**TRANSCRIPT**
Good morning. It’s Thursday, November 2nd, about 6 a.m. Central Time. Overnight, the precious metals are strong after yesterday’s consolidation coming in to the Fed meeting. Gold’s up $9.19 97. Silver is up $0.40. 2319. Copper is up one at 3.66 and Platinum’s down two at 928. So it was a dovish pivot. After leaving rates unchanged after two straight meetings, he indicated that they can be patient for now and we’ve got yields under pressure.
The S&P 500 finding a floor at 4200 and rallying from here. He indicated that the risks are balanced in that tighter financial conditions are affecting the credit market. So it’s really having an effect. Those higher rates are seeing it in the housing sector. They’re seeing it on delinquencies. With credit cards that are also seeing it with car purchases and missed auto payments.
So one of the reporters asked, should we hike more to Jerome Powell? And he said slowing down is giving us, I think, a better sense of how much more we need to do if we need to do more. And it was if we need to do more, that’s when things took off. That’s when the Nasdaq really ripped higher.
So, you know, the only question really to ask yourself, if you’re a precious metals bull is I could see Silver Silver’s up 1.6%. You can see copper futures are turning up. But are do you need to own gold? If the risks subside in the Middle East? Because I really think now we should be a lot higher given that the dollar index is down about 0.75%, down 75 points, 105 96 and also the ten year.
I can go back weeks of doing this video and looking at where Treasury yields are and it feels like 4.81 to 5% on the ten year note was like clockwork. And now we’ve got a break down nine basis points, 4.68. So gold futures, in my opinion, should be much higher. We should be breaking out over 2020. So we’ll see what happens if the how the how the markets interpret, you know, when you get the cash open and things like that.
I can go back weeks of doing this video and looking at where Treasury yields are and it feels like 4.81 to 5% on the ten year note was like clockwork. And now we’ve got a break down nine basis points, 4.68. So gold futures, in my opinion, should be much higher. We should be breaking out over 2020. So we’ll see what happens if the how the how the markets interpret, you know, when you get the cash open and things like that.
But with the Nasdaq up about 2% right now, it looks like they’re changing it, chasing those other risk assets. So the current trend now in gold is still bullish. Your first support in 1983, that’s the 200 day moving average. The low was 1987 in the overnight session. 1944 is going to be your 50 day moving average. 1936 is your trend reversal point, your resistance point.
It’s still that 20, 20, whatever two days ago was high was in that Friday high. You got to close above there. You got to open up the next session higher. So silver the trends neutral. It could be change in here though today it’s got it’s trading kind of on either side of the 50 day moving average 2315, the 200 day moving average 2387.
You need to get above 2340 for your breakout to the upside you’re bearish reversal point 2237 So it’s kind of where we sit right now. So the outside markets, like I say, much stronger across the board. There’s not too many assets that are underwater. I think with that platinum that Eskom, they had curbed back some of the some of the power they were providing in South Africa.
The power provides mines. Mines produce more production on platinum. They shut the power off. You can’t work in a mine. It’s underground, it’s dark. So that’s the reason why platinum really took off, in my opinion, over the past week or so to the upside pretty aggressively. So even the Green stronger here today soybeans up 11 corns up one all the all the foreign currencies are much stronger.
We do have a Bank of England. They will have a interest rate decision. They’re expected to keep rates unchanged. And they’re also going to be two interest rate decisions, leaving rates unchanged. You have initial claims, durable goods. So I don’t think we’re going to get real fireworks here or much downside threats until we have the the employment data tomorrow.
So that could open up the door for another interest rate hike in December. But it seems like Jerome Powell is pretty content here because we have had a series of higher and better data and he has not raised rates at this particular meeting, and they really took it down quite a bit. So we’ll see what happens. Getting questions.
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