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Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.
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Friday, October 24, 2025, 9:42 am ET
If it wasn't so sad, it would be funny. Or maybe it's the other way around. Just a day after the U.S. imposed sanctions on Russia's two largest oil companies, according to an EXCLUSIVE REPORT by Reuters (who never lie, ever, honest) Chinese firms have decided to scale back their purchases of Russian oil and India is poised to do the same.
Poised: [pɔɪzd] Adjective The story carries the usual flashpoints of falsity, highlighted below:
SINGAPORE, Oct 23 (Reuters) - Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow's two biggest oil companies, multiple trade sources said on Thursday. Notice how that second sentence just blares out India's intentions, without attributing any sources. Supposedly, when the U.S. says to major nuclear-armed nations, "Jump!", they respond by asking, "how high?" So here comes the delayed CPI report for September. Without looking, Money Daily is going to go out on a limb and say that the numbers beat expectations. Nailed it. Well, kinda. The report from the always reliable BLS reads thusly:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent on a seasonally adjusted basis in September, after rising 0.4 percent in August, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment. Note that September CPI data collection was completed before the lapse in appropriations. Just wondering... if the September CPI data collection was completed before the "lapse in appropriations", as the press release states, why was the release of the data delayed? The entire government shutdown thing is a massive fraud perpetrated by both parties and the president, who could have come up with a compromise continuing resolution as they always do. They simply did not want to, as their objective is to sow chaos, and, by most accounts, they're doing a swell job of it. This isn't exactly what one would call "throttling inflation" or whatever color lipstick the Fed or the BLS wishes to paint on this particular piglet's lips. Inflation is rising, but the "beating expectations" narrative gives the Fed cover to cut interest rates next week at the FOMC meeting )(October 28=29) CNBC .helps put the lies into perspective:
The September consumer price index report rose 0.3% on the month, bringing the annual inflation rate to 3%, according to the Bureau of Labor Statistics. That’s just below the 0.4% and 3.1% that economists polled by Dow Jones had expected. While the data was lighter than expected, the inflation rate still marked an uptick from the 2.9% seen in August. So, inflation is getting worse, but, because the completely fabricated numbers from the "partially shut down" BLS beat Wall Street experts’ (who are almost always wrong about everything) expectations, it's all good for the economy, so "buy stocks." As usual, stock futures shot to the moon. Right around 9:00 am ET - a half hour after the CPI release - Dow futures were up 206 points, NASDAQ futures up 210, and S&P futures were ahead by 39 points. There are a number of problems with this report, but the most glaring is the claim that gasoline rose 4.1% in September. Money Daily tracks gasoline prices weekly, via gasbuddy.com and we checked. August U.S. national average gas prices ranged between $3.10 and $3.18, while September gas prices fell in a range of $3.10 to $3.19, virtually unchanged. Even using the lows of August ($3.10) and the September high of $3.19 - which was actually at the beginning of the month; the $3.10 reading came at the end - the difference is 2.9% not 4.0%. Essentially, gas prices were pretty much flat during the summer and oil prices were falling slightly. The BLS just made the numbers up, as usual. In any case, the obvious takeaway is that the American public, which, apparently, according to experts on the matter in government and media, are dumber than goldfish and will believe anything, are supposed to just accept three percent inflation as a standard good thing. Never mind that the cost of everything (except silver and gold, of course) will double in 23 years. Since actual inflation is much worse than that - a provable fact just by going shopping for groceries, lumber, clothes, just about anything - the dollar's purchasing power is plummeting faster than the approval rating for congress. Oh, well, silver and gold are selling off because THERE IS NO INFLATION. (Orwellian) Next up comes the meeting between President Trump and China's Xi Jinping on Thursday, October 30, on the sideline of the APEC conference in South Korea. There's a safe bet that Trump will return from his