Gold closed the week above $4,300, silver surged past $60, and mining stocks are now confirming the bull market. Meanwhile, Bitcoin continues to lag as real money takes center stage. Peter breaks down:

This week’s market wrap covers the Fed’s latest rate cut and stealth QE, sharp moves in gold and silver, and an in-depth interview with WPIC’s Edward Sterck on platinum and palladium outlooks, EV impact, and future PGM demand.

Commodity desks at Goldman Sachs, UBS, Citigroup, and Bernstein all see lithium demand poised to surge after the electric vehicle boom-and-bust cycle.

Stock fell heavily. Gold and silver rallied sharply in the morning, and then gave it back in the afternoon.

This stock is just confounding. It plunged yesterday based on company announcements related to self-driving AI. Then it ostensibly mega-rallied today for the same reason.

India has experienced an unusual surge in gold and silver imports this year, as they are traditionally known as a price-sensitive buyer, yet have seen elevated levels of purchasing even as the prices were at or near all-time highs.

Gold is consolidating high again, prolonging its remarkable monster bull. Since rocketing into extreme overboughtness in mid-October, gold has largely been drifting sideways on balance.

Investors shift from high-growth tech to cyclicals, industrials, and smaller-cap stocks.

The old macro was structurally in favor of those who sold, bought, traded and owned claims on… paper. The new macro is in favor of those who own real things, unleveraged by debt.

The oil markets had a negative day today.

The S&P 500 dropped 100 points today while the advance-decline line sat at 50-50. That combination should not be possible.

Today saw the S&P 500 and Nasdaq finish lower for both the day and week, with the latter dropping 398 points for the session, as investors rotated out of Big Tech. 

The lay of the land for the indices is solid. The rally has broadened significantly as evidenced by leadership in the S&P 400 mid caps and Russell 2000 small caps.

While official nonfarm payroll employment has grown a healthy 600K from January to September, the implied benchmark revision has only grown 400K over the corresponding period.

Silver has been outperforming gold, and the gold/silver ratio is falling hard. But it remains above past averages, which means it’s still undervalued, both on its own and relative to gold.

25Q3 Y/Y earnings are expected to be 15.0%. Excluding the energy sector, the Y/Y earnings estimate is 15.8%.

Tokenization is becoming part of the core financial system. And as more institutions test digital settlement, tokenization becomes harder to dismiss.

XAU/USD retreats from a seven-week $4,353 peak as traders lock in profits after a strong weekly rally.

Intel explores a SambaNova acquisition to expand its AI hardware footprint and accelerate its push into enterprise-focused AI solutions.

Supply tightness and heightened industrial and investment demand are bolstering silver prices.