Happy Friday, indeed!

First, Kissinger snuffed it. Then gold closed above $2,000 for the first time yesterday evening. I can’t tell you how excited I am.

But we must temper our excitement with good sense. Tom Luongo, the editor of the Gold, Goats, ‘n Guns report, retweeted a vital talk from VBL’s Ghost:

Credit: @TFL1728

I urge you to listen to both parts of that talk. (You’ll find the second part in the thread.)

The upshot is that TPTB will still monkeyhammer gold whenever they can. “They” just can’t hold the $2,000 line anymore.

Though that notion pisses on my parade somewhat, it’s absolutely correct. Let’s get long but not euphoric.

So, while gold will breach the $3,000, it may take much longer than my visibly excited self would like it to.

Let’s get to the rest of the charts.

S&P 500

What a month SPX has had! After a big rally from the early days of November, SPX closed the month at 4,567.80.

Depending on where the market decides to rest, the next target is 4,800 for a long, soft target of 5,399.

Nasdaq Composite

Much the same as the SPX. Looking now to 14,400.

Above, there is the 16,000 level.

Russell 2000 (Small caps)

The Russell broke back up like the majors.

First, I’m looking for the 197 level, then the 205 level.

The US 10-Year Yield

Jay Powell has well and truly pivoted.

But he doesn’t control the long end of the yield curve. This is the market telling him the games are over.

It went back to 3.5% in no time at all.

Dollar Index

The Powell Pivot changed the game.

How can you be a bear with EUR, GBP, and JPY taking up 81% of this basket?

Just wait until he starts cutting… 

USG Bonds

We were close to the 80 target but won’t hit it now.

Suddenly, bonds look attractive. The first level to look for is 95. Then 100. The big target is 110.

Investment Grade Bonds

I got caught on a false downside breakout.

After the big rebound, we’re now looking at the 109 level first. The final target, for now, is 134.

High Yield Bonds

Again, I got caught on the Powell pivot.

The next big target is 78. The ultimate destination is 88.

Real Estate

Instead of continuing down, we reversed. Look for the 90-92 levels from here.

Energy: West Texas Intermediate (Oil)

Oil may be turning around from here.

I suppose we didn’t get to 73… 75 is near enough.

Now I’m looking up to 90.

Base Metals: Copper

Though copper rallied, I’m not convinced. I am still keeping my downside targets of 3.60 and 3.30.

The real economy is in bad shape.

Precious Metals: Gold

Ok, we finally closed a month above $2,000. Allegedly, the sky’s the limit.

But, we need to be cautiously optimistic. The new upside target in gold is $2,340. In my interview with Thorsten Polleit, he targeted $2,200 for year-end. Both can be correct.

But we must see the new “line in the sand” to make more valid assumptions.

Good hunting!

Precious Metals: Silver

As Rick Rule says, fear drives gold. But once a gold rally is established, silver joins in as a greed trade.

The upside target here is only $26.50. For now. Let gold get a head of steam going, and then silver will follow.

It’ll take all your patience, but it’ll be worth it.

Cryptos: Bitcoin

Ran straight through my target of $35,650. Next target: $47,000 or thereabouts.

Cryptos: Ether

Nearly $2,100 now. I am looking for $2,300 on the upside.

Trad Asset Class Summary

Now that the market thinks Jay Powell is finished hiking, the USD took a breather.

As a result, stocks and bonds rebounded after a few down months.

Oddly, though, commodities didn’t rally. That leads me to think the recession is already hurting the economy.

Crypto Class Summary

Dogecoin, Ether, and Bitcoin led the way, while Bitcoin Cash (a fork - derivative - of Bitcoin) was the big loser.

Ripple, Litecoin, and Monero were all relatively flat.

Wrap Up

Gold is the big story today. Silver will be the big story tomorrow. Crypto is a big story for the ages.

Stocks and bonds are up as well.

Just wait until Powell actually starts cutting rates!

Finally, let’s take a moment, courtesy of the Twitterverse:

Have a wonderful weekend!