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Weekly Survey of Gold and Silver Prices
Single Ounce Silver Market Price Benchmark
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.
PRIOR COVERAGE:
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Friday, November 22, 2024, 9:10 am ET While the NASDAQ languished after less-than-spectacular forward guidance from Nvidia (NVDA) - which is now the poster child for the term "priced to perfection" - Dow Industrials took up market slack and powered ahead, ending the day just 427 points (less than one percent) from the all-time closing high of 44,293.13 (November 11, 2024), powered by gains in IBM (IBM) and Salesforce (CRM). The day's gains on the Dow turned the week completely around for the index of 30 blue chip stocks. After Wednesday's close, the Dow was down around 35 points. Thursday's effort changed that small loss into a large gain. That helped it catch up to the NASDAQ, which is ahead by 292 points on the week, heading into Friday. The S&P also shrugged off the losses from last week and has posted a positive number every day this week, up 78 points through Thursday's closing bell. A pair of mid-tier retailers posted third quarter results after the close on Thursday, both companies reporting a strong quarter and superior guidance heading into the holiday shopping season. The Gap (GAP), with a major online presence accounting for 40% of all sales, and more than 3,600 stores in 40 countries, showed net income of $274 million, translating into diluted earnings per share of 0.72. Those numbers compared favorably with year-ago figures of net income of $218 million and EPS of 0.59. President and CEO, Richard Dickson exuded confidence, saying, "holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Shares of The Gap were up nearly seven percent on Thursday and are indicated up another 17% heading into the Friday cash session. The stock, which has a very low beta, a PE ratio hovering around 10, and a 52-reek range from 18.34 to 30.59, closed Thursday at 22.04. Shares of Ross Stores (ROST) were also being favored after the company posted net earnings of $489 million and EPS of $1.48, raising its full-year outlook to $6.10 to $6.17 per share. The stock was up more than 2.5% on Thursday and is tacking on another seven percent prior to Friday's opening bell. Year ago returns were EPS of 1.33 on net of $447 million. The mood wasn't quite so cheery over at Intuit (INTU), which topped estimates for the quarter, but issued lowered guidance, with some trepidation over fears of the incoming Trump administration offering a free federal government tax reporting app or simplifying the tax code to a point at which Intuit's software would be unnecessary. The company reported earning of 2.50 per share, ahead of estimates for 2.36. Shares are down nearly three percent an hour prior to the opening bell. Intuit is a prime example of just how overpriced tech stocks have become. Yahoo Finance shows a PE ratio of 66 on this 30-year old company. Normally, such high PE ratios are reserved for startups expected to grow at exponential levels, but these days, mature companies like Apple (AAPL) and Microsoft (MSFT) are sporting PE ratios in the 30s and higher. Elsewhere, gold continues to rally steadily following a post-election dive, hitting $2,712 overnight. Silver, which has lagged its more expensive cousin, seems to be perking up, continuing to trend close to $32 per ounce. The rally in WTI crude oil was short-lived, topping out at $70.65 per barrel on Thursday, but slipping back below $70 Friday morning. Futures are pointing to an even open, with equities close to the UNCH line.
