evening wrap, january 29
market vibes
In the news
President Trump is suing the IRS for $10 billion dollars over the release of his tax records.
In the markets
By the close in NY today, the board had a completely different look and feel. Notable breakouts and divergences added depth and color to the remaining weeks of the 1st quarter. For instance, copper made new all-time highs with declarative authority. Oil is up 10% this week. Bitcoin closed at the lowest level since April 8, 2025. S&Ps dropped over 100 handles early in the session and rallied 100 handles in the afternoon. The main event today, however, was gold and silver making all-time highs in extremely volatile conditions… as usual.
let’s begin with gold
In a day of bizarre technical symmetry, gold posted a $500.00 range, high to low, precisely… on volume that was a hair’s breadth from its previous highs on Monday. Prices for COMEX April settled down $6.00 at 5 PM EST. A good part of the volume is the roll, but volatility is consistently manic from Asia to London to New York, hour to hour… day to day.
The CME micro gold traded a record 1,577,286 lots, or the equivalent of 157,289 lots. When added to the standard gold contract, total volume in gold was 792,000 100 toz lots, or almost 200% of open interest… not unlike the volume-to-open-interest ratio for silver on Monday. This behavior is totally out of bounds.
