While the jobs number was a little better than expected, revisions tempered the "strong economy" meme somewhat as March was revised down by 65,000, from +185,000 to +120,000, and the change for April was revised down by 30,000, from +177,000 to +147,000.
Regrettably, the BLS did not give up lying and making up numbers, and so, up goes the stock market, Friday's gains accounting for almost all the week's upside on the Dow and more than half of the NASDAQ and S&P.
Stocks
The week was relatively uneventful. If, by being boring means stocks just go up on any good news headline or even headlines that appear to be positive, then the algorithms have found the winning formula.
Few companies of any importance will be reporting first quarter earnings this week. The focus in the week ahead will be on inflation data and trade developments, still in a state of flux. GameStop (GME) is Tuesday after the close along with Gitlab (GTLB). Oracle (ORCL) and Adobe (ADBE) report after the close, Wednesday and Thursday, respectively.
U.S. and Chinese officials are meeting in London on Monday, seeking to move forward on trade and tariff talks. They could become a comedy or a tragedy, given the diverse interests of the two parties. While the last round of discussions had resulted in a temporary truce, sentiment has recently become less conciliatory and more mendacious. Expect there to be some degree of dissent and disagreement. Trade negotiations between the world's two biggest economies are not going to be settled in weeks or even months. It will be yars before finalizing some of the details in the now "hot" trade war.
May readings for the consumer price index (CPI) and the producer price index (PPI) are on the economic calendar for Wednesday and Thursday, respectively.
Treasury Yield Curve Rates
| Date | 1 Mo | 1.5 mo | 2 Mo | 3 Mo | 4 Mo | 6 Mo | 1 Yr |
| 05/02/2025 | 4.38 | 4.36 | 4.34 | 4.33 | 4.41 | 4.26 | 4.00 |
| 05/09/2025 | 4.37 | 4.36 | 4.34 | 4.34 | 4.40 | 4.28 | 4.05 |
| 05/16/2025 | 4.37 | 4.36 | 4.34 | 4.37 | 4.42 | 4.30 | 4.13 |
| 05/23/2025 | 4.36 | 4.34 | 4.35 | 4.36 | 4.43 | 4.35 | 4.15 |
| 05/30/2025 | 4.33 | 4.35 | 4.35 | 4.36 | 4.39 | 4.36 | 4.11 |
| 06/06/2025 | 4.28 | 4.31 | 4.35 | 4.43 | 4.38 | 4.31 | 4.14 |
| Date | 2 Yr | 3 Yr | 5 Yr | 7 Yr | 10 Yr | 20 Yr | 30 Yr |
| 05/02/2025 | 3.83 | 3.82 | 3.92 | 4.11 | 4.33 | 4.81 | 4.79 |
| 05/09/2025 | 3.88 | 3.85 | 4.00 | 4.18 | 4.37 | 4.86 | 4.83 |
| 05/16/2025 | 3.98 | 3.95 | 4.06 | 4.24 | 4.43 | 4.92 | 4.89 |
| 05/23/2025 | 4.00 | 3.96 | 4.08 | 4.29 | 4.51 | 5.03 | 5.04 |
| 05/30/2025 | 3.89 | 3.87 | 3.96 | 4.18 | 4.41 | 4.93 | 4.92 |
| 06/06/2025 | 4.04 | 4.02 | 4.13 | 4.31 | 4.51 | 4.99 | 4.97 |
Yields on treasuries of longer maturities - 10s, 20s, 30s - are all elevated again as the world's "most liquid market" continues to show signs of stress, irrelevance, and old age. Spreads remained stretched, with 2s-10s at +47 and full spectrum blown out to +69. The treasury curve may be beginning to steepen, but, with the entire spread remaining less than a full percentage point, the ability for banks to make money remains challenging.
Just to add fuel to the entire government funding, fiat money fiasco fire, The U.S. Treasury last week bought back $10 billion of its own debt, designed to repurchase bills and notes maturing between July 15th, 2025 and May 31st, 2027, thus retiring them early and saving some interest expense. Secretary Bessent is apparently acting while the Fed refuses to budge, and will likely be repurchasing more of its own issuance, much like Wall Street firms buy back their own stock.