At the Close, Thursday, November 21, 2024:
Thursday, November 21, 2024, 8:35 am ET Roses may be blooming on Wall Street Thursday morning. Even companies with net income down nearly 50% (Deere & Co, DE) are trending higher. Topping the earnings calendar was Nvidia (NVDA), releasing third quarter results after the close Wednesday. The chip-maker earned 81 cents per share, beating estimates of 75 cents. The company's forward guidance fell a bit short of sky-high expectations, however, sending shares lower by one to two percent prior to the opening bell. Not that a percent here or there changes any of the calculus for owning shares of a company with a $3.6 trillion market cap. Nvidia stock has gained more than 200% this year. BJ's Wholesale Club (BJ) reported fiscal third-quarter earnings of $155.7 million. Earnings, adjusted for one-time gains and costs, came to $1.18 per share, handily topping estimates and well ahead of he same period in 2023, of 98 cents. Investors are rewarding the company's performance with a stock boost of seven to eight percent in pre-market trading. Deere & Company (DE), maker of farm and garden equipment, saw earnings fall sharply but still beat easy estimates. For the quarter ended October 27, 2024, Deere reported net income of $1.245 billion, or $4.55 per share, topping the analyst estimate of $3.89 per share. Revenue for the quarter came in at $11.14 billion, above the consensus estimate of $9.23 billion. Both figures represent substantial year-over-year declines, with net income down 47% and worldwide net sales and revenues decreasing 28% compared to the same quarter last year. In the same quarter in 2023, Deere earned $8.32 per share. The decline to $4.55 should be a warning sign of a company losing its mojo. Nonetheless, shares are rising by two percent in pre-market trading. Over the past five days, gold has rallied nearly four percent, up more than $100, to $2,670. Silver continues to be suppressed, gaining lass than two percent, currently trading on the COMEX around $31.50, though it has been as high as $31.95. For whatever reason, bitcoin is off the charts, closing in on $100,000, having surpassed $98,000 this morning. Since the U.S. election, November 5, bitcoin has gained more than 40%. Even oil has caught a bid, despite the third straight week of inflows according to the Energy Information Administration (EIA). Russia-Ukraine tensions are cited as the reason WTI crude is above $70 this morning. Not to throw shade on the utterly corrupt oil futures market, but there's an enormous global glut of crude that a few missile strikes aren't going to change. Besides, with Trump's inauguration just 60 days away, market dynamics are likely to veer radically, with the price of oil almost certain to decline. There's still more than an hour before the cash market opens, so much of what's happened overnight could easily be discounted. U.S. and European markets have been a complete joke for years. That's something that is probably not going to change any time soon. However, those with an investment horizon longer than a few months might see signs of disinflationary trends headed their way. Trump's term of office, extending through 2028, is no doubt going to be very disruptive. With that in mind, prices for everything from toilet paper to Teslas may be radically realigned. This is by no means a recommendation to short anything, but caution should be top of mind over the next two months. The weeks before and immediately after Trump's inauguration may be a period of heightened volatility, owing to the paradigm shifts expected in how the U.S. conducts business with the rest of the world. Dow futures an hour prior to the open are leading the advance, up 150 points, while NASDAQ, noting the weakness in NVDA, are up the least, less than 20 points to the good. S&P futures are up around 12 points, after last week's losses still shying away from the record high of 6,001 on November 11.
At the Close, Wednesday, November 20, 2024:
