- The dollar is stick in the mud
- But history shows us that tomorrow will be different…
Good Day… And a Tom Terrific Tuesday to you! Well, I don’t much to say today here, just some thoughts on last night… We went to our locale Mexican place for $ taco night… And I know that with my stomach and digestive system too iffy, that wasn’t the best place for me to eat. But I did it and am no worse for it… And the company was great! I get to wean off the steroids for the time being… And heavens me! I almost forgot… Welcome to November! My most disliked month… Herb Albert and the Tiajuana Brass greet me this morning with the song: This Guy’s In Love… (see, I told you long ago that my playlist is like the AM radio station that I used to listen to, with a very wide range of music.)
The dollar didn’t move much yesterday, and I told you yesterday that it probably wouldn’t be either because there were zero data to talk about yesterday… Gold found a way to gain $77 on the day to close at $3,947 and Silver gained $1.52 on the way, and closed at $50.78
The price of Oil remained at $99 and change yesterday… I did see where our friends (NOT) at OPEC decided to keep the Oil output unchanged… And that news apparently was enough to get the metals rebounding a bit
I think that the folks that were alerting their constituents to have stock up on emergency stuff, are under the thoughts that after the mid-terms today… So, don’t bet on that the dollar will continue to get sold after they close today… And the buying of the 10-year Treasury lost another Basis point in the BBDXY..
In the overnight markets last night… The dollar remained trading at 1,2221 in the BBDXY, so there was no movement there, ahead of the STUPID CPI print for Rocktober today… And the mid-terms… this is huge folks, because everyone’s attention will be taken away from the markets and onto the mid-terms… Then, tomorrow, we’ll wake up and find that the markets came alive ahead of the Jobs Jamboree this Friday…
Gold is up again this morning; this time it’s up $16 and it appears that $3,900 is the low that the SPTs are happy with… So, Gold hit $5,600 in Jan 2026, and then fell back to $3,900 a 30% drop… in a matter of 9 months.. That’s quite a drop… But if $3,900 proves out to be the low then we know what it was the SPT’s were looking for and we can move on from here…
Did you know that the stocks have moved higher every year after the mid-terms since 1954? But the one thing to think about is how overbought they are now…
The price of Oil slipped by a buck last night and starts today with a $93 handle… and the 10-year Treasury is up a basis point this morning from yesterday and sits this morning at 4.92%
Well, are you going out to vote? This is one of the major benefits we get as citizens of the America, and I know it doesn’t really matter who’s running; they’ll be the same deficit wielding representative that the former guy was… It’s the Amendments that I’m going for… They write them so that nobody knows what the hell they are voting for or against… But I look under the hood and find out what’s really up for vote…
I said above that the Jobs Jamboree will be this Friday, but I was off my rocker… The next FOMC meeting that’s schedule will be 12/9… I don’t know what I was thinking… But any way the FOMC’s next meeting is 12/9 and there’s a 75% that they FOMC will hike rates at that meeting… The U.S. data has looked a little healthier, but doesn’t warrant a rate hike… But the FOMC fell way behind the inflation 8-ball that they needed to catch up…
But what about the data dependent Keven Warsh? Folks, he’s a two-handed economist just like the other ones… On one hand they’ll you they are data dependent, and on the other hand they’ll tell you they need to fight inflation… And Kevin Warsh is no different!
OK, we got that out of the way… The currencies are trying to decide if they can get out of the sick beds or remain there… I’d say let the markets decide which way they want to go after the mid-terms… And then decide if they should be getting…. But for now, they have one foot out of the sick bed… and ready to get back in bed all the way if they should…
The Petrol Currencies are seeing the back and forth of the Oil Price again, and they have decided to sit this one out… And it appears that Iran is prepared to discuss peace at last… And the POTUS has been prepared to get out of this mess with America’s pride still intact… This potential peace will hurt the Oil price and bring energy price inflation down in the U.S. and elsewhere…
And the panic in the bond markets appears to have subsided… It was interesting while it lasted, but appears now to be over… Bonds will remain high as long as inflation remains intact… But not as high as they were in yield… low in bond price…
And finally, the price of Gold is perking up, and if anything, it will look to gain through to spring… I’m just saying… Got Gold? And if you didn’t take advantage of the drop in Gold’s price, I’m here to tell you that there’s still time as Gold is still below $4,000…
The U.S. Data Cupboard has only one piece of data today, and that is the Sept print of Factory Orders… This is one of those pieces of data that will direct the FOMC, so keep an eye out for that one.
To recap… The markets are on hold for now, as the mid-terms take over their respective attention… But when we wake up Wednesday, the markets will be happy, if their status doesn’t change from 1954… Gold is up and Silver is down to start the day… Nothing new here… The SPT’s short positions in Silver will continue to drag Silver along…
For What It’s Worth… Well, one of my fave analysts and author, Grant Williams says that “the next crisis will force the world back to Gold” and his interview with Dominic Frisby, and this is the subject of their interview and if can be found here: The Next Crisis Will Force The World Back To Gold | Grant Williams
Or, here’s your snippet: most of this FWIW article is a video interview, but here’s some points that Grant makes during the interview…
“Grant argues that politicians will never go for the discipline of a gold standard voluntarily, but the breakdown of the existing system – excessive debt, financial instability, currency debasement and ultimately a loss of trust in money itself – will force it on them.
We discuss why he sees gold as the financial system’s “apex predator”, why the investment conditions of the last 40 years have reversed, and how a future revaluation of gold could form part of the process of rebuilding confidence in the monetary system.”
Chuck again… I encourage you to view this interview and take in whatever Grant is saying…
Market Prices 11/3/2026: American Style: A$ .6989, kiwi .5618, C$ .7150, euro 1.1190, sterling 1.3415, Swiss $1.2208, European Style: rand 16.5471, krone 9.2917, SEK 9.7886, forint 325.07, zloty 3.9437, koruna 21.7463, RUB 81.53, yen 158.13, sing 1.2801, HKD 7.8454, INR 94.74, China 6.6694, peso 18.57, BRL 5.4872, BBDXY 1,221, Dollar Index 101.78, Oil $93.79, 10-year 4.93%, Silver $50.52, Platinum $1,482.00, Palladium $973.00 Copper $6.44, and Gold $3,961.00
That’s it for today… I’m going to go vote now… I hope you do too! I’m weak from the steroids, and need to build up my strength again… I find that difficult to do while I’m sitting in my relaxer reading… HA! I really don’t have anything else to talk to you about today, so…. Procol Harum takes us to the finish line today with their song: Conquistador… I hope you have a Tom Terrific Tuesday today and Please Be Good To Yourself!
Chuck Butler