Silver soars in the overnight markets

Good Day... And a Wonderful Wednesday to you! Well, this is the last Pfennig until 12/29, so read it carefully! HA! Today, my buddies will partake on our traditional "Shopping Day", and tomorrow I report to the Hospital for my infusion... Saturday, I'll be in attendance for The Wizard of Oz play that my darling granddaughter, Delaney Grace, will take part in... In the spring, she has the lead in a play... She'll be the star I always thought she would be! Back to Pandora's Christmas station today, and Michelle McLaughlin greets me with her version of the song: O' Come All Ye Faithful... (one of my fave Christmas songs!).

Well, I said yesterday that the Jobs Jamboree wouldn't have good numbers in it, and it didn't! The total jobs created in Nov, were just 64,000... Remember the last Jobs report showed over 100,000 jobs lost, but there were 430,000 jobs added to the surveys by the BLS, so really the jobs report should have been over 500,000 down, and therefore yesterday's print of 64,000 would seem like manna from heaven!  But, the markets don't see it that way... And the dollar got sold on the report.

The dollar got sold immediately after the report and the BBDXY fell 2 index points right out of the starter's blocks... But as the day went on, the dollar recovered its loss and ended the day flat... The BBDXY was 1,205 at the end of the day, and the currencies all remained at their previous day's range. 

Gold, which I told you yesterday was already seeing some SPT action and down $11, came back strong after the reports that also included Retail Sales, which were flat, and the SPTs came back at Gold, and Gold ended the day down $2. Silver tried like the dickens to get above their early morning loss, but the SPTS also came back to Silver and it ended the day down 33-cents.

The price of Oil remained trading with a $55 handle... And the 10-year Treasury's yield slipped a bit and ended the day with a 4.15% yield.

In the overnight markets last night... Well, in Chinese trading, Silver soared! Silver is up $2.14 to start the day, and the SPTs are viewing that as a hill to steep to climb, I think... Gold is up $15 to start the day from the overnight trading. The reason I say that about the SPTs is what I read on Ed Steer's letter this morning.

let's listen in..."As I've been pointing out frequently is the precipitous decline in short positions held by the big 5 U.S. banks since their high-water mark back in July. In the last report, they were down to a piddling 6,797 short contracts between the five of them -- and because of that, I doubted very much that any of them were in the Big 8 commercial short category anymore. I'll be very surprised if they're not completely out by now. But even if they're not, I suspect that whatever they may be short in the futures market, they've covered themselves in the options or OTC markets." - Ed Steer at www.edsteergoldsilver.com.

The price of Oil bumped higher overnight to a $56 handle... No biggie... The rot on the Petrol Currencies from the price of Oil dropping has been quite noticeable... The Russian ruble was trading around 77 and now it's 80... Not a good thing for the Petrol Currencies.

And the 10-year's yield rose to 4.18%.

The selling in the dollar ended overnight, and smells of PPT intervention, as the BBDXY is up 3 index points to start the day... I went to the internet to find out what's going on with the dollar, and all I got was something about the POTUS announcing a total blockade of Venezuelan Oil... So, that led me to say that the dollar rally smelled of PPT intervention.

And in the "I can't believe what I just read" category is this article from Reuters.com... This is unbelievable, and tells you how weird the world is... Check this out.

"Music played in a wedding hall in western Japan as Yurina Noguchi, wearing a white gown and tiara, dabbed away her tears, taking in the words of her husband-to-be: an AI-generated persona gazing out from a smartphone screen.

At first, Klaus was just someone to talk with, but we gradually became closer,” the 32-year-old call Centre operator said, referring to the artificial intelligence persona.

"I started to have feelings for Klaus. We started dating and after a while he proposed to me. I accepted, and now we’re a couple."

Ok, back to reality... And don't' tell me "To each their own", because this is too wacko to qualify!

The labor market in the U.S. is in shambles... The BLS tried like heck to get the jobs created number to a good number, but they failed... The Unemployment Rate rose to 4.6%, and the previous month's 104,000 jobs lost was revised to 108,000... It's a bad time to be without a job, like any time is a good time, but with the Christmas season upon us, no one wants to be at home with no future job... I'm just saying... And I saw this on MSN... "From tech giants to coffee chains, America's biggest employers are slashing their workforce by Thousands".

I was let go once, back in 1998, when Mercantile Bank performed ethnic cleansing on all the former Mark Twain Bank employees, who initially came to Mercantile when they purchased Mark Twain Bank... I had two kids in college that I was self funding, and a 3 year old at home... Thank goodness I had saved a ton of money through my years at Mark Twain... Hopefully, anyone let go at this time, has a "rainy day fund" like I had.

