TACO Thursday: Trump Rolls Back Tariffs on Asian Promises, Frameworks; Fed Cuts rates 0.25%; Government Shutdown Nears One Month

Via its FOMC, the Fed, as expected, cut the federal funds target rate by 25 basis points, from 4.00-4.25% to 3.75-4.00%.

Markets didn't respond significantly until Chairman Jerome Powell mentioned at his press conference that another 0.25% cut in December wasn't a sure bet. Stocks slumped on his comments, but immediately began to rise once he stopped talking.

Later in the evening - which was morning in South Korea - President Trump met with China's President, Xi Jinping, for about 90 minutes, both coming away looking somewhat satisfied. Trump left immediately afterwards on Air Force One, heading back to Washington.

On the plane trip, trump characterized the meeting as a "12" on a scale of 1 to 10. That's all well and good, but what actually was accomplished by his four-day trip to the Far East was mere posturing and posing without any concrete agreements.

The president made a boatload of comments about how well things were going (everybody's used to the braggadocio by now), but the trip produced little more than memorandums of understanding, frameworks, vague commitments with a swath of countries on a variety of issues - from rare earth deals to tariffs - lots of promises devoid of details.

Even the heavily-publicized meeting with Xi on Thursday produced little in the way of concrete solutions. Essentially, China agreed to slow their roll on rare earth mineral regulations, the U.S. agreed to knock general tariffs back to 47% from 57%, and there was some kind of understanding about China slowing the flow of fentanyl precursors and buying some soybeans from U.S. farmers.

It was all fairly vague and nebulous. Trump could have accomplished as much by phone, or, he might as well have never started his whole tariff regime in the first place, since he promised to roll back most of them during his trip. Essentially, China, Japan, South Korea, Thailand, Vietnam, Cambodia, and Malaysia paid the president extensive lip service.

Notably, Trump did not meet with anybody from either India or Indonesia, two BRIICS members. Indonesia joined BRICS earlier this year (January 7) and is a major miner and refiner of rare earth minerals. North Korea's Kim Jong Un didn't even want to talk to him. Meanwhile, Russia continues to pound Ukraine into dust. Putin and Trump aren't talking. The Alaska Summit? Poof. It's gone, having produced nothing, just like, it's suspected, this Asian jaunt.

Life’s but a walking shadow, a poor player
That struts and frets his hour upon the stage,
And then is heard no more. It is a tale
Told by an idiot, full of sound and fury,
Signifying nothing.

-- William Shakespeare, Macbeth, Act 5, Scene 5

In card-playing terms, Trump bluffed and nobody blinked. The "trillions" the U.S. was expecting to rake in from tariffs will subsequently be reduced to "billions" and Americans will end up paying more for everything imported. Thank you, Mr. President. Now do India, Brazil, and Canada. And, while you're demonstrating your incredible negotiating skills, how about opening up the government that's been shut down for nearly a month. In case you haven't noticed, that's your government, the United States government, the one behind the "America First" agenda.

It was sure enough a TACO Thursday for Trump. His tariff policies have produced some revenue - the government collected some $151 billion through the end of September, with expectations of $3 trillion over the next ten years. While that sounds good, even great, one has to consider the overlaying context that federal expenditures will top $7 trillion this year and the deficit is expected to be north of $2 trillion. If tariffs produce $500 billion (they likely won't) in revenue in fiscal 2026, that's all well and good, but hardly sufficient. Americans will pay more for most goods and services, making them poorer, decreasing the amount of taxes that they pay.

Looks like a wash, almost. And, that's if the Supreme Court doesn't rule against Trump's tariffs later in November.

As Money Daily has been saying for the past few weeks, Trump's bombastic style is all for show. It's about how great America is, when it's actually been in decline for decades. Trump's tariffs and "re-shoring" plans for increasing domestic manufacturing aren't going to solve most of its basic problems: inflation, inflation, and inflation. The tariffs, along with the Fed lowering interest rates, actually stoke inflation.

For all the talk, the country is going in reverse.

America First is a complete sham, a meme, a bumper-sticker talking point for the government, the media, and Wall Street.

At the Close, Wednesday, October 30, 2025:
Dow: 47,632.00, -74.37 (-0.16%)
NASDAQ: 23,958.47, +130.98 (+0.55%)
S&P 500: 6,890.59, -0.30 (-0.00%)
NYSE Composite: 21,525.93, -163.62 (-0.75%)

Trump Trade Deals Reside on Sandy Foundations, False Hopes and Dreams; China Deal Awaits; Senate Says "No Chips for You" to 40 Million Americans

Bombastic as ever, President Trump has had so much success at making deals during his whirlwind trip to the Far East, one marvels at his brilliance while wondering why he took so long to secure these monumental pacts on the international trading platform.

"We did reach a deal on trade," Trump told reporters at a dinner in South Korea. No additional details about the agreement were provided, and neither the White House nor South Korean officials have issued an official statement outlining the terms.

Trump called his meetings with South Korea "tremendous" and said he had "pretty much finalized a trade deal," adding, "I think we came to a conclusion on a lot of very important items."

Well, perhaps, as concrete goes, all of these "deals" are still in the mixing state, the sand and water more or less a slurried mush at present and the Thai, Malay, Viet, and Korean officials are snickering behind Mr Big's back. That's likely the case, as all this posturing and posing and taking pictures of foreign leaders with Trump stationed in the middle of them - despite the fact that he doesn't even belong in a group of "Southeast Asians" or even just plain "Asians" - is all for the benefit of the usual unsuspecting, fawning, MAGA crowd who hangs on every utterance of the pulchritudinous, porcine president.

Scrupulous examination of the struck deals over the past few days indicate a nearly absence of substance, the words on the official-looking proclamations barely worth the fine linen papers upon which they're written. But, with a few deft strokes of the presidential pen - most likely a Sharpie™ that Trumps' sons, Eric and Don Jr. will sell on eBay or some crypto exchange as an NFT for millions - the public is assuaged and Wall Street assured that the American enterprise will continue to grow and prosper under the inspired leadership of the greatest president since, well, George Washington, as Mr. Trump like to fashion himself.

It's almost over. The Far East fantasy tour finishes on Thursday with the highly-anticipated deal Mr. Trump will make with China, all of China. Not just the coastal areas, or the shipping ports, but the entire land mass which occupies a rather enormous portion of Asia will succumb to Trump’s desire for world domination.

Mr. Trump's mission impossible - which will self-destruct only moments after the invisible ink dries on whatever papers are signed by him and whatever representatives of China's ruling party are designated - is to convince President Xi Jinping to stop sending precursor chemicals for fentanyl to America, stop buying oil from Russia, make life easier of U.S. enterprises doing business in China, accept 15-45% tariffs on anything they export to America, buy shiploads of soybeans from American farmers, and sell the U.S. copious amounts of refined rare earth minerals with which the U.S. military can make weapons by which to obliterate China and its BRICS allies.

If those requirements seem a bit over the top, it's best to be cognizant of the president's uncanny, almost spiritual ability to make the sharpest "America First" deals with every country on the planet (or, at least talk like he does). Trump will return to the United States triumphant, trade wars averted or won, the mantle of success and victory upon his broad shoulders.

At the same time, his government, back home in Washington D.C., can't even keep the lights on, the whole institution burdened by no less than $38 trillion in unpayable debts, shut down for more than four full weeks, and about to deny some 41 or 42 million Americans their monthly allowance for potato and corn chips, salsa, sodas, cookies, ice cream and maybe a couple of lobster tails and steaks.

Some 700,000 federal employees have been working without pay for a month. In some circles, that's known as slavery. In America, it's called paying it forward, or, as the case may be, just putting it on the government's tab.

Considering that Mr. Trump attends their conference with this kind of background baggage, China's diplomats and officials will no doubt acquiesce to his every demand.

But, before Trump's triumphant trade tour concludes, the Federal Reserve, which is not federal in any sense nor does it have any reserves - only debts - is set to issue its policy statement, assuredly to lower the federal funds target rate from 4.00-4.25% to a range of 3.75-4.00% at 2:00 pm ET today. That, of course, will send stocks soaring, along with gold and silver, especially since the pair of precious metals have been sufficiently beaten down over the past two weeks. Not so for the stock market, which has run up a string of advances befitting assets that actually have value, of which, as we know from the current reading of the Shiller PE at 41.18, stocks are significantly stretched.

BTW: the Shiller PE (CAPE) is closing in fast toward the record of 44.19, set back in the halcyon days of the dotcom boom, in December 1999.

Wealth and prosperity, so easily come by, can just as quickly disappear. But, having learned nothing from booms and busts of the 1920s and 30s, and as recently as 2000-01 and 2008-09, investors are blindsided and blinkered, praying for the best and hoping the worst of their fears remain unrealized.

The show goes on. Get more popcorn.

