Tech, AI Infrastructure Spending Under Assault as NASDAQ Suffers Another Major Decline; Earnings Reports Unimpressive; Fiat Currencies Dying

At last, it's Friday and the stock market can rest for a couple of days.

Stocks, especially anything even remotely related to AI or the infrastructure buildout and its enormous Capex budgets, were bludgeoned on Thursday, with the NASDAQ and S&P taking the full brunt of a semi-panic mood. Investors rushed to dividend-producing stocks on the Dow and into treasuries, sending the 10-year yield down to 4.95%, a massive drop of 20 basis points from Wednesday's close of 5.15% and the first time the 10-year has been below five percent, suspiciously, in exactly one month.

As usual, the information, analysis, and/or advice offered by financial institutions, politicians, statisticians, chartists, scientists and the mainstream media backing all of their conclusions is complete nonsense, and missed the bigger picture completely. The United States the UK, Canada, Australia, Japan, South Korea, and the Eurozone continue to spiral toward a currency crisis, manifested by increasingly high levels of inflation, i.e., loss of purchasing power in the fiat currency regime.

That is the overwhelming problem that nobody in the mainstream dares mention, precisely because it is the truth and the conclusions are frightening. Western economies are in decline without a doubt and the main cause has been, still is, and will continue to be fractional reserve banking and excessive monetary profligacy, papering over the obvious by issuing more and more currency, all of it backed by debt.

The world will keep on spinning, but, standards of living in developed Western economies will continue to be plagued by central banking and debt-backed currency until there is a radical reset back to something resembling a gold standard or, in simpler terms, honest money. Dollars, yen, pounds, euros and the like are not money. They are money substitutes, credit, and derivatives. Western nations use the currency to measure wealth, while compared to gold, they are all in severe decline. Keeping a lid on gold and silver works only as far as inflation can be contained or moderated. Inflation is currently out of control and there's little any central bank or government can do to halt its relentless destruction of fiat paper currencies. Most of the developed world is on the brink of hyperinflation, once again, a subject that is strictly taboo in the financial and mainstream media.

After Thursday's closing bell and prior to Friday's open, a few companies reported earnings for the third quarter, including:
Bloom Energy (BE) - top and bottom beats, shares down 4% pre-market
Western Digital (WDC) - EPS, revenue beats, stock down 2.5%
Verisign (VRSN) - EPS miss, revenue in-line, stock is flat
Newmont Mining (NEM) - EPS, revenue beats, stock down 1-2%
Booze Allen (BAH) - EPS beat, revenue miss, shares up 1-2%
American Express (AXP) - EPS beat, revenue miss, stock down 1-2%

Of those companies, perhaps only American Express and Bloom Energy are significant, though the suspicion is that all stocks are being dragged down by the increasingly-negative sentiment spreading through Wall Street. One consistent theme this earnings season has been the recurrence of EPS beats with revenue misses, indicating that the economy is contracting rather than expanding, the GDP figures that will emerge next week (Thursday) clouded by inflation. Government figures being mostly professional guessing, it can safely be assured that GDP for the third quarter will come in somewhere between 1.5 and 2.5% higher. The modeling and massaging of GDP estimates are inadequate at best, outright lies at worst. The U.S. economy hasn't “officially” been in a recession for the past five years (pandemic-induced, 2020) and that was the shortest on record. The last actual recession in the U.S. was in 2008-2009, 17 years ago. It would not be a stretch to conclude that the U.S. is overdue for one. It's currently being delayed until after the midterms.

There is a strong likelihood that the U.S. will enter recession either in the fourth quarter of 2026 or the first quarter of 2027. All the elements are in place, including overvalued stocks, two wars, high inflation, and uneasiness lurking behind every headline.

With U.S. equity markets due to open in minutes, stock futures are again collapsing, with the Dow leading lower by 400 points, the NASDAQ down 45, and the S&P off 25.

Have a nice weekend. Enjoy some football and the World Series and buy some gold or silver.

