- The dollar continued to get sold on Monday…
- But the SPTs were out and about too!
Good Day… And a Tom Terrific Tuesday to you! Well, back on steroids for a week has fixed my digestive system problems, so I’m a happy camper this morning, after having a restful night of sleep with no interruptions… It snowed again yesterday and then again last night… Not a ton of snow, we got 6 inches on Sat, and 2 or 3 yesterday… The commutes around the area have been slow, and I’m so glad that I didn’t have to go out in this mess and report to work! I used to always be the first one in and then my phone would start ringing and it would be employees asking me how the roads were… I always told them they were fine for me, just to get them to be brave and come in to work! I’m listening to Stephen Kummer’s Trio on the CD player this morning and it’s his CD titled: Christmas In The City…
Well, I shouldn’t have made the statement about the SPTs coming back yesterday, because as soon as they arrived at their desks, Gold began to lose its early morning $33 gain, and soon it was struggling to maintain a positive gain on the day, but that wouldn’t be, as the SPT’s left Gold down $20 on the day at $4,218… Silver, on the other hand, was still being able to trade on its own devices, and it gained $93-cents on the day to end the day at $57.13…
I have a alternative viewpoint for you on Silver’s big move last Friday… Check this out: “Again…”Silver’s initial post-Thanksgiving lift-off was rumored to be the result of some 400 million ounces of the metal standing for delivery — with such delivery being impossible to accomplish, thus leading “someone” to blink out the entire Comex trading system.
That interruption in Comex trading was officially blamed on the failure of the cooling system in a data center, with the double- or triple-redundant nature of such systems adding fuel to the conspiratorial fire.” That came to me from the good folks at GATA, and that’s none other than Brien Lundin talking in his weekly letter than can be found here: www.goldnewsletter.com
Chuck again… Hmmm.. Conspiracy stories, I love them! I used to get called on the carpet all the time for telling my conspiracy stories, that through time have become conspiracy facts! But I’m no longer working for a company that was afraid of what I might say, and I’ve grown or matured a little more through the years, so I don’t go out on limbs any longer, but this conspiracy theory has a lot of legs to it, I think… think about this: the COMEX is about to have a deficit in physical Silver, so what to do? Pull the fire alarm and distract everyone… Oh yeah, there’s something there, but no journalist has the cajónes to look under the hood, and so we’ll just go along thinking that there was an electrical problem…
But if 400 million ounces of Silver were standing for delivery, that means the COMEX would be short Silver… And they couldn’t have that happening so, they pulled the fire alarm! Much like when I was in grade school, it always seemed that the fire alarm would go off right when it was coming to my turn to answer a math problem!
The dollar spent the day, much like some of the cars on the snowy roads, spinning its wheels, and ended the day in the same clothes as it started the day, with the BBDXY remaining at 1,217… In the early morning, the dollar was getting sold and the BBDXY was down 2 index points… But as the day went along, the dollar fought back and ended unchanged for the day.
The price of Oil bumped higher again and ended the day trading with a $59 handle, and the 10-year’s yield rose higher again this time to end the day with a 4.09% yield… Isn’t the rate cut supposed to happen next week? Then why are the bond boys selling bonds? Well, to me it seems that investors are demanding higher yields, to combat inflation that’s rising… Yeah, that’s the answer!
In the overnight markets last night… the dollar selling stopped, for the time being that is… The BBDXY is up 1 index point to start our day, but in reality, it’s still drifting about the sea with traders not sure whether to take it lower with the rate cut looming on the horizon tomorrow. The euro is still trading above the 1.16 handle this morning, so not is all lost with the currencies…
Gold is starting the day down, as the SPTs are out and about… Gold is down $8 to start the day today, and Silver is down 23-cents… After going over several handles, Silver was bound to see some selling, and so we start out day with Silver on its heels… The price of Oil remained in the $59 handle overnight, and the 10-year saw some more yield added to its yield to 4.11%… I find this very interesing that the yield of the 10-year is rising in th face of a rate cut coming next week…
Did you hear that the Gov’t’s Rep Facility is working overtime again? Tons of cash is being dispersed using the facility to banks… Hmmm… Seems I’ve heard this before… where-o-where have I heard that? Oh, yeah! Remember in March 2020, the banks were hitting the facility like Hank Aaron hit baseballs, and then along came the Covid plandemic and the Fed’s suspended the facility for a while, and then no one heard of it until recently, when the facility was used to facilitate loans to banks that totaled $10 Billion… There’s something going on here folks, that’s fishy to me… So, I’ll keep my ear to the ground and try to figure it out, but my spider’s sense is tingling and that tells me that something bad is going on…
Well, I got curious about how long Gold has been booking monthly gains… And it went back to last June when Gold finished the month at $3,303… Seems like a long time ago, right? September saw the biggest monthly gain of $528… And Rocktober saw the lowest amount of gain (remember the daily pounds of flesh the SPTs were taking in Rocktober?) $28… Someone was spouting off about how the stock market has gone up so many months in a row… and I thought but what about Gold? And just for further intrigue by me, Gold has gained $1,420 from 12/31 to yesterday’s close… Pretty impressive, and to me, it’s really good run is yet to come…
I read yesterday that investors are no longer buying physical Gold to watch it go to $5,000 and then sell… They are holding it through its gyrations of price for the protection it provides… Well, I would really like to see the numbers that they used to get to that thought… Because it’s has been my contention that investors in the West use Gold as a trading vehicle… And Silver too… But we’re talking about Gold here, and profit taking is a part of their vocabulary and practice it all the time… I’m just saying…
And Silver is going great guns right now too… and in my view it’s all about the shortage in physical Silver that I’ve talked about for years… This from Kitco.com: “the strain emerging across the physical supply chain. Shanghai Futures Exchange inventories have fallen to their lowest levels in nearly a decade, according to exchange data. China also exported roughly 660 metric tons of silver to London in October, an unusually large shipment that traders say helped ease tightness after a surge in delivery requests on the LBMA.”