overseas trip boasting about how he got Xi to agree to everything, including sharing China’s rare earths and convinced him to stop buying Russian oil. It's all lies, all the time for these people. Everything will continue to deteriorate in America, which has become a general theme, in case you haven’t noticed since the president and the media keep telling you everything is wonderful. Not a word out of Washington nor the mainstream media should be believed. The entire world is being lied to about everything. When Russia takes over all of Ukraine, Europe, the UK and the US will claim victory. This pretty much sums up how the meeting between the leaders of the U.S. and China will go next week: Trump: We have all the cards. Xi: We make the cards. Thank you for your attention to this matter. At the Close, Thursday, October 23, 2025:Dow: 46,734.61, +144.20 (+0.31%) NASDAQ: 22,941.80, +201.40 (+0.89%) S&P 500: 6,738.44, +39.04 (+0.58%) NYSE Composite: 21,623.82, +109.11 (+0.51%)
Thursday, October 23, 2025, 8:53 am ET After a while, all the noise becomes something of a blur and begins to make no sense. It appears that U.S., U.K., and E.U. foreign policies, so intent on harming other countries (primarily Russia and China) rather than strengthening themselves, have met their matches in the BRICS, or, rather, the policies of the West have caused the countries of the East, the BRICS, or the "Global South" to unite and that union is making life more and more difficult for the instigators, marginalizing them and destroying their currencies. "Project Ukraine," as Alex and Alexander over at the Duran prefer to call it, is a massive sinkhole into which NATO nations have thrust hundreds of billions of dollars, euros, and pounds, only to get 1.7 million Ukrainians killed, the country torn to pieces, and the damage done to themselves yet to be fully realized. The most massive foreign policy blunder of this century and maybe of all time has brought Europe, the UK, and the United States to the brink of insolvency, reduced weapon stockpiles to bare minimums and threatened national security. By almost any standard, Ukraine has been a failure of massive proportions, yet the countries which promoted the proxy war against Russia continue to support it, all the while attempting to deflect blame for its continuation on Russia and sometimes, Ukraine. President Trump, who campaigned on ending the war in Ukraine "on day one" is an absolute embarrassment to diplomacy. He could stop the fighting by withdrawing U.S. support - in money and weapons - to Ukraine, but refuses to do so. Thus, he has sentenced more Ukrainians to their deaths, and made the United States a global pariah. The continuity of lies and fabrications about the causes for the Ukraine conflict and its ongoing status, promoted by the government and parroted by the media, are too numerous to enumerate, but it boils down to simple soundbites: Russia bad, Ukraine democracy, rah! It's a huge bag of horse manure, everybody knows it, and it needed to be ended years ago. But it won't end, because the military industrial complex that runs the U.S. government doesn't want it to end. They're making too much money blowing up things. Ukraine is a ten thousand pound yoke hung on the neck of Americans, Europeans, and UK citizens and there's nothing anybody can do about it. Ukraine will prove to be the ultimate undoing of all the Western economies. Their insistence on continuing the madness of this failed campaign is inconceivably reckless and devastating. An opinion poll in France's Le Monde finds: 96% feel dissatisfied or angry about the state of the country; 90% believe it is in decline; 81% don’t think democracy is working for them; 66% think most politicians are corrupt; 71% think their living standards are getting worse; 57% have trouble making ends meet; 85% think France ‘needs a real leader to restore order’; and 63% say they don’t ‘feel at home any more’. On Wednesday, Treasury Secretary Scott Bessent announced a new round of sanctions against Russia's two largest oil companies, Rosneft and Lukoil. How these sanctions are going to harm Russia or how they are going to be enforced are as yet unknown, since Russia sells oil globally, mostly to China, India, and other countries outside the U.S. sphere of influence. They likely won't harm Russia in the least, nor will they help to end the conflict in Ukraine. India and China aren't going to stop buying Russian oil just because the U.S. says they shouldn't. It's basic extortion. "You bought Russian oil. Pay us." Doesn't really work that way. What these sanctions did manage to accomplish, however, was to spike the price of U.S. and European oil higher. WTI crude oil bottomed out