November 21, 2022
* currencies & metals get sold on Friday last week
* the dollar gets bought in the overnight markets last night
Good day… And A Marvelous Monday to you! OK, let me get this out of the say… First of all this will be the only Pfennig this week… Second, this will be a very stripped down version of the letter, because I’ve got a cold in my eye, and right now I can hardly focus on the screen to write… It’s making things very difficult for me to focus on, so with that, I’ll give you the Market prices and some thoughts on Thanksgiving and then sign off for the week… Kenny G greets me this morning with his version of the song: O Christmas Tree
Well, my hopes that the dollar’s strong run had come to an end, have been dashed… The dollar, although, not strongly, came back last week, and proved once again that with the funds of the Exchange Stabilization Fund behind it, the dollar can remain strong… The BBDXY only gained I index point on Friday, but at the end of the week it had gained 10 index points for the week, and put to bed all the thoughts that the strong dollar trend was over. Gold finished the week on a down note, and once again our hopes that Gold had turned the corner were dashed too… Gold ended the week down $9.50 at $1,752.50. Silver didn’t fare any better and ended the week at $21.05. The price of Oil has fallen out of bed, and ended the week at $80, while bonds continued to get bought with the 10-year’s yield ended the week at 3.82%…
Spoiler alert.. I just finished an interview for the Miller On The Money letter, regarding bonds… and this crazy idea that the Bond yields have peeked… So, for you that have subscribed to Dennis’ letter, look for that in your email box in the next week or so…
In the overnight markets last night, the dollar got bought like it was going out of style… The BBDXY is up 9 index points to start the day today, and the euro has dropped back to a 1.02 figure. Gold is also off by $8 this morning, and Silver had given back 34-cents to start the day/ week. It appears that this week, albeit shortened because of the Thanksgiving Holiday, will be all about the dollar… So batten down the hatches and forget about the markets this week… It’s time to give thanks…
Market Prices 11/21/2022: American Style: A$ .6621, kiwi .6113, C$ .7441, euro 1.0244, sterling 1.1808, Swiss $1.0436, European Style: rand 17.3570, krone 10.2524, SEK 10.7240, forint 399.55, zloty 4.5932, koruna 23.7338, RUB 60.88, yen 141.84, sing 1.3822, HKD 7.8055, INR 81.84, China 7.1662, peso 19.46, BRL 5.3089, BBDXY 1,291.20, Dollar Index 107.51, Oil $79.51, 10-year 3.82%, Silver $20.71,
Platinum $980.00, Palladium $1,907.00, Copper $3.59, and Gold… $1,742.50
That’s it for today and this week, sorry for the shortened letter today, I’m just having a dickens of a time trying to see what I’m writing this morning… I thought I was on the road to recovery, ugh! I go see my primary care doctor tomorrow, for all the things not connected to heart and cancer… And then we’ll head to Thanksgiving… I sent Dennis a note a week or so ago, when he asked me about what I’m thankful for…
And in it I said that I am thankful to the Good Lord for allowing me to live and be where with you all today… There’s a story that goes with that, but I don’t want to steal Dennis’ thunder! So, when we all gather on Thursday, make sure you go around the table and have each person say what they are thankful for, it’s a nice way to start your Thanksgiving meal…
I’m sitting here thinking about when I was a young man and would eat two Thanksgiving meals. One at my home and one at Kathy’s home.. I could put away some food back then, not knowing then, what it would do my weight in the future! So, eat up, but don’t overdo it… But most of all… Be Good To Yourself!
Chuck Butler