Chuck again… Central Banks are turning to physical Gold & Silver for their reserves instead of dollars or whatever currency belongs to their biggest trading partner… And I’ve said this before, and I’ll say it again… My dad taught me to “follow the money”… And the money is going to Gold & Silver right now… Again, I’m just saying…
The dollar has two major headwinds blowing right at it… The Tariffs that will cause inflation, job losses, and promises… And the Fed/ Cabal/ Cartel is on a rate cut cycle, that debases the dollar…. So, if you were a Central Banks, and had credit from trade and taxation, would you put the credit in dollar reserves or Gold or Silver?
The U.S. Data Cupboard yesterday had the ISM manufacturing index for this current month, and it fell from 48.8 to 48.2… Hey! Weren’t the tariffs supposed to bring manufacturing back to the U.S? Well, apparently, they are slow to respond, as the manufacturing index is falling instead of rising… Today’s Data Cupboard only has Auto Sales for November to print… And tomorrow we’ll see the ADP Employment Report for Nov… this should be good fodder for the markets…
To recap… The STPs made sure that investors knew that they were still around when they took Gold down yesterday… Silver actually trading albeit briefly, above $58 only to see it get smacked down to the $57 handle, still a gain on the day, but not as great a gain as it once had earlier… Chuck goes through the number for Gold this year…
For What It’s Worth… Well, I saw this and was shocked! I thought the Tariffs were supposed to relieve us of our debt? What gives? This article talks about how the budget deficit in Rocktober was the largest deficit ever, and it can be found here: Feds Run Biggest October Budget Deficit Ever Despite Record Tariff Revenue
Or, here’s your snippet: “The Federal government took in a record amount of tariff revenue in October. It also ran the highest October budget deficit on record.
The Trump administration spent $284.35 billion more than it took in to kick off fiscal 2026. That was about 10 percent higher than last year’s October deficit and about $200 million more than the previous October record set in 2020 during the pandemic lockdown era.
The deficit was inflated by the shifting of some November benefit payments back into October. If we factor out those calendar effects, the deficit would have been $180 billion. While a 29 percent reduction from last year’s October deficit, it would still rank in the top four highest October shortfalls on record.
Keep in mind that Uncle Sam ran this massive deficit while the government was “closed.” A Treasury Department official told Reuters that it was unclear how much spending was reduced by the government shutdown, but estimated it was less than five percent of total outlays.
Salaries and other outstanding obligations that were not paid during the shutdown are now due, as the government is fully operational again. That means we could see a spike in spending in November.
Record monthly tariff receipts totaled $31.4 billion. That was a 330.1 percent increase in customs receipts compared to October 2025.
It should be clear that claims that the federal government is going to use tariff revenue to pay a “dividend” to poor and middle-class taxpayers and pay down the national debt are nothing but political rhetoric. Math is the great enemy of this ambitious plan.”
Chuck again… remember that the budget deficits go directly to the National Debt and do not pass Go or collect $200… And I saw last week that we as a country, go through $1 Trillion of debt every 100 days… a little more than 3 months… How long can this go on?
Market Prices 12/2/2025: American Style: A$ .6553, kiwi .5724, C$ .7140, euro 1.1619, sterling 1.3207, Swiss $1.2434, European Style: rand 17.1047, krone 10.1540, SEK 9.4589, forint 327.87, zloty 3.6479, koruna 20.7998, RUB 77.28, yen 155.96, sing 1.2975, HKD 7.7864, INR 89.87, China 7.0714, peso 18.31, BRL 5.3587, BBDXY 1,218, Dollar Index 99.42, Oil $59.17, 10-year 4.11%, Silver $57.48, Platinum $1,637.00, Palladium $1,487.00, Copper $5.27, and Gold… $4,210
That’s it for today… I looked at flights going to our winter home yesterday, and think I have one for us, leaving 12/30… We don’t like more than 1 change in planes, and no more than 5 hours travel time, so that narrows the available flights by quite a bit… Our Blues really laid an egg last night VS the Ducks… UGH! Baby, it’s Cold Outside! And you know me, I totally dislike the cold weather! I ‘m all bundled up and not enjoying myself sitting outside these days… Oh well… 12/30 can’t get here fast enough for me… Not that I want to rush through Christmas, it’s just that I need to get out of here! The Stephan Kummer Trio plays the Christmas Waltz for a song at the finish line today… So, I hope you have a Tom Terrific Tuesday today, and Please Be Good To Yourself!
Chuck Butler