at $56.39 on Tuesday. Brent crude was $60.36. As of Thursday morning, WTI is $61.68 and Brent is $65.81. Russia hasn't blinked. A real “game-changer” ya got there. Obviously, this strategy is tantamount to poking oneself in the eye with a stick. One has to ask, "qui bono?" Well, obviously, ExxonMobil, Shell, BP, and a host of other oil giants and their shareholders who have been horrified at the recent declines in the price of oil and petrol and gas at the pump, putting their mammoth profits at risk. You can bet your bottom dollar that all those Senators and House Reps who are keeping the government shut down bought a few shares beforehand. These new sanctions are piled on top of 18 prior rounds of sanctions imposed against Russia. Obviously, they're working wonders, if making the BRICS alliance stronger and keeping the war in Ukraine running in Russia's favor is what they had in mind. These policies are much too stupid to be accidental. They are purposeful, designed to weaken the countries imposing the sanctions and to make their own citizens suffer. According to all-knowing Bloomberg, transactions involving the two Russian oil producers need to be wound down by November 21, leaving a window of opportunity open for negotiation, evasion, maybe some live ammo shooting at each other. President Trump's meeting with China's Xi Jinping, expected to take place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea October 31 and November 1 (too bad. They're going to miss the Breeders' Cup and possibly games six and seven of the World Series), is more likely to turn into a massive pissing match rather than some grand trade deal. Who game plans these things? Some drunken sailor? Howard Lutnik? P. Diddy? Bo Diddley? The question was posed to Bing's AI co-pilot, "How do sanctions against Russian oil companies cause U.S. oil prices to rise?" Here is what it said:
Sanctions against Russian oil companies, such as Rosneft and Lukoil, lead to a rise in U.S. oil prices due to several reasons: Higher prices. Just what Americans, Britons, and Europeans need. So screwed. In a little more than a week, should the U.S. government shutdown continue past the end of October, funding for SNAP, otherwise known as "food stamps" will expire. 42 million Americans will not get their monthly allotment of money to buy groceries. First off, it's shameful that 12% of the population needs assistance in order to eat, as in, stay alive, but, if the government allows SNAP to go unfunded, there will be riots, looting, and mayhem across America. It's probably why Trump has prepositioned National Guard troops to places like Chicago, Memphis, etc. This is just another stage of the government shutdown master plan, easing everybody into martial law, dependent on the federal government - despite it being unfunded, "shut down" as it were - for protection. Thug tactics. Protection racket. Let's see how that goes. Things are getting just a little out of hand when it comes to government and the power they wield. Definitely not a good look, but, this is what happens when people put their faith in politicians who put their own interests ahead of the county’s. With all the confusion, malfeasance, and objectionable noise in global politics underway, Wall Street chugs along, though most of Wednesday was spent chugging in reverse. For whatever reasons, all the major indices were down. Maybe they were "overextended", like everybody was complaining about gold and silver before they were summarily slapped down on Tuesday. Could be anything. Probably nothing to worry about. Stocks always go up. This morning, there seems to be some concern over earnings reported after the close Wednesday and before the bell Thursday. Tesla (TSLA) is down four percent after missing its earnings target. Dinosaur computer firm, IBM (IBM) posted adjusted earnings per share of $2.65, beating the analyst estimate of $2.44 handily. Revenue came in at $16.33 billion, ahead of consensus estimate of $16.09 billion and representing a nine percent increase year-over-year. However, shares are down seven percent in the pre-market. Investors apparently are more concerned with slowing growth in the company's cloud business and timid growth projections. Maybe that PE ratio of 47 has something to do with it. Or AI, or, aye-aye, or an eye for an eye, who knows? Not to worry, Exxon Mobil (XOM) and Chevron (CVX) are both higher in anticipation of higher fuel prices courtesy of sanctions on Russian oil companies. See how that works? What could go wrong? At the close, Wednesday, October 22, 2025:Dow: 46,590.41, -334.33 (-0.71%) NASDAQ: 22,740.40, -213.27 (-0.93%) S&P 500: 6,699.40, -35.95 (-0.53%) NYSE Composite: 21,514.71, -56.45 (-0.26%)
