Gold and Silver on firmly on the rally tracks today

Good Day... And a Wonderful Wednesday to you! Brrrr... It sure was chilly around here yesterday, and this morning I woke up to temps in the mid-30's... YIKES! But the weather guy told me last night that by the weekend it will be warm again... So, that's good, I only have to wear long pants for a day or so! I live in shorts and Gold shirts, folks, and cringe when I have to get the long pants out! When our kids were kids, we used to dress up the house with all shorts of Halloween stuff... I even had a ghost that flew across the front of the house when trick-or-treaters came up the walkway to the house.... But we don't even get the Halloween decorations out any longer... UGH! I was in New Orleans on Bourbon Street on Halloween years ago... Talk about costumes! Anyway, in years past I always sat outside to give away the candy to the trick-or-treaters... But not this year... Sugarloaf greets me this morning with their great song: Green Eyed Lady.... all 7 minutes of the song!

Well, the dollar was bought yesterday, not by the bushelful, more like, some casual buying, with the BBDXY gaining 2 index points on the day... The euro finally gave up and fell below the 1.09 handle, and the rest of the currencies remain in their respective sick beds... Gold fought a battle with the short paper traders yesterday, but in the end, Gold closed up $14 yesterday to close at $ 2,663.90, and Silver gained 32-cents to close the day at $31.55.. 

Oil remained trading in the $70 handle yesterday, again, I can't believe with all the saber rattling going on, that the price of Oil isn't soaring....  And the Fed Heads must have found a way to get the 10-year's yield under control, somewhat that is, as the 10-year's yield fell to 4.03% yesterday... The 10-year's yield on Friday last week was at 4.10%.

In the overnight markets last night.... The dollar continued to get bought, with the BBDXY gaining 2 index points tp start our day today... There's nothing behind this buying, folks... It's all trader sentiment, that's driving the dollar higher each day, and those same traders have Chuck scratching his bald head... There's no way the BBDXY should be at 1.251 this morning, but... It is... I'm going to leave this there, because I can feel my blood pressure rising... 

This morning, there was news that the POTUS candidate, Trump, was speaking about more tariffs... And the dollar bugs all bought what he was saying... Didn't these dollar bugs learn that you don't listen to candidates spew their promises? Like all those promises to tax the rich to pay or tax cuts for the folks lower on the totem pole of life... Yeah, I wanna see that one take place... And that's my end on political related talk this morning... You know, I don't like going there, but these promises are getting out of hand, an these latest ones by Trump has the dollar soaring higher... UGH! 

Gold is up $18 to start our day today, and Silver is up 43-cents! Here's what friend, Rich Checkan from ASI said this morning, "As the world waits to see if the conflict in Israel escalates, safe haven gold buying is driving spot prices high despite a relatively strong U.S. dollar. International turmoil continues to drive spot prices, as well as monetary policy."  Thanks Rich, that more richly said, than my old "saber rattling is causing Gold to rise"... 

I found this on Bloomberg. Com this morning, "In a break to that form, reserve managers from the central banks of Mexico, Mongolia and Czech Republic on Monday sang the praises of bigger holdings.

The comments provided unique insight into how they are viewing bullion, with the officials saying that gold as a percentage of their country’s reserves is more likely to increase in the years ahead amid a confluence of growing geopolitical tensions and lower interest rates.

“Given the context that we are facing right now — lower rates, your political tension, US election, a lot of uncertainty — maybe the share of gold in our portfolios could be increasing as well,” said Joaquín Tapia, director of international reserves at Banco de México."

Chuck again... So, Central Banks are now taking the stage and calling for more physical Gold buying? Well, bust my buttons! I can recall a time when Central Banks around the world were lining up to sell their Gold holdings... And now-a-days, those central banks are probably kicking themselves in the rear for making such a dumb mistake, years ago... Think about this, folks... If Central Banks are touting buying more Gold... Then you should be backing up the truck to take on more too.... Follow the money.... 