At the Close, Tuesday, October 28, 2025:
Dow: 47,706.37, +161.78 (+0.34%)
NASDAQ: 23,827.49, +190.04 (+0.80%)
S&P 500: 6,890.89, +15.73 (+0.23%)
NYSE Composite: 21,689.55, -100.08 (-0.46%)

Trump, U.S. Government, Wall Street, Media Gaslighting Americans Over Trade, Shutdown, SNAP, and Crypto; China Has Not Formally Agreed to Meet

Americans are being gaslit as never before by the president, congress and the mainstream and financial media over the continuing trade disputes with China and the government shutdown, which is nearing a critical period, now having reached four weeks.

Everyone in Washington - and especially the Trump administration - was caught off-guard when China imposed restrictions on rare earth exports last month. China has the world's largest reserves of rare earth minerals and accounts for 90% of worldwide processing of the various metals that are significant in the production of automobiles, military weaponry, and electronics.

President Trump, his aides and administration, along with the mainstream media continue to promote the narrative that the president is going to meet with Chinese president Xi Jinping "on the sidelines of the APEC" summit in South Korea. That's according to the president and his staff. China has made no formal statement that the two leaders are to meet this week or at any other time. If there was going to be an actual meeting of the minds, China would have arranged much more carefully-planned engagement than a “sideline” meeting between Xi and Trump.

Even if there is a meeting, it will have little to no lasting value and settle nothing between the world’s two largest economies.

There's the real possibility that China's leadership will not agree to a meeting with President Trump, by Xi or any other high-ranking officials. Treasury Secretary Bessent made the rounds on the Sunday talk shows, spouting off about "progress" and a "framework" for negotiations over trade policies, though nothing even remotely substantial has been announced.

At the ASEAN summit in Malaysia this weekend, Trump signed a variety of "deals" with various coutnries from Southeast Asia, including Cambodia, Vietnam, and Malaysia. Prime Minister Modi of India made a point of not attending the conference in person, expressly to avoid meeting with Trump.

These summits - ASEAN and APEC - are meetings of Asian countries. The United States is a sideshow. They were no doubt invited, but the U.S. plays no pivotal role in any trade relationship with any of these countries, other then the imposition of tariffs and sanctions against any number of them.

Asia and the BRICS have turned completely away from the West. Germany's foreign minister was told not to come to China, as there was nothing to discuss, according to Chinese authorities. A similar message is being telegraphed to Trump and the United States. Even North Korean president Kim has not extended any invitation to Trump.

Trump has also been falsely claiming that India has agreed to reduce the amount of oil it imports from Russia in response to recent sanctions placed on Russia’s two largest oil producers. Nothing could be further from the truth. He’s also suggested that China will be importing less Russian oil, though China has said no such thing.

Wall Street has been adding points and percentages to all-time highs on all of the major indices, pushing the narrative of a trade "deal" soon to be worked out between China and the U.S., despite evidence to the contrary. Meanwhile, congress has allowed the government shutdown to extend to the second-longest on record. Beginning November 1, funds for SNAP, or food stamps, will run out, shutting off roughly 42 million Americans from the program. This will affect every state, yet congress continues to drag its feet on the issue and others, such as pay for the military, air-traffic controllers and about 700,000 federal employees who have been working without pay since the shutdown began, October 1st. It's grandstanding at a high level, without any hint of being resolved.

Since Trump has been busily arranging "deals" on rare earth minerals with every country - including Australia - that he can find, Money Daily asked Bing's AI bot, co-pilot:

How long does it take to develop rare earth mines and develop processing facilities?

Here's what AI said:

Typical timelines — short answer:

Mine development: 7–15 years from discovery to first commercial production.

Processing facility (commercial scale): 3–10 years from permitting to full-rate operations.

Pilot or demonstration plant: 1–3 years to build and commission, used to de-risk commercial scale decisions.

Stages and typical duration

Exploration and resource definition: 1–5 years; includes drilling, assays, and resource modeling.

Pre-feasibility and feasibility studies: 1–3 years; engineering, metallurgy, and economic modeling.

Permitting and environmental review: 2–6+ years; dependent on jurisdiction, complexity of tailings/waste treatment, and consultation needs.

Financing and off-take/partnership agreements: 1–3 years; often runs in parallel with engineering and permitting.

Detailed engineering and construction: 2–4 years for a mine or processing plant; larger, more complex hydrometallurgical plants can take longer.

Commissioning and ramp-up to commercial production: 6–18 months for initial output; up to several years to reach steady-state recovery and product quality.

Major factors that lengthen or shorten timelines

Regulatory environment and permitting complexity — stricter regimes and lengthy environmental review add years.

Metallurgical complexity of the ore — unusual mineralogy or need for complex separations increases testing, pilot work, and design time.

Availability of capital and partnerships — secured financing and industrial partners accelerate schedules.

Local infrastructure and supply chain — remote sites without roads, power, or water require added construction time.

Community engagement and Indigenous consultation — meaningful consultation and agreements can extend timelines but are critical to project viability.

Policy support and defense/strategic programs — government incentives or strategic prioritization can compress timelines through funding and fast-track permitting

Benchmarks and recent examples

Pilot processing plants to re-establish domestic capability have been built and commissioned in roughly 1–3 years in the U.S. context.

National and regional strategies to create full processing hubs show multi-year to decade-long timeframes from project start to operational domestic supply chains.

Practical implications for planning

Budget for multi-year lead times and staged investments that move from lab tests → pilot plant → commercial plant.

Prioritize early metallurgical test work and pilot validation to reduce technical risk and accelerate permitting and financing.

Engage regulators, communities, and potential customers early to shorten non-technical delays.

Sources:

Center For Strategic & International Studies (CSIS)

Rare Eart Exchanges

National Defense Magazine

Essentially, Money Daily is calling BS on all of this, in addition to the recent slaughter in gold and silver markets, just as both precious metals had advanced to record levels, out-pacing every other asset. While gold and silver have been slapped down, bitcoin and crypto are being heavily promoted in the media and online, with many of the usual carnival barkers, including President Trump's sons, Don Jr. and Eric touting their own crypto endeavors.

The U.S., $38 trillion in debt, hopes to repair the damage its done to itself by paying off the interest with stablecoins or some other form of crypto-currency while the rest of the world heads inexorably to money backed by gold and possibly, silver.

Stocks have been on a tear recently, and, with earnings season in full swing, gains on the S&P, Dow, and NASDAQ are heading for nose-bleed levels.

There will be hell to pay when no deal is made with China and 42 million Americans are deprived of benefits they've been receiving for years, in order to EAT.

The government is playing with marked cards. Americans will pay a heavy price for a government that has no concrete plans and politicians whose main focus is on enriching themselves and getting re-elected.

At the Close, Monday, October 27, 2025:
Dow: 47,544.59, +337.47 (+0.71%)
NASDAQ: 23,637.46, +432.59 (+1.86%)
S&P 500: 6,875.16, +83.47 (+1.23%)
NYSE Composite: 21,789.63, +91.57 (+0.42%)

WEEKEND WRAP: Trump in Asia, Wasting Everybody's Time; Government Shutdown in 26th Day; Food Stamps Cut Off November 1?

There's quite a bit going on this week following one in which gold and silver got taken down a notch or two, President Trump raised tariffs on Canada because they aired a commercial featuring former President Ronald Reagan criticizing tariffs, the U.S. shot down a few more "drug boats" in the Caribbean and the Pacific, CPI inflation at three percent was deemed "good" by Wall Street, the media and the government, and the government shutdown became the second-longest in U.S. history.

That's just for openers. The upcoming week will feature President Trump trying to persuade countries in Asia to do business with the U.S., including a meeting with China's Xi Jinping, and a rate cut at the FOMC meeting Tuesday, with the policy decision 2:00 pm ET Wednesday. Halloween is Friday. Lots of tricks, maybe some treats.

42 million Americans are hoping the federal government reopens so they can get food stamps for November, though the Senate doesn't seem to be in much of a rush to do anything besides posture and point fingers at each other.

Bloomberg headline: Trump Unveils Flurry of Asia Trade Deals Ahead of Xi Meeting

However, should one actually read the story (Money Daily did), as it reveals the lie:

"The US president dangled exemptions from his reciprocal tariff regime on key exports from Thailand, Cambodia, Vietnam and Malaysia..."

"It’s a step in the right direction but there’s still considerable uncertainty out there,” said Peter Mumford, who covers Southeast Asia at risk consultancy Eurasia Group, citing questions on the rules of origin for reciprocal agreements, sectoral tariffs and transshipment levies. “And none of these are legally binding agreements too. They’re all quite flexible agreements."

Trump claims to have reached agreements lifting tariffs on a wide swath of goods from Vietnam, Cambodia, Thailand, and Malaysia, and made deals for preferential treatment on rare earths with Thailand and Malaysia. Bloomberg's own analyst offered this: "Absent specific commitments, the deal’s impact may not outlast the summit," said Adam Farrar, a geo-economics analyst at Bloomberg Economics.

"He [Trump] also expressed optimism during a meeting with Brazilian President Luiz Inácio Lula da Silva that they could easily strike a trade agreement, as the Latin American country seeks to reduce the 50% tariff on many of its goods."