Wednesday, October 22, 2025, 10:17 am ET Of all the narratives, rationales, and explanations for the sudden reversal of gold (and silver) on Tuesday, those provided by expert trader Don Durrett on the CapitalCosm youtube channel: BREAKING! Someone BIG is CRASHING GOLD & SILVER Prices (here's who) was likely to have been closest to the mark. Early in the video, Durrett points out that gold remains in a bull market, and notes that all of the selling took place in New York, where gold is not bought, only sold, and also correctly makes the claim that the U.S. central bank - the Federal Reserve - does not buy gold, which is indeed the case, though all other central banks around the world, and especially in the East, are buyers of gold. What makes the case for the selloff in New York all the more plausible and all the more fake (Durrett calls it a "bankster" selloff") is that the mainstream media - from Bloomberg to Yahoo! to Reuters - have been spouting off about gold and silver being "overbought" or "overextended" for weeks prior to Friday's and Tuesday's massive downdrafts. When was the last time the mainstream financial media said the NASDAQ, S&P, or stocks like Nvidia, Google, Amazon or Apple were "overextended?" The answer to that is simply never. Peons and muppets are not supposed to hold assets that are stores of value. They are guided to buy stocks, the prices and movements of which are guided by the owners of the Wall Street casino, the big banks and brokerages. Now, it may have been the case that precious metals were in an overbought condition. Gold and silver have been the best asset performers all year, far outpacing stocks and rambling on ahead of Wall Street's latest scheme, crypto. Even with the falloff from Tuesday included, over the past month, gold remains up 7.37%, silver, 7.49%, while bitcoin has lost 5.78%. Incidentally, over the past month - from September 21 to October 22 - the S&P 500 is up a paltry 0.62%. Other considerations which gold and silver proponents should be well aware are the enormous moves made by both of the precious metals in a short period of time. Two years ago, around October 23, 2023, gold was $2,000, and silver was $23. They've each more than doubled over the past two years, which, considering gold is still above $4,000 and silver is holding around $48, puts the selloff into context. All indications point to coordinated selling on the NYMEX, GLOBEX, and COMEX of paper gold and silver contracts, not actual metal. There has been no news regarding relief in the silver shortage in London, the precious metals ETFs in India which suspended opening of new accounts - Kotak Mutual Fund and UTI Asset Management - have not re-opened to new money, the ongoing silver supply shortage reamins in its fifth year running, the world's central banks continue to buy gold, and investment professionals have recently begun to advise allocating anywhere from 10 to 20 percent of portfolios to precious metals. What the sudden falloff - among the largest one-day declines in the prices of gold and silver - in precious metals suggests is that the Wall Street insiders needed a better entry point for their high net worth clientele, and battered the price lower to accommodate themselves. Unbeknownst to most people is that while JP Morgan and Citibank operate some of the most sophisticated short-selling operations to suppress the prices of gold and silver, they are at the same time long the metals in the banks' proprietary accounts. The bull market in gold and silver, which likely began in earnest in January of 2024 for both, is still in its early stages and the pullback offers another entry point for those wishing to secure their futures and escape the debt-based rat trap set by governments and bankers. For those unconvinced that gold and silver have significantly more upside, the following questions should be entertained: The CPI reading for September that, due to the government shutdown, has been delayed until this Friday (October 24), show the Fed is closer to its two percent target, and, even if it is, who trusts the figures from the BLS? Will the Federal Reserve lower interest rates at next week's FOMC meeting (October 28-29)? If and when the federal government reopens, will the House, Senate, and the President suddenly resolve to cut the deficit significantly? Honest answers to those questions imply that gold and silver have much higher price targets ahead of them and the trend remains bullish. Another area worth looking into are the actions of President Trump, especially concerning tariffs and trade relations with China. Just yesterday, the president inked a deal with Australia to jointly produce rare earths after China imposed export controls