But it’s been a busy morning and hopefully the first part of the conversation will make it all worthwhile to you. There’s our home page. Gold got smacked down yesterday. Macro discretionary sold it, piling on to probably front-running Chinese speculative selling out of Shanghai, taking the market lower. But that wasn’t physical selling. That was futures on an exchange, kind of the equivalent of CTAs in the U.S. selling. Shanghai traders who did not want to go over the weekend long into the holiday. Okay, so you can look at that. We’ll start the markets.

Ten-year yields are $4.23 up one and a half. The dollar is $99.82 down $34.35 SP 556.27. The VIX is $23.89. Gold is $32.58 up 20, was up about $26. But still very impressively off the lows of the end of the world gold-mageddon situation. Silver, of course, down two cents at $32.36. As people buy gold, they sell silver again. Copper, $4.61. The arbiter of the two markets up four cents. WTI, $58.85 down 41. Natural gas, $3.40 up seven. Bitcoin still strong, up a little bit, $396.800, very strong. It’s like sell gold by gold 2.0 right now.

Palladium, $9.47 up four and change. Platinum, $9.68 up one. Gold silver, $100 is the new home. Soybeans, $10.41 up almost three. Corn, $4.65 up three. And wheat kind of exploding, up 2%. Up 11.5 cents, $5.42, $7.70. Who knows? Maybe we’re hugging Russia again. All right. Let’s get to it. The silver trade. The data is going to come out while we do that. So if we see the markets start to jump, that’s because non-farm payrolls come out. If we see that on our screen, on our tape to the left, we will alert you to it.

But let’s get to, well, let’s show you what we did yesterday. Breaking. China steps back, sells a million ounces overnight, macro shorts, gold. There’s a video to that same effect. The new gold story, who is buying and why. That’s a wisdom tree. The ETF companies are now latching onto the whole fundamental, secular, big picture stuff. And that’s because people want gold. The bar for Alberta secession has been lowered. Yeah, I mean, makes it easier to do that in an accelerationist point of view based on how the elections came out. Michael, every global chaos US retreat or permanent fraction of weight.

That’s our title of his story, which discussed a quote, binary situation with three parts. So there you go. Let’s let’s get to the main events. There’s the markets recap. Bear with me. Let me set up my pictures here. There we go. All right. I thought I paused. This is the chart that I set out yesterday. And it’s basically about silver, gold, and copper. And I went into what you can look at what the I axis Y axis is and the X axis is. And you can you can do that. But you know, the blob in the middle kind of gets confusing.

And even though the circles are there to give you an idea what extremes look like, they can also be distracting if you’re not sure how to look at it. So let’s make it easier to understand. This is very similar to those authoritarian libertarian grids that you look at under political spectrum. Top left hand quadrant, top right hand quadrant, lower left hand quadrant, lower right hand quadrant. Each dot represents a data point, a time frame, whether it be measured in months, years, or minutes. Scatagram is what we call these. Okay, so that’s the first step.

Next step. We take the grid and remove everything else, but describe the sentiment when a dot is in a quadrant. And that’s this. The top left hand quadrant, end of the world deflationary crisis. We love gold, we hate silver, we hate copper. Examples of that, COVID, great financial crisis, onset, war onset, Brexit onset. I put the word onset in there because that’s how it starts, and it ends usually with silver skyrocketing. But you remember how COVID ended, right? All right. Top right hand quadrant, love copper, hate silver, really indifferent about gold. Very copper specific quadrant.

So if you’re in that quadrant, there’s a copper problem. There’s an extremely, extremely rare because there is a lot of copper on earth. You just have to find it, number one. It’s also easier to retrieve when you want it, number two. And number three, you rarely are going to love copper and hate silver. You could love copper and hate gold, but you’re not going to love copper and hate silver. Because where copper goes, economically, silver is also prone to go. All right, let me adjust my picture here a little bit.

There you go. Low right hand quadrant, inflationary boom, emerging markets are doing well. Other economies are doing well. Hate the gold, love the silver, love the copper. So inflationary situation. So Beijing, when they were entering, when they had their Olympics, that was around the same time that they were in the World Trade Organization, and their economy was booming. And so all the BRICS were doing well. So as the BRICS economies do better, the demand for industrial commodities increases and gold lags compared to them. Hate, these are general terms I’m using, hate the gold, love the gold, that type of stuff.

