Silver Fell Harder Than Gold in September. The Solar Thrifting Story Isn’t Why.

Solar thrifting headlines get the blame for silver’s rough September, but CFTC positioning data rules out a sell-off. A small real-yield move explains far more of the gap than any single demand forecast, solar included.

K-Shaped Economy: Why Asset Owners Win and Wage Earners Don’t

Labor share of GDP hit a 1947 low while asset owners kept compounding wealth. This is the mechanism behind the K-shaped economy, sourced from the BLS, CBO, and the Fed, and the one appreciating asset class still open to a saver with no brokerage account.

A 6% Yield Could Make or Break Gold’s Rally

Gold just had its best two years in decades, then stumbled in September. GoldSilver’s chief economist Trey Reik says one number decides what happens next: the 10-year Treasury yield. Here’s his threshold, and why he doesn’t think this is 1980 again.

BlackRock Called It a Supercycle Today. The Mines and Vaults Already Agree.

BlackRock names a new commodity supercycle the same day a copper mine hits a labor deadline, COMEX platinum drains to a nine-month low, copper backwardation deepens, and China enters Golden Week on record gold imports.

Gold Jumps as Core PCE Cools More Than Expected, Overshadowing the ADP Jobs Beat

A cooler-than-expected inflation reading outweighed a strong jobs report today, sending gold higher while silver stayed behind. Here is the real-yield mechanism behind the split, and what it signals about the Fed’s actual room to maneuver before October.