At the Close, Thursday, October 22, 2026:
Dow: 52,867.98, +11.89 (+0.02%)
NASDAQ: 26,008.86, -694.00 (-2.60%)
S&P 500: 7,663.43, -93.74 (-1.21%)
NYSE Composite: 24,275.53, +22.41 (+0.09%)

Futures Slide After Tesla, IBM, Meta Report Earnings; Middle East Remains Aflame as Houthis, Iran Escalate; Midterms Have Republicans Worried

As was widely expected, quarterly returns from SpaceX drove stocks higher on Wednesday, but each day during any earnings season tells a different story with diverse stocks reporting for the given quarter.

After Wednesday's close, three big names hit the wires with thrid quarter results. IBM (IBM), Tesla (TSLA), and Meta Platforms (META) all moved in after-hours trading.

IBM posted third quarter revenue of $17.1 billion on Wednesday, up 5% from a year earlier, and adjusted earnings of $2.95 a share, both ahead of estimates. The company also projected free cash flow to increase by more than $1 billion in the fourth quarter and projected revenue growth of 4-5% for the upcoming quarter. Despite the rosy outlook, investors preferred to take profits. Shares of "Big Blue" dropped by more than five percent in after-hours trading and extended losses into Thursday morning.

Tesla (TSLA) reported quarterly revenue of $28 billion, compared with analysts’ expectations of $28.3 billion. Adjusted earnings of $0.48 per share narrowly topped estimates of $0.45 per share. The electric car company lowered its full year 2026 capital expenditures to $20 billion, down from $25 billion. Shares sold off afte the report. As of Thursday morning's pre-market ticker, Tesla is down more than three percent on concerns the company will be unable to meet projections set by Chairman Elon Musk.

Exclusive of Thursday's expected downturn, Tesla is off 12% year-to-date, the worst performance of any Mag7 stock.

Finally, Meta Platforms (META) completed the trifecta of sour notes, beating EPS and revenue estimates, but top-heavy Capex spending on AI quieted investor enthusiasm for the social network leader. Shares were seen slipping by 2-3% in early morning trading.

Elsewhere, reporting overnight:
Lam Research (LRCX) - beat top and bottom, but warned supply chain issues will delay revenue growth in upcoming quarter, sending the stock down more than seven percent
Texas Instruments (TXN) - EPS and revenue beats, stock flat to one percent lower
Crown Castle (CCI) - EPS and revenue miss, stock down less than 1%, but figures to be lower after Thursday's open

Thursday, before the opening bell:
Comcast (CMCSA) - EPS, revenue beat, shares up 2-3%, but stock is trading at depressed levels, down 21% y-t-d
Tractor Supply (TSCO) - EPS, revenue beat, reaffirms guidance, shares down 5% pre-market
Lockheed Martin (LMT) - EPS, revenue beat, stock up 3-4% on positive guidance, record backlog
Nokia (NOK) - Solid beats on revenue, EPS, but stock slips 5-6% on lowered AI CAPEX spending
Blackstone Group (BX) - EPS beat, revenue shortfall, stock down 3-4% pre-market
American Airlines (AAL) - EPS, revenue beats, but guidance was negative on higher fuel costs, shares down 4%
Valero (VLO) - energy company beats top and bottom, shares up 1-2%

The general takeaway from pre-market sentiment is that the AI buildout trade is weighing heavily on stocks related to semis and tech, especially Mag7, affecting overall mood of the market. Stock futures have been deep in the red all morning Thursday. An hour prior to the open, Dow futures are off 310, NASDAQ futures have shed 390 points, and S&P 500 futures are down 73 points, all pointing to a tense opening to the downside.

Adding to the uneasy mood, Asian stock indices imploded overnight. South Korea's Kospi dropped more than three percent; Japan's NIKKEI fell 2.65%, and Hong Kong's Hang Seng ripped lower by three percent.

Continued rioting by migrants in France has kept European stocks under pressure, and French 10-year bonds hit five percent (5%) for the first time since 2002.

