While the PPI and CPI readings for August tilted in opposite directions, the PPI declining while he CPI increased to a rate of 2.90% annualized, participants in stocks were unfazed, putting in substantial gains on all the major indices, with the Dow up 0.95% on the week, the NASDAQ adding 2.03%, but the Dow Transports the lone laggard, pulled down 100 points, a 0.63% decline.
During the week, France held a confidence vote on its prime minister, which failed, the choices now for Macron somewhere between capitulation and resignation, though he appointed Sébastien Lecornu on Wednesday, the latest prime minister already facing a no confidence vote in parliament while protests erupted across the country.
Across the Channel in England, millions turned out for a nationawide protest against the government. The "Unite the Kingdom" march, organized by anti-immigrant activist Tommy Robinson was reported to have attracted 110,000, according to mainstream media reports, though photos from the event suggest the numbers were substantially larger.
?????? BREAKING: Over 1 million protesters flood the streets of London
— Global Dissident (@GlobalDiss) September 13, 2025
This is the largest protest in British history and a massive stand for free speech.
The message is clear. The people have had enough. The system is breaking. pic.twitter.com/d1jP3ajWp2
Europe continues to hurtle toward self-extinction as France, England, and Germany are each facing financial and political issues caused by their own governments. Between rising prices, especially for heating and other fuels, continued support for Ukraine, widespread censorship, and the immigration problems, the general public has had all it can take and is nearing revolutionary conditions.
The U.S. was rocked by the assassination of Charlie Kirk, a popular conservative activist who connected well with the country's youth.
None of this deterred Wall Street from sending stocks to all-time highs while treasury notes and bonds also rallied.
The upcoming FOMC meeting Tuesday and Wednesday (9/16-17) will be the highlight of next week's market action. Meanwhile, Trump's tariffs remain in force though in legal limbo as the Supreme Court granted expedited status to the administration's appeal to a lower court's ruling that Trump exceeded his authority in slapping tariffs on over 100 countries.
The month of September nearly at its midpoint, politicians are once again suggesting that the government may shut down (partially) if some kind of spending agreement isn't reached by the end of the 2025 fiscal year on September 30. With the national debt nearing $38 trillion and the current deficit running at about $1.2 trillion, whatever the Fed does won't make much of a difference, as James Rickards suggests.
Stocks
The bubble in U.S. stocks continues to grow larger and larger with each passing day while the economy itself appears to be running at stall speed, with growth - if one can even believe the GDP figures provided by the government - at maybe one to two percent. Employment figures are so broadly misrepresented, the U.S. may actually have been losing jobs through most of the past two years. Record revisions to the BLS non-farm payroll data suggest that may be the case.
No matter to the snake oil stock pushers on Wall Street. With billions of fungible dollars at their disposal in retirement accounts and at their own trading desks, the giant firms like Goldman Sachs, JP Morgan Chase, Bank of America (Merrill Lynch) and others control more than 80% of all the trading on the largest exchanges. If they choose up, it's up. If they want to take profits and sell, they will, together. Essentially, the banking and stock and fixed-income trading functions within the U.S. are a cartel.
Even though much of the trading in stocks is highly controlled by a small number of parties, that doesn't mean individual investors should avoid it. Since the last financial disaster in 2007-2009, it's been prudent to buy and hold or buy on dips. Stocks just keep rising for just about any conceivable reason. In reality, there doesn't need ot be a reason to buy or sell stocks. As long as the banking cartel is buying, they'll continue to return positively.
Proceed accordingly.