Note that they may have met, but there's still no deal. BRICS countries are beginning to unify and stand against Trump and his tariff regime. A planned meeting with Russia's President, Vladimir Putin, in Budapest, was scuttled due to Trump's imposition of sanctions against Russian oil companies, Lukoil and Rosneft.

For his part, prior to the meeting, Lula said this: "I am fully prepared to defend Brazil's interests and show that there was a mistake on the tariffs imposed on Brazil."

Trump is attempting to use leverage with Southeast Asian countries against China. It's a strategy that is not likely to reap benefits. There is talk in certain circles that President Xi won't meet with Trump at all. India's Prime Minister, Narendra Modi, skipped the ASEAN summit in Malaysia, specifically to avoid meeting with Trump, who has placed 50% tariffs on Indian exports to America.

There's a good chance that the meeting with Xi will not take place at all. China has made no official commitment about the meeting, which is supposed to take place on Thursday (or now, Thursday or Friday) on the sidelines of the APEC conference in South Korea.

Treasury Secretary Scott Bessent, who is with Trump on the Far East trip, continued meetings with Chinse counterparts, saying the talks were, "constructive, far-reaching and in-depth," adding that they give the nations "the ability to move forward to set the stage for the leaders meeting in a very positive framework."

In other words, they got squat. Mainstream Western media is all propaganda, much of it just plain lies, especially Bloomberg.

Stocks

Stocks had another solid week, and should benefit from a deluge of earnings from some of the biggest names in tech and a number of Dow stocks.

Monday, October 27: (before open) Keurig Dr. Pepper (KDP); (after close) Avis (CAR), Rambus (RMBS), Whirlpool (WHR), Waste Management (WM), Bed Bath & Beyond (BBBY)

Tuesday, October 28: (before open) United Health (UNH), Corning (GLW), UPS (UPS), HSBC (HSBC), DR Horton (DHI), Royal Caribbean (RCL), PayPal (PYPL), SoFi (SOFI); (after close) Cheesecake Factory (CAKE), Seagate (STX), Visa (V), Electronic Arts (EA)

Wednesday, October 29: (before open) Etsy (ETSY), ADP (ADP), Phillips 66 (PSX), Caterpllar (CAT), Boeing (BA), Verizon (VZ), CVS Health (CVS); (after close) Carvana (CVNA), Chipolte Mexican Grill (CMG), Alphabet (GOOG), Meta (META), Microsoft (MSFT)

Thursday, October 30: (before open) Advance Auto Parts (AAP), Comcast (CMCSA), Merck (MRK), Eli Lilly (LLY); (after close) Amazon (AMZN), Apple (AAPL), Coinbase (COIN), Reddit (RDDT), Microstrategy (MSTR)

Friday, October 31: (before open) Chevron (CVX), ExxonMobil (XOM), Charter Communications (CHTR), Colgate-Palmolive (CL)

The Shiller PE (CAPE) closed out the week at 40.58, chasing the number from the dotcom bubble, December, 1999, of 44.14).

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
09/19/2025	4.19	4.16	4.14	4.03	3.98	3.81	3.60
09/26/2025	4.22	4.20	4.17	4.02	4.00	3.83	3.67
10/03/2025	4.24	4.17	4.11	4.03	3.96	3.82	3.64
10/10/2025	4.19	4.16	4.10	4.02	3.96	3.81	3.60
10/17/2025	4.18	4.15	4.08	4.00	3.95	3.79	3.56
10/24/2025	4.11	4.06	4.02	3.93	3.89	3.76	3.58

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
09/19/2025	3.57	3.56	3.68	3.88	4.14	4.71	4.75
09/26/2025	3.63	3.66	3.76	3.96	4.20	4.74	4.77
10/03/2025	3.58	3.59	3.72	3.90	4.13	4.69	4.71
10/10/2025	3.52	3.52	3.65	3.83	4.05	4.60	4.63
10/17/2025	3.46	3.47	3.59	3.78	4.02	4.58	4.60
10/24/2025	3.48	3.49	3.61	3.79	4.02	4.56	4.59

With the next FOMC this week (October 28-29), yields continue front-running the expected 25 basis point cut (maybe 50) and another one in December (Dec. 9-10), with one month bills at their lowest yield since 12/29/2022 (4.04%). The Fed, figuring they've convinced enough people that three percent inflation is close enough to their two percent target, will cut at least 0.25%, bringing the federal funds target rate to 3.75-4.00%. Applying their usual guesstimate of how badly they wish to screw American consumers, that should be enough for this month, with another 0.25% coming off next month.

Not that it matters that stocks are at an all-time high, unemployment remains near historic lows under five percent and inflation has re-ignited.

The Fed has pretty poor aim. With all the monetary tools at its disposal, it can't even hit its own targets.

2s-10s spreads dipped to +54 while full spectrum gapped up to +48. Demand for treasuries remains strong, despite BRICS and de-dollarization efforts, the slack pick-up home grown.

Spreads:

2s-10s
2025
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
9/19: +57
9/26: +57
10/3: +45
10/10: +53
10/17: +56

Full Spectrum (30-days - 30-years)
2025
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
9/19: +54
9/26: +55
10/3: +47
10/10: +43
10/17: +42

Oil/Gas

Following President Trump slapping sanctions on Russian oil, WTI crude oil exploded higher, closing out the week at $61.44, up sharply from last week's $57.25. The move was mostly fluff, based on prices being too low for American producers, especially with ExxonMobil and Chevron reporting earnings this Friday (Oct. 31). Trump's sanctions are going to do anything to hurt Russia, but will hurt American consumers wiht higher prices at the pump.

The rise in oil prices sent retail gas prices just a touch higher. with the U.S. national average up two cents, at $3.03, according to Gasbuddy.com.

California remains highest, at $4.59 per gallon, followed by Washington ($4.35), both lower on the week. Oregon ($3.93), was down seven cents on the week, but, if higher crude oil prices persist, it may bounce back above $4.00. The lowest prices remain in the Southeast, with Louisiana ($2.55) the lowest, followed by Oklahoma and Mississippi both at $2.56, jumping more than ten cents from last week. Tennessee ($2.57) and Texas ($2.59) follow. The remaining Southeast states are all below $2.75 (Georgia), with Florida the exception, at $2.90.

Relief continued in the Northeast, where all states were under $3.00, except for Pennsylvania ($3.21), New York and Vermont ($3.09), West Virginia ($3.07), and Maine ($3.00).

Illinois ($3.24), Michigan ($3.08) and Indiana ($3.06) were the only Midwest states above $3.00. Kentucky was lowest, at $2.67.

Sub-$3.00 gas can be found in 32 states, down three from last week.

Bitcoin (fake money)

This week: $113,471.40
Last week: $106,748.23
2 weeks ago: $112,895.70
6 months ago: $94,225.30
One year ago: $67,672.59
Five years ago: $16,078.98

Bitcoin cheerleaders have been out in force since gold and silver's slap-down Friday and again on Tuesday. The pundits are all over X, touting bitcoin going to $200,000, $400,000 and estimates in the millions.

There is a concerted effort by crypto enthusiasts, Western governments, and the Trump family to sell the public on crypto, hoping they will stay away from gold and silver. It's actually kind of humorous.

Precious Metals

Gold:Silver Ratio: 84.54; last week: 80.35

Per COMEX continuous contracts:

Gold price 9/26: $3,789.80
Gold price 10/3: $3,912.10
Gold price 10/10: $4,035.50
Gold price 10/17: $4,267.90
Gold price 10/24: $4,126.90

Silver price 9/26: $46.37
Silver price 10/3: $47.97
Silver price 10/10: $47.51
Silver price 10/17: $50.63
Silver price 10/24: $48.41

SPOT:
(stockcharts.com)
Gold 10/17: $4250.59
Gold 10/24: $4110.63
Silver 10/17: $51.88
Silver 10/24: $48.59

(Kitko)
Gold 10/19: Bid: $4,250.80; Ask: $4,252.80
Gold 10/26: Bid: $4,111.20; Ask: $4,113.20
Silver 10/19: Bid: $51.86; Ask: $51.98
Silver 10/26: Bid: $48.53; Ask: $48.65

Gold and silver were dumped early in the week, and, while gold rebounded, silver remained below the magic $50 mark. In a sane world, the price would be $150. Prices at dealers and on eBay reflect the public's rejection of the paper slap-down.

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:	48.00	64.00	55.75	56.05
1 oz silver bar:	52.00	63.00	56.73	55.95
1 oz gold coin:	4,262.80	4,655.84	4,400.19	4,383.86
1 oz gold bar:	4,292.80	4,532.43	4,353.39	4,335.30

The Single Ounce Silver Market Price Benchmark (SOSMPB) fell somewhat sharply over the course of the week, to $56.12, a decline of $2.42 from the October 19 all-time high price of $58.54 per troy ounce.

WEEKEND WRAP

The next two weeks should provide some indication of where the U.S. economy is headed. If the government doesn't reopen before November 6th, it would serve as notice that the shutdown was planned well ahead of time and that the government's main goal is to sow chaos, both at home and abroad.

