TF Metals Report

TFMR Podcast - Tuesday, October 20

info@tfmetalsreport.com (TF Metals Report) — Tue, 20 Oct 2026 15:41:05 -0400

With TF

It was another quiet day in what was expected to be a mostly quiet week. Some midday rumors of peace led to a spike but that rally was quickly sold off, leaving us mixed with CDG down a little but CDS and the shares mostly up a little.

So what about tomorrow? There's zero scheduled news so your guess is as good as mine in terms of what happens next. Let's just hope to avoid the sharp...

Tuesday Drift

info@tfmetalsreport.com (TF Metals Report) — Tue, 20 Oct 2026 09:14:21 -0400

By TF

38 Comments | 15 Likes

The new day begins with the same sort of drift lower that we saw on Monday. Will it remain that way all, day? We'll see about that. Here's a new thread for you in the meantime.

Let's start with the action overnight. Again, it looks a lot like yesterday...just a general wasting and now price is down over $20, despite the POSX being down 20¢.

CDS is hanging in there a little...

TFMR Podcast - Monday, October 19

info@tfmetalsreport.com (TF Metals Report) — Mon, 19 Oct 2026 17:15:34 -0400

With TF

35 Comments | 15 Likes

The week begins much like last week with a light volume trade and prices falling through Comex hours. Let's hope the rest of the week doesn't follow along, especially when we get to Wednesday.

But let's worry about Wednesday on Wednesday. For today, just a brief recap of what was a pretty quiet day. And then, these images:

And these charts:

That's all for today....

The Quiet Period

info@tfmetalsreport.com (TF Metals Report) — Mon, 19 Oct 2026 10:23:14 -0400

By TF

26 Comments | 16 Likes

It's a "quiet period" for the FOMC ahead of next week's meeting. It's also a quiet period for scheduled news. However, it seems highly unlikely that we're going to have a quiet week with unscheduled news once again likely to dominate the daily trade.

But who knows? Maybe we'll get a quiet week, in general? I doubt it but you never know. As for scheduled news, here's the abbreviated...

TFMR Podcast - Friday, October 16

info@tfmetalsreport.com (TF Metals Report) — Fri, 16 Oct 2026 18:29:11 -0400

With TF

102 Comments | 19 Likes

If you're like me, you're probably just glad that this week is over and behind us. But now we must turn our sights to next week and what it might bring. This weekend might be a doozy, too, so keep your eyes and ears open.

But it's late and I need to get this posted. Here you go. These images:

These charts:

And these CoTs:

See you Monday,

Green Candle Incoming?

info@tfmetalsreport.com (TF Metals Report) — Fri, 16 Oct 2026 10:21:00 -0400

By TF

52 Comments | 14 Likes

As expected, it has been a wild and volatile week but, even with the big down day on Wednesday, the gold price actually has a chance to paint a green weekly candle. Whether it does or not is mostly immaterial as what's more important is the fact that it has hung in there above the summer lows.

There was concern overnight that Warsh's little "chat" in Thailand might spark more selling...

TFMR Podcast - Thursday, October 15

info@tfmetalsreport.com (TF Metals Report) — Thu, 15 Oct 2026 17:31:09 -0400

With TF

18 Comments | 19 Likes

What a crazy day. A scorching hot PPI leads to another rally in bonds with lower rates and a plunging POSX. A YenTreasurVention or a TreasurYenTervnetion or whatever? Maybe. And that's worth discussing today because...IF it was...the moves have major implications for where the PMs move from here.

So let's dig right in. Today's general discussion lays it what we observed and I...

YenTreasurVention

info@tfmetalsreport.com (TF Metals Report) — Thu, 15 Oct 2026 07:33:48 -0400

By TF

59 Comments | 19 Likes

As mentioned in yesterday's podcast, I'm going to be unavailable this morning but there were some developments late yesterday that demand your attention.

Do you recall the "deal" that was struck in August between Bessent and C3PO-san? You know the one...where the US Treasury agreed to work in concert with the BoJ to support the yen. It produced this yentervention chart back on...

TFMR Podcast - Wednesday, October 14

info@tfmetalsreport.com (TF Metals Report) — Wed, 14 Oct 2026 16:32:00 -0400

With TF

38 Comments | 19 Likes

Ugh. What a nasty day. The PMs got hammered on the CPI print, and did treasuries. But then, even though the bond market rallied back, the PMs remained buried. And how about CDS? Down more than 6%. Why? Because as we've been warning you, with low open interest you get high volatility, a lesson which was driven home again today.

So what else remains to be said? A lot, I guess, as this...

Very Uncool

info@tfmetalsreport.com (TF Metals Report) — Wed, 14 Oct 2026 10:26:00 -0400

By TF

62 Comments | 18 Likes

Today's CPI report came in hotter than expected and the market reaction was immediate with surging rates and POSX driving the Comex PMs sharply lower.

There's a lot going on today as the war worsens again in the MENA but we must lead with the CPI. If you listened to the Tuesday podcast, then you know that these numbers are above what most had expected.

The picture worsens as...

TFMR Podcast - Tuesday, October 13

info@tfmetalsreport.com (TF Metals Report) — Tue, 13 Oct 2026 17:24:00 -0400

With TF

48 Comments | 13 Likes

As it has been all year, the unscheduled news today was the most dramatic and impactful as commodity prices fell, despite a rally in bonds and a drop in the POSX. And now tomorrow brings some impactful scheduled news with the latest update on CPI and Core CPI. Buckle up because the ride will only get more bumpy from here.

For today, a discussion of all this plus these images:...

Tuesday Morning

info@tfmetalsreport.com (TF Metals Report) — Tue, 13 Oct 2026 08:00:00 -0400

By TF

47 Comments | 15 Likes

I've got a doctor appointment and some out of the house errands this morning so here's a new thread to keep you busy.

We'll see where the day takes us and I'll be around to add some charts and thoughts to the comments section. As I type this late Monday evening, it appears that we might have a fireworks show on Tuesday. Maybe this will settle down overnight? Maybe not. Be the time...

TFMR Podcast - Monday, October 12

info@tfmetalsreport.com (TF Metals Report) — Mon, 12 Oct 2026 16:57:03 -0400

With TF

22 Comments | 16 Likes

In 1492, Columbus sailed the ocean blue. And on Columbus Day 2026, the markets traded with very thin and light volume, leaving them subject to the algos, which were heavily influenced by another green candle in the POSX.

It's a holiday for everyone in Canada and some of us in the U.S. As such, a somewhat more concise podcast today that features these two links:

Thankful For Columbus

info@tfmetalsreport.com (TF Metals Report) — Mon, 12 Oct 2026 10:34:00 -0400

By TF

14 Comments | 15 Likes

It's Columbus Day in the U.S. and Thanksgiving Day in Canada. This means that the US Banks and treasury markets are closed and the Canadian markets are closed, too. A quiet start to the week? Sort of. And that's fine because the rest of the week is going to be quite busy.

So, anyway, happy Columbus Day. To heck with that "Indigenous Peoples" nonsense. I didn't see them cobble...

TFMR Podcast - Friday, October 9

info@tfmetalsreport.com (TF Metals Report) — Fri, 09 Oct 2026 16:55:45 -0400

With TF

70 Comments | 23 Likes

Lo and behold, we actually had a GREEN week. How about that? It seems like it has been forever so let's celebrate the green candles while understanding that we are still stuck deep in the woods and it might still be a while before we get out.

For today, a discussion of the week that was and a reminder of how bleak things appeared back on Wednesday morning. As such, to finish in the...