Treasury Yield Curve Rates
| Date | 1 Mo | 1.5 mo | 2 Mo | 3 Mo | 4 Mo | 6 Mo | 1 Yr |
| 08/08/2025 | 4.48 | 4.43 | 4.39 | 4.32 | 4.27 | 4.15 | 3.93 |
| 08/15/2025 | 4.48 | 4.42 | 4.35 | 4.30 | 4.22 | 4.12 | 3.93 |
| 08/22/2025 | 4.47 | 4.38 | 4.36 | 4.27 | 4.21 | 4.08 | 3.87 |
| 08/29/2025 | 4.41 | 4.34 | 4.30 | 4.23 | 4.17 | 4.01 | 3.83 |
| 09/05/2025 | 4.29 | 4.24 | 4.24 | 4.07 | 4.05 | 3.85 | 3.65 |
| 09/12/2025 | 4.24 | 4.24 | 4.20 | 4.08 | 4.02 | 3.83 | 3.66 |
| Date | 2 Yr | 3 Yr | 5 Yr | 7 Yr | 10 Yr | 20 Yr | 30 Yr |
| 08/08/2025 | 3.76 | 3.70 | 3.84 | 4.03 | 4.27 | 4.84 | 4.85 |
| 08/15/2025 | 3.75 | 3.73 | 3.85 | 4.07 | 4.33 | 4.91 | 4.92 |
| 08/22/2025 | 3.68 | 3.64 | 3.76 | 3.98 | 4.26 | 4.84 | 4.88 |
| 08/29/2025 | 3.59 | 3.58 | 3.68 | 3.92 | 4.23 | 4.86 | 4.92 |
| 09/05/2025 | 3.51 | 3.48 | 3.59 | 3.80 | 4.10 | 4.72 | 4.78 |
| 09/12/2025 | 3.56 | 3.52 | 3.63 | 3.81 | 4.06 | 4.65 | 4.68 |
Yield on the 30-year bond is at a four-month low (4.66%, 4/30/25); 10-year is at a 5-month low (4.01, 4/4/25).
The yield curve remained partially inverted with the nexus (low point) at 2-and-3-year maturities. The general tendency at the long end this week was in anticipation of a Fed rate cut on September 17, the current betting favoring 25 basis points with 50 not entirely out of the equation.
Yield on the 10-year note was down four basis points, with the 30-year bond dropping 10. Yields on two-year, 3s, 5s, and 7s were all higher, though only marginally. Spreads continued to founder, with 2s-10s at +50 and full spectrum at +40
When the Fed cuts rates on Wednesday (9/17) nothing much will change, though stock and bond markets will likely rally further. The "magic wand" effect of each FOMC meeting is great for selling worthless paper.
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
6/13: +45
6/20: +48
6/27: +56
7/3: +47
7/11: +53
7/18: +56
7/25: +49
8/1: +54
8/8: +51
8/15: +58
8/22: +58
8/29: +64
9/5: +59
9/12: +50
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
6/13: +67
6/20: +69
6/27: +66
7/3: +51
7/11: +59
7/18: +65
7/25: +55
8/1: +32
8/8: +37
8/15: +44
8/22: +41
8/29: +51
9/5: +49
9/12: +40
Oil/Gas
WTI crude oil closed out the week at $62.11, up ever-so-slightly from last week's closeout at $61.27.
WTI crude was hovering between correction and bear market since the January 15 peak of $78.71, and now is clearly headed for an extended bear market, having sustained prices at or below $65/barrel for 2 1/2 months. Taking a longer view, oil is nearly half of what it was at the peak of 2022, when it was upwards of $118/barrel. This is indicative of a longer-term stagnation in conjunction with a general supply glut. With an "official" recession looming, prices could drop into the 50s and even the 40s over the medium term.
Gas prices have leveled off over the past month and are lower this week, the national average of $3.15 on Sunday down four cents from a week ago, as Gasbuddy.com reports.
State-by-state numbers show California remaining at the top, up three cents, at $4.64 per gallon. The lowest prices remain in the Southeast, with Mississippi the cheapest, at $2.68, with Oklahoma nearby at $3.72. Oregon has jumped feet-first into the $4+ club with price at $4.28. Washington has caught California at $4.64. Nevada is pushing higher, at $3.88 on average Sunday.
