- Gold & Silver have banner days on Friday…
- But the STPS were back on Monday…
Good Day… And a Tom Terrific Tuesday to you! Well, did you get a kick out of my Friday Pfennig featuring Frank Trotter? Well, if you got ½ of the kick that I got from his writing, then you were a happy camper! Did all the mothers have a grand Mother’s Day? I certainly hope so… I really found that I missed my mom on Sunday, and had to do something to get me out of the funk I was in… And having the kids over did the trick! The Cranberries greet me this morning with their song: Linger… (I love the singer, Dolores O’Riordan, and its sad that she’s no longer with us)
Before I get on the markets, economies and dolts this morning, I wanted to share this with you… When I was a young man I dreamed of flying cars… hey! The Jetsons had them! I always thought that by now we would have flying cars. So, it warmed my heart to see this on 1440:
“Morgan Stanley estimates the flying car market could reach $9 trillion by 2050. What’s changing now is that governments are beginning to invest in the infrastructure to support it.
Florida has officially launched state funding for vertiports, creating real infrastructure for electric aircraft to operate. As a Florida-based company, Doroni is positioned directly within one of the first regions actively building toward this new transportation layer.”
Chuck again… Wahoo! I can’t wait to see the first flying car in action!
OK, Ed Steer had such a great explanation as to what happened to the Metals on Thursday, so let’s listen in: “It was patently obvious that the collusive commercial traders of whatever stripe/’da boyz’ intervened in the gold & silver space starting at the 11:00 a.m. EDT London close — and then didn’t let up for the rest of the day.
That was all aided and abetted by that phony baloney DXY ‘rally’ that began at the same moment…so this was obviously a well-coordinated assault on these two precious metals, plus their associated equities.
Not only did they close gold back below $4,700 spot…they stopped silver 2 cents shy of $82 spot — and then closed it well below $79 by the time they were done with it.”
Chuck again… So, we had a day where the SPT’s were nonexistent on Wednesday, but came back with a vengeance on Thursday… I just shake my head in disgust at these guys… BTW you can find Ed Steer Here: www.edsteergoldsilver.com
So, Gold ended the week at $4716 and Silver at $80.47… They were both up on Friday, so at least they had a positive week…
The dollar ended the week down for the week at 1,187… As the war continued with shot fired back and forth in the Strait of Hormuz… The price of Oil ended the week with a $94 handle, and the 10-year ended the week with a 4.36% yield…
On Monday, while I was traveling, the dollar the STP’s must have been asleep at the wheel, as Gold and Silver rallied without governors… Gold gained $20 on the day, and Silver was the BIG Winner, gaining $5.75… For Silver it looked like a short squeeze… Gold ended Monday at $4,734 and Silver at $85.95…
The dollar didn’t react to the no Peace Agreement and ended the day with the BBDXY at 1,189…
The price of Oil gained a buck and ended the day at $101, and the 10-year saw its yield climb higher to 4.43%
In the overnight markets last night… the no Peace Agreement meant the war was back on and the dollar got bought… I read a piece this weekend where the writer was scratching his head over the fact that the dollar rallies on war and gets sold on peace… Same thing I’ve been scratching my bald head over for weeks now! So, the BBDXY starts today up to 1,192… and Gold and Silver is seeing the SPTS’s wake up and begin selling short the two metals to make up for being asleep at the wheel yesterday… Gold is down $45 and Silver is down $2.94… Up one day and down the next… UGH!
The price of Oil remained in the $101 handle overnight and the 10-year saw a bit of buying but not enough to move the yield from 4.43%..
Well, the major media outlets are finally getting the picture… This from Fortune.com: “The $39 trillion debt is set to surpass its postwar peak—and the math says Washington can’t simply cut its way out”
The debts of WW2 had grown to 106% of GDP in 1946… By the time that Truman left office in 1953, Congress had cut enough to get the debt in order… The Debt was such a number so large that policymakers spent a generation treating it as the high-water mark of what the country could survive. But they did it, and notice that the cuts didn’t have debt added to them like they do these days…
I bring this up because the debt has gone past our GDP again… And it (the debt) will continue to grow larger as the interest on our debt takes up most of the tax receipts… I just keep warning about this growth of our debt, and I’ve been doing just that since the mid 90’s… But has anyone from Congress done anything about it? The Fed/Cabal/Cartel, Treasury and Congress are in this together with each one responsible for parts of the debt growth… I say, end the Fed/Cabal/Cartel, throw all the representatives out, and put governors on the Treasury!