This movement brings up a couple of issues, namely, where is the Treasury getting the money to buy back its own debt, and, could this action be seen as a preliminary move to replace Federal Reserve Notes with government issued currency? The answer to the first question is compelling, since the government is deeply in debt and desperately needs to raise the debt ceiling, meaning that the money by which they're buying back debt is essentially borrowed funds. The answer to the second question is one only Secretary Bessent, President Trump and maybe a few select advisors can address, and they're not talking. If this pre-emptive move by the U.S. Treasury is indeed designed to finish off the Fed once and for all, there's certainly plenty of rooting on the financial sidelines for Bessent and whatever he's got up his sleeve.
There's a FOMC meeting in 10 days (June 17-18). BFD. The Federal Reserve has become about as useful in setting interest rates, keeping prices under control and employment positive as the U.S. government is at balancing budgets.
Their days of being the lender of last resort, moving markets, and influencing politics are waning, thus, what used to be market-moving events focused on Fed policy are being relegated to sideshows for Wall Street dinosaurs.
Spreads:
2s-10s
9/15/2023: -69
9/22/2023: -66
9/29/2023: -44
10/06/2023: -30
10/13/2023: -41
10/20/2023: -14
10/27/2023: -15
11/03/2023: -26
11/10/2023: -43
11/17/2023: -44
11/24/2023: -45
12/01/2023: -34
12/08/2023: -48
12/15/2023: -53
12/22/2023: -41
12/29/2023: -35
1/5/2024: -35
1/12/2024: -18
1/19/2024: -24
1/26/2024: -19
2/2/2024: -33
2/9: -31
2/16: -34
2/23: -41
3/1: -35
3/8: -39
3/15: -41
3/22: -37
3/28: -39
4/5: -34
4/12: -38
4/19: -35
4/26: -29
5/3: -31
5/10: -37
5/17: -39
5/24: -47
5/31: -38
6/7: -44
6/14: -47
6/21: -45
6/28: -35
7/5: -32
7/12: -27
7/19: -24
7/26: -16
8/2: -08
8/9: -11
8/16: -17
8/23: -09
8/30: 00
9/6: +06
9/13: +09
9/20: +18
9/27: +20
10/4: +5
10/11: +13
10/18: +13
10/25: +14
11/1: +16
11/8: +5
11/15: +12
11/22: +4
11/29: +5
12/6: +5
12/13: +15
12/20: +22
12/27: +31
1/3: +32
1/10: +37
1/17: +34
1/24: +36
1/31: +36
2/7: +20
2/14: +21
2/21: +23
2/28: +25
3/7: +33
3/14: +29
3/21: +31
3/28: +38
4/4: +33
4/11: +52
4/17: +53
4/25: +55
5/2: +50
5/9: +49
5/16: +45
5/23: +51
5/30: +52
6/6: +48
Full Spectrum (30-days - 30-years)
9/15/2023: -109
9/22/2023: -99
9/29/2023: -82
10/06/2023: -64
10/13/2023: -82
10/20/2023: -47
10/27/2023: -54
11/03/2023: -76
11/10/2023: -80
11/17/2023: -93
11/24/2023: -95
12/01/2023: -105
12/08/2023: -123
12/15/2023: -154
12/22/2023: -149
12/29/2023: -157
1/5/2024: -133
1/12/2024: -135
1/19/2024: -118
1/26/2024: -116
2/2/2024: -127
2/9: -117
2/16: -103
2/23: -112
3/1: -121
3/8: -125
3/15: -109
3/22: -112
3/28: -115
4/5: -93
4/12: -87
4/19: -77
4/26: -70
5/3: -85
5/10: -87
5/17: -94
5/24: -99
5/31: -83
6/7: -92
6/14: -113
6/21: -103
6/28: -96
7/5: -101
7/12: -108
7/19: -103
7/26: -104
8/2: -143
8/9: -131
8/16: -138
8/23: -141
8/30: -121
9/6: -125
9/13: -117
9/20: -80
9/27: -80
10/4: -75
10/11: -58
10/18: -54
10/25: -38
11/1: -18
11/8: -23
11/15: -10
11/22: -12
11/29: -40
12/6: -23
12/13: +18
12/20: +29
12/27: +38
1/3: +38
1/10: +54
1/17: +41
1/24: +40
1/31: +36
2/7: +32
2/14: +32
2/21: +31
2/28: +13
3/7: +24
3/14: +25
3/21: +23
3/28: +26
4/4: +5
4/11: +38
4/17: +44
4/25: +40
5/2: +41
5/9: +46
5/16: +52
5/23: +68
5/30: +59
6/6: +69
Oil/Gas
$64.77 was the closing price of WTI crude oil in New York on Friday. It's a joke and simply market mangling by those with vested interests in keeping rigs operational in the U.S. OPEC has already announced a series of production hikes designed to bring down the price of crude oil. Why would the Saudis want the price of their main product and engine of their economy to fall?
