Bloomberg reported today that the BIS is considering shutting down its Enbridge cross-border payments platform after Russia’s President Vladimir Putin spotlighted its potential to evade U.S.-driven sanctions and disrupt dollar dominance, especially as he proposes a BRICS-exclusive BRICS bridge system. Welcome to the Morning Markets and Metals with Vince Lancey, where each morning Vince brings you the financial and precious metals news to get you ready for your day. And now, here’s Vince. Good morning everyone. I’m Vince Lancey and what we have breaking news today, yesterday Bloomberg reported that the BIS essentially is blowing up the BRICS Enbridge project, or at least their involvement in it.

It’s not going to end the project itself. We’re going to get into what that news is. We have the full story here and it’ll be linked within this video and post as well. Okay, let’s start with the markets themselves. The dollar is up 13 at $104.43, 10-year yields are $4.30, up 2, S&P 500 is $58.16, down 12 handles, the VIX is $20, spot $112, up $33, gold is $27.50, that’s a great number to say, right? Up $9.60, silver is $34.13, up $46, copper is $4.38, up $3.5, gold silver is a little lower, WTI is up $0.25, natural gas is $2.40, unchanged, Bitcoin is up $1,449, I like this $71,400, and Ethereum is $26.29, tracking it, outperforming it, but doesn’t look that much better.

Palladium and platinum, Palladium up $29, Platinum up $17, at $12.40 and $10.50 respectively, and grains are… I had to hit a button there. Grains are all up $9.89 for soy up a penny, corn $4.06, up almost $0.02, and $5.78 for wheat, up $4.5, wheat is the leader in that complex. Okay, the story, where is that story? There it is, homepage, alright, Michael Oliver updated on his silver and GDX yesterday, we covered that, we did a masterclass on options, that’s an MBA level introduction to options class, and we have still up top there, Deutsche Bank asks, what does gold do, post a Trump or high risk victory, alright, moving on, here we go, discussion, the IMF blows up the BRICS Enbridge, that’s our title, Bloomberg reported today that the BIS is considering shutting down its Enbridge cross border payments platform, after Russia’s president Vladimir Putin spotlighted its potential to evade US driven sanctions, and disrupt dollar dominance, especially as he proposes a BRICS exclusive BRICS bridge system, there’s our picture, that graphic is the, that’s the initial Enbridge graphic with the BIS in the center, top left hand corner, if you can’t read it is the Hong Kong Monetary Authority, top right hand corner is Digital Currency Institute of the People’s Bank of China, it’s the PBOC, lower left is the Bank of Thailand, and the central bank of the UAE is in the lower right, this was developed initially by central banks in China, Thailand, Hong Kong, and the UAE, as just mentioned, Enbridge recently reached a testing phase, but faces scrutiny due to China’s role and Western concerns over sanctioned circumvention, while some BRICS members are cautious, the project reflects rising interest in alternatives to dollar reliant systems, though internal divisions may impact the pace and reach of these initiatives.

Keep in mind that I’m reporting on Western media’s reporting. All right, I wrote this, but I’m just giving you how it’s being framed. All right. Now, the full story is right here, breaking BIS to quit Enbridge, or you can find Bloomberg’s version of it out there. Related story, very important. BRICS news, G7 answer to Enbridge is here, that’s from September, but it’s very closely related. Okay, I could definitely go into the, I’m sorry about your eyes there, I could definitely go into the analysis of this, but let’s just say this, the BIS, and we’ll call it China, not the BRICS, the BIS in China were opportunistically using each other, and the BIS ran into a wall where they couldn’t go any further, and this revelation that they can’t participate in a platform that’s competing with the dollar is not new.

The real question is, why now? And we discussed that a little bit at the bottom, but that’s the story, right? Okay, let me pop this up for you so you can get a better look at it. All right, so there’s a summary. Here, I’ll share this with you. Some precipitating events to consider leading up to this announcement. This all comes down to three significant events that hit the news over the last six months. In June, Enbridge went live in MVP, it’s being tested status, and the UAE did a successful, significant transaction using its own currency.

So that’s one. Two, in September, Agora, the West’s answer to Enbridge was announced with the West’s major central banks, and many commercial banks joining it immediately. In retrospect, that was the sign. In October, just passing, the BRICS 2024 summit concluded declaring the cooperative’s mission to de-dollarize in manifesto form. We have that as well. And successfully marketing a new BRICS pay concept. People are talking about the BRICS pay concept, whether it works or not, at this point is irrelevant. They marketed it, the world knows that there’s a choice now, that’s not good.

War has been declared. We’ll give more analysis later today, early tomorrow, but this is all very significant, and there’s the full story, and we show that to you. Moving on, news and analysis. What gold and silver players will do on election night? That’s our take based on CTA analysis, macro discretionary players, and other participants like central banks, like the BIS, like the bullion banks. Rabbo put out a full report yesterday, what a Trump win could do, and they believe a Trump win could stop the Fed from continuing to cut. The footnote that we’ll add to that is, and they say it as well, but just to be clear, if there’s a GOP sweep, it could stop the Fed cuts, and they’re not wrong.

