- Gov’t shutdown ends… so what?
- currencies and metals rally on Wednesday…
Good Day… And a Tub Thumpin’ Thursday to one and all! I had a non-event trip home yesterday… I said thank you to the Lord above for allowing me to get home without any stomach problems… They waited until I got home! I got out of Dodge just in time as the temps there had dipped lower and it was chilly when I left to go to the airport yesterday morning. Well, I was a “sooner” on Wednesday when I said that the Gov’t Shutdown was over… Only part one of the vote to end it had passed, the other half was to be voted on last night… Head East greets me this morning with their hit 70s song: Never Been Any Reason
Well, yesterday was kind of a “nothing day”… The dollar didn’t move from it’s overnight figure of 1,218 in the BBDXY and Gold rallied, after seeing the SPT’s on Tuesday… Gold gained $ 11 to end the day at $4,196, and Silver gained $1.18 to end the day at $53.33… Shoot Rudy, even the chartists are jumping on the Gold / Silver bandwagon, as they see the charts telling us that Gold / Silver are due to rise again…
The price of Oil slipped $2 since Tuesday and traded yesterday with a $58 handle. And the yield on the 10-year has seen a game of tug-o-war, as one day it’s up and bonds are getting sold, and the next day it’s down and bonds are getting bought… The bond boys were on holiday on Tuesday for Veteran’s Day, and so some catchup had to be played yesterday… Any way, the 10-year’s yield ended the day at 4.09% yield.
The new spending bill was signed into law by the POTUS last night, so the Gov’t Shutdown is officially over now after 43 days of this nonsense, flight delays, people going hungry, and most of all… We as a country will sink further into the rabbit hole of debt… But let’s not worry about that today, the Gov’t is back! YAHOO! (NOT!)
In the overnight markets last night… Well, the foreign markets didn’t think much of the signing of a new spending bill and sold dollars last night… The BBDXY starts today down 3 index points to 1,215… Gold & Silver continued their rise overnight… Gold is up $28 to start the day, and Siver is up 79-cents… Silver has crossed the 54-cents handle, and so Siver has risen higher than it was before the massive, engineered takedown by the SPTs… But that was last week, water under the bridge… and all that!
The price of Oil remained down with a $58 handle this morning, and the 10-year Treasury is sitting at 4.09% yield to start the day today…
But that’s been the MO of these engineered takedowns… The sell the metals until they’ve wiped out all the short time buyers, and then the metals turn around and begin their march higher and in time, they trade over the levels they were before the takedown… Again, I don’t get ready to sell my metals when they take them down like they did last week… I simply look to buy more… I’m just saying…
The currencies are sitting up straight and noticing the selling of the dollar… The euro is back above 1.16, and the Euro Wannabes: forint, zloty and koruna are all on the rally tracks, and I always find this to be significant… They usually signal a weak run for the dollar, so keep an eye on that…
Regarding the Gov’t Shutdown, I sent a picture of a young lady on Monday to my good friend, Dennis Miller and she was saying, “The longer it says shutdown, the more we realize it never did anything useful anyway”… I got to thinking about that and she was absolutely correct in my mind!
Well, did you miss the cheaper prices for Gold & Silver? Well, that’s nobody’s fault but your own if you did miss them, for they are back to getting bought and Ed Steer tells us that “end demand for metals is still surging”… Lost? Well, he’s talking about long option contracts that come due, the owner is demanding deliver of the metal as per the contract… That’s going to put the SPTs in a pickle folks, because physical demand will continue to put pressure on the upward price of Gold / Silver…
You can go back to really old archives of the Pfennig to check this out on me, but I long ago and far away in a galaxy a million miles away, told you that the one way to make the SPTs pay is for everyone, and I mean everyone to buy some physical Gold… at that time there were no ETF’s in Gold/silver… But an ETF does eventually mean the trust company issuing the ETF has to buy Physical Gold, the ETF in your account isn’t physical Gold.. I’m just saying…
The dollar has seen some selling in recent trading days. It has come off its most recent high of 1,226… Which means the currencies in your diversified investment portfolio are picking up… And doing what they are designed to do, it makes up for the loss of buying power in the dollar… They aren’t making great gains, just taking their time, going about rising in value… Oh! Did you also miss properly diversifying your investment portfolio when the dollar was getting bought, and you could buy boat loads of currencies? Oh, well, again, nobody’s fault but your own…
I have an acquaintance, John Diener, who has read the Pfennig so long that when he began to read it the Dead Sea Wasn’t Even Sick yet! And he writes a monthly letter that he sends to me! It’s Called Ruminations, go ahead an Google it… Anyway, he had this to say about the layoffs by Corporations: “Large layoffs are again in the news. General Motors is to lay off 3,300 workers in its EV and battery departments as a result of slack EV sales. Paramount has begun laying off 2,000 positions. Target is to lay off 1,800 corporate jobs, UPS is to eliminate 48,000 jobs. Amazon plans to eliminate 30,000 positions, and accounting firm PwC has abandoned plans to increase its staff by 100,000 hires. More jobs will be cut by Molson Coors, Rivian, and Booz Allen. These layoffs prove that corporations are desperately seeking to rein in their costs. Reducing headcount is the quickest way to do so. ”
And I have something for you in the FWIW section today on a new ADP Report that should keep the Fed/ Cabal / Cartel on course to cut rates again in December, no matter the dissenting votes for a rate cut in the FOMC… So, don’t skip over the FWIW section today…
And since I traveled yesterday, and then was worn out upon arriving home, and so I napped… I have two FWIW’s for you today this first one is about Gold, and the second one is about the ADP Report… So, the first one is about Gold and illustrates how fickle traders are and can be found here: Did you miss the dip? Analysts see new bullish potential for gold as prices hold above $4,100 | Kitco News
Or, here’s your snippet: “Last week, Alex Kuptsikevich, Chief Market Analyst at FxPro, was bearish on gold, noting that the sharp decline from last month’s record highs caused significant technical damage to near-term price action.
