Good morning investors! Stocks jumped yesterday as Trump hinted at backing off from new China tariff.
Today we cover:
Gold gets a new price target
Broadcom and OpenAI deal
People like remote jobs
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📊 Economy and News
Gold gets a new price target
Bank of America Global Research raised its 2026 gold price forecast to $5,000/oz, averaging $4,400, while noting a near-term correction risk but expecting further gains in 2026.
Silver prices soared 75% this year, driven by safe-haven demand, industrial use, and ongoing supply deficits. Silver futures in New York jumped 7% Monday, hitting a record $52.63/oz, surpassing the 1980 peak. Spot silver also reached a new high above $52/oz after breaking $50 on October 9, the first time since 1980.
The silver market faces a fifth consecutive year of supply shortages due to stagnant mining output. Silver and platinum, up 75% and 80% respectively, outpace gold’s 51% rise. Silver ETF inflows are at their highest since 2020.
Investors can access silver via bars, coins, or ETFs like the iShares Silver Trust, up 68% this year.
Global hits:
Argentina inflation forecast to have accelerated in September.
India’s retail inflation slows to eight-year low in September, leaving room for rate cut.
Dutch government takes control of Chinese-owned chipmaker Nexperia in rare move.
The U.S. is providing a $20 billion currency swap line with Argentina’s central bank.
Reminder: Airlines tell passengers to prepare for delays as government shutdown continues.
Check this: The average price paid for a new vehicle last month topped $50,000 for the first time ever. The record comes as defaults and repossessions have increased as of late, particularly for consumers with subprime credit
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📈 Stocks
S&P 500 6,654.72 (+1.56%)
DJIA 46,067.58 (+1.29%)
NASDAQ 22,694.61 (+2.21%)
BRENT CRUDE 63.42 (+1.10%)
* Prices as of Oct 13th, 12:20 AM UTC
Broadcom and OpenAI Partner to Build AI Chips
Broadcom and OpenAI announced a partnership to develop and deploy 10 gigawatts of custom AI accelerators, starting late next year. The chips, optimized for OpenAI’s workloads, aim to reduce compute costs and enhance efficiency. Broadcom’s stock surged 9.88% following the news.
The collaboration, ongoing for 18 months, leverages Broadcom’s Ethernet stack and OpenAI’s chip design expertise. OpenAI has also secured compute deals with Nvidia, Oracle, and AMD, totaling 33 gigawatts in recent weeks. CEO Sam Altman emphasized the deal’s potential to deliver faster, cheaper AI models, with 10 gigawatts as a starting point to meet growing demand.
In related news, Broadcom chip head Charlie Kawwas said OpenAI is not the mystery $10 billion customer that was revealed in the company’s Q3 earnings report.
Check here: Robinhood open to deals to grow prediction markets business. Elsewhere, Goldman Sachs agrees to acquire $7 billion VC firm Industry Ventures.
💵 Personal Finance
76% of U.S. Workers Would Seek New Job if Forced to Work Fully In-Person
A new report highlights a strong preference for remote work among U.S. professionals, with many ready to leave their jobs if required to return to the office full-time.
According to FlexJobs’ 2025 State of the Workforce Report, which surveyed 3,000 U.S. professionals, 76% of workers would look for a new job if remote work options were eliminated. This marks a significant rise from last year’s 57% who said they’d “absolutely” seek new employment if unable to work remotely.
Among those considering a job change, 85% cited remote work as their top priority, outranking salary, benefits, and work-life balance. FlexJobs career expert Toni Frana notes that remote work’s appeal lies in its flexibility, cost savings, and enhanced work-life balance. The survey also revealed that only 2% of workers prefer full-time office work, with most favoring fully remote or hybrid arrangements.
Despite companies pushing return-to-office (RTO) mandates to boost collaboration and visibility, resistance remains strong. Frana reports that 27% of workers know someone who has quit or plans to quit due to RTO policies.
If your employer is implementing an RTO plan, Frana recommends initiating a constructive dialogue with your manager. Key questions to ask include:
What challenges does RTO aim to address?
How will success be measured?
Is any flexibility still possible?
Alternatively, Frana suggests preparing a proposal to justify continued remote work, emphasizing your productivity, client feedback, and achieved goals to demonstrate your effectiveness outside the office.
For those unwilling to compromise on remote work, Frana advises exploring fully remote job opportunities, though competition for such roles is intense. Job seekers should refine their resumes, leverage their networks, and research remote-friendly employers.
“Being proactive in finding a work environment that aligns with your needs is critical,” Frana says.
What kinda job would you like?
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.