Stocks And Precious Metals Charts - Blow Off Bubble Tops

By Jesse of Jesse's Cafe Americain

Friday, October 3, 2025 6:19 PM EST

This may be the calm before the storm.

Gold punched higher, setting a new closing high. It is now within striking distance of 4000, which has been my long term target for a number of years.

Although this is unfolding in almost exactly the way I had anticipated, some years ago, it is still surprising and gratifying to see it.

The same thing can be said for silver, which is similarly in striking distance of 50.

On the other hand, stocks are making blow off bubble tops sustained by the egoism of he-who-must-not-be-named.

But when the trigger event comes along, and there are a number of increasingly likely candidates, this bubbled up bloatfest of mispriced risk is going to deflate like styrofoam in a roaring furnace of reality.

As Orwell noted for his time in the 1930, bully-worship is a near universal religion, as force is admired as an end.

But now and it did then, the bullies can only overreach so far, and stumble. And then they fall into a spinning maelstrom of blowback that leaves them nearly unrecognizable.

Have a pleasant weekend.

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