At the Close, Friday, October 24, 2025:

Dow: 47,207.12, +472.51 (+1.01%)
NASDAQ: 23,204.87, +263.07 (+1.15%)
S&P 500: 6,791.69, +53.25 (+0.79%)
NYSE Composite: 21,698.06, +74.24 (+0.34%)

For the Week:
Dow: +1016.51 (+2.20%)
NASDAQ: +524.89 (+2.31%)
S&P 500: +127.68 (+1.92%)
NYSE Composite: +286.60 (+1.34%)
Dow Transports: -224.62 (-1.41%)

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.

All Lies, All the Time: Descent Into the End of Empire; 3% Inflation is Good; Russia is Bad; China, India Won't Buy Russian Oil (yeah, sure)

If it wasn't so sad, it would be funny.

Or maybe it's the other way around.

Just a day after the U.S. imposed sanctions on Russia's two largest oil companies, according to an EXCLUSIVE REPORT by Reuters (who never lie, ever, honest) Chinese firms have decided to scale back their purchases of Russian oil and India is poised to do the same.

Poised: [pɔɪzd] Adjective

having a composed and self-assured manner:

"not every day you saw that poised, competent kid distressed"

The story carries the usual flashpoints of falsity, highlighted below:

SINGAPORE, Oct 23 (Reuters) - Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow's two biggest oil companies, multiple trade sources said on Thursday.

The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow, to comply with the U.S. sanctions imposed over the Kremlin's invasion of Ukraine.

Notice how that second sentence just blares out India's intentions, without attributing any sources. Supposedly, when the U.S. says to major nuclear-armed nations, "Jump!", they respond by asking, "how high?"

So here comes the delayed CPI report for September. Without looking, Money Daily is going to go out on a limb and say that the numbers beat expectations.

Nailed it. Well, kinda. The report from the always reliable BLS reads thusly:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent on a seasonally adjusted basis in September, after rising 0.4 percent in August, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment. Note that September CPI data collection was completed before the lapse in appropriations.

The index for gasoline rose 4.1 percent in September and was the largest factor in the all items monthly increase, as the index for energy rose 1.5 percent over the month. The food index increased 0.2 percent over the month as the food at home index rose 0.3 percent and the food away from home index increased 0.1 percent.

The index for all items less food and energy rose 0.2 percent in September, after rising 0.3 percent in each of the 2 preceding months. Indexes that increased over the month include shelter, airline fares, recreation, household furnishings and operations, and apparel. The indexes for motor vehicle insurance, used cars and trucks, and communication were among the few major indexes that decreased in September.

The all items index rose 3.0 percent for the 12 months ending September, after rising 2.9 percent over the 12 months ending August. The all items less food and energy index also rose 3.0 percent over the last 12 months. The energy index increased 2.8 percent for the 12 months ending September. The food index increased 3.1 percent over the last year.

Just wondering... if the September CPI data collection was completed before the "lapse in appropriations", as the press release states, why was the release of the data delayed? The entire government shutdown thing is a massive fraud perpetrated by both parties and the president, who could have come up with a compromise continuing resolution as they always do. They simply did not want to, as their objective is to sow chaos, and, by most accounts, they're doing a swell job of it.

This isn't exactly what one would call "throttling inflation" or whatever color lipstick the Fed or the BLS wishes to paint on this particular piglet's lips.

Inflation is rising, but the "beating expectations" narrative gives the Fed cover to cut interest rates next week at the FOMC meeting )(October 28=29)

CNBC .helps put the lies into perspective:

The September consumer price index report rose 0.3% on the month, bringing the annual inflation rate to 3%, according to the Bureau of Labor Statistics. That’s just below the 0.4% and 3.1% that economists polled by Dow Jones had expected. While the data was lighter than expected, the inflation rate still marked an uptick from the 2.9% seen in August.

So, inflation is getting worse, but, because the completely fabricated numbers from the "partially shut down" BLS beat Wall Street experts’ (who are almost always wrong about everything) expectations, it's all good for the economy, so "buy stocks."

As usual, stock futures shot to the moon. Right around 9:00 am ET - a half hour after the CPI release - Dow futures were up 206 points, NASDAQ futures up 210, and S&P futures were ahead by 39 points.

There are a number of problems with this report, but the most glaring is the claim that gasoline rose 4.1% in September. Money Daily tracks gasoline prices weekly, via gasbuddy.com and we checked. August U.S. national average gas prices ranged between $3.10 and $3.18, while September gas prices fell in a range of $3.10 to $3.19, virtually unchanged.

Even using the lows of August ($3.10) and the September high of $3.19 - which was actually at the beginning of the month; the $3.10 reading came at the end - the difference is 2.9% not 4.0%. Essentially, gas prices were pretty much flat during the summer and oil prices were falling slightly. The BLS just made the numbers up, as usual.

In any case, the obvious takeaway is that the American public, which, apparently, according to experts on the matter in government and media, are dumber than goldfish and will believe anything, are supposed to just accept three percent inflation as a standard good thing. Never mind that the cost of everything (except silver and gold, of course) will double in 23 years.

Since actual inflation is much worse than that - a provable fact just by going shopping for groceries, lumber, clothes, just about anything - the dollar's purchasing power is plummeting faster than the approval rating for congress.

Oh, well, silver and gold are selling off because THERE IS NO INFLATION. (Orwellian)

Next up comes the meeting between President Trump and China's Xi Jinping on Thursday, October 30, on the sideline of the APEC conference in South Korea. There's a safe bet that Trump will return from his overseas trip boasting about how he got Xi to agree to everything, including sharing China’s rare earths and convinced him to stop buying Russian oil. It's all lies, all the time for these people.

Everything will continue to deteriorate in America, which has become a general theme, in case you haven’t noticed since the president and the media keep telling you everything is wonderful.

Not a word out of Washington nor the mainstream media should be believed. The entire world is being lied to about everything. When Russia takes over all of Ukraine, Europe, the UK and the US will claim victory.

This pretty much sums up how the meeting between the leaders of the U.S. and China will go next week:

Trump: We have all the cards.

Xi: We make the cards.

Thank you for your attention to this matter.

At the Close, Thursday, October 23, 2025:
Dow: 46,734.61, +144.20 (+0.31%)
NASDAQ: 22,941.80, +201.40 (+0.89%)
S&P 500: 6,738.44, +39.04 (+0.58%)
NYSE Composite: 21,623.82, +109.11 (+0.51%)

Mainstream Media Refuses to Tell the Truth: EU, US, UK Being Thumped Daily by BRICS; Sanctions on Russia Cause U.S. Oil Prices to Explode Higher

After a while, all the noise becomes something of a blur and begins to make no sense. It appears that U.S., U.K., and E.U. foreign policies, so intent on harming other countries (primarily Russia and China) rather than strengthening themselves, have met their matches in the BRICS, or, rather, the policies of the West have caused the countries of the East, the BRICS, or the "Global South" to unite and that union is making life more and more difficult for the instigators, marginalizing them and destroying their currencies.

"Project Ukraine," as Alex and Alexander over at the Duran prefer to call it, is a massive sinkhole into which NATO nations have thrust hundreds of billions of dollars, euros, and pounds, only to get 1.7 million Ukrainians killed, the country torn to pieces, and the damage done to themselves yet to be fully realized. The most massive foreign policy blunder of this century and maybe of all time has brought Europe, the UK, and the United States to the brink of insolvency, reduced weapon stockpiles to bare minimums and threatened national security.

By almost any standard, Ukraine has been a failure of massive proportions, yet the countries which promoted the proxy war against Russia continue to support it, all the while attempting to deflect blame for its continuation on Russia and sometimes, Ukraine.

President Trump, who campaigned on ending the war in Ukraine "on day one" is an absolute embarrassment to diplomacy. He could stop the fighting by withdrawing U.S. support - in money and weapons - to Ukraine, but refuses to do so. Thus, he has sentenced more Ukrainians to their deaths, and made the United States a global pariah. The continuity of lies and fabrications about the causes for the Ukraine conflict and its ongoing status, promoted by the government and parroted by the media, are too numerous to enumerate, but it boils down to simple soundbites: Russia bad, Ukraine democracy, rah!

It's a huge bag of horse manure, everybody knows it, and it needed to be ended years ago. But it won't end, because the military industrial complex that runs the U.S. government doesn't want it to end. They're making too much money blowing up things.

Ukraine is a ten thousand pound yoke hung on the neck of Americans, Europeans, and UK citizens and there's nothing anybody can do about it. Ukraine will prove to be the ultimate undoing of all the Western economies. Their insistence on continuing the madness of this failed campaign is inconceivably reckless and devastating.

An opinion poll in France's Le Monde finds: 96% feel dissatisfied or angry about the state of the country; 90% believe it is in decline; 81% don’t think democracy is working for them; 66% think most politicians are corrupt; 71% think their living standards are getting worse; 57% have trouble making ends meet; 85% think France ‘needs a real leader to restore order’; and 63% say they don’t ‘feel at home any more’.