However, in an updated note on Tuesday, Kuptsikevich said that rumours of gold’s demise appear to be greatly exaggerated. Spot gold last traded at $4,133 an ounce, up 0.18% on the day and more than 3% so far this week.
Kuptsikevich noted that gold’s push above critical near-term resistance levels has created new bullish momentum in the marketplace. He added that upside risks remain supported by ongoing geopolitical and economic uncertainty.
“The outlook for the precious metal is no longer as bearish as it was a week ago. Growing political uncertainty, stemming from the potential repeal of tariffs by the Supreme Court and the Fed’s dovish stance, is creating tailwinds for Gold,” he said.”
Yeah, yeah, year, one week’s he’s bearish on Gold the next week Gold is the best thing since sliced bread! Fickle, fickle, fickle
For What It’s Worth… OK, I prebilled this article above, so I’ve already done an intro, so with no further ado you can find it here: Dollar Dumps As ADP Report Shows Big Job Losses In October, Small Biz Optimism Hits 6 Month Lows | ZeroHedge
Or, here’s your snippet: “Recent announcements of large layoffs at a few prominent companies have raised concerns that the labor market could be weakening further, and today’s new weekly ADP employment report confirms that fear.
The ADP weekly jobless report pointed to a deterioration in US labor momentum, stating that “for the four weeks ending Oct. 25, 2025, private employers shed an average of 11,250 jobs a week, suggesting that the labor market struggled to produce jobs consistently during the second half of the month.”
Added together that is 45,000 job losses in the month (not including government workers), which would be the largest monthly drop in jobs since March 2023…
ADP started issuing more-frequent readouts on the labor market last month, to complement its long-running monthly report.
They are published with a two-week time lag and are based on a four-week moving average.
A sustained increase in layoffs would be particularly concerning now because the hiring rate is low and it is harder than usual for unemployed workers to find jobs.”
Chuck again… yes it’s getting really ugly in labor land… And no amount of rate cuts is going to stop that from happening… I’m just saying…
Market Prices 11/13/2025: American Style: A$ .6563, kiwi .5670, C$ .7142, euro 1.1619, sterling 1.3172, Swiss $1.2575, European Style: rand 16.9907, krone 10.0461, SEK 9.4128, forint 330.34, zloty 3.6353, koruna 20.8180, RUB 80.67, yen 154.61, sing 1.3003, HKD 7.7708, INR 88.66, China 7.0964, peso 18.25, BRL 5.2780, BBDXY 1,215, Dollar Index 99.26, Oil $58.87, 10-year 4.09%, Silver $54.12, Platinum $1,604.00, Palladium $1,504.00, Copper $5.12, and Gold… $4,224
That’s it for today and this week… Next week is going to be a short one as far as writing is concerned, as I have doctor appts. on Tuesday and Wednesday. So, a Pfennig on Monday and Thursday next week… As always you can go to www.dailypfennig.com to read past issues to keep the longing for a Pfennig in your mailbox at bay… HAHAHAQ! My beloved Mizzou Tigers play Mississippi this coming Saturday, it will also be Senior Day at the game. Our Blues held on for dear life on Tuesday night after getting ahead 3-0, they barely hung on to a 3-2 victory… Paul Simon takes us to the finish line today with his song: Kodachrome… I hope you have a Tub Thumpin’ Thursday today, and Please Be Good To Yourself!
Chuck Butler