on the critical ores. Upon signing the deal, Trump boasted, "In about a year from now, we'll have so much critical minerals and rare earths that you won't know what to do with them." Trump's statement is simply untrue. First, the agreement is merely a framework for cooperation between the two governments. There are few specifics, and the timing of the deal, along with Trump's boasting, indicates that the U.S. is desperate to obtain rare earths and critical minerals now that China has weaponized them in the ongoing trade war. There's little chance that Australia and the U.S. together can produce the amount of ore that America needs and produce it quickly enough to even approach China's substantial lead. According to the U.S. Geological Survey (USGA), in 2024, China produced 270,000 tons of rare earths and has 44 million tons of reserves. By contrast, Australia produced 13,000 tons and has 5.7 million tons of reserves, and the U.S. produced 45,000 tons and has 1.9 million in reserves. Trump's endless barrage of tweets and boasts serves only to persuade the few remaining fawning MAGA supporters that he's keeping his America first promises. Anybody who's ever been around real winners in life, be they in sports or business or any other human endeavor, knows that champions don't have to boast about their accomplishments. Hank Aaron, who for years was baseball's all-time home run hitter, was a modest man with a firm handshake and quiet confidence. Tom Brady doesn't go around reminding people that he won seven Super Bowls. Warren Buffett, one of the wealthiest men in the world, drives a 2014 Cadillac. Man and women who have achieved great things exude an air of confidence that runs counter to Trump's constant boasts, threats, and bragging on social media and in his public appearances. Much of what he claims - outside his success at closing the border - is exaggerated and often fallacious. The president has a need to maintain an atmosphere of America's dominance, when the reality is that the country is in a severe state of decline. Most of what comes out of "official" Washington is little more than bluster and blather. As such, it is meaningless in the larger, longer term outlook most serious people maintain. That's why gold and silver will continue their march higher soon enough and the boasts and extended narratives of 21st-century America will be revealed as nothing more than empty rhetoric. There's little that Trump or congress or anybody can do to change the direction of world events. The BRICS and China, Russia, and India are eating the West's lunch. Putin, Xi, and Modi laugh at the half-truths and superficial posturing of the West. America and Europe are in a state of terminal decline and the sooner the managers (they are not "leaders") of the Western developed countries come to grips with this reality and offer their people more than platitudes and sanctions against other countries the sooner they can begin to accept their role in the emergent new world order in which Asia, gold, and cooperation make the rules and fiat, debt-based currencies, sanctions, and empty promises become a thing of the past. At the Close, Tuesday, October 21, 2025:Dow: 46,924.74, +218.16 (+0.47%) NASDAQ: 22,953.67, -36.88 (-0.16%) S&P 500: 6,735.35, +0.22 (0.00%) NYSE Composite: 21,571.16, -27.01 (-0.13%)
Tuesday, October 21, 2025, 9:18 am ET
Well, it looks like the fun's over for the silver stackers and gold bugs. The fiat money cartel is back in business, sending gold down $125 prior to the opening bell ($4,233.70) and slaughtering silver, sending it back below $50, to as low as $49.50. Silver spot was as high as $54.47 on Friday, but was sent down more than five percent later on the day and another five percent this morning. Sorry to say, but F--K these people. Gold and silver are completely rigged by the COMEX and LBMA cultists, who have suppressed the price of real money for decades. They are obviously desperate to convince people to not hold precious metals and opt instead for worthless dollars, euros, yen, and pounds, paper debt instruments conjured out of thin air. Sick bunch, really. In the meantime, stocks were bought on Monday as if they were rarities. Yes, you too can own one billionth of Apple or Google or Amazon. Or, maybe you'd like some crypto. Bitcoin bounded as high as $111,294 yesterday, dropped to $107,575 this morning and is resting quietly at $108,853.56. And everybody knows bitcoin is going to $200,000 or maybe $1,000,000 very soon, as soon as the U.S. government starts adding to the bitcoin strategic reserve. Utter BS. Stocks look to have another golden day, with loads of earnings coming in suggesting a solid, robust economy. Shut up and keep buying.
