- the dollar gets bought like there’s no tomorrow
- Japan’s inflation rises… What will the BOJ do?
Good Day…. And a Marvelous Monday to you… My week of doctor appts went along just fine… I got my monthly infusion on Thursday, and it set me back a day, but then I was back to normal self… My beloved Mizzou Tigers lost on the road to Oklahoma… UGH! I had lunch with some former classmates on Friday, it’s always great to meet up with them again… Marvin Gaye greets me this morning with his big hit song: Let’s Get It On…
Well, we’re baaaaccckkk! The bean counters that is… Yes, the propeller heads of the Gov’t that perform accounting (not like you and I learned accounting) and issue the reports that the markets get all giddy about, have returned to work… So, now we’ll have something, no matter how full of hedonic adjustments there are in the reports, to look at and get an idea of whether the economy is sinking or swimming… More in the Data Cupboard later…
The dollar continued to gain strength last week and ended the week with the BBDXY sitting at 1,227. So, In essence the dollar has regained all that it had lost in Rocktober, and has me really confused as to what the heck is going on… Serenity NOW! There are so many dark clouds over the economy but still, the dollar bugs buy dollars… I say, don’t worry, be happy that you diversified your investment portfolio, because the underlying weak dollar trend will return… Well, at least I think it will return…
Gold ended the week at $ 4,066 and Silver ended the week at $50.06. I told you last week that I thought the new floor for Gold was $4,000 and Gold proved it to be correct at least last week… Stuart Englert wrote a good piece on the need to audit our Gold holdings last week that can be found here; Government Secrecy Prevails Over Gold Transparency
Stuart Englert is the author of the book titled: Rigged… And explains how Gold & Silver are subject to rigging of their prices by the bullion banks… I recommended this book a few years ago when it first came out, and if you didn’t read it then, I strongly suggest that you read it now…
The price of Oil got whacked again late last week and ended the week trading with a $57 handle… The Trump peace plan for Ukraine is to blame according to the writer at www.oilprice.com And the 10-year Treasury ended the week weaker at 4.07%… The rate cut talk is Back On and so, it is that the Fed Heads will cut interest rates again at their meeting in December… And that news weakened the yield in the 10-year.
In the overnight markets last night… sanity returned to the markets overnight, as the dollar slipped 2 index points in the BBDXY, and Gold is up $13 to start our day/ week. Silver is also up this morning 23-cents to start our day/ week. Kitco.com had a commentary about Gold, let’s listen in: “As we enter the back half of the fourth quarter of 2025 and begin 2026, the momentum for gold is truly remarkable, with prices surging over 10% in September (best monthly performance since 2016), 5% in October (All-time highs), 4% in November, and nearly 55% this year. This positions gold for the biggest annual gains since 1979, and with the right conditions, we could see $5,000/oz in 2026.
The price of Oil is trading this morning with a $57 handle, and the 10-year’s yield continues to shrink and start the week at 4.05%…
The Japanese yen, saw tons of selling when their inflation gauge showed inflation rising to a new high. This brought out the interest rate hike folks… But given that the Bank of Japan (BOJ) has a history of disappointing the markets, I have to question whether or not the BOJ will react accordingly… The markets know the BOJ’s MO, and so they have gone about selling yen… I’ve said for years now that Japan is a basket case, and that statement remains in place.
The outlook for gold remains incredibly optimistic. Worldwide, many countries are experiencing declining growth and rising inflation, creating a stagflationary environment that favors gold. When examining specific currencies, it’s evident that gold is performing globally and trading near all-time highs against the Australian Dollar, British Pound, Euro, Indian Rupee, and Japanese Yen.”
Kitco is always a good source for news on the metals, but they refuse to talk about the manipulation of the metals, and for that I don’t like being nice to them…
I mentioned above that we’ll begin to see if the economy is sinking or swimming, and the first piece of information that came through was the report on auto loan delinquencies… Here’s YAHOO Finance: “The share of subprime borrowers — those with a poor or limited credit history and a score between 501 and 600 — who are at least 60 days past due on their auto loans rose to 6.65% in October. This is the highest increase since 1994, according to data released by Fitch Ratings.”
With apologies to Karen Carpenter, it’s only just begun…. BTW, while I didn’t like their choice of music, I simply adored Karen Carpenter’s voice when she sang… And her song: Superstar… is on my iPod for sure!
And here’s another snippet from YAHOO Finance: “The number of Americans on jobless benefits surged between mid-September and mid-October, government data showed on Tuesday, suggesting an elevated unemployment rate in October as an uncertain economic environment discourages hiring.”
And to finish this short list (because I can’t list them all) of bad marks for the economy here’s one from CBS News.com “A growing share of lower-income Americans are struggling to get by financially as their wages fail to keep up with inflation, according to a recent analysis.
Roughly 29% of lower-income households are living paycheck to paycheck, up slightly from 2024 and from 27.1% in 2023.”
