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"Silver’s time to shine comes in 2025"

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Housekeeping: Good Morning.

“The Gold reset is a process, not an event”

Today

* Discussion: CPI/MUFG Commodity 2025

* Premium: MUFG Commodity 2025

Discussion: MUFG Commodity 2025

* Headline CPI is expected to rise by 0.3% in November

* Core CPI is expected to rise 0 3% M/M and 3.3% Y/Y

* The market and one prominent bank thinks CPI has to be super hot for the Fed to not cut 25bps in December now

Bottom Lines for Commodities:

* Precious metals (bullish).

* Gold –bullish.

* Silver –bullish.

* Energy…

The skinny

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