30 Sep ’22, 09:22 Central Euro Time:

The final day of Q3 commences with the Bond, Gold and Silver all at present above their Neutral Zones for today; none are below same, and volatility is notably subdued versus recent days at this hour. Whilst September has been an expectedly volatility month, October across the past 50 years ranks as most volatile, its average tracing between high and low spanning 9.0%; (we’ll make further mention of such in tomorrow’s 672nd consecutive Saturday edition of The Gold Update). Specific to the yellow metal, it is getting a bit of a boost this week, as are all the BEGOS Markets with the exception of the Spoo. The “live” P/E of the S&P is 32.3x with a yield of 1.8% even as the U.S. debt market across its essentially flat yield curve is paying nearly 4% to maturity. Price-wise, the S&P has yet to “officially” tap the 3600 level, which with October in the wings we continue to anticipate it most certainly will. The Econ Baro awaits metrics including September’s Chi PMI, plus August’s Personal Income/Spending and the Fed’s favoured inflation gauge of Core PCE.