In the continuing catastrophe in the Middle East, Iran boldly claims to have hit seven oil tankers in the Strait of Hormuz as Houthi attacks on Saudi oil infrastructure continue at a frenetic pace. With Washington taking an eased-back approach - President Trump avowing not to strike Iran until after the midterms - conditions in the region are deteriorating rapidly.

Brent crude oil futures topped $112 overnight and WTI futures have dropped below $100 due to arbitrage and speculative trading, having little to do with actual pricing of oil coming out of the Gulf region or elsewhere. Gas prices in the U.S. are also lower, pressure being applied by the White House in advance of the midterm elections. Missing the big picture completely, precious metals continue to sell off. Gold traded as low as $4,054 and silver slipped below $56/ounce.

Prospects leading into Thursday's trade and the seven remaining market days before the midterm appear to be slipping from the Republican's narrative control. Beyond overvaluation, cracks in the credit markets are re-appearing due to overcrowding by the need for AI spending. 10-year yields are at 5.15% and the 30-year is yielding 5.35%, clearly, the easing off in credit markets is only temporary. Real, sustained pressure on fixed income has not yet been fleshed out. Next week's FOMC meeting may take the temperature down a bit further, only if the Fed decides to keep rates on hold, though the December meeting may turn out to be a make-up call, with a possible 50 basis point hike getting attention.

There's no fixing what's being broken by runaway politicians, crazed neocons, overspending on AI, and the hidden commercial real estate crash without a serious step back in stocks. Thursday's action may offer a glimpse of what's ahead.

Simply put, there are just too many bad things happening for stocks to keep ratcheting higher.

At the Close, Wednesday, October 21, 2026:
Dow: 52,856.09, +360.21 (+0.69%)
NASDAQ: 26,702.86, +278.04 (+1.05%)
S&P 500: 7,757.17, +44.60 (+0.58%)
NYSE Composite: 24,253.12, +62.51 (+0.26%)

SpaceX Sends Stock Futures Higher; "Peace Talks" Leading the Pre-Election Narrative; Stocks Remain Near Highs

A flurry of earnings reports following Tuesday's closing bell and in front of Wednesday's open are likely to give tech and AI stocks a huge boost when the bell rings.

The initial surge will be largely the result of Elon Musk's Spacex (SPCX), which reported Q3 revenue of $14.58 billion, net income of $4.4 billion, and mentioned a potential merger with another of Musk's companies, Tesla (TSLA). The stock surged in the after hours Tuesday and is running about eight percent higher in the pre-market.

After the close Tuesday, the following companies reported:
Netflix (NFLX) - topped EPS estimates, revenue miss, soft guidance sends the stock down 7% pre-market
United Airlines (UAL) - earnings and revenue miss, stock flat
Chubb (CB) - EPS beat, revenue miss, stock down 1%
Intuitive Surgical (ISRG) - top and bottom beats, shares down more than 8% pre-market after the company agreed to pay $450 million to settle the da Vinci antitrust class action.
CapitalOne (COF) - EPS, revenue beats, shares up 3-4%

Wednesday before the open:
AT&T (T) - EPS, revenue beats, shares down 4%
CME Group (CME) - EPS, revenue beats, shares flat
Abbot Labs (ABT) - top and bottom beats, stock down 4%
Philip Morris (PM) - EPS, revenue beats, shares down 2-3%

After the market closes Wednesday, IBM (IBM), Tesla (TSLA), Meta Platforms (META), Lam Research (LRCX), Texas Instruments (TXN), Crown Castle (CCI) will provide more depth.

Futures have reacted well to the earnings reports issued, with Dow futures up 171 points, NASDAQ futures up 180, and S&P futures up 22 points.

Traders undoubtably were comfortable with the SpaceX earnings, less so with others mostly outside the tech space, led by softer or negative guidance from a handful of companies. Particularly poignant was Netflix's guidance as the company loses market share to other streaming services, and AT&T, which is under pressure from rival telecommunications companies and is likely to lose market share when Starlink begins offering cell phone service.