Wednesday, November 20, 2024, 9:03 am ET With the Biden administration's failed attempt to touch off World War III taking up most of the headline space on Tuesday, Wall Street pros largely took the non-event in stride, focusing instead on Walmart's (WMT) strong third quarter results, which were posted prior to the opening bell. With Putin and Russian leadership failing to take the bait offered by Ukraine's lame assault with six (or eight, depending on which lying media outlet you prefer) ATACMS missiles, equity markets turned mostly a deaf ear to the shrieking over a forecast for nuclear winter. Walmart beat estimates and offered a rosy outlook for the holidays, posting adjusted earnings for the quarter of 58 cents a share, up 13.7% from the same period last year, beating the Wall Street consensus analyst forecast of 53 cents a share. U.S. same-store sales were up 5.3%, the best result in six quarters. Online sales rose 22% from a year earlier and now represent more than a fifth of all revenue. Shares of the retailer were up three percent on Tuesday, reaching an all-time high. The mood wasn't nearly as jubilant over at home improvement retailer, Lowe's (LOW). While the company beat on the top and bottom lines, revenue was down from a year ago and same-store sales also declined by more than one percent, the company citing slack demand for big-ticket purchases. Shares were down 4.6% on the day. Wednesday morning's reporting by mainline retailer, Target (TGT) could not have been more downbeat, the company slashing its full-year adjusted earnings per share to range from $8.30 to $8.90, down from $9 to $9.70 per share. For the quarter ended September 30, Target reported EPS of $1.85 vs. $2.30 expected, down from $2.10 in the year-earlier period. Shares were down 15-20% in pre-market trading. Parent company of Marshall's, TJ Max and other retailers, TJX Companies (TJX), posted encouraging fiscal 2025 third quarter results (ended November 2, 2024), including comparable stores' sales growth of three percent, pretax profit margin of 12.3% and above estimate diluted EPS of $1.14, while also raising FY25 pretax profit margin and EPS guidance. The company executed on its plan and returned $997 million to shareholders in the quarter through share repurchases and dividends. Despite the solid results, shares of TJX were flat prior to the opening bell. Traders in stock futures have taken the big miss by Target as a symptom of management's inability to perform basic corporate duties competently, losing market share to Walmart and making poor decisions, such as stockpiling inventory in advance of the recent dock workers' strike, which lasted only a few days. Thus, stock futures are pointing to a higher open with gains across the board. The day's trading will be overshadowed by anticipation of Nvidia's (NVDA) earnings report after the closing bell. The chipmaker has driven the tech-heavy NASDAQ to high performance throughout the year, with shares of the company up more than 200% year-to-date, outpacing the NASDAQ, which isn't doing so bad overall, up ore than 28% in 2024. Bitcoin continues its post-election tear, hitting an all-time high above $94,000 overnight. WTI crude oil remains below $70/barrel. Gold and silver lost some ground overnight, but are continuing the rally that took flight Tuesday, with gold at $2,642 and silver closing in on $32 per ounce on the COMEX. Economic data in the U.S. is sparse. With under an hour to the opening bell, Wall Street seems relatively calm as Vice President-Elect J.D. Vance head to the nation's capital, arranging meetings between key GOP senators and Trump cabinet picks Matt Gaetz and Pete Hegseth.
Some of the Republican senators running for reelection in 2026 most likely to obstruct Trump's cabinet appointments are: Some arm-twisting and mention of primaries might slip into the conversation amid "negotiations" this week.
At the Close, Tuesday, November 19, 2024:
Tuesday, November 19, 2024, 9:13 am ET UPDATE: Tuesday, November 19, 2024, 10:55 am ET Russia Times (rt.com) has reported that Russian's Defense Ministry in Moscow said six ATACMS were launched by Ukraine into Russia's Btyansk region and five were intercepted.
According to the statement, Kiev fired six long-range ballistic missiles identified as ATACMS early on Tuesday morning. Five of them were intercepted with S-400 and Pantsir air defense systems, while another was damaged and hit the ground at a Russian military site in Bryansk Region, causing a fire that was quickly dealt with. The Russian military claimed that no damage was caused by the incident. Markets seem to have calmed down somwhat. Perhaps, like everything else the deep state morons now counting the days until they face retribution touches, their incompetence shines though; they can't even shoot straight or effectively. With so-called "leaders" like the ones on their way out, who needs enemies? Trump and others are indeed well informed and correct in saying that America's greatest enemies come from within its borders.
