections are on the way, with voting already taking place in some states that allow early balloting, and soon to be a deluge of sketchy picks and predictions.

There's been more than enough talk about irregularities in the voting process, this time coming mostly from the party desperately clinging to small majorities in the House and Senate. Claims of foul play will be widespread in the current cycle. The silve lining is that it will all be over in less than a month. Then, the news coverage can shift to more important matters, like what Taylor Swift was wearing at the latest Chiefs game and which lousy films are going to be nominated for awards.

For those intrepid souls who go about connecting dots, all fakery leads inexorably to the stock market, U.S. funny money, AKA, Federal Reserve Notes, and AI, which, in case anybody has forgotten, stands for Artificial Intelligence. With Tuesday's opening bell about to ring within minutes of this writing, stock futures are once again screaming higher for no reason other than the pervasive understanding that AI and chip stocks are really worth 30 or 40 or 50 times earnings.

It's all part of the electioneering plan: Higher stocks, Lower oil prices, Lower treasury yields. The NASDAQ closed at a record high on Monday. Today, it's likely the S&P's turn to set another record. Play along, or, be left behind, shivering in a cardboard box under some urban freeway.

Eventually, thinking will be banned. Your personal AI-directed, robot assistant will make sure you don't cross the line.

At the Close, Monday, October 5, 2026:
Dow: 51,267.90, +90.94 (+0.18%)
NASDAQ: 27,477.31, +286.45 (+1.05%)
S&P 500: 7,773.95, +51.23 (+0.66%)
NYSE Composite: 23,788.62, +134.30 (+0.57%)