There's also a healthy skepticism over the recent "peace" initiatives in both the Middle East and Ukraine conflicts. The market has heard the same story before, and now suspects that President Trump is using the softer tone to lure voters toward Republican candidates in various primaries. His flip-flopping offers two scenarios: 1) after the midterms, the conflicts escalate, or 2) he seriously desires peace and will wind down the wars after the voting ends.

Since the president has not been exactly dutiful in carrying out campaign promises, there's sufficient evidence to suggest that the conflicts will continue well after the midterms, no matter which direction congress turns. Most registered voters in various polls have a distaste for war, with about a 60-40 split favoring ending them. Americans are usually opposed to military conflicts, even though the government has regularly taken part in many regional escapades since World War II.

Early voting is underway in most states that offer it with Election Day just 12 days down the road.

At this juncture, it would be no surprise if nothing on the war fronts changed significantly up to the midterms, despite the narrative continuing to lean toward peace talks or other softer tones. Voters may have figured out that the Republicans are engaged in electioneering at its worst.

At the Close, Tuesday, October 20, 2026:
Dow: 52,495.88, +529.85 (+1.02%)
NASDAQ: 26,424.82, -6.07 (-0.02%)
S&P 500: 7,712.57, +21.84 (+0.28%)
NYSE Composite: 24,190.62, +223.55 (+0.93%)

Stocks Slip After Earnings Fail to Inspire Market Confidence; Housing Market in Decline with Starts Down 5.2% in September

Anticipating strong earnings from a number of bellwether stocks later in the week, Monday's gains on the NASDAQ will ultimately turn out ot be superfluous. Like a poor running line on a race horse in the past performances, one might just as well draw a line through the day's results because they were based on nothing more than seeing how high a dead cat could bounce.

The earnings reports that will dominate the week began sorting themselves out after the close late Monday when some smaller, less-tech-related companies reported third quarter results:

Steel Dynamics (STLD) - missed top and bottom, shares off more than 5% in pre-market action
Crown Holdings (CCK) - EPS, revenue beats, stock down 4% on poor forward guidance
Zions Bancorporation (ZION) - EPS, revenue beats, stock is flat pre-open

Tuesday, before the open, these companies reported:
3M (MMM) - small EPS beat, revenue miss for Dow component, sends shares up 2% in early trading
Hasbro (HAS) - shares up 2% pre-market for toy-maker after strong EPS, revenue beats, positive forecast for holidays
Ally Financial (ALLY) - EPS beat, shares flat
Northrop Grumman (NOC) - EPS beat, revenue miss for MIC favorite; shares flat
General Motors (GM) - top and bottom beats, forecast dull, company announces $20 billion buyback, investors balk, shares down 6%
GE Aerospace (GE) - bullish forecast after EPS, earnings beats, shares down 4%
Halliburton (HAL) - EPS, revnue beats, company highlights dividend, stock up 3-4%

After Tuesday's close, there may be fireworks with Spacex (SPCX), Netflix (NFLX), United Airlines (UAL), Chubb (CB), Intuitive Surgical (ISRG), and CapitalOne (COF) reporting. Stay frosty and stay tuned.

Putting Monday and Tuesday's earnings spotlight into perspective, these results were nothing special given already-high valuations in most sectors. While these companies are more mainstream economy rather than tech-related, their results suggest the economy just trundling along, growing GDP at a rate of one to two percent, but nothing to infer an overheated condition, which should be bullish against the growling angst of rate hikes at next week's FOMC meeting. Consensus says the Fed will stand pat on rates, though a 0.50% hike in December is becoming more of a worry.

Also throwing some shade on market sentiment, this morning's Housing Starts, Building Permits, and Pending Home Sales did little to instill confidence.

Housing Starts were down 5.2% in September, with August revised lower to -5.9% month-on-month. Building Permits for September were also lower, down 0.2% on a monthly basis. Another shoe to drop comes at 10:00 am, when the National Association of Realtors posts Pending Home Sales for September. The August figures showed a gain of 0.3% month over month and a flop of 4.7% year-over-year. Higher mortgage rates and high prices have contributed to the slack in the market. Single-family starts are the lowest in a year nationally.

