Bank: Gold Vols Indicate Selloff Pause

Housekeeping: Good Morning.

“The Gold reset is a process, not an event”

Today:

• Discussion: Live by the Scimitar

• Premium: Gold Vols Indicate Selloff Pause. THIS JUST CAME IN. WE DID NOT GET A CHANCE TO DISCUSS. IMPORTANT COMMENT AT BOTTOM

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Discussion:

1. American Exceptionalism means…

2. Brics

3. Tariffs may be inflationary for US people, but it is deflationary for EM.

4. Fear recedes

5. Trump 2.0

6. Macro D Boys are and CTA tourists

7. Oversold today, overbought last month

8. Do Presidents matter

Get the tourists out

Gold, Vix, Bond volatility, everything is backing off..

American exceptionalism means, Strong USD with strong US Stocks. It means GRC as sledge hammer to weaken BRICS… and Gold is an emerging Currency competing with the USD

The smaller funds have and continue to puke. Some larger funds have as well. Whoever is left, i want them to sell now if they have to, and fully expect them to sell

How overbought were we? This overbought using Michael Oliver’s broad range channel

This is what they needed to not worry.. And What did Gold do under Trump 1.0?

Deficits matter more than Presidents

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News/Analysis:

**Founders: Quick Takes

Republicans Keep House; Sweep Branches

Tom Luongo: Talking Sh*t About Markets with VBL

Gold Open Interest Very important Now

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Equity Recap:

US equities were mostly flat on Wednesday after data showed the October consumer price index rose to a 2.6 pct annual rate, in line with expectations. Large caps bested small caps: S&P 500 (+0.02%) vs. Russell 2000 (-0.94%). MSCI Emerging Markets (EEM) and MSCI EAFE (EFA) fell 0.64% and 0.59% respectively.

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Market News:

"Republicans held on to their narrow majority in the US House, giving Donald Trump and his party unified control of the elected branches of government and limiting potential curbs on the incoming president’s power. Bloomberg

"Consumer prices edged up in October after having recorded the slowest rate of growth in 3½ years in the previous month, a sign of how inflation continues to move lower on an uneven and bumpy path. WSJ

"Facebook owner Meta Platforms must face trial in a U.S. Federal Trade Commission lawsuit seeking its break-up over claims that it bought Instagram and WhatsApp to crush emerging competition in social media Yahoo Finance

"OpenAI was on the cusp of a milestone. The startup finished an initial round of training in September for a massive new artificial intelligence model that it hoped would significantly surpass prior versions of the technology behind ChatGPT : Bloomberg

The largest virtual currency "topped $90,000 for the first time Wednesday: WSJ

"AMD said on Wednesday that it will lay off 4% of its global staff as the longtime computer chipmaker seeks to gain a stronger foothold in the growing artificial intelligence chip space dominated by Nvidia." Source: CNBC

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Politics/Geopolitics:

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Data on Deck: CPI/PPI

• MONDAY, NOV. 11 Veteran's Day holiday, bond market closed

• TUESDAY, NOV. 12 NFIB optimism

• WEDNESDAY, NOV. 13 Consumer price index

• THURSDAY, NOV. 14 PPI year over year

• FRIDAY, NOV. 15 Retail sales minus autos

***FINAL MARKET CHECK***

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**Premium: Gold Vols Indicate Selloff Pause