OK, back to the present... I read to my darling daughter Dawn's kindergarten class yesterday, The Night Before Christmas... They were all listening intently to my words and then they all thanked me for reading to them... One little girl said, " I didn't like the story... I LOVED IT!" She made me chuckle.

There's still something rotten in Denmark folks... The repo market is getting used like a puppet, the Fed Heads announced QE, and the Casino Banks are all looking over their shoulders right now to see if the regulators are coming... I guess we'll find out what it is when the fit hits the shan... 

And let's not forget about the money supply... As of late 2025, the U.S. M2 money supply is around $22.3 trillion, hitting record highs, with recent monthly increases suggesting rapid growth similar to early pandemic levels. And we all know what the result of that rise in money supply was... Inflation...  Got Gold?

The U.S. Data Cupboard had the Jobs Jamboree that we talked about above, yesterday, along with the 2 month old Retail Sales report, which I had told you that the BHI indicated that it wouldn't be good, and it wasn't... Retail Sales were flat as a pancake (Head East) and that didn't help the dollar any.

Today's Retail Cupboard is empty, and only 3 Fed Heads speakers will be out and about spreading their lies.

To recap... the jobs report was not good, and the dollar initially got sold on the report, but rallied back to finish the day flat... Gold started the day down $11 and then fought back to go positive on the day, only to see it lose that gain and finish the day down $2 and Silver finished the day down 33-cents... The two have recovered their losses in the overnight markets last night... Retail Sales for two months ago were flat, with no growth, And Chuck talks about all the job losses.

For What It's Worth... I know I've been telling you for some time and including articles that say Gold is going to the moon... So, when I saw this article, that says otherwise, I had to include it here to give a "fair and balanced" report... So, this is about a technical guy that says the "end is near".

Here's your snippet: "After one of the most powerful precious metals rallies in decades, gold and silver investors may be entering the most consequential phase of the cycle — one that could define returns well beyond 2026.

According to Avi Gilburt, veteran technical analyst and founder of ElliottWaveTrader, the surge in gold and silver prices since the 2015–2016 lows is approaching its final innings. While prices could still climb further in the months ahead, Gilburt warns that investors should begin preparing for a multi-year correction that may begin as early as next year.

“This is not the start of something new,” Gilburt said. “This is likely the end of a very long cycle.”

Gilburt, who accurately called the 2011 gold top within dollars and the 2015 bottom almost to the day, believes the current rally has its roots in the post-2015 reset that followed years of ETF liquidation and declining investor interest. That cycle, now nearly a decade old, appears to be approaching exhaustion.

“I believe we are heading into the end of the cycle,” he said. “2026 probably will provide us with the end of this long-term cycle in gold and silver, and potentially kick off another multi-year bear market.”

While the outlook may sound jarring for investors who view precious metals as a long-term hedge, Gilburt explained that metals move in distinct waves that are largely independent of popular macro narratives."

Chuck again... Well, there you have it... I know, I know, all the fundamentals point to higher levels for Gold & Silver, the technicals don't... and so I caution you to be careful out there.

Market Prices 12/17/2025: American Style: A$.6620, kiwi .5777, C$ .7252, euro 1.1715. Sterling 1.3359, Swiss $1.2561, European Style: rand 16.7449, krone 10.2180, SEK 9.3305, forint 330.58, zloty 3.3952, koruna 20.7875, RUB 80.32, yen 155.59, sing 1.2918, HKD 7.7804, INR 90.37, China 7.0442, peso 17.98, BRL 5.5003. BBDXY 1208, Dollar Index 98.54, Oil $56.23, 10-year 4.18%, Silver $65.39, Platinum $1,921.00, Palladium $1.658.00, Copper $5.41, and Gold... $4,318.

That's it for today... Today is my former assistant and colleague's birthday... Jen Mclean... Happy Birthday Jen! (Bet you thought I forgot!) Friday is my good friend Ty Keough's birthday... Happy early Birthday Ty! While I'm on my Christmas Vacation, my beautiful bride, Kathy, will celebrate her birthday the day after Christmas... She always said that she got short-changed on her birthday... I've always separated the two! So, watch you email box around the 24^th for the annual Christmas Pfennig... The Lori Mecha Quartet takes us to the finish line today with their version of the song: Christmas Time Is Here... I hope you have a Wonderful Wednesday today, and Please Be Good To Yourself!