----------------- END UPDATE -----------------
As a parting gift to the incoming Trump administration and the citizens of America, Joe Biden, or whomever is running things in official Washington, tried to start World War III. On Monday, the New York Times dutifully reported that Joe Biden had given the green light to Ukraine for use of long-range missile strikes into Russia. Not wasting any time, the Zelensky regime launced a series of ATACMS strikes into its neighbor's territory, striking a military facility near the city of Karachev in the Bryansk region, about 115 kilometers (71 miles) from the border with Ukraine. Built by Lockheed Martin, ATACMS are long-range surface-to-surface missiles equipped with 500-pound warheads, according to the company. They can be guided via GPS and have a maximum range of 300 kilometers, or approximately 186 miles, so, this first strike is likely to be followed by deeper penetration into Russia unless Moscow responds forcefully. Shortly after news of Biden's decision to allow long-range strikes into Russia, Kremlin spokesperson Dmitry Peskov told reporters that President Vladimir Putin signed new changes to Russia's nuclear weapons doctrine. Peskov said the new modifications signify "the use of Western non-nuclear rockets by the Armed Forces of Ukraine against Russia can prompt a nuclear response." That is a significant statement, one which any sane leader would heed with great caution. Of course, Joe Biden is not only not sane, he's usually incoherent, suffering from advanced dementia, a condition which prompted his removal by fellow Democrats from the presidential race earlier this year. In reality, Biden is unlikely to have made such a decision. On Monday, he was touring the tropical rainforest in Brazil. It's likely he knew nothing about giving Ukraine the go-ahead on long range missile strikes. Secretary of State Antony Blinken and National Security Advisor Jake Sullivan, who have been mysteriously quiet since the November 5 election that saw Republicans sweep to power, taking the White House, along with majorities in the Senate and House of Representatives, are prime suspects in approving the order to Ukraine. Of course, they do not make decision on their own. Certain powers behind the scene, ensconced in the secrecy of the deep state, have taken to this extreme measure to prevent President-Elect Trump from taking office officially on January 20. How Russian President Vladimir Putin will respond is a matter of great speculation. Assuredly, he is aware of the Davos/Neocon/Deep State last ditch effort to keep Trump from office, though he must also keep his people free from harm. This dangerous escalation - an outright provocation by the West - will likely be dealt with in a measured fashion, and possibly not in any urgency. Putin may wait to see if there are more strikes, knowing that Ukraine is low on missile supplies, or, he may take the initiative to launch a full-blown assault on Kiev or even NATO military installations near Ukraine's borders. There's also the possibility of a nuclear strike, though that seems to be the absolute last option for Russia. Any use of nuclear weapons could trigger a global conflagration, which Putin, and just about everybody else, save for the nut-jobs in DC, Paris, London, and Berlin, would seek to avoid. Markets took notice of the missile attack and await Russia's response. U.S. stock futures are slumping, as are European markets. Gold and silver have added to gains from Monday, with gold at $2,638 and silver, $31.35 the ounce. In the background sits Donald J. Trump, two months removed from returning to the White House and putting an end to all of the deep state, neocon policies for good. Hopefully, Trump and Putin are talking. This story is developing.
At the Close, Monday, November 18, 2024:
Sunday, November 17, 2024, 11:52 am ET Politics has prevailed over finance and economics since the events of November 5th, and it is likely to continue to dominate the news flow in the near term. CPI and PPI October results released in the week just past have set an ominous tone for the next FOMC meeting, on December 17-18, with inflation remaining somewhat persistent, albeit at lower levels. That's the next big financial event, and, in all candor, it's not that big a deal. If the FOMC moves the federal funds rate down another 1/4 point - which is now a 50/50 proposition - it won't make much of an impact in financial markets, being overshadowed by the reform movement underway in the nation's capital. Rhetoric, as expressed on mainstream media and especially by members of congress, has been significantly toned down from the shrieking in the run-up to the election. Nobody is claiming Trump will be a dictator or expressing views that he will persecute the people who opposed him. Gradually, the tone has been changing toward more