Oil continues to be a concern as reports say two more tankers were hit in the Strait of Hormuz by Iran Monday night, sending WTI futures up as high as $110/barrel, catching up to Brent, which was quoted above $112. Prices on futures markets for both are off those highs prior to the opening bell on Wall Street.

France is burning, the country being wrecked by riots and mob violence, mostly coming in the form of organized youthful protestors of Arabic origin. France's CAC is down nearly five percent year-to-date with no apparent end to the violence, mostly related to upcoming elections in 2027 in which France will elect a new president and vote for delegates to their parliament. The rioting is seen by analysts to be a positive for right-leaning Marine Le Pen's National Rally party, which advocates against open immigration. Current President Emmanuel Macron is not able to run for re-election.

All of this leads to stock futures flat to slightly lower heading toward the bell. While there doesn't appear to be much to suggest stocks moving higher, there is ample supply of potholes into which investors can step if not careful.

Gold and silver continue to be depressed and suppressed. Nothing new there.

At the Close, Monday, October 19, 2026:
Dow: 51,966.03, -36.38 (-0.07%)
NASDAQ: 26,430.89, +290.85 (+1.11%)
S&P 500: 7,690.73, +31.29 (+0.41%)
NYSE Composite: 23,967.07, -121.56 (-0.50%)

WEEKEND WRAP: Markets Remain Somewhat Cool Leading Into Midterms, Though Oil Prices Have Spiked; Silver Trounced in Futures Markets; Interest Rates Tamed

Outside of the usual political grandstanding, there's little to move markets other than earnings reports, which will take center stage this week as some of the biggest publicly-traded companies report for the third quarter.

Positioning prior to the midterms remains a fool's game. There's clearly a newfound disdain for tech and AI, owing mostly to crumbling cost structures to build data centers and fund the expansion of the latest, greatest technology. Since closing at its most recent all-time high on October 6, the NASDAQ has fallen some 5.3%.

According to early voting exit polls and data, Democrats are leading Republicans as they usually do with actual Election Day now just 16 days off. By Monday, another handful of states that set the timetable for early voting at 15 days prior to the election will join the fray, with the last of the early-voting states joining in no later than the following Monday.

Whether or not one buys into the "two-party system," the results should cause more factionalism, no matter which party ends up in control of the House and Senate. The one certainty is that the White House will remain in control of the Republican party, with President Trump as its titular leader. His effectiveness in the final two years of his term in office, will be affected negatively if Democrats win just the House, and possibly catastrophically if they take the Senate as well, because then, a case for impeachment might actually result in his removal from office, or, as was the case with Richard M. Nixon, he could be forced into resignation by his own party, saving the country from the horrors of an impeachment trial, though neither party seems to be disposed to forego such delectable drama.

So, stocks will move the market this week, rather than politics, which is as it should be.

Stocks

Only the Dow Industrials and NYSE Composite managed gains this week as fears of a financial AI implosion hounded the tech sector and sent the NASDAQ and S&P lower. The movement was most pronounced on the NAZ, though it is nowhere near panic stages. That will likely come after choose one: a) the October 27-28 FOMC meeting; b) the midterms, or; c) the December 8-9 FOMC meeting.

One way or another, the delicate dancing narrative that the Republican party has contrived won't survive a political shakeup nor will it prosper under higher interest rates at the federal funds level. The elephant in the room being the extreme deficits now becoming de rigeur for incumbent parties on both sides of the aisle (as both the congress and the presidency are responsible parties), discussion of the bankrupting of the nation is not a debatable issue in any campaign, anywhere.

Neither side wishes to address the problem with interest on the debt amounting to an annual bill of more than $1.25 trillion, though it is likely the most important issue facing the country today, has been for at least the past five years, and will continue to be so until it is addressed or the government defaults or inflates the currency out of existence, the latter being the most likely outcome.

In the meantime, there will be less than three weeks left of shouting, finger-pointing, posturing, and name-calling on the campaign trail. Sometimes, it's better to get caught up trying to game stocks than listening to an endless stream of intelligence-insulting sloganeering.

