- currencies & metals rally late last week
- Jobless claims jump higher!
Good Day… And a Marvelous Monday to you! Well, for the moms out there, did you enjoy your Mother’s Day? You know, I’ve told you this before, but I adored my mom, and while I think of her throughout the year, I especially remember her holding a couple of dozen roses that I had brought her, on Mother’s Day, and the smile that beamed on her lovely face is etched in my mind… Miss you, mom…. And on that melancholy note, Gordon Lightfoot greets me this morning with his song: If You Could Read My Mind…
Well, last Thursday was something to behold… First off the Weekly Initial Jobless Claims hit one our of the park… Here’s MarketWatch.com “The numbers: Initial jobless-benefit claims rose by 22,000 to 231,000 in the week ending May 4, the U.S. Labor Department said Thursday. That’s the highest level since last August.
Economists polled by the Wall Street Journal had estimated that new claims would rise to 214,000.”
Now, I would hardly think that this jump up in Weekly Claims, was something that would send the dollar packing, but it did just that, as it lost 4 index points in the BBDXY, and Gold gaining $38! You, dear reader, are well aware of the fact that I don’t like to start the letter with data prints, but this one seemed to hold more of the markets’ attention that usual… The rate cut folks were out in masse on Thursday, just on this print… These rate cut folks are desperate, for they seem to latch onto any minute piece of data that might explain their mantra…
And Silver? Silver kicked some tail and took names later on Thursday, gaining $1.02 to close at $28.58… WOW! A day without interference is like a day on the beach with sunshine, balloons, and wrapping paper!
On Friday… The dollar fought back, and the short paper traders were out in force… The dollar gained 1 index point back, and Gold was up $13, but at least $20 off its high point of the day… Silver lost 13-cents, but that was at least 60-cents off of its high point of the day… So, like I said, the short paper traders were out in force on Friday… Gold closed the week at $2, 360.70, and Silver closed the week at $28.23….
The price of Oil ended the week with a$78 handle… And the 10-year ended the week with a 4.50% yield..
In the overnight markets last night… There was little to no movement in the dollar, with the BBDXY starting the week at 1,253… Gold is getting sold in the early trading today, I don’t know what’s up with that, and i don’t have the time this morning to do the research. So, Gold is down $21 to start the day/ week, and Silver is down 13-cents…
The 10-year’s yield has slipped to 4.48% overnight… One has to wonder if the bond boys have gotten a sniff of what the STUPID CPI will be later this week? And the price of Oil remains in the $78 handle to start the week.
Well, this article is not very good news, so sit down and put away the sharp objects… “Bloomberg) — Roughly one in 37 homes are now considered seriously underwater in the US and that share is much higher across a swath of southern states, according to data out Thursday.”
Chuck again… Don’t tell me that this is the beginning of another housing problem… We’ve been there, done that, and bought the t-shirt… But it reminds me of when I was writing the Decline of the Dollar white paper back in 2001, and I highlighted how housing was becoming a problem… I had seen the problems before anyone else… I hope I’m not seeing those problems again… Got Gold?
This letter will be short-n-sweet this morning… I have to report to the doctor’s office very early today, to have a heart test… It needs to be done so that the surgeons that are going to operate on my heart next month, will get a great picture of what’s going on … So, with that I’ll head to the Big Finish already this morning…
To recap… the Weekly Initial Jobless Claims report last Thursday, sent the dollar reeling, and Gold & Silver soaring higher. Friday’s price action was muted compared to Thursday, and so we start the week, with Gold & Silver still ratcheting higher, and we also know that it will be a Datapalooza week.
The U.S. Data Cupboard will be going through Datapalooza this week, there are so many data prints on the docket that I’ll just tell you, that the markets will have a good idea of where it’s going to go next when the week is through… We get started with data today, with the Data Cupboard being empty! But tomorrow, we start, so you have a day to get ready! HA!
For What It’s Worth… OK, this article came to last week, and I couldn’t wait to use it today (Thanks Bob!) This is an article that talks about how only 4% of retirees feel they are living the dream, and it can be found here: 4% of current retirees say they are ‘living the dream,’ survey finds (cnbc.com)
Or, here’s your snippet: “Just 4% of today’s retirees said they are “living the dream,” according to a new survey from asset management company Schroders.
And just as many — 4% — said they are “living the nightmare.”
Most of the respondents fall somewhere in between — 44% said they are comfortable; 34% said they are not great, but not bad; and 15% said they are struggling, according to the rounded results.
“The real picture of retirement is far from the dreams Americans had hoped and worked so hard for,” said Deb Boyden, head of U.S. defined contribution at Schroders.
The survey, conducted in March and April, included 2,000 adults, with almost 500 retirees. The results come as inflation is still higher than usual and rising prices have made it more challenging for retirees to make their money last.
The top concern, cited by 89% of respondents, is inflation lessening the value of their assets.
That’s followed by higher-than-expected health-care costs, with 85%; a major market downturn that may significantly reduce their assets, 76%; not knowing how to best draw down income, 69%; and outliving their assets, 68%.”
Chuck again… And now inflation is spooling higher once again… Uh-Oh!
But that won’t stop the Fed Heads from appeasing their bosses… The Elites… From cutting rates to pump up the stock market once again… I’m just saying
Market Prices 5/13/ 2024: American Style: A$ .6608, kiwi .6010, C$ .7311, euro 1.0784, sterling 1.2528, Swiss $1.1024, European Style: rand 18.3738, krone 10.8596, SEK 10.8599, forint 358.99, zloty 3.5897, koruna 22.9986, RUB 91.48, yen 155.97, sing 1.3537, HKD 7.8117, INR 83.53, China 7.2345, peso 16.74, BRL 5.1474, BBDXY 1,253.41, Dollar Index 105.27, Oil $78.43, 10-year 4.48%, Silver $28.10, Platinum $998.00, Palladium $983.00, Copper $4.71, and Gold… $2,339.81
That’s it for today… Wah, Wah, Wah, Cardinals fans are really crying crocodile tears, with how the team is playing… I’ve basically thrown in the towel for this year… There’s always next year! I went to the City soccer game Saturday night with son, Andrew… We had a blast, and the team won! Yesterday, was Mother’s Day.. I sure hope all you Moms out there had very special days, you deserve them! The band Smith, takes us to the finish line today with their song: Baby It’s You… I hope you have a Marvelous Monday today, and will Be Good To Yourself!
Chuck Butler