The Saudis don't like competition. The generally prevailing understanding is that shale drillers are not profitable with oil prices below $60, which is where they were a few weeks ago when OPEC first started flirting with the idea of flooding the market with crude. Pushback in oil futures is the expected response. Whether the market players can maintain control to such an extent remains to be seen. There's much more beneath the surface (please excuse the pun) in the oil market than meets the eye. Oil's going to be cheaper near term, and then maybe more expensive depending upon the degree to which President Trump and his economic team can lower the dollar in FX markets.
It's a complex game in which everybody wants to be a winner. It won't happen that way. There will be losers, but, at this juncture, who they are is a great unknown.
Gasbuddy.com is reporting the national average for a gallon of unleaded regular gas at the pump at $3.09, down three cents from last week, even as the price of crude oil is rising.
The highest prices in the country remained California's prize, at $4.65, down another nine cents on the week. Mississippi retained the low spot at $2.59, five cents down from a week ago. Oklahoma comes in at $2.64, Louisiana at $2.68, Tennessee and South Carolina, $2.69, and Alabama and Arkansas, $2.70. Georgia is higher than the rest of the Southeast, at $2.82, while Florida pays a premium at the pump, $3.06.
The Northeast continues to be led by Pennsylvania ($3.20), down four cents on the week. New England and East coast states all range between $2.87 (New Hampshire), $2.88 (Delaware) and $3.05 (New York). Prices remained relatively stable throughout the region.
Midwest states are led by Illinois ($3.32), the price down four cents from last week and down significantly since late winter, early spring. Kentucky is the lowest in the region, at $2.80, followed by Kansas and South Dakota ($2.86). Indiana drivers are paying $3.00, down another eight cents this week and 23 cents from two weeks back. Similarly, Michigan's prices bumped back up to $3.16 after falling to $3.07 last week. The rest of the Midwest ranges from $2.89 (North Dakota) to $3.01 (Ohio).
Along with California, Washington is the only state above $4.00, down four cents from last week, at $4.35. Oregon ($3.92) was lower this week, along with Nevada ($3.76). Arizona ($3.27) is still priced at a premium to neighboring New Mexico, a relative bargain, more than 50 cents cheaper, at $2.75. Idaho and neighboring Utah were the most stable, at $3.25 and $3.23, respectively.
Sub-$3.00 gas is found in seven more states this week than last, with 30 under the line, Colorado being the latest to fall under $3.00, and Wyoming, Ohio, and Indiana close to taking the dive. Lower gas prices for American drivers are becoming a reality with now 3/5ths of the states below $3.00.
Bitcoin
This week: $105,777.50
Last week: $103,968.10
2 weeks ago: $107,017.20
6 months ago: $99,438.46
One year ago: $69,633.42
Five years ago: $9,004.80
Nobody knows what caused Thursday night's rout that took bitcoin down more than $4,000, but it was just as quickly reversed Friday. Who cares? Wall Street's favorite slush fund will continue to trudge along, probably higher, until the whales decide to convert to cash, or the Ponzi is exposed.