The Northeast and Midwest, out to Michigan and Illinois, are all $3.00-plus except for Ohio ($2.87), Virginia ($2.97) and West Virginia ($2.98). An ark from Kentucky, Missouri, Kansas, Iowa, through to the Dakotas are all sub-$3. Michigan is right at $3.00, while neighboring Wisconsin is $2.90 and Minnesota is $3.04.
Sub-$3.00 gas can be found in 22 states, five more than last week, exclusively concentrated in the South and Midwest. The entire Southeast, even Florida ($2.91) is under $3.00 a gallon.
Bitcoin
This week: $115,368.20
Last week: $111,129.79
2 weeks ago: $108,241.07
6 months ago: $81,877.78
One year ago: $60,382.53
Five years ago: $11,082.85
Ponzi.
Precious Metals
Gold:Silver Ratio: 86.24; last week: 87.68
Per COMEX continuous contracts:
Gold price 8/15: $3,381.70
Gold price 8/22: $3,417.20
Gold price 8/29: $3,516.10
Gold price 9/5: $3,639.80
Gold price 9/12: $3,680.70
Silver price 8/15: $38.02
Silver price 8/22: $39.39
Silver price 8/29: $40.75
Silver price 9/5: $41.51
Silver price 9/12: $42.68
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: | 43.99 | 53.99 | 47.33 | 46.50 |
| 1 oz silver bar: | 46.81 | 56.00 | 49.89 | 48.87 |
| 1 oz gold coin: | 3,783.85 | 3,908.50 | 3,850.65 | 3,871.25 |
| 1 oz gold bar: | 3,744.70 | 3,870.96 | 3,809.83 | 3,807.39 |
The Single Ounce Silver Market Price Benchmark (SOSMPB) remained close to last week's record high since Money Daily began recording in 2021, of $48.15, a decline of 48 cents from the August 31 price of $48.63 per troy ounce.
Since gold and silver continue to press higher, long-time stackers are obviously satisfied. In case there's a pullback on global recession fears, that would be an opportunity to buy in. Current prices are suggesting breakout and follow-through. As long as governments around the world continue to pursue ridiculous policies and overtax their populations, saving in precious metal is an obvious great idea.
WEEKEND WRAP
This week's FOMC meeting may be deemed important and essential by some, but the underlying conditions lend credence to deteriorating conditions in the U.S. and Europe and the ultimate collapse of fiat currency regimes. France is under extreme pressure from the left and right combined. That is where people should keep focus because if France continues to flounder and slide toward civil war or outright revolution (the French are good at it, the country steeped in the history of tyranny and out-of-control governments), it could trigger the breakup of the European Union, which would, by any reasonable measure, be beneficial to all of Europe and to peace around the world.
The technocrats in Brussels will have to be dragged kicking and screaming from their positions of power. Likewise in the U.S. congress, which wields the utmost in hegemony and hubris. The current legislators quite possibly the most corrupt gang of miscreants ever assembled in one place. Those opposed to the government at the federal, state, and local level are quietly growing in number. Many Western "democracies" have become powder kegs of discontent, the people subjected to heavy-handed regulations, taxation beyond their means, lower standards of living, and rising price inflation for everyday needs.
This does not end well. Radical changes are afoot on many levels. Being like a boy scout - prepared - has become almost second sense to most people.
At the Close, Friday, September 12, 2025:
Dow: 45,834.22, -273.78 (-0.59%)
NASDAQ: 22,141.10, +98.03 (+0.44%)
S&P 500: 6,584.29, -3.18 (-0.05%)
NYSE Composite: 6,584.29, -3.18 (-0.05%)
For the Week:
Dow: +433.36 (+0.95%)
NASDAQ: +440.71 (+2.03%)
S&P 500: +102.79 (+1.59%)
NYSE Composite: +238.22 (+1.13%)
Dow Transports: -99.77 (-0.63)
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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