At the Close, Monday, October 20, 2025:
Sunday, October 19, 2025, 11:10 am ET Gold won the week.
For the Week: The rest is noise. Since people like noise in its various forms, great effort is made to make noise the prominent feature of what's considered "news." Like rap music, it's jarring to the senses. Government (even when it is shut down or otherwise inoperable, like the last 300 years), the billionaire-funded "No Kings" rallies, Israel's ceasefire violation in Gaza, stocks, and sporting events dominate. At least sporting events have some redeeming qualities. People get paid to play them. Advertisers pay money to show their products on broadcasts. Stocks, too. You can make or lose money on them. Government adds nothing. Other than rare moments when some government funds worthwhile activities like building roads or bridges, it's generally worthless and actually a drain on human productivity. Yet, because large numbers of people populating the planet are incapable of self-governance, there it is, forever and always. Stocks Last week, banks dominated earnings. In the week ahead, a variety of tech, Dow components, and other industrials and major corporations take the stage. Earnings will be in focus this week. Here are a few of the more prominent companies reporting third quarter results: Monday, October 20: (before open) Summit Theraputics (SMMT), Cliffs (CLF); (after close) Zions Bancorporation (ZION), Crown Holdings (CCK), Flexsteel (FLXS) Tuesday, October 21: (before open) 3M (MMM), Coca-Cola (KO), Lockheed Martin (LMT), Northrop Grumman (NOC), GE Aerospace (GE), Pulte (PHM), Philip Morris (PM), General Motors (GM); (after close) Capital One (COF), Texas Instruments (TXN), Netflix (NFLX), Mattel (MATT) Wednesday, October 22: (before open) AT&T (T), Winnebago (WGO), Hilton (HLT), Boston Scientific (BSX) ; (after close) IBM (IBM), Tesla (TSLA), SAP (SAP), Kinder Morgan (KM), Lam Research (LRCX), Alcoa (AA) Thursday, October 23: (before open) Dow (DOW), Hasbro (HAS) Nokia (NOK), Honeywell (HON), Aerican Airlines (AAL), AutoNation (AN), T-Mobile (TMUS), Southwest Airlines (LUV); (after close) Newmont Mining (NEW), Intel (INTC), Deckers (DECK), Ford (F) Friday, October 24: (before open) Proctor & Gamble (PG), General Cynamics (GD), Flagstar (FLG). The Shiller PE (CAPE) closed out the week at 39.79, down from October 8th's 25-year high of 40.32 (since the dotcom bubble, December, 1999, 44.14), but higher than last Friday's 39.09. Treasury Yield Curve Rates
With the next FOMC meeting less than two weeks away (October 28-29), yields are front-running the expected 25 basis point cut (maybe 50) and another one in December (Dec. 9-10). Divining the Fed's tea leaves, it's obvious that somebody thinks the U.S. economy is not great, despite inflation figures - which will be revealed this week - remaining well above the two percent target. The Fed has pretty poor aim. With all the monetary tools at its disposal, it can't even hit its own targets. Time for them to go. The question remains: Why are yields falling and money moving rapidly into gold, silver, and fixed income while the stock market continues to rally? The answer might have something to do with size. Fixed income markets are orders of magnitude larger than those of stocks. When it comes to gold and silver, there's a reason they're called "precious" metals, and stocks are just called "stocks." 