Getting out to vote

• The Big Unknowns begin to weigh heavily on the markets.

• Gold & Silver try to be good today.

Good Day... And a Tom Terrific Tuesday to you! Well, I'm back from performing my civic duty, which quite frankly has become a burden to me... But that's a discussion for another day... It's akin to picking which poison you want to suffer from.... But, I carry on... (Kansas) I couldn't remain awake to the end of the football game last night... I see here this morning that the Chiefs won. in overtime... Thin Lizzy greets me this morning with their song: The Boys Are Back In Town... 

Well, there were quite a few people that had the same thought as me, regarding when to go vote this morning... And it was raining cats and dogs! But that didn't stop them all... But I persevered, and got my "I Voted" sticker for my efforts... Well, yesterday, the dollar was getting osld down the river in the early morning, but as the day went on, it came back a bit, and the BBDXY ended down 5 index points on the day, instead of the 7 it was down earlier... The currencies all look better, but remain in their respective sick beds... The best performing currency the last two days is the Chinese renminbi... Now that sounds strange, doesn't it? The euro is back to knocking on the door to 1.09... So, that's a close second place... 

Gold closed trading yesterday only up $2 on the day, at $2,737.60, and Silver closed down 49-cents at $32.32... As usual the short paper traders do more damage to Silver than to Gold, but there's no prize for that... The Price of Oil remained with a $71 handle in trading yesterday, and the 10-year's yield was 4.30% throughout the day... 

I found this on Kitco.com this morning and thought I would share it with you: " Gold has been the shining star in the commodity space, as prices have rallied roughly 33% so far this year, trading near recent record highs of $2,800 an ounce. However, analysts at the World Bank suggest that silver is the precious metal to watch in 2025.

The World Bank recently released its updated commodity market forecast. While gold is expected to continue outperforming the broader sector, the latest projections show analysts anticipate weaker demand next year through 2026,"

So, add Kitco.com to the list of outfits and people that are calling for Silver to be the metal to watch in 2025... And unless Silver gets a wild hair, it's not going to make it to $50 before year end, as one pundit that I quoted a week or so ago, forecast... 

In the overnight markets last night... We crept ever so closer to the Unknown last night, and the dollar didn't fare too well, as the BBDXY lost 2 index points overnight... The euro creeps so close to the 1.09 figure that it could spit in the 1.09's back yard! That's an old country saying, that I've always enjoyed, so if you don't like it, fuhgeddaboudit! The metals are trying to be good today, with Gold up $8 to start the day, and Silver gaining back the 39-cents it lost yesterday... The price of Oil remained in the $71 handle overnight, and the 10-year's yield bumped higher to 4.32%...  

Well, once again this morning, the articles are all about the election or what someone thinks will happen if X wins or Y wins... I did find this on Bloomberg.com that explains yesterday's trading a bit: "In recent weeks, investors have been betting on a Trump win, positioning for his low-tax and high-tariff policies to boost both growth and inflation. Those bets helped push the dollar gauge to a four-month high last week and sent yields on 30-year Treasuries to their highest since July, creating a steeper yield curve."

Chuck Again... This is going to be a real knock-down, drag-out event, the election... So, hold onto your hats, and prepare for some social uprisings... With folks not happy about what they will feel is a rigged victory... I hope to heck that this all goes peacefully... But given what I've read about, there' little chance that will happen. So, like I said, hold onto your hats, this will be a wild ride...

The poor stock jockeys are shaking in their pants or pant suits this morning... And well they should be... This Big Unknown is weighing heavily on the economy, stocks, and is waiting to unleash a ball of hell at the dollar should the outcome of the election become contested....  

The U.S. Data Cupboard yesterday, had the Rocktober Factory Orders, and they printed negative again, this time at a negative -0.5%... Again, another fly in the administration's claim that the economy is booming...  Today's Cupboard has some 3rd tier economic reports, and tomorrow's Cupboard is empty, so Factory Orders is all we get until Thursday... 

To recap... The dollar was getting sold down the river yesterday morning, but in the U.S. trading it came back just a tad, but still down on the day... Gold & Silver were mixed with Gold up and Silver down... UGH! short paper traders just won't let Silver alone... And traders are reversing their Trump Trades, according to Bloomberg, as the traders don't fell as confident in a Trump victory...  

For What it's Worth... Well, all the talk by the POTUS and Janet Yellen (Treasury Sec.) that the economy is booming... This article disputes that and is full of facts that I believe, far more than the talking heads, and it can be found here: Retail Stores Closing at a Pace Not Seen Since Pandemic (moneymetals.com)

Or, here's your snippet: "While President Biden and talking heads in mainstream media talk about the amazing robust economy, retail stores are closing at a frenetic pace.

According to Coresight Research, 6,189 stores have already closed in 2024. That puts retail store closures at the fastest pace since 2020, when government shutdowns decimated the retail sector.

Some of the major chains shuttering stores include Walgreens (259 stores), Family Dollar (677 stores), Big Lots (360 stores), and LL Flooring (all stores). Conn’s HomePlus, Rue21, and Express have also announced closures.

According to S&P Global, more than 80 companies that sell discretionary goods had filed for bankruptcy through September. That represents a 27 percent increase from 2023.

The restaurant sector is also feeling the pain. Red Lobster, Roti, Tijuana Flats, and Buca di Beppo have all filed for bankruptcy this year, closing hundreds of restaurants. Denny's recently announced plans to shutter 150 restaurants."

Chuck Again, but I know it's too late baby, now it's too late (Carol King) but do we as a country want to continue with the failed economics that have led to these closings? I'm just saying....  And both parties are to blame for this mess....

Market Prices 11/5/2024: American Style: A$ .6627, kiwi .5998, C$ .7205, euro 1.0896, sterling 1.2989, Swiss $1.1590, European Style: rand 17.4389, krone 10.9758, SEK 10.7089, forint 375.39, zloty 3.9955, koruna 23.2478, RUB 97.90, yen 152.07, sing 1.3169, HKD 7.7712, INR 84.11, China 7.1077, peso 20.11, BRL 5.7863, BBDXY 1,256, Dollar Index 103.73, Oil $71.89, 10-year 4.32%, Silver $32.81, Platinum $1,002.00, Palladium $1,191.00, Copper $4.48, and Gold... $2,745.77

That's it for today... Get out and vote, if you want to complain about all this in the future... Todays is my daughter, Rachel's birthday! Happy Birthday, Sunshine! Rachel is one of those people that have a and celebrate a birthday month! I hope your day is grand, Rachel!  As long-time readers know, I don't like using the words "in-law"... So, Rachel is my daughter, period! It was a rainy day yesterday, and that reminded me of a restaurant/ bar downtown years ago that would have specials on rainy days and Mondays... The Temptations take us to the finish line today with their song: I Wish It Would Rain... I hope you have a Tom Terrific Tuesday, and election day, and will continue to Be Good To Yourself!