- currencies & metals get sold on Tuesday…
- Adrian Dau drops by the Pfennig!
Good Day… And a Wonderful Wednesday to you! OUCH! That was me last night as my beloved Cardinal blew a 7-2 lead and lost the game to the Royals… UGH! Day 3 at home by myself went along just fine, I even made myself some smash burgers for dinner last night! I didn’t order my dinner through Door Dash, and… I even cleaned the dishes and skillet I used and put them all away! Oh! I won’t be getting my cataract surgery on Monday as previously planned… it’s been delayed to June 26th… It’s a long story as to why it was postponed, so if we ever meet in a pub, I’ll tell you! Stevie Guitar Miller and his band greet me this morning with their song: Rockin’ Me Baby…
When I left you yesterday morning, albeit late, I told you that the dollar had gotten bought in the overnight markets and the BBDXY was up 7 index points to 1,213… I put that down to the PPT using some of their Exchange Stabilization Funds to prevent the dollar from falling off a cliff… Well, guess where the BBDXY ended the day yesterday? 1,213… So, no follow through from the dollar bugs yesterday, and that really confirms to me that the dollar’s rally on Monday night was the PPT…
So, the dollar remained at 1,213 in the U.S. trading session… I also told you that Gold was down $21 and Silver was down 32-cents… Well, the two metal fought back during the day and just about closed the gap on their early morning losses… Gold ended up down $4 to $3,378, and Silver ended up down 12=cents to $34.72… So, it wasn’t as bad a day as it appeared it would be in the early morning.
I would have expected the short Paper traders to step in and make the overnight losses even worse, but if they did, they got drowned out by the physical buying of Gold and Silver… Could yesterday’s non-performance by the short paper traders indicate that what some that observe their activity very closely think that all this manipulation may be fading…
I’m from Missouri, so I’ll have to be shown that the SPT’s are going back under the rocks they came from… I’m just saying…
The price of Oil remained trading with a $63 handle yesterday, and the 10-year Treasury is acting like buoy in the water, bobbing up and down… On Monday the yield on the bond was 4.45%, then on Monday night it was 4.43%, then yesterday it ended the day at 4.45%… See what I mean? I think the bond boys are waiting to see the Jobs Jamboree this Friday…
In the overnight markets last night… The dollar didn’t receive the love it did the previous night, and the BBDXY is down 2 index points this morning to start the day. The euro has climbed back above 1.14, and the rest of the currencies are looking much like they were late last week… Perky… Yeah, that’s the word I’m looking for here! Gold is up a couple of bucks and Silver is down around 30-cents this morning…
The price of Oil remained trading with a $63 handle overnight, and the 10-year Treasury bond saw its yield drop to 4.41%…
You know, it’s very difficult to call a weak trend for the dollar, as long as the PPT is lurking in the dark alley, just waiting for the dollar to slip and they will be there to pick the dollar back up… I have to wonder what the POTUS thinks about the PPT stepping in to save the dollar each time it begins to slip? He has stated that he wants a weaker dollar, and the PPT is standing it a weaker dollar’s way… Maybe he’ll deport the PPT to another country? HA!
Well, have you heard of Adrian Day? He’s a very well respected analyst that we’ve crossed paths a few times in the past… Well, the folks at kitco.com printed an interview he did with them, and he made a Big Statement about the Fed/ Cabal/ Cartel… he said, “It’s difficult to think of a scenario that’s fundamentally gold-negative.” He described central banks buying gold, Chinese investors hedging yuan devaluation, and rising fiscal concerns as the main drivers going forward.”
And then he went on to say, “the markets are overlooking a looming liquidity crisis that could force the Federal Reserve to resume quantitative easing (QE) as early as September.”
Chuck again….In my opinion, they are already performing QE by keeping yields from going higher now, but they are doing stealth-like… As Adrian suggests they would announce QE…
And don’t you think that QE would be added to all these other things and Adrian mentioned that should there to support Gold’ further rise… To infinity and Beyond (Buzz Lightyear)
Speaking of Gold… Rich Checkan of Asset Strategies had this to say about Gold’s performance in May… “Gold slipped 0.1% in May, remaining essentially flat.
This pause is an excellent opportunity to obtain gold at current price levels before it continues to stairstep up in this bull market.
It’s up 26% this year, and the current trading range is a fortuitous opportunity to obtain gold at current price levels.”
