22 September 2025 – 08:42 Central Euro Time

Gold, Silver and Oil all are presently above today’s Neutral Zones; the other BEGOS Markets are within same, and session volatility is light. The Gold Update highlights both the yellow metal and S&P 500 making record highs, albeit prices are quite stretched near-term for Gold and broadly so for the S&P; the P/E of the latter in real-time (adjusted for the futs) is 48.6x. At Market Trends, only Oil is in negative linreg; however the “Baby Blues for the seven other BEGOS components are rolling over to the downside, (save barely those for the Spoo, but look poised to so do). Regardless, Gold just printed a fresh All-Time High as we type at 3748, (the previous being 3744 this past Wednesday). Nothing is due today for the Econ Baro ahead of a moderate load of incoming metrics as the week unfolds, the highlight being Friday’s release for August of the “Fed-favoured” PCE data.