The BEGOS Markets begin the week with a two-day session (for Tuesday settlement); at present, we’ve the Bond below today’s Neutral Zone, whilst above same is Gold; session volatility already is pushing toward moderate and likely by this time tomorrow shall be mostly robust. The Gold Update graphically depicts last week’s price spike to the new All-Time High of 2968; still, we are cautious of Gold’s near-term extensive stance, seven consecutive up weeks now recorded; price is “textbook overbought” for the last 25 trading days, and (in real-time) ’tis +171 points above it smooth valuation line (see Market Values). Too, the inflation scare has us once again musing of the Fed potentially having to revert to raising rates. To this point in Q4 Earnings Season, 361 S&P 500 constituents have reported, of which 70% have bettered their bottom lines from Q4 of 2024: again, that is an above-average rate of improvement, albeit the Index itself remains catastrophically high with the “live” (futs-adj’d) P/E at this instant 47.8x.