The week ahead is one of the two biggest in terms of volume of companies reporting third quarter results:

Monday (before open): Cleveland-Cliffs (CLF), Fifth Third Bank (FITB); (after close) Steel Dynamics (STLD), Crown Holdings (CCK), Zions Bancorporation (ZION)

Tuesday (before open): 3M (MMM), Hasbro (HAS), Ally Financial (ALLY, Northrop Grumman (NOC), General Motors (GM), Ge Aerospace (GE), Halliburton (HAL); (after close) Spacex (SPCX), Netflix (NFLX), United Airlines (UAL), Chubb (CB), Intuitive Surgical (ISRG), CapitalOne (COF)

Wednesday (before open): Northern Trust (NTRS), AT&T (T), CME Group (CME), Abbot Labs (ABT), Danaher (DHR), Philip Morris (PM); (after close): IBM (IBM), Tesla (TSLA), Meta Platforms (META), Lam Research (LRCX), Texas Instruments (TXN), Crown Castle (CCI)

Thursday, (before open): Comcast (CMCSA), Tractor Supply (TSCO, Lockheed Martin (LMT), Nokia (NOK), Dow (DOW), Blackstone Group (BX), American Airlines (AAL), Valero (VLD); (after close): IngCentral (RING), Bloom Energy (BE), Western Digital (WDC), Verisign (VRSN), Sallie Mae (SLM), Newmont Mining (NEM)

Friday, (before open): Booze Allen (BAH), American Express (AXP), Gentex (GNTX)

On the economic front, the market will learn about Housing Starts, Building Permits, and Pending Home Sales on Tuesday, and S&P Global Flash PMI and University of Michigan Consumer Sentiment on Friday.

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
09/11/2026	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
10/16/2026	4.12	4.14	4.17	4.26	4.32	4.34	4.46

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
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
10/16/2026	4.74	4.82	4.89	4.98	5.09	5.47	5.43

Yields cooled significantly in the week as buyer demand was satiated and possibly overbought, though the deep insider faction of government operatives cannot be fully dismissed as the cause of the abrupt relaxation. It certainly seems to be more political theater than anything else.

10-year notes yielded some 15 basis points lower than the previous Friday, and 30year bond yields dropped by 17 bips. Price action on shorter-term two-year notes was less pronounced, dropping just six basis points. Spread on 2s-10s fell to +35, and full spectrum eased to +131. The temporary easing is just that: temporary. Lower rates are likely to persist until the next FOMC meeting on October 27-28

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
10/16: +35

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
10?16: +131

Oil/Gas

Oil prices spiked higher, with Brent approaching $110/barrel and WTI crude futures surpassing $100 as conditions in the Middle East continue to be difficult to assess and oil flows - despite some rosy predictions and proclamations - are still down considerably.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.34 last week and $4.27 this week, though this brief respite is unlikely to last, given the higher price of crude. The midterms disaster for Republicans is unfolding at gas stations and grocery stores across the country.

Gas prices in key states:

California (leader): $6.15 (-0.24)
Washington: $5.37 (-0.07)
Indiana: $3.86 (-0.06)
Oklahoma: $3.88 (-0.09)
Louisiana: $3.82 (-0.09)
Mississippi: $3.85 (-0.04)
Florida: $4.07 (-0.04)
Illinois: $4.67 (-0.04)
Pennsylvania: $4.47 (+0.02)
New York: $4.37 (-0.06)
Maryland: $4.10 (-0.14)
Michigan: $4.47 (-0.20)
Texas: $3.74 (-0.03)
Georgia: $3.68 (-0.09)
North Carolina $3.59 (lowest)

On Sunday, October 18, there are thirty-four (34) states with average prices at or above $4.00, with fourteen (14) below the $4 threshold, not including Hawaii ($5.61) and Alaska ($4.90), with three above $5 (California, Nevada, and Washington) and one, California, above $6.00. The Southeast has maintained as the lowest region overall over the past 16 weeks, with prices falling below $4.00 again this week ($3.59-3.88) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices slightly higher, from $3.95 to $4.21. 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: $81,297.99
Last week: $82,717.91
2 weeks ago: $85,242.28
6 months ago: $72,902.99
One year ago: $107,365.60
Five years ago: $61,334.40

Bitcoin continued to slide from recent highs, the usual predictions of breakout and higher prices for the imaginary tokens were dealt with a case of interest rate reality, sending the speculators scrambling for explanations.