On the other hand, the California Assembly unanimously approved a measure to allow payment of taxes and other state fees in crypto-currencies. One has to figure, if crypto is going to be accepted for payment in the land of make-believe, then it can't be any fu--ing good. While states with common sense are passing bills making gold and silver legal tender, the loonies on the coast are going all in on crypto. Expect the morons in Washington and Oregon to follow suit.
The highly-touted GENIUS Act is no nearer a full Senate vote than at any time in recent memory. Senators have lobbed an additional 82 amendments at the bill, leaving it in a legislative tug-of-war. Each of the amendments should be debated and voted upon before the entire package moves forward.
Once again, the U.S. government shows its true colors, engaging in gas-lighting and sleight-of-hand rather than doing any actual work. The GENIUS Act, sponsored by Senator Cynthia Loomis (which sounds a lot like "looney") may end up back in committee as the Senate tackles the real issue of how best to loot taxpayers with the big, beautiful continuing resolution that will add more than $2 trillion to the U.S. debt load annually for the next 10 years.
Government obsession with crypto-currencies underscores their absolute inability to make sensible financial decisions. Since the counterfeit fiat currency known as the U.S. dollar is destined to be inflated to oblivion, what better way to control the masses than with digital, programmable currencies? These people - otherwise acknowledged as "elected officials" are no doubt the greatest threat to the peaceful continuation of the United States of America as a rational entity.
Yeah, let's replace cash with crypto. Sure, that should work out just fine. Idiots.
Precious Metals
Gold:Silver Ratio: 92.19; last week: 100.15
Per COMEX continuous contracts:
Gold price 5/9: $3,329.10
Gold price 5/16: $3,205.30
Gold price 5/23: $3,357.70
Gold price 5/30: $3,313.10
Gold price 6/6: $3,331.00
Silver price 5/9: $32.88
Silver price 5/16: $32.43
Silver price 5/23: $33.64
Silver price 5/30: $33.08
Silver price 6/6: $36.13
It isn't often that the price of silver rises by more than $3 in a week. The move began in earnest on Monday, when silver rose to just below $35 ($34.93) on the COMEX before being beaten back down to a low of $34.21. For the next two days, it languished alongside gold, but was still gaining, almost imperceptibly.
It wasn't until Thursday that buyers on the Shanghai Exchange began to emerge (or shorts finally capitulated), sending the price over $35. By the time stock markets were opening in New York, the price was already over $36, the long-standing stranglehold at $35 taken out in one hue upside rush.
The usual insiders responded as they usually do, sending the price back into the high $35s, though the effort appeared to be just one last attempt to hold the line. Once again, overseas buyers took control overnight into Friday, pushing to another 13-year high at $36.39, managing to hold above $36 into the weekend.
Michael Lynch offers perspective on silver's sudden price surge this week.
There may be some connection to tariffs involved in silver's sudden price hike, though, as is usually the case, it's speculative. Some of the comments in Lynch's substack, linked above, seem to indicate that China's hoarding and price suppression may be changing due to Trump's insistence on tariffing the world into submission. For its part, China may see no good reason to keep silver prices down if the U.S. government is going to slap tariffs on solar panels, electronics, and anything else that has a silver component.
This long-overdue price action in silver is likely to have legs if not sprout wings and fly in the face of all that is fiat, fake, and phony currency. Silver, discarded as a monetary metal by central bankers and governments, is still regarded as a medium of exchange by ordinary folks who keep a stash on hand in case of emergency. Because there's so much of it having been broken down into small denominations, because it was - not so long ago - actually used as money, and because the price suppression has been so successful over the past 150 years (roughly since the "Crime of '73") making it easily accessible to the unwashed masses, there is a lot of silver in many private hands around the world. Silver has been a winning investment for a long time, unless one's cost basis was formed during the blowout of 2010-11. While not quite on a par with gold, it is likely to do some catching up as the gold:silver ratio returns to more rational levels.
