Rocktober 12. 2023
* currencies & metals rally on Wednesday
* the dollar has had 7 consecutive days of selling…
Good Day… And a Tub Thumpin’ Thursday to one and all! Well, I hate to have to do this, but this morning’s letter will be short-n-sweet, as I’m having a major bleeding problem this morning, and I have to deal witht that, instead of writing a letter… I’ve been through the gauntlet lately, with this bleeding in my jaw… Blood does not taste good, nor is it any good for your stomach… The silver lining of all this bleeding is that the tumor in my jaw is shrinking, and soon all this will be over, but for now… I deal with all the red stuff… Sorry for the explicit explanation of my problems this morning, but as I’ve found out through the last 16 years, you dear readers want to know, what’s going on with me, so there! Robert Plant greets me this morning with his song: Sea Of Love…
So… dollar buying ended last week, and now it’s 7 consecutive days of dollar selling… The BBDXY had dropped from a high on 10/3 of 1,277, to 1,263, this morning… The euro has rebounded nicely, and trades with a 1.06 handle this morning. The rest of the currencies, sans Japanese yen, have followed the Big Dog euro off the porch to chase the dollar down the street. Having a Fed Head, Governor Christopher Waller suggesting they may refrain from tightening further, the other day, didn’t help the dollar, that had been soaring on the thought that interest rates would remain higher, longer… But now traders are questioning whether the Fed/ Cabal / Cartel has the intestinal fortitude to carry through…
I good bet if you ask me, because the Fed/ Cabal/ Cartel has a long history of failing to carry through… I’m just saying…
The conflict in Israel, lit the fire under the price of Oil, and it has begun a reversal of all the selling we saw for a few days last week, and with the price of Oil on the rebound., the Petrol Currencies, like Rubles, pesos, etc. have all been on the rebound vs the dollar.
The price of Gold too, has rebounded, but still remains under any average price figure you want to use… But, with the geopolitical conflicts going on around the world, Gold has really picked up the pace of gains… Gold this morning is up $9 in the early trading, and Silver is up 14-cents to start the day… if you didn’t back up the truck and load up on Gold & Silver before this rally started, it’s still not to late to do so… I’m just saying…
The U.S. Data Cupboard yesterday, has the Sept PPI, and it kind of shook the inflation is tamed folks to the bone… PPI was up .5%, following up on August’s .7% gain… And as I’ve explained many times in the past, what gains are seen on PPI (Wholesale inflation) are soon to show up in consumer inflation…
Speaking of consumer inflation, the Stupid CPI will print today for Sept… The markets still, for some reason that I can’t figure out why they would, use this print as a guide for the dollar… So, any uptick in CPI will be viewed as the Fed Heads’ rate hikes haven’t worked… Uh-Oh… of course I told you that that to get inflation down, you have to 1. raise the interest rate above the inflation rate, and 2. stop deficit spending…
We haven’t done either, so when inflation comes back roaring, it won’t be any surprise to you and me…
To recap… The dollar is getting sold again, so far today, marking 7 consecutive days of selling for the dollar. Gold is up and getting some love on the all the geopolitical goings on. And Fed Head, Waller, decided to throw the dollar under the bus with statements the other day…
For What It’s Worth… I couldn’t pass this up this morning… It’s about how JPM has been named as a watchdog for the U.S. Treasury… I can’t help but think of the old country saying about how the Fox was guarding the Hen House… The article can be found here: Janet Yellen’s Treasury Department Hires 5-Count Felon JPMorgan Chase to Look for Fraud (wallstreetonparade.com)
Or, here’s your snippet: “Immediately upon departing her post as Chair of the Federal Reserve, but prior to getting the nod from the Biden administration to become U.S. Treasury Secretary, Janet Yellen engaged in what the courageous reporter at ProPublica, Jesse Eisinger, called a “two-fisted money grab from banks.” Yellen raked in more than $7 million in speaking fees with the bulk of that coming from Wall Street banks and trading houses, including JPMorgan Chase. In a Tweet, Eisinger said: “This is corruption, but isn’t called that because it’s so quotidian.”
Now there is the appearance that a quid pro quo is coming full circle.
According to a press release posted on JPMorgan Chase’s website, “it has been designated by the United States Treasury Department under a financial agency agreement to provide account validation services for federal government agencies” in order to ensure “Treasury’s commitment to payment integrity and the reduction of improper payments.”
Hiring JPMorgan Chase to ensure “payment integrity” is like the U.S. Treasury hiring Allen Weisselberg as its accountant. Since 2014, JPMorgan Chase has admitted to five separate criminal felony charges brought by the U.S. Department of Justice. The first two of those felony charges related to the bank ignoring brazen red flags as Ponzi kingpin, Bernie Madoff, laundered billions of dollars through the bank for years.”
Chuck again… Lies, and videotape… I just think of all the corruption going on in the govt and Wall Street, and think about the common man, and his quest for financial safety… Those two don’t mix… I’m just saying…
Market prices 10/12/2023: American Style: A$ .6406, kiwi .59998, C$ .7357, euro 1.0618, sterling 1.2308, Swiss $1.1106, European Style: rand 18.8129, krone 10.8492, SEK 10.8617, forint 363.47, zloty 4.2690,
koruna 23.1471, RUB 97.12, yen 149.17, sing 1.3626, HKD 7.8214, INR 83.24, China 7.2996, peso 17.77, BRL 5.0507, BBDXY 1,263.84, Dollar Index 105.72, Oil $85.39, 10-year 4.55%, Silver $22.17, Platinum $881.00, Palladium $1,162.00, Copper $3.60, and Gold… $1,883.44
That’s it for today… Yesterday was little Evie’s 4th Birthday… I’m assuming she had a grand day, as I heard her on the phone with Kathy, and she sounded all excited! My two doctor visits were OK… The heart doc is happy with my colesteral numbers, and the Oncologist was happy with my weight loss… She wasn’t happy with all the bleeding I’ve had, and was looking into way to help me with that. As of yesterday when I stepped on the scale, I am now 120 lbs lighter than I was 3 years ago at this time… YAHOO! Yes, 3 years ago, I stepped on a scale and couldn’t believe my eye… And decided then that I would do something about that, and I’m actually proud of myself for carrying through! All right then now I need to get this bleeding stopped… REM takes us to the finish line today with their song that’s quite appropriate for what’s going on these days: It’s The End of The World… I hope you have a Tub Thumpin’ Thursday today, and will Be Good To Yourself!
Chuck Butler