evening wrap, october 15

market vibes

“Hang in there… it gets worse.” Anonymous

Todays session in NY was a double helping of yesterday. Gold marched higher with confident elegance on trend. Silver swung wildly overnight traded in a narrow range for most of the pit session and exploded higher into the pit close. Both gold and silver made new record highs albeit by very modest numbers. However, the vertical nature of these rallies in all time samples, from hourly to quarterly is not modest.

I kept an eye on FOMC voting memeber Chris Waller and newly appointed voting memeber Stephen Miran today. Mr. Waller said (I paraphrase), AI will disrupt jobs short-term but drive productivity gains and GDP similar to previous tech revolutions (my read: lower costs and higher earnings… after the crash). He also said the Fed should embrace light regulation. Stephen Miran said two more rate cuts this year are realistic (counting on my toes: there are two more meeting this year).

Trade tensions have not de-escalated. In fact, it’s still call and raise including cooking oil and toys.

In the markets tonight

A recap of trading silver and gold today, a very messy stock market, the end of the world in oil, bitcoin of course, and a deconstruction why the holy three bull markets are what they are… in the vibe.