conciliatory terms. Many Washingtonians have moved swiftly from denial to questioning or even to acceptance. That's a shock to the millions (?) who voted for the opposition, who still haven't gotten the memo. There's a new sheriff in town and he's not up for any nonsense. The next chapters in the ongoing power struggle are battles over cabinet appointments and setting spending priorities for the years ahead. Congress has a continuing resolution (CR) on spending that expires on December 20, so, in order to resolve differences between spenders and reformers, congress jointly will likely pass another CR that extends out beyond the January 20 inauguration. After that, debate over appropriations can proceed in a more orderly manner, hopefully with some suggested spending cuts. The matter of recess appointments is being framed as a dangerous precedent, even though most presidents have used the policy function to some degree or another, whether it be for court nominees or cabinet appointments. In the case of cabinet picks, the Senate would have to recess for 10 days or more, which could potentially happen in late December. If there's a resolution on spending by December 20, conveniently a Friday, congress cretins could conceivably recess for the holidays, until reconvening January 2nd or 3rd, when new members of congress are due to be sworn into office. That's a 13 to 14-day break, ample time for the Trump team to put in place their new cabinet. It might actually be a solution that Republicans favor, rather than engage in drawn out confirmation hearings and questionings, replete with accusations, misgivings and vote-counting. Any recess appointments would be in place for only a year, so that could serve as a kind of probationary period for anybody the senate entertains serious misgivings. In the long and short run, President Trump will have the ultimate power over appointments and budgetary matters via his veto power, which certainly would be put to use should congress behave badly. Most of Trump's proposed cabinet has already been announced. One remaining large position is that that of Treasury Secretary, which is still undecided. The main candidates for the job are Howard Lutnick, CEO of Cantor Fitzgerald, who is heading up Trump's transition team, and Scott Bessent, a former Soros Fund Management investing head. Former trade representative Robert Lighthizer, Blackstone CEO Stephen Schwarzman, and Fox Business Network host Larry Kudlow have also been mentioned as potential nominees. John Paulson took his hat out of the ring for contention for the job, citing "complex financial obligations," and JPMorgan Chase (JPM) CEO Jamie Dimon has also made it clear he doesn't want the job. Former National Economic Council director Gary Cohn's name has been tossed around, though he's very much a dark horse.
The honeymoon with the incoming administration ended abruptly this week, with stocks taking a dive, especially on the NASDAQ where overpriced equities in tech-land led declines, losing more than three percent. A mini-correction may be in the making and it could turn into a much more pronounced change of direction in stocks, which, as is well-known, have been on a straight up tear for more than a year without so much as a hiccup. Valuations are extremely stretched and stressed, so continued declines may become more normative heading into the holidays as investors book profits and prepare for changes in 2025 and beyond. Trump's proposed tariffs, cuts to government, looser regulations, and generally conservative economic policies are likely to be deflationary, although also seen as ultimately good for business. Considering the ultra-high valuations, stocks may have to take two steps back before another step forward. High asset prices are a symptom of inflation, as are high prices for goods and services. While the Fed wants to lower interest rates mostly to avoid bankrupting the government any further, Trump's fiscal policies are likely to have a greater impact on producer and consumer prices, in effect, doing the Fed's job, now that they've abandoned their quest for two percent. There are a handful of companies reporting third quarter eanrings in the week ahead. Obviously, the big one is Nvidia (NVDA). Closely followed are some consumer stocks, notably WalMart, Lowe's, Ross, Gap, and Target. Monday: (before open) Bit Digital (BTBT), Bitdeer (BTDR) ; (after close) Trip.com (TCOM), Zeniva (ZENV). Tuesday: (before open) Lowe's (LOW), WalMart (WMT), Viking (VIK), Medtronic (MDT); (after close) LazyBoy (LZB), Danimor Scientific (DNMR). Wednesday: (before open) Target (TGT), TJX (TJX), Williams-Sonoma (WSM); (after close) Nvidia (NVDA), Paloalto (PANW) . Thursday: (before open) Baidu (BIDU), John deere (DE), Warner Music (WMG), BJ's Wholesale (BJ); (after close) Gap (GAP), Ross Stores (ROST), Intuit (INTU).