I find that the metals trading this week so far is frustrating… The metals were hot as the midday sun on Monday and then turned cold as a… no, chuck you can’t say that, just say they were cold… and today, they are meh… All this manipulation is not inducive to a strong or weak trend… Gold would have been positive yesterday, but it say short paper trading and was off $40 from its high for the day… But hold on to your hats folks, Gold and Silver’s truly strong breakout is coming… It’s like the dollar’s collapse… it’s maybe quite evident, just not imminent right now…
Chuck Again… Proving that he was correct about that as he said it before Gold’s breakout on Monday, Gold took off on Monday… Like I always remind you when the SPT’s take their pound of flesh from Gold & Silver… all they did was give potential buyers a cheaper price to enter the market…
The U.S. Data Cupboard today will have the ADP Employment Report for May… And right now, the forecast for the data is that just 110.000 jobs were added in May…
Yesterday’s Data Cupboard had the Factory orders for April printed negative -3.7%… I told you yesterday that give what Factory Orders kissiin’ cousin reports had printed that to me it appeared this report would be negative…
To recap… the dollar ended the yesterday, at the same level it started the U.S. session, 1213… Chuck points out that Monday Night’s buying of the dollar overseas, was most likely the PPT intervening to keep the dollar from falling off a cliff… Gold & Silver fought back on their early morning losses to end the day down just a small amount… Adrian day visits us today and tells us the Fed/ Cabal/ Carte; will have to implement QE by September.. And Chuck thinks that this would send Gold to infinity and beyond!
For What it’s Worth… Well, I don’ talk about housing much in this letter, except that when FOMC cuts or adds to interest rates and how it will affect the housing markets… But this article is very telling and I think you’ll find It very interesting about Housing and it can be found here: Nearly Half Of $700B In Homes For Sale Have Gone ‘Stale’ As Sellers Outnumber Buyers By 500K | ZeroHedge
Or, here’s your snippet: “There’s a total of $698 billion worth of homes for sale in the U.S., up 20.3% from a year ago and the highest dollar amount ever.
This is based on an analysis of listings on Redfin.com going back through 2012. For the total dollar value of all inventory on the market, we sum up the list price of all active U.S. listings as of the last day of each month; April 2025 is the most recent month for which data is available. For the purposes of this report, the term “value” is interchangeable with “list price”; i.e., when we refer to “total home value,” we mean the sum of all list prices. We define “stale inventory” as home listings that spend at least 60 days on the market and are actively listed for sale on the final day of the relevant month.
The total value of U.S. home listings is at an all-time high because of the combination of growing inventory, slowing demand, and increasing home-sale prices.
Well, dear reader, I spent 27 years in residential real estate, mostly with Re/Max way back in a previous life — and I can tell you that unless interest rates start falling quickly — and soon…the real estate market in the U.S. [and elsewhere] is toast. I worked my way through a couple of booms and busts during my tenure in that business that began in 1980 — and all the signs of an impending housing market bust are in. “
Chuck again… that won’t be a good thing for the economy folks… think back to the housing debacle of 2007/08… I’m just saying…
Market Prices 6/4/2025: American Style: A$ .6493, kiwi .6022, C$ .7300, euro 1.1403, Sterling 1.3529, Swiss $1.2164, European Style: rand 17.7469, krone 10.`083, SEK 9.5956m forint 453.46, zloty 3.7558, koruna 21.7475, RUB 78.78, yen 143,79, sing 1.2882, HKD 7.8465, INR 85.90, China 7.1863, peso 19.19, BRL 5.6177, BBDXY 1,211, Dollar Index 99.20, Oil $63.39, 10-year 4.41%, Silver $34.41, Platinum $1,087.00, Palladium $1,026.00, Copper $4.87, and Gold… $3,356
That’s it for today… That was quite the ugly game last night by the Cardinals… I sure hope they don’t have any more of those up their collective sleeves! I’m so bummed out about the postponement of my cataract surgery… UGH! But there’s nothing I can do about it, so I’ll move along… I did some walking yesterday, a little further than usual, and I didn’t suffer for it, so that’s a good thing! And… I drove my car, for the first time in a couple of months! A short distance, but I drove it nonetheless… it felt good to me to behind the wheel again! The Marshall Tucker Band takes us to the finish line today with their great song: 24 Hours At A Time… I hope you have a Wonderful Wednesday today, and please Be Good To Yourself!
Chuck Butler