And there’s the BRICS summit analysis. That post there has the actual manifesto in it. We’re calling it a manifesto because that’s how it was written. Moving on. Market news, the iron curtain rises. The Biden administration finalized restrictions on investments by U.S. individuals and companies into advanced technology in China, including semiconductors, quantum computing, and artificial intelligence. The rules, which come after more than a year of deliberation, banned some investments into these industries and required the U.S. government to be notified about others. The goal is to prevent American capital and know-how from helping China develop critical technologies that could lend Beijing a military edge.

Believe me, this is all related. All the bigger crackdowns, the U.S., this, this is all related. The BIS is part of that. We are building a, as Matt Riley called it, a financial iron curtain. The iron curtain is going up. And for those of you who think the iron curtain is about them putting it up, the iron curtain is going up around us. OK, it’s keeping us out of them. Remember, in a mercantile environment, there are two things you need to do for your economy. Well, three things, right? But the first thing is you need to export more than you import.

You need to sell more than you buy to other people. That’s a business model. The second part is you need to protect your clients. You need to protect your customer base so no one else can sell to them unless they pay you a big toll. And this is what the Biden administration is doing. And in an mercantile environment, only special companies and banks have access with approval of the government. The wall goes up around us. OK, that’s it. OK, oil prices fell sharply on Monday after Israel’s attack on Iran at the weekend, avoided oil and nuclear facilities, and Tehran gave a measured response to the strikes.

Oh, one other thing. What does this mean for gold? Higher. It means higher. Does it mean the BIS is going to attack gold because they’re because they’re pulling out? No, that’s what a gore is. Now they’re going to be the the frenemy relationship phrase even more. And as that phrase even more, people are entities are more likely to step out of line with each other. Shit, I’m not waiting for China anymore. I’m going to buy my gold now if you’re a small European country. OK, China is like, well, I don’t really feel a need to be protective of the Western banks anymore since they’ve pulled out.

I think I’ll buy my gold now. It’s it can get very sloppy in a very volatile way, which, you know, just tangentially, you’ve got to be crazy to have a specular position going into this election. I mean, I’m going to have one, but there you have it. All right. So the iron curtain, oil prices, the iron curtains come up around you. The tax base is going in, protect the customers, et cetera, et cetera. It’s the way of the future. Data on deck. PCE and NFP unemployment are this week. Today is the Case Shiller Home Price Index, among other things.

It’ll be watched and the premium framework and context is at bottom. Let’s take a look at some charts. Right. I drew a little line there. Let’s see where that line comes in. Right. So we’re at the top end of the range. If you’re a range trader, if you’re a range trader, you’re thinking about, I mean, that’s not perfectly symmetrical. You get my point. You’re thinking about that. You’re saying if we’re in a range, and by the way, this range is an upwardly sloping trend higher in an orderly fashion, high, low, high, low, high, low, right? Okay.

Or you could, you can make the case that we’re already off the high. I’ll show you what I mean. You could say, that’s it. Meaning you have a little bit of extension above, below, you have a little bit of extension above, and now you’re in it. Of course, this is suspicious, as is this. Who is selling that? Is it long funds getting out? Probably. Is it, is it bullion banks selling? Definitely not. Is it bullion banks watching while someone else sells like the BIS? Could be. Not sure. But there is selling there.

But it’s probably not scale up. If we hit here, we’ll go up above. You know, there’s a channel that we’ve been in for a long time. And well, we have another ledge here. Oh boy, this looks good. I’m not long enough. You know what I mean? Silver. Hourly. Well, there you go. I love it when a line is pierced like this. If you draw a line and the market goes through it sideways, your line was meaningless. If you draw a line and the market goes through it vertically, that’s a good sign. So now you can just say, all right, I’m going to go like this.

I’m going to draw a line here now. And you can say, that’s the line I care about. This line no longer matters to me. And I’m looking at it on the hourly, right? So let’s look at it in the four hour. Right? All right. So you’re looking at, if you’re an Elliott wave person, you would look at this, you look at that. All right. I don’t really have any good levels that I’m looking at today. I’m actually looking at Bitcoin more now. And I’ll show you why in a second. I don’t have it here.

I don’t have it marked off. But there’s, we’re calling in where the 200 day and 50 day moving average are. Okay. And in this area here, I have marked off. This is where the 50 day cross the 200 day moving average, you know, a while ago. And it might be getting ready to cross it again. The marketer had noted that I’m going to check to see if my model has the same idea. But look, this is the range for Bitcoin, right? 72 to call it 52, 71 to 51. If we’re in a range, you want to sell this.

And if we get above it, you want to wonder what’s going on, but you like it when Bitcoin is up and stocks are not because that’s another potential knee jerk symptom of this breakdown. This is big news. This, this brick stuff is big news. This is, this is, it’s a breakdown. Everyone’s going to their corner. It’s even bigger than before. Agora is going to compete with, uh, uh, the bricks, whatever you want to call the, uh, Enbridge now. All right. I’m Vince. Have a great day. Well, thanks for watching this morning’s markets and metals with Vince.

Lancy. We sure appreciate you tuning in and starting your day with us here. Hope you enjoyed the show and we’ll see you again tomorrow. Please note that this video is not intended as legal licensed 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. [tr:trw].

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