Bills were generally static over the course of the week, but longer-dated maturities were sold off, coinciding with the stock market swoon. Yield on the 10-year note reached 4.43%, the highest since July, and up sharply from the September 16 low of 3.63%. The 4.60 yield on the 30-year bond is the highest since May 31. As the flattening of the curve commences, all notes from 3-year out to 7-year were up nine to 11 basis points. The 2-year yield was somewhat more tame, gaining only five basis points (4.31%). Spreads continued to slant in a positive direction, with 2s-10s at 12 basis points and full spectrum (30 days - 30 years) at -10, the absolute low since yields inverted fully November 17, 2022 (30-day: 3.93%; 30-year: 3.89%). Between Trump, the Federal Reserve, and bond vigilantes, normalization is well underway, a signal for more rational economics. With Trump in office and largely in favor of lower interest rates, there may be more cuts forthcoming, though the Fed risks reigniting inflation. The next FOMC meeting is December 17-18, and the first of 2025 will be after Trump's inauguration, on January 28-29. As expressed by Money Daily recently, Trump's policies should prove to be at least dis-inflationary if not outright deflationary. Fears over recession are largely overblown, though a reordering of national and economic priorities will no doubt leave some parties writhing in pain while others prosper. Slowing growth in favor of more genuine measures of economic strength such as improved infrastructure, lower regulations, and cuts in government spending will ultimately result in positive outcomes for most Americans. Spreads:
2s-10s
Full Spectrum (30-days - 30-years)
Gasbuddy.com reports the national average for a gallon of unleaded regular gas at the pump at $3.05 a gallon, basically flat over the past week. California continues to lead prices, at $4.42 a gallon, down five cents from the prior week. Pennsylvania prices continue to head lower, at $3.25, with the Keystone State remaining the price leader in the Northeast, close to the lowest level in 18 months. New York dropped three cents to $3.11. Connecticut ($3.03) and Massachusetts ($3.00) were both down slightly, but Maryland bumped up to $3.18 per gallon. Prices in the Midwest continue to decline, with Illinois steadying at $3.19. Fuel prices in Oklahoma ($2.51) are by far the lowest in the nation, edging out Mississippi, at $2.59, followed by Texas ($2.61). Florida ($3.12) remains the outsider, with all Southeastern states well below $3.00. Sub-$3.00 gas can now be found in at least 28 U.S. states, mostly in the Southeast and Midwest, but now spreading far and wide. Western states are still the highest overall. Arizona ($3.15) is the lowest, with Oregon at $3.50, Nevada at $3.70, and Washington at $3.96, leaving only California above $4.00. Utah ($3.07) and Idaho ($3.12) were both significantly lower on the week and remain well below summer highs.
This week: $90,205.13 If all bitcoin does is defer liquidity from precious metals, it's doing a heck of a job, skyrocketing with all kinds of funny money and slush fund excess to record highs. Bitcoin remains atop the asset leaderboard, up a stunning 104% year-to-date and 31% since November 5. Impressive, even for something that is actually little more than a math formula on a spreadsheet. Go get 'em, coiners!
