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* FIEND'S SUPERBEAR MARKET REPORT *

* October 13, 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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Tariff Whiplash, Magnet Metals

After Friday’s shock, futures soothe—gold and silver don’t blink.

Friday’s tariff scare yanked the market from euphoria to air pocket in a matter of hours. By Sunday night, a softer tone out of Washington had futures back on the front foot. That’s the new rhythm: policy headline, violent repricing, quick amnesia. What hasn’t flinched is the metals tape—gold knifed through $4,000 and keeps leaning toward $4,100; silver printed fresh highs north of $50 and still trades like a coiled spring.

This is what a soft-dollar, easy-policy, geopolitics-on-edge regime looks like. Equities rally on the promise of cuts; metals rally on the cost of those cuts. The same story, expressed two ways.

Near term, three levers decide whether this “everything up” act can keep running:

Messaging risk: if the Fed blinks at the optics of record metals into more easing, guidance tightens and the equity multiple feels it.

Bond-market veto: term premium and supply push long yields higher even as short rates fall—stocks notice.

China cadence: another tariff round or export curb and the safe-haven bid outruns “risk-on” again.

Round numbers ($50 and $4,000) aren’t endpoints; they’re stress tests. If we clear them with acceptance—not just prints—the market will be telling you the credibility bill is coming due. For now, futures may have calmed nerves. The metals never lost them.

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