2s-10s spreads expanded out to +56 while full spectrum narrowed to +42. Demand for treasuries remains strong, despite BRICS and de-dollarization efforts, the slack pick-up home grown. Spreads: 2s-10s9/15/2023: -69 9/22/2023: -66 9/29/2023: -44 10/06/2023: -30 10/13/2023: -41 10/20/2023: -14 10/27/2023: -15 11/03/2023: -26 11/10/2023: -43 11/17/2023: -44 11/24/2023: -45 12/01/2023: -34 12/08/2023: -48 12/15/2023: -53 12/22/2023: -41 12/29/2023: -35 1/5/2024: -35 1/12/2024: -18 1/19/2024: -24 1/26/2024: -19 2/2/2024: -33 2/9: -31 2/16: -34 2/23: -41 3/1: -35 3/8: -39 3/15: -41 3/22: -37 3/28: -39 4/5: -34 4/12: -38 4/19: -35 4/26: -29 5/3: -31 5/10: -37 5/17: -39 5/24: -47 5/31: -38 6/7: -44 6/14: -47 6/21: -45 6/28: -35 7/5: -32 7/12: -27 7/19: -24 7/26: -16 8/2: -08 8/9: -11 8/16: -17 8/23: -09 8/30: 00 9/6: +06 9/13: +09 9/20: +18 9/27: +20 10/4: +5 10/11: +13 10/18: +13 10/25: +14 11/1: +16 11/8: +5 11/15: +12 11/22: +4 11/29: +5 12/6: +5 12/13: +15 12/20: +22 12/27: +31 1/3: +32 1/10: +37 1/17: +34 1/24: +36 1/31: +36 2/7: +20 2/14: +21 2/21: +23 2/28: +25 3/7: +33 3/14: +29 3/21: +31 3/28: +38 4/4: +33 4/11: +52 4/17: +53 4/25: +55 5/2: +50 5/9: +49 5/16: +45 5/23: +51 5/30: +52 6/6: +48 6/13: +45 6/20: +48 6/27: +56 7/3: +47 7/11: +53 7/18: +56 7/25: +49 8/1: +54 8/8: +51 8/15: +58 8/22: +58 8/29: +64 9/5: +59 9/12: +50 9/19: +57 9/26: +57 10/3: +45 10/10: +53 10/17: +56
Full Spectrum (30-days - 30-years)
Oil/Gas WTI crude oil closed out the week at $57.25, marginally down from last Friday's closing price of $57.84, hitting a low of $56.33 midday Friday. Money Daily has been correctly called the oil price decline for the past year at least, citing slack demand and oversupply. Markets remain in general denial about the health of the global economy, most prominent in Western economies. The lower price for crude oil, running counter-cyclical to inflation and to gold and silver, is indicating recessionary forces at work. Much of Europe has been in recession for the better part of the past two years, led by Germany and France, whose economies are nearly dormant. European economies in the largest countries - Germany, France, Italy, England - continue to hide the truth of their imminent demise. Energy prices are already too high for the general public, so a return to economic conditions along the lines of the Dark Ages is likely to occur within years. Europeans may not realize that through the mechanics of the European Union, the continent - plus England - has barely escaped feudalism. The breakdown in oil prices has sent retail gas prices plummeting. U.S. gas prices slumped lower on Sunday, the national average at $3.01, according to Gasbuddy.com. State-by-state numbers show California remaining abysmally high, at $4.64 per gallon, followed by Washington, down five cents ($4.42). Oregon ($4.00), was down nine cents on the week. The lowest prices remain in the Southeast, with Oklahoma ($2.45) exceeding the price of a year ago by 22 cents to the downside, the lowest prices found in Muskogee County, outside of Tulsa, at $2.34. Arkansas and Texas follow, at $2.56, then, Mississippi ($2.58). The remaining Southeast states are all below $2.76 (Georgia), with Florida the exception,, though it was also down sharply from a few weeks ago, holding steady this week, at $2.88. Most of the Northeast found some relief, led by Delaware ($2.91), New Hampshire ($2.93), New Jersey and Rhode Island ($2.95), Massachusetts ($2.97), Maryland ($2.98), and Connecticut ($2.99). Pennsylvania ($3.21) remans the highest. New York is lower, at $3.09. Virginia and West Virginia ($2.90) were both lower, and Kentucky ($2.64) dropped eight cents. Ohio ($2.91) was slightly higher than last week, and Indiana ($2.85) was unchanged. Michigan ($2.77) fell sharply. Illinois ($3.09), was down another 11 cents, and is the only midwest state above $3.00. All midwest states from Wisconsin (lowest, at $2.62), Minnesota, and North Dakota south to Missouri, Kansas, and Colorado ($2.82) are well below $3/gallon. Wyoming ($2.88). Sub-$3.00 gas can be found in 35 states, up another five from last week, concentrated in the South and Midwest and adding in the Northeast. The entire Southeast, out to New Mexico ($2.71) is under $3.00 a gallon. Gas in next door neighbor New Mexico is $3.41, making border hops appealing to cost-conscious drivers nearthe border, the 50-70-cent gap difficult to ignore. Taxes are mostly to blame for the wide divergence. Bitcoin (fake money) This week: $106,748.23Last week: $112,895.70 2 weeks ago: $122,985.87 6 months ago: $85,115.07 One year ago: $68,179.25 Five years ago: $14,832.34 Bitcoin got clubbed again, hitting a low of $104.007.48 on Friday (Oct. 17). So much for it being a store of value, one of the many indicators for being actual money that it does not share with gold and silver. Anybody who has held onto bitcoin for more than a year should be happily taking profits and buying actual hard assets, or maybe food, because, despite the usual morons saying that the charts show the vaporware crypto coin going to $200,000, $400,000, or a million, the glory days are becoming smaller and smaller in the rear-view mirror. Bitcoin seems to be aging about as well as 50,000 mile tires. Year-to-date, bitcoin (+15.56%); gold (+59.53%); silver (+71.34%); First Majestic Silver (miner) (AG)(+155.56%).
Gold:Silver Ratio: 80.35; last week: 81.55 Silver/Gold %: 1.25%; last week: 1.23% Per COMEX continuous contracts:
Gold price 9/19: $3,719.40
SPOT:
(Kitko)
Stackers and goldbugs who have been holding for three years or longer have made enormous profits in just the past 18 months. Some anecdotal evidence suggests that some have decided to part with some of their holdings, cashing in at or near all-time highs. Meanwhile, the retail side of the equation, most prominent in silver pricing, is just kicking into a higher gear. From the results of Money Daily's weekly Sunday price survey on eBay, it is plain to see that even Friday's cram-down on silver's COMEX and spot price (which Andy Schectman, among others, claims is broken) was largely ignored by buyers and sellers alike. The lowest price for single-ounce silver bars or coins was somewhere north of $55, with a good number of items fetching prices above $60. Gold was led by Gold Eagles and Indian Heads. Perhaps the most intriguing commentary of this past monumental week comes courtesy of Kitko's Jeffery Szafron and his interview with Scottsdale Mint CEO Josh Phair, in which Phair begrudgingly divulges his prediction for the gold price, based on observations and calculations of the deceased Jim Sinclair, who was known during his life as "Mr. Gold." The Phair-Sinclair prediction calculus for the derivation of the eventual price of gold is to divide the amount of foreign debt by the number of ounces of gold in U.S. possession, the result revealing gold's true value. Phair claims that this formula has worked out twice in his lifetime and argues that it can happen again. Video Link
Based on the latest available data from the U.S. Treasury, foreign creditors hold approximately $8.5 trillion in U.S. debt. Backing that figure with the nation’s stated gold reserves of 261.5 million troy ounces implies a gold price of over $32,500. Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
The Single Ounce Silver Market Price Benchmark (SOSMPB) reached another new record high since Money Daily began recording in 2020, of $58.54, an explosive gain of $3.76 from the October 12 price of $54.78 per troy ounce. For newbies, buying silver at $50 an ounce or slightly higher might be worthwhile and only available briefly. Online retailers have prices well above spot, which is unlikely to fall much unless there's a major global recession. Even then, your dollars, yen, euros, or pounds are likely to be worthless. Your silver, otherwise, will have real value. WEEKEND WRAP Gold. Silver. Maybe some Lead and copper.
At the Close, Friday, October 17, 2025:
For the Week:
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