And the stock market continues to ignore the weak data coming out… Doug Casey, recently wrote an article titled” How long can investors ignore reality? That’s a good question, Doug… And one I’ve been asking for some time!
Before we head to the Big Finish, I wanted to vent a bit about Gold… I had a dear reader send me a note that said that Gold had peaked and wondered if he should sell at this peak price…. Well, that all depends on whether you bought your Gold to speculate the price and make a quick buck, or you bought your Gold as a hedge in your investment portfolio, a store of wealth, and insurance against a dollar depreciation…
Sure Gold has dropped from its high $4,350, but so what? It surely hasn’t peaked… Gold’s bull market isn’t a ONE- WAY Street! There will be pullbacks during its run to higher prices, but that shouldn’t cause you to think that the end is near… It should be thought of as a buying opportunity and nothing more…
There, I said what I wanted to say… Questions?
The U.S. Data Cupboard had some stale old data reports late last week, but the current data is yet to be printed… David Rosenberg, the great economist that I’ve quoted quite a few times through the years, believes that we are in a recession now, and I would have to agree with him!
The one report that kind of got my attention was the Consumer Sentiment report for this month fell by quite a bit… I usually don’t pay much attention to these Consumer Sentiment/ Confidence reports because they are really just a pulse of the stock market… But this report comes at a time when I feel that Consumers are really feeling the pinch of higher prices for everything, and knowing that the Christmas buying season is here…
To recap… The dollar is on an upswing, for reasons only the Shadow Knows… But Chuck is convinced that the dollar will return to its underlying weak dollar trend soon, so stay tuned and diversified! The awful data continues to come in and now is getting printed so, soon, we’ll be up to date… sorta…
For What It’s Worth… This is a very long article, so, obviously, I won’t be able to give it all to you, but the snippet will be good… This is an article by Alasdair Macleod and it’s about the SPTS… and it can be found here: The Hammer – Charts and Parts
Here’s your snippet: “Gold and silver don’t just trade on supply and demand.
They trade on control — the kind powerful institutions use when rising precious metals threaten the stability of the financial system.
Here is a simple look at how that control works: (there was a daily chart showing the straight line drop in the price of Gold one day)
a daily effort in the paper markets to keep precious metals from breaking out,
and what it means when the effort becomes constant.
MEET THE HAMMER / MR. SLAMMY / GOLIATH
He doesn’t work for a bank in the usual sense.
He works for the system.
His job is to keep gold and silver quiet.
Because when gold and silver rise quickly, they expose something uncomfortable:
the financial system is more fragile than advertised.
They call him The Hammer because his tool is simple —
he hits the market with huge waves of paper selling.
Not real metal.
Not bars or coins.
Just contracts — claims to metal that don’t exist in the vault.
That selling forces prices down.
It calms the headlines.
It buys time.
Years ago, The Hammer only showed up on big days:
Fed meetings, crises, major announcements.
Then it became monthly.
Then weekly.
Now he’s there every single day.
Sometimes multiple times a day.
Why?
Because the physical market — the real metal — is getting tight.
Central banks are buying aggressively.
Industrial demand is surging (batteries, solar, EVs, nuclear).
Delivery requests on the exchanges keep rising.
And the spreads and borrowing costs behind the scenes are flashing stress.
Everyone can see it now — even retail.
And The Hammer knows it.”
Chuck Again… See? Ed Steer and I aren’t the only ones writing about the SPTs…. And you thought I was off my rocker every time I talked about the SPTs… Well, anyone that doesn’t see these large drops in metals for what they truly are (Short paper trades) then you need to get your eyes checked… I’m just saying…
Market Prices 11/24/ 2025: American Style: A$ .6455, kiwi .5611, C$ .7089, euro 1.1549, sterling 1.3110, Swiss $1.2385, European Style: rand 17.2849, krone 10.2849, SEK 9.5322, forint 331.31, zloty 3.6649, koruna 20.9339, RUB 78.58, yen 156.83, sing 1.3042, HKD 7.7835, INR 89.24, China 7.1037, peso 18.43, BRL 5.3852, BBDXY 1,225, Dollar Index 99.36, Oil $57.88, 10-year 4.05%, Silver $50.29, Platinum $1.547.00, Palladium $1,410.00, Copper $5.08, and Gold… $4,079
That’s it for today… Well, it’s good to be back in the saddle, writing to you… I’d rather do that than to go to a doctor, for that means I’m not fit and hale… UGH! Getting old isn’t for sissies, as an old man once told me and now, I believe him! For I was never a sissie… never! But I am getting old… UGH! I look at my friends and see them looking much younger than me… Oh well, quit whining, Chuck. It is what it is! Thanksgiving week! Have you bought your turkey yet? If you have you’ve probably noticed that turkey prices have gone quite high… Turkey for you, Turkey for me… Crowded House takes us to the finish line today with their song: Dream On… I hope you have a Marvelous Monday and Please Be Good To Yourself!
Chuck Butler