It's very simple. In a world full of hard-and-soft-money choices and raging inflation, vapor money isn't for everybody. In fact, most of the pricing activity in bitcoin and other crypto-currencies and tokens of faith are driven by little more than naked speculation. Once the specs are thoroughly routed, bitcoin and its brethren will return to roughly their intrinsic values, approaching zero.

Precious Metals

Gold:Silver Ratio: 73.22; last week: 69.09

Futures, per COMEX continuous contracts:

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
Gold price 10/16: $4,186.70

Silver price 9/18: $66.79
Silver price 9/25: $64.71
Silver price 10/2: $60.71
Silver price 10/9: $61.11
Silver price 10/16: $57.13

SPOT: (kitco)
Gold 9/18: $4,377.63
Gold 9/25: $4,283.78
Gold 10/2: $4,141.90
Gold 10/9: $4,193.60
Gold 10/16: $4,164.10

Silver 9/18: $66.24
Silver 9/25: $64.28
Silver 10/2: $60.39
Silver 10/9: $60.70
Silver 10/16: $56.87

Silver became much cheaper against gold, according to the gold:silver ratio, as shorts had their way on the COMEX and in London, sending silver to its lowest price in nearly a year. Gold, being more stable, held up much better, with a drop in price on the spot market of less than $30 per ounce. By comparison, silver was shattered, losing nearly $4/ounce, a 6.3% move, week to week.

The price decline in silver represents nothing more than seasonal bets and concerted efforts to drive the price lower in the derivatives markets. A shortage of silver supply still exists, though it was easier for short sellers to take command over the course of the week - and over the past eight months - because of rising interest rates. The quoted spot prices, derived from COMEX leveraged bets, has less to do with supply and demand and more to do with commitment of traders who see the metal as a trade rather than a commodity in demand.

Being much more volatile than gold's price, which is dominated by central bank buying of the metal as a reserve holding, silver's price decline may contnue over the short term with industrial demand the main price component rather than silver being considered a monetary metal. In most circles, it is not greatly considered for its monetary qualities, a common error in today's derivative suppression regime. Movement in the GSR makes silver the preferable investment at the present time.

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:	61.99	79.99	66.00	64.83
1 oz silver bar:	65.23	79.93	70.48	70.67
1 oz gold coin:	4301.90	4537.50	4414.94	4404.40
1 oz gold bar:	4331.87	4438.04	4369.27	4356.90

The Single Ounce Silver Market Price Benchmark (SOSMPB) was wallopped this week, dropping to $68.00, a mammoth loss of $6.20 per troy ounce from the October 11 price of $74.20.

WEEKEND WRAP

With just about two weeks until the votes begin a final and the makeup of the U.S. House and Senate are resolved, stocks will be more in focus than politics, with a huge batch of earnings reports on the week. Stocks have shown weakness over the past week plus, but there's a good chance that the indices will maintain resilience until the elections. After that, markets may become more of a free-for-all, with a multitude of changes on the horizon dependent of the direction of voting. Polls are still leaning the Democrats way, but the Republican narrative machine continues to assert its considerable will on the media.

Anything - and maybe everything - goes in less than 20 days.

At the Close, Friday, October 16, 2026:
Dow: 52,002.41, -175.28 (-0.34%)
NASDAQ: 26,140.03, -572.99 (-2.14%)
S&P 500: 7,659.44, -84.62 (-1.09%)
NYSE Composite: 24,088.63, +21.98 (+0.09%)

For the Week:
Dow: +347.46
NASDAQ: -1226.14
S&P 500: -152.10
NYSE Composite: +149.53
Dow Transports: -75.69

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