- the SPTs raid Gold & Silver again!
- Bessent say, “Don’t Worry Be Happy” about Debt…
Good Day… And a Marvelous Monday to you! A nice victory for my beloved Mizzou Tigers last Saturday VS Mississippi… Now, they have to deal with the Oklahoma Sooners this coming Saturday… UGH! It was an absolutely beautiful weather-wise weekend here… Indian Summer, they call it… Hey! Next Thursday is Thanksgiving! Already! I used to despise Thanksgiving, because of the arguments that incurred about whose family we would eat dinner at… But now that my parents are gone, and Kathy’s dad is gone, we have Thanksgiving at our house, and no more arguments! The Scorpions greet me this morning with their song: Rock You Like A Hurricane…
That’s a song that I don’t ever want to see come up to play on my iPod during hurricane season in Florida!
Well, last week ended with a dud for the dollar… But it was yet another engineered takedown for Gold & Silver… The SPTs like doing these engineered takedowns on Fridays because then the short time Gold holders will have all weekend to fear that there will be more selling, and they, then, sell their positions… I say, good riddance to them, for that’s not what you buy Gold for, short-term gains… You buy Gold as a diversification in your investment portfolio to guard your money against all the dolts in D.C. And elsewhere… You buy it and forget it!
Gold lost $90 on Friday, and Siver lost $1.74… Gold ended the week at $4,080 and Silver at $50.47… Earlier last week, Gold had risen to $4,224, and Silver to $54.12… The SPTs couldn’t stand to see them go any higher for that would bring about HUGE margin calls on their shorts… So, they went about taking the metals down…
The price of Oil remained trading with a $60 handle through the weekend, and the 10-year Treasury saw its yield rise to 4.14% on Friday… Inflation continues to drive the selling of Treasuries… Along with the questions about how the U.S. is going to finance their excessive deficit spending, and the credibility of the Fed/ Cabal / Cartel…
In the overnight markets last night… There was a bit of buying in the dollar overnight, and the BBDXY starts today up 1 index point at 1,217… This will be a BIG week for the dollar, as the Data Cupboard begins to open back up… Gold starts the week flat as a pancake (Head East) and Silver is up just 16-cents… Gold ended last week up for the week, but down because of the STPs on Thursday and Friday. I think that a new floor has been established for Gold at $4,000… But watch, now that I’ve said that Gold will dip below the level today, as I’m usually the kiss of death for whatever it is I call out…
The price of Oil remained trading with a $60 handle over the weekend and the 10-year Treasury starts the week trading with a 4.13% yield…
The Secretary of the Treasury, Bessent, says that the size of the debt is no big deal and he has a plan to deal with it using stablecoins… I don’t see anything going wrong there… NOT!
Well, apparently, there is a short squeeze on Gold coming to a theater near you… I don’t mean to make light of this situation, but you know me… Alasdair Macleod is a metals analyst that I follow a lot, as he’s always got an angle that I didn’t think about in the metals trading… So, here’s Alasdair in www.goldmoney.com “There are now signs that speculators are beginning to buy gold futures, with open interest on Comex jumping by some 30,000 contracts in the last seven trading sessions. If it continues, physical liquidity will face additional challenges. And as the record of open interest shows, there is considerably more room for speculator purchases before the Comex contract becomes definitively overbought.”
The end result here is that this should be good for the price of Gold… And that’s that!
The weakness of the dollar last week had the euro picking up some value and it finished the week back above the 1.16 level… The rest of the currencies have gotten out of their respective sick beds, and are up walking down the hall for exercise… I did notice that the Chinese renminbi had rallied again, and this time its not for window dressing for an upcoming meeting between the U.S. and China… The renminbi has been allowed to move to a 7.09 handle VS the dollar… This is where the renminbi stalled out the last time it moved to this level, so it will be interesting to see if the Peoples Bank of China (PBOC) allows more strength…
If the dollar continues to weaken, then I suspect that the renminbi will continue is drive to stronger levels… I say “if the dollar continues” with regards to short-term… For I truly believe the dollar is in for a long-term weakness trend… But, short-term, it could gain some strength, for this is NOT A ONE WAY STREET for overall weakness!
I had to laugh when I saw this headline: Greece to supply Natural Gas to Ukraine… I immediately thought of the poor helping the poor… I mean, when Greece, a country with a laundry list of its own problems, is helping Ukraine, you then know that Ukraine is deep down on its luck… Needless to say, eh?