Gold:Silver Ratio: 84.65; last week: 85.67 Per COMEX continuous contracts:
Gold price 10/18: $2,736.40
Silver price 10/18: $33.92 Any number of factors could be held responsible for the decline in precious metals prices over the past few weeks, but the most prominent is the assumption that Donald J. Trump will be inaugurated as the 47th President of the United States on January 20, 2025, an event that is still more than two months ahead. Trump's election calmed much of the geo-political fears that were helping fuel the rally by eliminating some uncertainty in markets. It's assumed that Trump will promote better relations globally, without resorting to militarism as a policy tool, though it remains at the ready. Rightly so, many world leaders consider Trump to be a man who favors diplomacy over barbarism. In that regard, the threat of a global conflagration has been considerably toned down. Along with the geo-political angle, Trump's favored policies of negotiation and tariffs (carrot and stick, so to say), as opposed to the globalist free trade construct, have already boosted the dollar's popularity, the dollar index (^DXY) having already made a two-year high, closing out the week at 106.67. That alone has caused the price of gold and silver to fall rapidly, the inverse relationship very much intact. Trump's strong dollar policies will also contribute to a toning down of the de-dollarization rhetoric and the pre-eminence of the BRICS+ trade bloc, which soon may see the United States in a much different light, especially if Trump rolls back some of the extensive trade sanctions that have been imposed on Russia and countries that do business with Russia. Furthermore, the roughly $300 billion in Russian reserves which were confiscated at the start of the Ukraine conflict in February 2022, will likely be a point of contention in any peace negotiations to resolve the military, political, and economic issues in the region. Should Trump make it clear to European nations that Russia's reserves are to be unfrozen and returned, the likely effect would be for an even stronger dollar and, consequently, lower prices for precious metals. Thus, the coming four years of Trump's term of office could result in at least a partial reversal of the prevailing trend of the past few years, keeping a lid on gold and silver prices as the world engages in more cooperation as opposed to conflict. For hardened stackers and central banks alike, holding significant quantities of precious metals as insurance against uncertainty will remain a sound policy. There's no telling exactly what Trump's policies will produce. For the time being, however, it appears that most of the trading community will take the correction in prices in stride. After all, they're still measured, in large part, in fiat currencies, and, while the rally may have stalled out, Trump may be capable only of forestalling the eventual demise of the dollar. Meanwhile, dollar dominance has already affected other fiat currencies - yen, euro, pound - negatively. It's not just gold, silver, and oil that get priced lower against a stronger dollar, but most other commodities and competing currencies as well. The other factors that have helped the correction in precious metals consist of the usual rigging at the COMEX and the natural impulse of slackening demand at high prices. Plenty of traders - as distinguished from stackers and hoarders - were likely eager sellers upon Trump's electoral victory. They can take profits and line their pockets with fiat currency which is now a little more valuable. Whether Trump's trade and fiscal policies will result in a steadier stance for the U.S. dollar remains to be seen, but all appearances seem to be pointing in that direction. Austerity, a word seldom heard in the United States, may be the order of the day, as Trump's team tackles the debt burden, government waste, and a congress that has been significantly out of control from a financial basis for the past 40 years. These are large problems that are not likely to be solved within his four-year term, and there is sure to be plenty of opposition from a stubborn congress that has been complacent while the U.S. debt burden has sapped industry and promoted significant wealth disparities. The next four years are not likely to be smooth sailing, to say the least, which is why the recent pullback may be more smoke than fire. There is a point at which people and central banks will be buyers rather than sellers (it's doubtful that central banks have sold any gold over the past few weeks). The market will signal at what price that will be so, though it's far too early to predict. Anybody touting buy or sell recommendations on precious metals is likely talking through a stove-pipe hat. There are far too many factors at play to make any reasonable projections at this juncture. Here are the most recent prices for common one ounce gold and silver items sold on eBay (numismatics excluded, free shipping):
The Single Ounce Silver Market Price Benchmark (SOSMPB) was ripped lower this week, at $38.02, a decline of $2.32 from the November 10 price of $40.34 per troy ounce. Premia on silver and gold continue to reflect sufficient demand, though will below manic or panic levels. It is possible that honest money may find some new converts in the form of left-leaning defeatists seeking salvation. The most in-demand gold coins remain American Gold Eagles (AGE) and American Buffaloes with prices for either down significantly, back to prices that were prevalent in mid-September. Silver bars remain slightly higher in demand than silver coins and rounds, the COMEX declines and sudden reversal of trend pushing prices lower, though demand remains robust. Not everybody is convinced that the world is now more stable or that Trumpian policies will prevail. WEEKEND WRAP Some things that haven't been present in American culture for nearly four years have suddenly re-emerged. Polite attitudes, constrained rhetoric in media, sensibility in congress, and honesty about affairs of politics and economics are showing signs of an American renaissance that is building quickly. It's actually feeling quite good to be an American again.
At the Close, Friday, November 15, 2024:
For the Week:
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