On Wednesday, Treasury Secretary Scott Bessent announced a new round of sanctions against Russia's two largest oil companies, Rosneft and Lukoil. How these sanctions are going to harm Russia or how they are going to be enforced are as yet unknown, since Russia sells oil globally, mostly to China, India, and other countries outside the U.S. sphere of influence. They likely won't harm Russia in the least, nor will they help to end the conflict in Ukraine. India and China aren't going to stop buying Russian oil just because the U.S. says they shouldn't. It's basic extortion. "You bought Russian oil. Pay us." Doesn't really work that way.

What these sanctions did manage to accomplish, however, was to spike the price of U.S. and European oil higher. WTI crude oil bottomed out at $56.39 on Tuesday. Brent crude was $60.36. As of Thursday morning, WTI is $61.68 and Brent is $65.81. Russia hasn't blinked. A real “game-changer” ya got there.

Obviously, this strategy is tantamount to poking oneself in the eye with a stick. One has to ask, "qui bono?" Well, obviously, ExxonMobil, Shell, BP, and a host of other oil giants and their shareholders who have been horrified at the recent declines in the price of oil and petrol and gas at the pump, putting their mammoth profits at risk. You can bet your bottom dollar that all those Senators and House Reps who are keeping the government shut down bought a few shares beforehand.

These new sanctions are piled on top of 18 prior rounds of sanctions imposed against Russia. Obviously, they're working wonders, if making the BRICS alliance stronger and keeping the war in Ukraine running in Russia's favor is what they had in mind. These policies are much too stupid to be accidental. They are purposeful, designed to weaken the countries imposing the sanctions and to make their own citizens suffer.

According to all-knowing Bloomberg, transactions involving the two Russian oil producers need to be wound down by November 21, leaving a window of opportunity open for negotiation, evasion, maybe some live ammo shooting at each other. President Trump's meeting with China's Xi Jinping, expected to take place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea October 31 and November 1 (too bad. They're going to miss the Breeders' Cup and possibly games six and seven of the World Series), is more likely to turn into a massive pissing match rather than some grand trade deal. Who game plans these things? Some drunken sailor? Howard Lutnik? P. Diddy? Bo Diddley?

The question was posed to Bing's AI co-pilot, "How do sanctions against Russian oil companies cause U.S. oil prices to rise?"

Here is what it said:

Sanctions against Russian oil companies, such as Rosneft and Lukoil, lead to a rise in U.S. oil prices due to several reasons:

Increased Demand: The sanctions target Russia's two largest oil companies, which are essential for the U.S. energy market. The sanctions are part of a broader effort to pressure Russia to end its war in Ukraine, which has implications for global oil supply and demand.

Market Impact: The sanctions are expected to reduce Russia's oil production and exports, which could lead to a decrease in supply and increase in demand for U.S. oil. This could result in higher prices for U.S. consumers.

Economic Consequences: The sanctions are also expected to have economic consequences for Russia, including reduced revenue and potential economic instability. This could further impact the global oil market and lead to higher prices for U.S. oil.

In summary, the sanctions against Russian oil companies are expected to cause a rise in U.S. oil prices due to increased demand, reduced supply, and economic consequences for Russia. These factors combined can lead to higher prices for U.S. consumers.

Higher prices. Just what Americans, Britons, and Europeans need. So screwed.

In a little more than a week, should the U.S. government shutdown continue past the end of October, funding for SNAP, otherwise known as "food stamps" will expire. 42 million Americans will not get their monthly allotment of money to buy groceries.

First off, it's shameful that 12% of the population needs assistance in order to eat, as in, stay alive, but, if the government allows SNAP to go unfunded, there will be riots, looting, and mayhem across America. It's probably why Trump has prepositioned National Guard troops to places like Chicago, Memphis, etc. This is just another stage of the government shutdown master plan, easing everybody into martial law, dependent on the federal government - despite it being unfunded, "shut down" as it were - for protection. Thug tactics. Protection racket.

Let's see how that goes. Things are getting just a little out of hand when it comes to government and the power they wield. Definitely not a good look, but, this is what happens when people put their faith in politicians who put their own interests ahead of the county’s.

With all the confusion, malfeasance, and objectionable noise in global politics underway, Wall Street chugs along, though most of Wednesday was spent chugging in reverse. For whatever reasons, all the major indices were down. Maybe they were "overextended", like everybody was complaining about gold and silver before they were summarily slapped down on Tuesday. Could be anything. Probably nothing to worry about. Stocks always go up.

This morning, there seems to be some concern over earnings reported after the close Wednesday and before the bell Thursday. Tesla (TSLA) is down four percent after missing its earnings target. Dinosaur computer firm, IBM (IBM) posted adjusted earnings per share of $2.65, beating the analyst estimate of $2.44 handily. Revenue came in at $16.33 billion, ahead of consensus estimate of $16.09 billion and representing a nine percent increase year-over-year. However, shares are down seven percent in the pre-market. Investors apparently are more concerned with slowing growth in the company's cloud business and timid growth projections. Maybe that PE ratio of 47 has something to do with it. Or AI, or, aye-aye, or an eye for an eye, who knows?

Not to worry, Exxon Mobil (XOM) and Chevron (CVX) are both higher in anticipation of higher fuel prices courtesy of sanctions on Russian oil companies. See how that works?

What could go wrong?

At the close, Wednesday, October 22, 2025:
Dow: 46,590.41, -334.33 (-0.71%)
NASDAQ: 22,740.40, -213.27 (-0.93%)
S&P 500: 6,699.40, -35.95 (-0.53%)
NYSE Composite: 21,514.71, -56.45 (-0.26%)

The Sudden Demise of Gold and Silver, and Why It Doesn't Matter (much); Trump's Boasting Reveals Underlying Realities and U.S. Weakness

Of all the narratives, rationales, and explanations for the sudden reversal of gold (and silver) on Tuesday, those provided by expert trader Don Durrett on the CapitalCosm youtube channel: BREAKING! Someone BIG is CRASHING GOLD & SILVER Prices (here's who) was likely to have been closest to the mark.

Early in the video, Durrett points out that gold remains in a bull market, and notes that all of the selling took place in New York, where gold is not bought, only sold, and also correctly makes the claim that the U.S. central bank - the Federal Reserve - does not buy gold, which is indeed the case, though all other central banks around the world, and especially in the East, are buyers of gold.

What makes the case for the selloff in New York all the more plausible and all the more fake (Durrett calls it a "bankster" selloff") is that the mainstream media - from Bloomberg to Yahoo! to Reuters - have been spouting off about gold and silver being "overbought" or "overextended" for weeks prior to Friday's and Tuesday's massive downdrafts. When was the last time the mainstream financial media said the NASDAQ, S&P, or stocks like Nvidia, Google, Amazon or Apple were "overextended?" The answer to that is simply never. Peons and muppets are not supposed to hold assets that are stores of value. They are guided to buy stocks, the prices and movements of which are guided by the owners of the Wall Street casino, the big banks and brokerages.

Now, it may have been the case that precious metals were in an overbought condition. Gold and silver have been the best asset performers all year, far outpacing stocks and rambling on ahead of Wall Street's latest scheme, crypto. Even with the falloff from Tuesday included, over the past month, gold remains up 7.37%, silver, 7.49%, while bitcoin has lost 5.78%. Incidentally, over the past month - from September 21 to October 22 - the S&P 500 is up a paltry 0.62%.

Other considerations which gold and silver proponents should be well aware are the enormous moves made by both of the precious metals in a short period of time. Two years ago, around October 23, 2023, gold was $2,000, and silver was $23. They've each more than doubled over the past two years, which, considering gold is still above $4,000 and silver is holding around $48, puts the selloff into context.

All indications point to coordinated selling on the NYMEX, GLOBEX, and COMEX of paper gold and silver contracts, not actual metal. There has been no news regarding relief in the silver shortage in London, the precious metals ETFs in India which suspended opening of new accounts - Kotak Mutual Fund and UTI Asset Management - have not re-opened to new money, the ongoing silver supply shortage reamins in its fifth year running, the world's central banks continue to buy gold, and investment professionals have recently begun to advise allocating anywhere from 10 to 20 percent of portfolios to precious metals.

What the sudden falloff - among the largest one-day declines in the prices of gold and silver - in precious metals suggests is that the Wall Street insiders needed a better entry point for their high net worth clientele, and battered the price lower to accommodate themselves. Unbeknownst to most people is that while JP Morgan and Citibank operate some of the most sophisticated short-selling operations to suppress the prices of gold and silver, they are at the same time long the metals in the banks' proprietary accounts.

The bull market in gold and silver, which likely began in earnest in January of 2024 for both, is still in its early stages and the pullback offers another entry point for those wishing to secure their futures and escape the debt-based rat trap set by governments and bankers.

For those unconvinced that gold and silver have significantly more upside, the following questions should be entertained:

The CPI reading for September that, due to the government shutdown, has been delayed until this Friday (October 24), show the Fed is closer to its two percent target, and, even if it is, who trusts the figures from the BLS?

Will the Federal Reserve lower interest rates at next week's FOMC meeting (October 28-29)?

If and when the federal government reopens, will the House, Senate, and the President suddenly resolve to cut the deficit significantly?

