2025’s trading commences finding all eight BEGOS markets at present in the black, those notably above today’s Neutral Zones being the Swiss Franc, Gold, Silver and the Spoo; session volatility is moderate-to-robust. As we’ll see in the next Gold Update for this Saturday, the yellow metal was the best BEGOS performer of 2024, +27.4%. The futs-adj’d “live” P/E of the S&P 500 is 46.4x and the yield 1.274% versus 4.208% annualized for the risk-free 3-month U.S. T-bill, (albeit as mentioned in the current edition of The Gold Update, “Old Yeller” faces an ‘event of default’ come mid-month barring another Congressional bailout). The Bond (113^28) has just climbed above 113^26, its most dominantly-traded price across the past fortnight: as mentioned in Tuesday’s comment, there’s room for the Bond to move up into the 116s. The Econ Baro get’s 2025 underway, today’s incoming metrics including November’s Construction Spending.