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*                       FIEND'S SUPERBEAR MARKET REPORT                     *

*                             September 12, 2025                            *

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*                       e-mail: fiendbear@fiendbear.com                     *

*                    web address: http://www.fiendbear.com                  *

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Fiend Commentary

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Chasing Cuts, Ignoring Fire: Markets Cheer, Metals Warn

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Thursday’s CPI report came in hotter than expected, yet jobless claims surged at the same time. In Wall Street’s logic, that combination is perfect: inflation can be waved off, weakness in jobs forces the Fed’s hand, and rate cuts are guaranteed. The result? Another day of record highs in the major averages.

 

But markets have a habit of celebrating on borrowed time. While equities party, gold and silver are not ignoring the inflation threat. Both hit new cycle highs. Silver, which not long ago traded at $30, has blasted through $42 an ounce. Gold, at $3,000 just weeks ago, is now pushing $3,700. The next round numbers — $50 silver and $4,000 gold — are no longer fantasy but visible targets.

 

The divergence is striking. Stocks are betting that liquidity will drown out risk, while metals are signaling that inflation will not be tamed by rate cuts delivered into record asset prices. If the Fed continues easing into this environment, history suggests the cuts will prove not just ineffective but destabilizing.

 

For now, the disconnect is widening: equities racing higher on easy-money hopes, metals soaring on fear that inflation has slipped its leash. Both can’t be right. And when the reckoning comes, it’s rarely the metals that have to explain themselves.

 

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