There was some disturbance in the force at the Eccles Bldg., last week… I previously told you of two Fed Heads that voted no on the last rate cut, and now there is another Fed Head who has stated their point of view that the economy doesn’t need another rate cut… And that has led to the markets lowering the probability of a December Fed rate cut to below 50%, down from nearly 65% earlier in the week. The shift followed comments from several officials expressing doubts about the need for a third consecutive rate reduction, citing the economy’s resilience and lingering uncertainty around inflation…
I was shocked that a Fed Head actually recognized that inflation is a problem right now! I’m sure that a low-down assistant wrote that down for her to say… I mean the Fed/ Cabal / Cartel does employ thousands of economists to do the math that the Fed Heads can’t do themselves… I know, I know, I’m being mean to the Fed Heads, but they deserve any dissing they get!
The U.S. Data Cupboard should get back on track this week, and the Sept Jobs Jamboree is going to be printed on Thursday this week… I know, all off schedule, but at least the prints will begin to filter through… Not that they are worth a plug nickel but at least they will be something to talk about…
To recap… The dollar’s week last week was for a softer dollar, and on Friday it just drifted… Friday brought us yet another engineered takedown of the metals from the SPTs… The Chinese renminbi is on a path to strength VS the dollar…. And the euro is dragging the rest of the currencies out of their respective sick beds… And the the U.S Data Cupboard is back this week!
For What It’s Worth… I came across this article this past weekend, and thought, “Why not?” It’s about the debasement trade in the dollar and it can be found here: What is the debasement trade and why is everyone on Wall Street talking about it?
Or, here’s your snippet: “Investor jitters over a weakening U.S. dollar, rising government debt and central bank monetary policy have fuelled discussion and debate on Wall Street about what JPMorgan Chase & Co. analysts coined “the debasement trade.” Here, the Financial Post explains what it means and how investors can protect their money.
What is the debasement trade?
In a nutshell, the trade is a reaction to the belief that inflation, deepening government deficits and monetary easing by central banks are devaluing traditional fiat currencies and sovereign bonds.
Fearing that purchasing power is disintegrating before their eyes, some investors are parking their cash in assets untethered to dilution, such as gold, silver and other precious metals, stocks, real estate and cryptocurrency.
“The value of the U.S. dollar in regard to what it’s able to purchase has become steadily worse since the 2008 financial crisis,” said Martin Pelletier, senior portfolio manager at Wellington-Altus Private Counsel. “As the de-dollarization accelerates, investors bid up hard assets, and those hard assets go up in value.”
Examples of governments debasing currencies to fund spending date back to the Roman Empire, when Nero set a precedent by gradually reducing the content and purity of gold and silver in coins. King Henry VIII made similar moves between 1544 and 1551, a period known as “the great debasement.”
Chuck again… Yes, this gets me thinking that my call for a long-term weakness for the dollar is bang on… I guess we’ll see, eh?
Market Prices 11/17/2025: American Style: A$ .6522, kiwi .5672, C$ .7128, euro 1.600, sterling 1.3185, Swiss $1.2572, European Style: rand 17.0754, krone 10.0914, SEK 9.6481, forint 331.04, zloty 3.6414, koruna 20.8422, RUB 81.38, yen 154.85, sing 1.3021, HKD 7.7735, INR 88.63, China 7.1072, peso 18.32, BRL 5.3074, BBDXY 1,217, Dollar Index 99.22, Oil $60.09, 10-year 4.13%, Silver $50.96, Platinum $1,552.00, Palladium $1,412.00, Copper $5.03, and Gold… $4.080
That’s it for today, and unfortunately this week… Wait? What? I heard you saying that you had Dr. appts Tues and Wed this this week, but that you would be back on Thursday… Ah, grasshopper, yes, I did say that, but I forgot about my monthly oncologist appt on Thursday, so that means I have to skip writing the rest of the week… sorry… A week without the Pfennig, what’s a mother to do? Oh, well, it will get you ready for my annual Christmas vacation! And no, I’m not rushing Christmas! I just mentioned it… Our Blues lost 2 more games since we last talked… They have got to get things straightened out soon… The Quick Silver Messenger Service take us to the finish line today with their classic rock song: What About Me? I hope you have a Marvelous Monday today, and grand week, and Please Be Good To Yourself!
Chuck Buter