Honest answers to those questions imply that gold and silver have much higher price targets ahead of them and the trend remains bullish.

Another area worth looking into are the actions of President Trump, especially concerning tariffs and trade relations with China. Just yesterday, the president inked a deal with Australia to jointly produce rare earths after China imposed export controls on the critical ores.

Upon signing the deal, Trump boasted, "In about a year from now, we'll have so much critical minerals and rare earths that you won't know what to do with them."

Trump's statement is simply untrue. First, the agreement is merely a framework for cooperation between the two governments. There are few specifics, and the timing of the deal, along with Trump's boasting, indicates that the U.S. is desperate to obtain rare earths and critical minerals now that China has weaponized them in the ongoing trade war. There's little chance that Australia and the U.S. together can produce the amount of ore that America needs and produce it quickly enough to even approach China's substantial lead.

According to the U.S. Geological Survey (USGA), in 2024, China produced 270,000 tons of rare earths and has 44 million tons of reserves. By contrast, Australia produced 13,000 tons and has 5.7 million tons of reserves, and the U.S. produced 45,000 tons and has 1.9 million in reserves.

Trump's endless barrage of tweets and boasts serves only to persuade the few remaining fawning MAGA supporters that he's keeping his America first promises. Anybody who's ever been around real winners in life, be they in sports or business or any other human endeavor, knows that champions don't have to boast about their accomplishments. Hank Aaron, who for years was baseball's all-time home run hitter, was a modest man with a firm handshake and quiet confidence. Tom Brady doesn't go around reminding people that he won seven Super Bowls. Warren Buffett, one of the wealthiest men in the world, drives a 2014 Cadillac.

Man and women who have achieved great things exude an air of confidence that runs counter to Trump's constant boasts, threats, and bragging on social media and in his public appearances. Much of what he claims - outside his success at closing the border - is exaggerated and often fallacious. The president has a need to maintain an atmosphere of America's dominance, when the reality is that the country is in a severe state of decline.

Most of what comes out of "official" Washington is little more than bluster and blather. As such, it is meaningless in the larger, longer term outlook most serious people maintain. That's why gold and silver will continue their march higher soon enough and the boasts and extended narratives of 21st-century America will be revealed as nothing more than empty rhetoric.

There's little that Trump or congress or anybody can do to change the direction of world events. The BRICS and China, Russia, and India are eating the West's lunch. Putin, Xi, and Modi laugh at the half-truths and superficial posturing of the West. America and Europe are in a state of terminal decline and the sooner the managers (they are not "leaders") of the Western developed countries come to grips with this reality and offer their people more than platitudes and sanctions against other countries the sooner they can begin to accept their role in the emergent new world order in which Asia, gold, and cooperation make the rules and fiat, debt-based currencies, sanctions, and empty promises become a thing of the past.

At the Close, Tuesday, October 21, 2025:
Dow: 46,924.74, +218.16 (+0.47%)
NASDAQ: 22,953.67, -36.88 (-0.16%)
S&P 500: 6,735.35, +0.22 (0.00%)
NYSE Composite: 21,571.16, -27.01 (-0.13%)

Just Keep Buying Stocks and Crypto and Sell All Your Gold and Silver; Government Shutdown in 21st Day

Well, it looks like the fun's over for the silver stackers and gold bugs.

The fiat money cartel is back in business, sending gold down $125 prior to the opening bell ($4,233.70) and slaughtering silver, sending it back below $50, to as low as $49.50. Silver spot was as high as $54.47 on Friday, but was sent down more than five percent later on the day and another five percent this morning.

Sorry to say, but F--K these people. Gold and silver are completely rigged by the COMEX and LBMA cultists, who have suppressed the price of real money for decades. They are obviously desperate to convince people to not hold precious metals and opt instead for worthless dollars, euros, yen, and pounds, paper debt instruments conjured out of thin air.

Sick bunch, really.

In the meantime, stocks were bought on Monday as if they were rarities. Yes, you too can own one billionth of Apple or Google or Amazon.

Or, maybe you'd like some crypto. Bitcoin bounded as high as $111,294 yesterday, dropped to $107,575 this morning and is resting quietly at $108,853.56. And everybody knows bitcoin is going to $200,000 or maybe $1,000,000 very soon, as soon as the U.S. government starts adding to the bitcoin strategic reserve.

Utter BS.

Stocks look to have another golden day, with loads of earnings coming in suggesting a solid, robust economy.

Shut up and keep buying.

At the Close, Monday, October 20, 2025:
Dow: 46,706.58, +515.97 (+1.12%)
NASDAQ: 22,990.54, +310.57 (+1.37%)
S&P 500: 6,735.13, +71.12 (+1.07%)
NYSE Composite: 21,598.17, +186.71 (+0.87%)

WEEKEND WRAP: Gold Led the Week Again; Bitcoin Imploding; Stocks Continue to Defy Gravity and Reality; Treasury Yields, Oil, Gas Lower

Gold won the week.

For the Week:
Dow: +711.01 (+1.56%)
NASDAQ: +475.54 (+2.14%)
S&P 500: +111.50 (+1.70%)
NYSE Composite: +314.54 (+1.49%)
Dow Transports: +608.41 (+4.04%)
Spot Gold: $4250.59 +237.34 (+5.91%)
Spot Silver: $51.88 +1.60 (+3.18%)

The rest is noise.

Since people like noise in its various forms, great effort is made to make noise the prominent feature of what's considered "news."

Like rap music, it's jarring to the senses. Government (even when it is shut down or otherwise inoperable, like the last 300 years), the billionaire-funded "No Kings" rallies, Israel's ceasefire violation in Gaza, stocks, and sporting events dominate. At least sporting events have some redeeming qualities. People get paid to play them. Advertisers pay money to show their products on broadcasts. Stocks, too. You can make or lose money on them.

Government adds nothing. Other than rare moments when some government funds worthwhile activities like building roads or bridges, it's generally worthless and actually a drain on human productivity. Yet, because large numbers of people populating the planet are incapable of self-governance, there it is, forever and always.

Stocks

Last week, banks dominated earnings. In the week ahead, a variety of tech, Dow components, and other industrials and major corporations take the stage.

Earnings will be in focus this week. Here are a few of the more prominent companies reporting third quarter results:

Monday, October 13: (before open) Summit Theraputics (SMMT), Cliffs (CLF); (after close) Zions Bancorporation (ZION), Crown Holdings (CCK), Flexsteel (FLXS)

Tuesday, October 14: (before open) 3M (MMM), Coca-Cola (KO), Lockheed Martin (LMT), Northrop Grumman (NOC), GE Aerospace (GE), Pulte (PHM), Philip Morris (PM), General Motors (GM); (after close) Capital One (COF), Texas Instruments (TXN), Netflix (NFLX), Mattel (MATT)

Wednesday, October 15: (before open) AT&T (T), Winnebago (WGO), Hilton (HLT), Boston Scientific (BSX) ; (after close) IBM (IBM), Tesla (TSLA), SAP (SAP), Kinder Morgan (KM), Lam Research (LRCX), Alcoa (AA)

Thursday, October 16: (before open) Dow (DOW), Hasbro (HAS) Nokia (NOK), Honeywell (HON), Aerican Airlines (AAL), AutoNation (AN), T-Mobile (TMUS), Southwest Airlines (LUV); (after close) Newmont Mining (NEW), Intel (INTC), Deckers (DECK), Ford (F)

Friday, October 10: (before open) Proctor & Gamble (PG), General Cynamics (GD), Flagstar (FLG).

The Shiller PE (CAPE) closed out the week at 39.79, down from October 8th's 25-year high of 40.32 (since the dotcom bubble, December, 1999, 44.14), but higher than last Friday's 39.09.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
09/12/2025	4.24	4.24	4.20	4.08	4.02	3.83	3.66
09/19/2025	4.19	4.16	4.14	4.03	3.98	3.81	3.60
09/26/2025	4.22	4.20	4.17	4.02	4.00	3.83	3.67
10/03/2025	4.24	4.17	4.11	4.03	3.96	3.82	3.64
10/10/2025	4.19	4.16	4.10	4.02	3.96	3.81	3.60
10/17/2025	4.18	4.15	4.08	4.00	3.95	3.79	3.56

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
09/12/2025	3.56	3.52	3.63	3.81	4.06	4.65	4.68
09/19/2025	3.57	3.56	3.68	3.88	4.14	4.71	4.75
09/26/2025	3.63	3.66	3.76	3.96	4.20	4.74	4.77
10/03/2025	3.58	3.59	3.72	3.90	4.13	4.69	4.71
10/10/2025	3.52	3.52	3.65	3.83	4.05	4.60	4.63
10/17/2025	3.46	3.47	3.59	3.78	4.02	4.58	4.60

With the next FOMC meeting less than two weeks away (October 28-29), yields are front-running the expected 25 basis point cut (maybe 50) and another one in December (Dec. 9-10). Divining the Fed's tea leaves, it's obvious that somebody thinks the U.S. economy is not great, despite inflation figures - which will be revealed this week - remaining well above the two percent target.