Proponents of precious metals like Mike Maloney, Andrew Maguire and many others believe that triple digit silver is not a far-fetched dream, but, rather, a mathematical probability given gold's recent and ongoing appreciation, and the apparent end of the debt-based slave currency model of fractional reserve banking with counterfeit currency.
Central bankers have been buying up gold hand over fist for the past decade, and some - particularly Russia and China - have been quietly accumulating silver, getting ahead of what appears to be a reordering of the global financial paradigm.
On top of the obvious uses for silver in solar panels, EVs, and electronics, militaries around the world use silver in munitions, especially advanced missile systems. If the silver price run is real, it might not be long before the industrial users begin making bulk purchass on the physical market, a condition that would likely result in a price explosion, making this past week look like just another fun day at Silver Lake.
Having government contractors, military procurements, electronics, solar, and EV manufacturers all seeking silver in quantity at the same time would send silver's price soaring past previous all-time highs and well beyond $50, $60, and $70.
While it may not happen as quickly as some might hope, there is little doubt that the stranglehold on silver is being unknotted and a return to sound money will - if not "officially", then at least colloquially and in so-called "black markets" - become preferable to inflating fiat currencies.
Money Daily has long held that a silver price explosion is a strong signal that fiat currencies are on their collective deathbeds, and could be a triggering event for global financial upheaval. It's time seems to be at hand.
Here are the most recent prices for common one ounce gold and silver items sold on eBay (numismatics excluded, free shipping):
| Item/Price | Low | High | Average | Median |
| 1 oz silver coin: | 40.00 | 49.99 | 44.59 | 44.34 |
| 1 oz silver bar: | 40.65 | 52.95 | 45.33 | 44.54 |
| 1 oz gold coin: | 3,406.34 | 3,557.71 | 3,490.94 | 3,488.09 |
| 1 oz gold bar: | 3,451.00 | 3,548.28 | 3,476.46 | 3,468.78 |
The Single Ounce Silver Market Price Benchmark (SOSMPB) rose significantly through the week, to $44.70, a $3.11 cent gain from the June 1 price of $41.59 per troy ounce.
Prices in the Sunday eBay survey indicate that buying is still very brisk with premia remaining enhanced, due to the impression that the price of silver still has significant upside ahead. Buying of finished silver in small denominations above $40 and even $45 per ounce has become commonplace.
WEEKEND WRAP
Stocks will likely continue to be overvalued in dollar terms as the U.S. dollar continues to lose value as a reserve currency, being rapidly replaced by gold. What's worth watching is not the price of Nvidia or Amazon, but the prices of gold and silver, which tell a deeper, and much more impactful story.
Appearances can be misleading. President Trump and Elon Musk having a feud over the finances and direction of the government may be nothing more than extreme trolling by the two. Every left-wing journalist worth his or her deep-state vow of obedience has been predicting such a spat. Maybe Trump and Musk thought this would be a good time to feed them what they want with some misdirection, throwing off their enemies with subterfuge.
Bottom line is that nothing these days can be taken at face value, including pictures purporting to blown up Russian aircraft and the release of the dreaded "Epstein Files." There's much more than meets the eye going on behind the scenes in the Washington D.C. cesspool and much more to come.
There’s going to be a huge financial crisis and it’s going to be earth-shattering.
At the Close Friday, June 6, 2025:
Dow: 42,762.87, +443.13 (+1.05%)
NASDAQ: 19,529.95, +231.50 (+1.20%)
S&P 500: 6,000.36, +61.06 (+1.03%)
NYSE Composite: 20,045.36, +162.08 (+0.82%)
For the Week:
Dow: +492.80 (+1.17%)
NASDAQ: +416.18 (+2.18%)
S&P 500: +88.67 (+1.50%)
NYSE Composite: +261.55 (+1.32%)
Dow Transports: +190.93 (+1.30%)
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 2025, Downtown Magazine Inc., all rights reserved.
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