next victim
market vibes
“You know the closer your destination the more you’re slip slidin away… “ Paul Simon
Data this morning includes…
In Financial News
The BOE cut rates 0.25 to 4.5% as expected. Banal commentary from Bailey.
Borrowing costs for SLV go vertical This item was met with jubilation on X. Unfortunately, it means 10 million shares at least (probably more) have been sold, flooding the silver market with synthetic supply. Although SLV is useless paper, it has a lawful link to the metal via ETF creation and redemption that ostensibly holds unallocated silver supporting it. Some thoughts on this later in my vibe.
In Washington
Fox News, The Independent, and The Daily Wire reported Pam Bondi directed the DOJ to halt all federal funding to sanctuary cities. USAID has been effectively gutted, dismantled, and placed under the aegis of the State Department. So, by these two acts, no more federal money for illegal migrants, full stop. After reading about the mega prison in El Salvador to which apprehended criminals may be transferred by Marco Rubio, it seems more like a message they are better off leaving voluntarily. Chess?
I saw the President being interviewed live by Harris Faulkner yesterday about his EO banning men from women’s sports, bathrooms, etc. Ms. Faulkner asked him how he intended to make it stick as if such a thing were not possible. He shrugged and said, “Easy. I will ban it [make it a crime].” Poof.
Human Interest
The fires in California are finally 100% under control. Trump goes to the Super Bowl. And men still like naked women, evidenced by Kanye’s better half. Odd that should be news in this day and age, but it is.
In the Markets
Despite all its warts and pimples, silver is developing horizontally above $30 in all time samples and moving higher like slo-mo lava, ultimately unstoppable. The usual hubbub about SLV option deltas and bad gamma haunts the bag holders and back pages on X every time silver threatens the highs. And the short gamma sellers always win. I just own it and forget it. One of these days, Alice… Pow! To the moon.
Elsewhere, Copper is breaking out. Gold is showing no signs of stress after a string of record highs. Bitcoin struggles to hold. A second left-handed look at silver through the lens of a bull move in corn. Ethereum looks very interesting for the intrepid. And a probable “next victim” in the vibe. Ready, steady… go:
