Gold, silver, platinum, palladium, and copper all higher on expectations of a more accommodative Federal Reserve after weak US data signaled slowing consumer spending and growth concerns.

If US economic data continues to weaken, it supports a lower dollar and lower treasury yields, which could open the door for gold to move to 5450.

Silver is up about 6.5%; ETF flows on silver have not been positive this year due to profit-taking and volatility making it a day-trading affair.

Earnings on the Russell 2000 small caps are much better than in the NASDAQ mega caps because AI disruption is helping small companies improve productivity while cannibalizing larger ones.

I don't think they'll cut rates in March unless we have a material collapse in economic data; June 17 has a 77% and rising chance of a cut.

The dollar is continuing its sell-off; correlation between dollar and gold is about 80% inverse.

WTI crude oil prices are ticking up, possibly due to geopolitical tensions in the Middle East, but if you're a gold bull, you want oil prices down to help CPI data and create more Fed easing.

Treasury yields are sitting at about 4.14%.

The NASDAQ/S&P 500 is trading in a range; we get up to just north of 7,000 then see a rug-pull event from episodic AI disruptions.

Asian stocks are climbing to fresh record highs led by tech shares as investors rotate away from US assets amid a weaker dollar.