The Fed has pretty poor aim. With all the monetary tools at its disposal, it can't even hit its own targets. Time for them to go.

The question remains: Why are yields falling and money moving rapidly into gold, silver, and fixed income while the stock market continues to rally? The answer might have something to do with size. Fixed income markets are orders of magnitude larger than those of stocks. When it comes to gold and silver, there's a reason they're called "precious" metals, and stocks are just called "stocks."

2s-10s spreads expanded out to +56 while full spectrum narrowed to +42. Demand for treasuries remains strong, despite BRICS and de-dollarization efforts, the slack pick-up home grown.

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
9/19: +57
9/26: +57
10/3: +45
10/10: +53
10/17: +56

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
9/19: +54
9/26: +55
10/3: +47
10/10: +43
10/17: +42

Oil/Gas

WTI crude oil closed out the week at $57.25, marginally down from last Friday's closing price of $57.84, hitting a low of $56.33 midday Friday.

Money Daily has been correctly called the oil price decline for the past year at least, citing slack demand and oversupply. Markets remain in general denial about the health of the global economy, most prominent in Western economies.

The lower price for crude oil, running counter-cyclical to inflation and to gold and silver, is indicating recessionary forces at work. Much of Europe has been in recession for the better part of the past two years, led by Germany and France, whose economies are nearly dormant.

European economies in the largest countries - Germany, France, Italy, England - continue to hide the truth of their imminent demise. Energy prices are already too high for the general public, so a return to economic conditions along the lines of the Dark Ages is likely to occur within years. Europeans may not realize that through the mechanics of the European Union, the continent - plus England - has barely escaped feudalism.

The breakdown in oil prices has sent retail gas prices plummeting. U.S. gas prices slumped lower on Sunday, the national average at $3.01, according to Gasbuddy.com.

State-by-state numbers show California remaining abysmally high, at $4.64 per gallon, followed by Washington, down five cents ($4.42). Oregon ($4.00), was down nine cents on the week. The lowest prices remain in the Southeast, with Oklahoma ($2.45) exceeding the price of a year ago by 22 cents to the downside, the lowest prices found in Muskogee County, outside of Tulsa, at $2.34. Arkansas and Texas follow, at $2.56, then, Mississippi ($2.58). The remaining Southeast states are all below $2.76 (Georgia), with Florida the exception,, though it was also down sharply from a few weeks ago, holding steady this week, at $2.88.

Most of the Northeast found some relief, led by Delaware ($2.91), New Hampshire ($2.93), New Jersey and Rhode Island ($2.95), Massachusetts ($2.97), Maryland ($2.98), and Connecticut ($2.99). Pennsylvania ($3.21) remans the highest. New York is lower, at $3.09.

Virginia and West Virginia ($2.90) were both lower, and Kentucky ($2.64) dropped eight cents. Ohio ($2.91) was slightly higher than last week, and Indiana ($2.85) was unchanged. Michigan ($2.77) fell sharply. Illinois ($3.09), was down another 11 cents, and is the only midwest state above $3.00. All midwest states from Wisconsin (lowest, at $2.62), Minnesota, and North Dakota south to Missouri, Kansas, and Colorado ($2.82) are well below $3/gallon. Wyoming ($2.88).

Sub-$3.00 gas can be found in 35 states, up another five from last week, concentrated in the South and Midwest and adding in the Northeast. The entire Southeast, out to New Mexico ($2.71) is under $3.00 a gallon. Gas in next door neighbor New Mexico is $3.41, making border hops appealing to cost-conscious drivers nearthe border, the 50-70-cent gap difficult to ignore. Taxes are mostly to blame for the wide divergence.

Bitcoin (fake money)

This week: $106,748.23
Last week: $112,895.70
2 weeks ago: $122,985.87
6 months ago: $85,115.07
One year ago: $68,179.25
Five years ago: $14,832.34

Bitcoin got clubbed again, hitting a low of $104.007.48 on Friday (Oct. 17). So much for it being a store of value, one of the many indicators for being actual money that it does not share with gold and silver. Anybody who has held onto bitcoin for more than a year should be happily taking profits and buying actual hard assets, or maybe food, because, despite the usual morons saying that the charts show the vaporware crypto coin going to $200,000, $400,000, or a million, the glory days are becoming smaller and smaller in the rear-view mirror. Bitcoin seems to be aging about as well as 50,000 mile tires.

Year-to-date, bitcoin (+15.56%); gold (+59.53%); silver (+71.34%); First Majestic Silver (miner) (AG)(+155.56%).

Precious Metals

Gold:Silver Ratio: 80.35; last week: 81.55 Silver/Gold %: 1.25%; last week: 1.23%

Per COMEX continuous contracts:

Gold price 9/19: $3,719.40
Gold price 9/26: $3,789.80
Gold price 10/3: $3,912.10
Gold price 10/10: $4,035.50
Gold price 10/17: $4,267.90
Silver price 9/19: $43.37
Silver price 9/26: $46.37
Silver price 10/3: $47.97
Silver price 10/10: $47.51
Silver price 10/17: $50.63

SPOT:
(stockcharts.com)
Gold 10/17: $4250.59
Silver 10/17: $51.88

(Kitko)
Gold 10/19: Bid: $4,250.80; Ask: $4,252.80
Silver 10/19: Bid: $51.86; Ask: $51.98

Stackers and goldbugs who have been holding for three years or longer have made enormous profits in just the past 18 months. Some anecdotal evidence suggests that some have decided to part with some of their holdings, cashing in at or near all-time highs.

Meanwhile, the retail side of the equation, most prominent in silver pricing, is just kicking into a higher gear. From the results of Money Daily's weekly Sunday price survey on eBay, it is plain to see that even Friday's cram-down on silver's COMEX and spot price (which Andy Schectman, among others, claims is broken) was largely ignored by buyers and sellers alike. The lowest price for single-ounce silver bars or coins was somewhere north of $55, with a good number of items fetching prices above $60. Gold was led by Gold Eagles and Indian Heads.

Perhaps the most intriguing commentary of this past monumental week comes courtesy of Kitko's Jeffery Szafron and his interview with Scottsdale Mint CEO Josh Phair, in which Phair begrudgingly divulges his prediction for the gold price, based on observations and calculations of the deceased Jim Sinclair, who was known during his life as "Mr. Gold."

The Phair-Sinclair prediction calculus for the derivation of the eventual price of gold is to divide the amount of foreign debt by the number of ounces of gold in U.S. possession, the result revealing gold's true value. Phair claims that this formula has worked out twice in his lifetime and argues that it can happen again. Video Link

Based on the latest available data from the U.S. Treasury, foreign creditors hold approximately $8.5 trillion in U.S. debt. Backing that figure with the nation’s stated gold reserves of 261.5 million troy ounces implies a gold price of over $32,500.

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:	55.99	68.45	58.90	57.98
1 oz silver bar:	57.00	62.41	58.86	58.40
1 oz gold coin:	4,331.59	4,717.30	4,512.91	4,461.91
1 oz gold bar:	4,250.00	4,517.30	4,433.58	4,457.54

The Single Ounce Silver Market Price Benchmark (SOSMPB) reached another new record high since Money Daily began recording in 2020, of $58.54, an explosive gain of $3.76 from the October 12 price of $54.78 per troy ounce.

For newbies, buying silver at $50 an ounce or slightly higher might be worthwhile and only available briefly. Online retailers have prices well above spot, which is unlikely to fall much unless there's a major global recession. Even then, your dollars, yen, euros, or pounds are likely to be worthless. Your silver, otherwise, will have real value.

WEEKEND WRAP

Gold. Silver. Maybe some Lead and copper.

At the Close, Friday, October 17, 2025:
Dow: 46,190.61, +238.37 (+0.52%)
NASDAQ: 22,679.97, +117.44 (+0.52%)
S&P 500: 6,664.01, +34.94 (+0.53%)
NYSE Composite: 21,411.46, +34.49 (+0.16%)

For the Week:
Dow: +711.01 (+1.56%)
NASDAQ: +475.54 (+2.14%)
S&P 500: +111.50 (+1.70%)
NYSE Composite: +314.54 (+1.49%)
Dow Transports: +608.41 (+4.04%)
Spot Gold: $4250.59 +237.34 (+5.91%)
Spot Silver: $51.88 +1.60 (+3.18%)

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.

Follow the Money: Bitcoin is Dead; Regional Banks in Trouble Again; Gold, Silver For the Win (FTW)

Follow the money.

That was the line made famous in the film, "All the President's Men," starring Robert Redford and Dustin Hoffman. The movie was based on the book by the same name, authored by Washington Post reporters Bob Woodward (Redford) and Carl Bernstein. The essence of the infamous line was that during the Watergate scandal involving president Richard M. Nixon, Bob Woodward (Redford) and Carl Bernstein (Hoffman) attempted to track the flow of campaign contributions to uncover one of the biggest scandals in political history.