Lower left hand quadrant, love the silver, hate the copper. Now also very rare, but actually will happen more than love the copper, hate the silver. Now this is a very special quadrant. This is a very silver specific situation. Silver squeeze was an example of that. The 2011 peak was an example of that. And the Buffett squeeze in 97 was an example of that. And that’s where everybody doesn’t really care about gold, okay, or copper. They just want silver. So that’s your quadrant. That’s your political spectrum, so to speak. Now, how is the grid usually? Well, I’m going to tell you how the grid is usually.

That blob I showed you before here, this blob, right? Well, let’s make a little sense of the blob. Well, not yet, not yet. The blob goes like this. That whole big blob I showed you, forget that blob. This is the blob right here. This is normal, okay? This is a little blob over here describing when the emerging markets are doing well. This up here is end of the world. We need gold and hate everything else. And this only gets down to here is when you have your little silver squeeze events that they quickly tamp on.

And this does not exist. It doesn’t happen. It could happen. So when you look at the whole amoeba, it looks like this, right? Okay, with a little spike up there. So this, that little amoeba there, is really this. Normal, end of the world, silver squeeze, emerging market boom. And that’s it. That’s how to look at the grid. Now, how has the grid evolved? Well, this is where we usually are, okay? You know, top left-hand quadrant, which in and of itself is, you know, that’s a comment on the fact that they want the gold for money.

You know, somebody looks at gold monetarily, and it’s also a comment that they suppressed the silver, in my opinion. Now, since the war started, we’ve moved here. This is the average, okay? Since the war started, we moved up here, slowly and surely up here. Now, this area here is really, it’s really, it’s, it’s higher than everything, including war, including great financial crisis. The only thing higher than it was the COVID impulse. So it’s pretty extreme. So let’s go back to that chart. This is pretty extreme. We are right here right now, okay? So everybody wants gold, everybody hates silver, and everybody hates copper.

So I’m going to give you the trade. Now, here’s, the trade is to, I’m not telling you to do this, but this is something I’m looking at, something I’ve done in the past. The trade is to pick what you want, silver or copper, and sell gold against it. So you could buy silver, you could sell copper, you could do nothing with gold. You could buy silver, you could sell gold, and do nothing with copper. But the point is, silver and maybe copper are extremely overvalued. Now, this whole quadrant here depicts extreme fear about deflationary crisis.

Unemployment is really okay. Everybody’s worried about the economy because of the tariffs, but the economy is doing okay right now. So I would say that the real asymmetric bet right now is in being long silver and being short gold or copper. Please don’t do this, okay? And here’s why. During Brexit, when everyone bought gold and sold silver against it, the spread went up here as well. And then a little bit of a silver squeeze started in 2017 and it went down like that, okay? So whenever people buy gold and sell silver, they eventually buy the silver back, okay? They don’t necessarily buy the copper back.

But anyway, that’s the grid. I swear I said pause. Okay, so here we go. That’s the grid. That’s the way to look at it, okay? The dots, the data. No, no, it’s this. It’s this. Normally, normally, extreme, extreme, and extreme. The truth of the matter is this whole thing should be a little bit lower because this whole thing is just being cooked higher. But what do I know? What do I know? All right, so the data is out. Gold is still firm. We’ll just go through this extemporaneously here. Let’s go right to right to the markets.

It’s Friday. One hour. One hour. So gold’s a little bit off the highs after the number. The data comes out. April jobs number was above the highest Wall Street estimate of 171K, meaning the economy is fine. You should be buying silver and selling gold if you see things the way I do. Have a great day. We’ll be released on the night of May 7th and hit the market on May 8th. And we’ll be having Jorge join us for a call where we can take questions and dig into all those things. So that will be next Thursday.

Of course, you can always find out more at fortunamining.com. And certainly, it will be fun to see what the earnings looked like with the once again elevated gold price in the first quarter. So again, that call with Jorge will be next Thursday, May 8th, 4 30 p.m. Eastern here on the arcade economics channel. And we’ll look forward to seeing you then. So God have a great day and thanks for being here. Please note that this video is not intended as legal license financial trading advice and is to be used for informational purposes only.

Please contact your financial advisor before making any decisions. And thanks for watching. Thank you. [tr:trw].

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