Boy, for being in one of my favorite places to be, I’m sure in a feisty mood this morning… Well, you haven’t seen nothin’ yet! Just kidding… Frank Trotter was busy last week as he wrote the piece on diversification for the Pfennig, and then he turned around and wrote a piece on Gold for the Asset Strategies web site… here’s a piece of his writing on Gold: “There is the old saying that gold cannot be printed. Supply constraints are not an artifact of sentiment; they are geological fact. When fiat currency expands at will, a fixed-supply asset does not merely hold value — it appears to appreciate relative to the currency that is being diluted. In reality of course the value of gold holds relatively steady while the value of US dollar has declined.”
You can find the entire piece he wrote, which I might say that you should, but I don’t want to be bossy, at Asset Strategies International’s web site: Asset Strategies International. Precious Metals and Rare Tangible Assets
At Battle Bank, Frank had a devised a way for you to margin your Gold… In other words, get a loan with Gold as your collateral… It’s genius and I wonder where this type of margin wasn’t thought of before now… So, Kudos to my good friend, and former Big Boss , Frank Trotter…
The U.S. Data Cupboard on Friday last week had the Jobs Jamboree and it was surprisingly greater in jobs created than the forecasters had forecast… But… And that’s a Big But, (but don’t tell that person!) The BLS was up to their old tricks as they added 394,000 jobs to the surveys (They’ll have to erase those at a later date, but for now, the markets have swallowed the bait, hook, line and sinker…
I thought that by removing the old head of the BLS and replacing him with someone new that these shenanigans would stop, but the BLS is the same old book cooking, back massaging, and creator of jobs out of air that they have always been… I shake my head in disgust!
Yesterday’s Data Cupboard had Existing Home Sales, and they were awful… I’ll just say that and point to a previous Pfennig when I asked the question about another housing problem…. I’m just saying…
To recap… The SPT’s were asleep at the wheel yesterday and the metals all kicked tail and took names later… But today, they have been awakened and the SPT’s are back to selling the metals short… The dollar is getting bought this morning on the news that the war is still going on…
For What It’s Worth… Well, after all that tough stuff in this letter today, I have a brief note here on the Gold at Fort Knox and what the POTUS thinks about it, and it can be found here: Trump still wants to crack open Fort Knox to personally confirm $700B gold cache has not been stolen
Or, here’s your snippet: “The president revealed that he’s still eager to crack open Fort Knox and personally ensure that the nation’s gold reserve — valued at nearly $700 billion — is still in the highly secure bullion depository following an uproar about it last year.
“We wanted to go and knock on the door of Fort Knox — a very thick door — and to see whether or not we have any gold in there,” Trump told “Full Measure with Sharyl Attkisson” in an interview that dropped Sunday.
The gold stash in the uber-secure Kentucky facility accounts for half of the government’s gold supply.
It’s not fully clear when the facility last went through a comprehensive audit.
“It’s a very interesting question. We played with that. I wonder if they left the gold in Fort Knox, because they steal a lot,” the president mused. “I do want to go to Fort Knox sometime.”
“I want to see if the gold is there, which I’m sure it will be.”
Access to its vaults has been heavily restricted for decades.”
Chuck again… this is crazy folks…. I personally think that instead of all the Gold bars that supposed to be there, in their place will be slips of paper that tells us who the Gold was swapped with… But that’s just me, and I’m a bit of a conspiracy person…
Market Prices 5/12/2026: American Style: A$ .7225, kiwi .5950, C$ .7295, euro 1.1745, sterling 1.3619, Swiss $1.2805, European Style: rand 16.5364, krone 9.1490, SEK 9.2749, forint 303.59, zloty 3.6159, koruna 20.7135, RUB 73.80, yen 157.55, sing 1.2728, HKD 7.8293, INR 95.63, China 6.7935, peso 17.24, BRL 4.8914, BBDXY 1,192, Dollar Index 98.25, Oil $101.56, 10-year 4.43%, Silver $83.29, Platinum $2,073.00, Palladium $1,496.00, Copper $6.49, and Gold… $4,591
That’s if for today… Well, I hope all the moms out there had a wonderful Mother’s Day… At the Butler House all the kids were there minus Alex, but Grace was there in his place! We sat outside and enjoyed the day.. (except the Cardinals blowing the game in the bottom of the 9th! UGH!) Well, I’m back in my winter home for the week, it was great to not feel cold when I got off the plane! I did get so see Alex at the airport as he and his friends were getting ready to get on the plane we just got off of! Jethro Tull takes us to the finish line today with his song: Locomotive Breath… I hope you have a Tom Terrific Tuesday today and Please Be Good To Yourself!
Chuck Butler