I went with the wrong dream

Good Day... and A wonderful Wednesday to you! Well, the all Hallow's Day was just that for yours truly... I got 2 ½ hours sleep on Monday night, and less than that on Tuesday night... So, there was no reason, other than that, that I was tired as could be and slept all day... I woke up in time to go and vote... Good thing too, for I would have been really upset if I didn't go and vote... Ian Goom greets me this morning with his song" Hold On... 

Well, the mid-terms are over, and the markets' participants can get back to dealing with what they are paid to do... The dollar fell another index point to 1,220 in the BBDXY yesterday, but if anything tells us the direction of the dollar it is what happened when the U.S. first went into war with Iran... And that is rally... Let's hope not, because the dollar should be getting sold because of the war, and 2. The costs that are being built higher and higher...  

But that hasn't happened, and I doubt that the dollar gets sold any more, now... It'll come, but we must be patient. 

The price of Gold was bought in the early trading, but was succumbed with the SPTs selling short and Gold fell $12 on the day to wipe out its early gains and close at $3.939

Silver was a subject to the SPTs from the get go yesterday and lost $1.52 and closed at $39.66

It was reported yesterday that fighting along the Red Sea was picking up. So. There's that! But... the price of Oil rallied to a $95 handle yesterday... Doesn't make any sense but it is what it is... And the 10-year Treasury saw more buying and its Yield fell to 4.90%

In the overnight markets last night... Well, I was wrong about the dollar getting bought now that the mid-terms are over.. The dollar continued to be subjected to selling as it lost 1 more index point to 1,219 in the BBDXY... The Democrats swept both the House and Senate yesterday and what the markets see is sweeping taxes making the cost of living to go higher...

Gold is up $111 to start the day... As the search for something that investors can lean on found Gold and Silver... Gold is up and Silver has been lagging Gold, but this time Silver gained $2.19 overnight, so all is well... And the metals rally has begun... if only the SPTs leave them alone... Yeah, and pigs will fly... and unicorns will romp around... and Santa and the Easter Bunny got together and played cards.... That's how unlikely it is that the STPs leave the metals alone... 

The price of Oil remained trading with a $95 handle overnight, and really looks to me as if it wants to go higher... And the 10-year saw selling for once and the yield on the bond starts the day at 4.93%

Well, it was raining all day yesterday, making the polls a dead place... I walked in and up to the guys that signed me in and gave me my ballot. Then a guy was there to show me an open workspace, and I voted and then left it took me about 10 minutes total to do my civil duty and vote...I have to tell you that a guy next to me must have been living under a rock, because he was there when I sat down and was still there when I left....

Well, there was all kinds of data yesterday, that usually get shrugged off but the day was different and they counted... First up was the Factory Orders which came in way above the forecast, and was the 4^th month in consecutive order that Factory Orders were up... But that didn't help the dollar, so we moved onto another data print. 

This time it was Job Openings... sounds mundane, doesn't it? Well, it wasn't yesterday, as people quitting their jobs or being shown the door grew at a pace of 330,000 people... The data set was darn near the all-time record of people quitting their jobs... And this data was not what the dollar was looking for to get it out of this selling... 

So, the dollar got sold... and Gold and Silver rallied... it was my dream what would happen but in reality, I thought the dollar would come back strong... And who knows what the SPTs would do about the metals? But that reality was wrong... and my dream came true!

Here's Kitco.com's viewpoint on what went on yesterday... "There have been 13 midterm elections since 1974. In eight of them, gold's average price in the following November was higher than its average in the election month; in the five others, it was lower. The average change was +14%, the median +15%. The two most recent midterms, 2018 and 2022, saw +20% and +15% increases to the gold price."

So, I should have just looked and I would have been bang on with my dream... UGH!

Here's more from Kitco.com, " Iran announced Monday that it could reopen the strategic waterway and resume nuclear negotiations with Washington within two days, shortening an earlier proposed seven-day timetable, provided the United States accepts conditions that include lifting the naval blockade of Iranian ports, easing sanctions on Iranian oil exports and agreeing to broader ceasefire arrangements. Tehran maintains that commercial vessels would transit through a route coordinated with Oman under Iranian supervision. However, Washington has not accepted the proposal, and substantial differences remain over sanctions relief, maritime security and the terms of any lasting settlement."

Chuck again... this is really a tinder box and has the two sides looking at an increase of fighting... And yesterday, the thought was that a peace agreement might be in place soon... Things change here so fast, and the best you can do is own some Gold... 

The U.S. Data Cupboard has the ADP Employment Report for Rocktober today and the Trade Deficit... these are not the kind of reports that will move the dollar much, that is, unless they are rogue and tell us a different story...

To recap... The mid-terms are over, the Democrats swept both the house and Senate on what idea they have is unknown... my friend David Galland once said, "If you think our debt is high, wait until these guys take over"... UGH! I dont' talk politics in this letter, so we'll move on to say the dollar continued to get sold yesterday, and Gold / Silver saw HUGE rallies overnight.. 

For What It's Worth... Well, the people still ask, "are the central banks still buying Gold?"... and the answer according to the World Gold Council the answer is yes...

Here's your snippet: "Central banks stepped up gold buying in the third quarter to its fastest pace since late 2024, as geopolitical risks and concerns over fiscal discipline bolstered institutional demand for the precious metal.

The institutions added a net 321 metric tons to their reserves in the period, driven by portfolio diversification and risk management, according to the World Gold Council, an industry body representing gold miners. Despite a subdued start to 2026, year-to-date purchases are now 6% higher than last year's.

"Central banks remained an important pillar of demand," said Louise Street, senior market analyst at the WGC. China and Poland were the largest disclosed buyers.

Chuck again... Well, the central banks are buying Gold at a discount that they created with the bullion banks... But at least they're buying!

Market Prices 11/4/2026: American Style: A$ .7010, kiwi .5624, C$ .7162, euro 1.1246, sterling 1.3475, Swiss $1.2232, European Style: rand 16.4690, krone 9.2321, SEK 9.7560, forint 323.11, zloty 3.9110, koruna 21.6131, RUB 81.86, yen 158.52, sing 1.2784, HKD 7.8457, INR 94.64, China 6.6731, peso 18.65, BRL 5.4988, BBDXY 1,219, Dollar Index 101.46, Oil $95.45, 10-year 4.93%, Silver $52.31, Platinum $1,466.00, Palladium $1,017.00  Copper $6.45, and Gold... $4,042.

That's it for today... Another night of no sleep... I finally fell asleep about 4 am and then woke up at 5 am... I can't wait for these steroids to leave my system... I really went off the deep end with my comments on the sweep by the democrats... Sorry... I just write what's on my mind... And sometimes I say stuff that I later regret... Gold & Silver really rallied last night, eh? I am going to lunch with former classmates today... I love these get togethers! The Allman Brothers take us to the finish line today with their song, live from the Fillmore: Statesboro Blues... I hope you have a Wonderful Wednesday today, and Please Be Good To Yourself!