That was in the early 1970s. More than 50 years hence, Washington is more scandalous than ever, money is at a scale that dwarfs the piddling amounts that changed hands just after Nixon closed the gold window and took the world off the gold standard. The difference today is that while there may be no scandal or multiple ones, money, or rather, the flow and nature of money holds clues to the future of economics, politics, society, and the world.

Here are a few clues. Banks have lots of it. Money is flowing into gold and silver. Money is flowing out of bitcoin and crypto.

This tells us that money is on the move and also that its nature is changing. As Mike Maloney of goldsilver.com so frequently points out, money is a misnomer for what people use to buy and sell things. The correct and preferred term is "currency," and in that regard, fiat currencies - dollars, yen, euros, pounds - are being traded for actual money, which is gold, and silver.

It's useful to note that gold and silver have been considered money in countries around the world for literally thousands of years. Only recently has fiat currency, created out of nothingness by central banks like the Bank of England, the ECB, and the U.S. Federal Reserve, been cherished and regarded as ultimate reserve currencies. These currencies, backed by nothing more than faith and trust in various governments and their central bank issuers, are rapidly losing what little is left of their purchasing power. In a word, they are dying and will, at some point, no longer be used to buy and sell goods and services. Their replacements - as hard as it is to believe by the global population blinded by normalcy bias - are gold and silver.

This transition doesn't happen overnight. It takes, years, even decades, before the conversion from bad money to good makes a full trip. Gresham's law tells us that bad money drives out good. Currency of lower intrinsic value (bad money) will be used for transactions, while the currency with higher intrinsic value (good money) will be saved or exported. That is exactly what is happening with the price of gold and silver.

Look at it this way: The price of gold and silver aren't actually going up; the purchasing power of the currency by which people - hopefully you - are buying them is going down.

As far as bitcoin and crypto, which aren't money or even currencies, are concerned, it looks to be dead.

This all becomes a heck of a lot easier if you pay attention.

Oh, BTW, those regional banks like Zions (ZION), Western Alliance (WAL), Flagstar (FLG), and Banc of California (BANC) are in trouble again, this time for making loans to shady people, which, if there's anything that defines banks throughout history, is what they usually do, because, as a whole, bankers are willfully, woefully stupid and cheat each other and their customers with cavalier disregard for moral behavior.

In any case, it being Friday, it's customary to see how the various indices have fared thus far. For the week, through Thursday's close, the Dow is up 472 points, the NASDAQ is up 358, and thre S&P 500 is ahead some 76 points.

So, why worry?

At the Close, Thursday, Octoebr 16, 2025:
Dow: 45,952.24, -301.07 (-0.65%)
NASDAQ: 22,562.54, -107.54 (-0.47%)
S&P 500: 6,629.07, -41.99 (-0.63%)
NYSE Composite: 21,376.96, -193.96 (-0.90%)

Silver, Gold Are Signal Charts to Watch; Almost Everything Else is Noise Longer Term; Government Remains "Shut Down"

A close look at the overnight silver spot chart showed that around 1:32 am ET, silver spot set down a key reversal with a hammer pattern in place that marked a continuation of the uptrend begun Monday. Since that hammer appeared, silver has not traded below 52.48.

Should the closing level of 52.69 hold through Thursday's expected "bear raid" that occurs regularly just before the cash market for U.S. stocks opens (9:30 am ET), it's very likely that spot silver may have established a new bottom.

Everything else - stocks, interest rates, oil prices - at this point, is noise. Gold and silver spot prices are the only charts and prices that require attention. Continuation of the explosive uptrend is indicative of a complete reversal of fortunes in global financial markets.

There exists ample supporting evidence in other areas, such as the skittishness in stocks, jumping one way or another on tweets from the president, especially those concerning trade with China. The White House narrative, as clouded and murky as it has become, illustrates just how badly the major indices are juiced by High Frequency Trading (HFTs), algorithms keyed to headlines, and programmatic trading.

Adding to the bad mix on Wall Street are the Zero Days to Expiration (0DTE) options, operating as sentiment leaders on a minute-to-minute basis.

Bitcoin is another secondary indicator, continuing to bounce off $110,000 since September 26 with coincident near-bottoms stretching back to the May 21. Holding that level appears to be a key element of the crypto narrative. A significant break below it could trigger a waterfall effect, sending prices back to $92,000, which would make the trade even for the year, or, just below $70,000, the one year out level. Bitcoin's pattern from November of last year to the present is creepily similar to that of November 2020 to November 2021, wherein bitcoin ramped from $14,000 to an eventual peak above $64,000 with a double top firmly in place. After that, through June of 2021, the price of bitcoin continued to fall precipitously, eventually bottoming around $16,000 in November, 2022.

Should the same condition develop, expect losses in bitcoin of 40-60% over the next six to eight months, with a bottom setting somewhere in a range of $54-65,000. The drop, despite ending at a much higher level than the 2021 iteration, would be no less devastating to long-term, "diamond hands" hodlers. Anything below that level could trigger repudiation of the entire crypto space.

It's not by accident that precious metals and crypto have been diverging since earlier this year. Bitcoin has stalled and dropped while gold and silver continue to advance.

Another area of interest worthy of attention are one ounce silver coin and bar auctions on eBay. Observations over the past 24 hours show these auctions routinely closing at prices above $55, with some as high as $64 to $65 for non-numismatic coins, the idea being that a particular year of American Silver Eagle or Canadian Maple or other popular coin or bar might be worth more to an individual to complete or continue to build a consecutive run, not unlike comic books or other periodicals.

As the morning progresses toward the opening bell, stock futures are modestly higher, which is the usual case, especially during earnings season, which is almost entirely meaningless in the current context.

Gold is off to the races again, above $4,235, though silver is being threatened by the bears again, knocked down to $52.80 at 8:45 am ET, as the usual morning bear raid commences, but as of this writing, the aforementioned level of $52.48 has not been breached and has actually not even come close to being a low.

The idea that silver does not follow gold's lead higher is ludicrous and indicative of the desperation in London as their vaults are being emptied by dealers and buyers standing for delivery. The LBMA and COMEX riggers are not long for this world. They will be euphemistically "carried out on stretchers" before his episode in precious metals is resolved.

Fascinating times...

At the Close, Wednesday, October 15, 2025:
Dow: 46,253.31, -17.15 (-0.04%)
NASDAQ: 22,670.08, +148.38 (+0.66%)
S&P 500: 6,671.06, +26.75 (+0.40%)
NYSE Composite: 21,570.92, +70.67 (+0.33%)

Silver, Gold Higher; Oil Glut to Reach 4 Million Barrels a Day; Military to Get Paid as Government Shutdown Continues

The federal government, whatever form it may take while it is supposedly "shut down", does have its priorities. First and foremost, it appears, is to keep the military industrial complex operational.

Less than a week ago, though scantily reported in the MSM, the Senate voted to fund the military at $925 billion in fiscal 2026. The passage paves the way for reconciliation with the House and also included $500 million for Ukraine. The bill received overwhelming support.

While a stand-alone bill to pay military service members, civilian workers and contractors did not make it to the floor, President Donald Trump directed the Pentagon to use research and development funds to pay the troops if the shutdown persists, according to Reuters. Paychecks are due on the 15th, i.e., today.

As Americans are well aware, war is an essential function of the government. The shutdown is in its 15th day.

Elsewhere, Wall Street continues to carry on as usual. The Dow Industrials made a 1000-point round trip on Tuesday, dropping 500 in the opening half hour, rising 500 above the prior close later in the day, to end up nearly 0.50% higher. The NASDAQ and S&P were less fortunate.

Bank earnings buoyed the market in general, though tech continued to be skittish.

Companies reporting third quarter earnings Wednesday before the opening bell included Morgan Stanley (MS), Synchrony Financial (SYF), Citizen's Financial (CFG), First Horizon (FHN), Bank of America (BAC), ASML (ASML), Progressive (PGR), Abbott Labs (ABT).

Bank earnings continue to be a bright spot. Morgan Stanley (MS) and Bank of America (BAC) reported record revenues in the quarter. Both stocks are up three to four percent pre-market.

ASML (ASML) missed on the revenue side, but investors are apparently reassured by the company's forecast, sending shares higher by four percent. The company manufactures equipment used in chip-making.

Ahead of its investor day presentation, Dollar Tree (DLTR) reiterated its forcast for growth of 10% over the coming 12 months. Shares of the discounter are up seven precent prior to the bell.

Ahead of the open, stock futures are higher. Dow: +238; NASDAQ: +255; S&P: +52.

Crude oil is likely to remain under pressure for some time and gas prices should continue to fall. The IEA forecast a global glut of 4 million barrels a day in 2026.

What's really important is spot silver priced at $52.50 and gold at $4,185. Silver broke above $53 overnight, and gold traded above $4,200. Suppression efforts continue in vain. They only forestall the inevitable.

At the Close, Tuesday, October 14, 2025:
Dow: 46,270.46, +202.88 (+0.44%)
NASDAQ: 22,521.70, -172.91 (-0.76%)
S&P 500: 6,644.31, -10.41 (-0.16%)
NYSE Composite: 21,500.25, +118.46 (+0.55%)