And this morning there was a warning from Israel that they will make their own decisions regarding how they address Iran.... In other words, "hey U.S., we've got this, leave us along"... to which if I were running the U.S. I would say, "ok, as you wish", and take all our troops, and missel defenses, an aircraft carried unit, and go home... Why do we have all that there to begin with, this isn't our fight? But as long as we are there... It helps Gold's price... So, there's that... 

I couldn't answer the bell again this morning, and thus the lateness of the letter this morning... I apologize for the tardiness of the letter this morning, but sometimes, my body tells me that it needs to sleep, and I always listen to what my body tells me! 

The U.S. Data cupboard this morning is still lacking with only the Import Prices for Sept. For us to view today... Tomorrow's Data Cupboard will be busy with Retail Sales, Industrial Production, and Capacity Utilization all for Sept for us to view... I don't expect to see any surprises here tomorrow, so our day of data will disappoint, that's one thing I'm pretty sure about... 

To recap... The dollar keeps getting bought, and now the dollar bugs are talking about Trump's promises to add to his tariffs, and that has the dollar soaring this morning... Chuck warms us about listening to candidates promises... Central Banks are now touting their views to buy more physical Gold... And Chuck points out that what's good for the goose is good for the gander here...

For What it's Worth... This is someone talking about how inflation isn't dead as the adults in the room are telling us.. Sound like me? 

Here's your snippet: "The so-called grownups tell us everything is fine. The inflation monster is gone now.

Or is it?

Sure, most people don’t believe it’s there, but I think the inflation monster is hiding under the bed. The adults in the room say it's not there. But kiddos, there are signs -- if you look close enough.

Money Supply Is Growing – That’s Inflation!

Properly defined, inflation is an increase in the supply of money and credit. Price inflation is one symptom of this monetary inflation.

And the money supply is growing.

In other words, we are already back in an inflationary environment.

The M2 money supply bottomed one year ago at $20.60 trillion. Since then, it has crept upward. As of August, it was at 21.17 trillion. That’s the highest level since January 2023.

The money supply has grown on a year-over-year basis for five straight months.

The resurgence of money supply growth is, by definition, inflation. We are already seeing the result as stock market values increase. Whether this new round of inflationary activity finds its way into consumer prices remains to be seen, but the uptick in core CPI is cause for concern."

Chuck Again... Again, a different voice for you to hear, other than mind, that has been telling you about money supply for months now... 

Market Price 10/16/2024: American Style: A$ .6683, kiwi .6057, C$ .7257, euro 1.0888, sterling 1.3088, Swiss $1.1584, European Style: rand 17.6252, krone 10.8586, SEK 10.4429, forint 368.50, zloty 3.9501, koruna 23.2341, RUB 96.89, yen 149.50, sing 1.3103, HKD 7.7711, INR 83.99, China 7.7711, peso 19.93, BRL 5.6884, BBDXY 1,251.04, Dollar Index 103.32, Oil $70.96, 10-year 4.01%, Silver $31.92, Platinum $995.00, Palladium $1,018.00, Copper $4.38, and Gold... $2,681.39.

That's if tor today... Well, I go to have a biopsy done on the tumor in my jaw today... I wish they would cut the whole darn thing out, but that would be a very messy surgery, and one that the Docs are hoping they don't have to perform. I climbed the stairs yesterday without oxygen, and... Drum roll please... I wasn't breathing hard like before when I got to the top! That means my breathing is getting back to normal... Kathy wasn't home, so I thought I would give it a try to see how I did without her here telling me not to do it....I also have a Physical Therapy specialist coming to see me this morning... The Yankees go up 2-0 in the ALCS, as expected... Now they go to Cleveland for games 3-5.. *game 5-if needed) I like the Indians, I mean Guardians, but when you run into a juggernaut, well... You know.... My dad always told me NOT root for any team from the coast, as they have different payrolls than the small market teams, like my beloved Cardinals... So, I'm not rooting for the Yankees, just stating facts.... Triumph takes us to the finish line today, with their song: Magic Power... I hope you have a Wonderful Wednesday today, and please Be Good To Yourslef...