Hello Capitalists,

Here is everything you should be following today:

• Trump and Bessent just did something no one has done to China in 20 years

• America First economics is about to get really real for China

• Gold soars to a new All Time High and analysts see it going higher

• Morgan Stanley and Bank of America just STUNNED Wall Street

• Jamie Dimon’s comment on JPM’s $170 million loss is getting a lot of attention

• DOJ seizes $15B off Bitcoin in criminal fraud sting

Today’s markets + assets:

• 🔴 DOW: 46237.59 (⬇️ 0.07%)

• ✅ S&P: 6666.70 (⬆️ 0.34%)

• ✅ NASDAQ: 22655.04 (⬆️ 0.59%)

• ⚠️⬇️CBOE VIX Volatility Index: 20.39 (⬇️ 2.02%)

• ✅ Gold: $4214 (⬆️ 1.22%)

• ✅ Silver: $51.55 (⬆️ 1.87%)

• 🔴 Bitcoin: $110,474 (⬇️ 2.59%)

Trump and Bessent stand up to China’s predatory market manipulation

Treasury Secretary Scott Bessent announced Wednesday that the Trump administration will impose price floors across key industries to shield U.S. firms from China’s predatory dumping, vowing to end two decades of market sabotage and bolster American economic defenses.

Bessent Unveils Anti-Dumping Strategy: Treasury Secretary Scott Bessent revealed plans for “forward buying” mechanisms alongside price floors to preemptively counter Chinese undercutting in nascent U.S. processors and refiners.

Bessent Draws A Line In The Sand: “If some in the Chinese government want to slow down the global economy through disappointing actions and through economic coercion, the Chinese economy will be hurt the most — and make no mistake: this is China vs. the world.”

Two-Decade Dumping Pattern Exposed: For 20 years, China has slashed prices to bankrupt competitors in market-based economies whenever new facilities emerge, a tactic Bessent highlighted as a deliberate tactic of economic warfare.

Broad Industry Protections Planned: The policy targets multiple sectors beyond critical minerals, aiming to foster resilient supply chains and prevent future business failures stemming from intentionally aggressive foreign pricing.

Developing Policy Signals Escalation: As a nascent initiative from the “Invest in America” forum, the measures underscore Trump’s aggressive trade stance, with full implementation details forthcoming to reshape global competition.

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Gold hits historic $4,235 an oz amid escalating trade war

Spot gold rocketed to a record $4,235.800 per ounce Wednesday morning, fueled by surging bets on U.S. Federal Reserve rate cuts, escalating U.S.-China trade tensions and a government shutdown, as investors continue to flock to the safe-haven metal amid global economic jitters.

• Fed Bets Accelerate Surge: Dovish remarks from Jerome Powell on subdued labor markets heightened expectations for 25-basis-point cuts in October and December, propelling bullion’s momentum trade.

• Trade Woes Boost Demand: Renewed U.S.-China tariff frictions and de-dollarization trends amplified safe-haven buying, alongside robust central bank purchases and ETF inflows.

• Precious Metals Rally Broadly: Silver touched $53.60 before settling at $51.60 up 0.3%, while platinum and palladium climbed amid tightening supplies and shared economic uncertainties.

• Gold to $5000?: Some analysts do not see the inflows into Gold stopping, with predictions that the price could well hit $5000 an oz

Morgan Stanley and Bank of America’s Q3 earnings shatter Wall Street records

A roaring Wall Street fueled by merger mania and IPO fever propelled Bank of America and Morgan Stanley to blowout third-quarter profits Friday, with each netting over $1 billion above Wall Street forecasts amid soaring dealmaking fees and trading revenues.

Bank of America shattered Wall Street forecasts Tuesday, posting third-quarter profits of $8.2 billion—a 15% jump from last year—fueled by roaring investment banking fees and steady consumer spending, as CEO Brian Moynihan hailed resilient U.S. economic momentum amid rate-cut hopes.

• Investment Banking Fees Explode: Fees rocketed 45% to $1.8 billion, driven by a M&A revival and debt underwriting boom, outpacing rivals like JPMorgan.

• Net Interest Income Stabilizes: Net Interest Income held firm at $14.1 billion despite Fed rate pauses, bolstered by 2% deposit growth to $1.9 trillion in key consumer segments.

• Trading Revenues Climb Steadily: Equities trading surged 12% to $4.2 billion on volatile markets, while fixed income dipped 3% but offset broader gains.

• Credit Losses Remain Tame: Provisions for bad loans edged up to $1.1 billion, signaling low consumer delinquency rates under 1%, with optimistic full-year guidance intact.

Morgan Stanley surged past Wall Street forecasts Wednesday with third-quarter profits climbing 43% to $3.06 billion, fueled by a blockbuster 57% leap in investment banking fees, as CEO Ted Pick heralds a “renaissance” in dealmaking amid cooling rates.

• Investment Banking Fees Explode: Revenues from advisory, underwriting soared 57% year-over-year to $1.45 billion, outpacing rivals amid revived M&A activity such as high-profile advisories like Union Pacific’s $71 billion Norfolk Southern buyout.

• Wealth Management Growth Steady: Client assets hit record $7.1 trillion, with management fees up 8%, though equity trading dipped slightly due to market volatility.

• Trading Revenues Mixed Bag: Fixed-income trading jumped 14% on strong bond sales, but equities fell 4% from tough comparisons and subdued volumes.

• Optimistic Full-Year Outlook: CEO Pick eyes continued fee momentum into 2026, with cost controls targeting 2% expense growth despite regulatory pressures.

Jamie Dimon’s “Cockroach” comment about credit losses hide a bigger issue

JPMorgan Chase CEO Jamie Dimon bluntly called a $170 million loss from a bankrupt subprime auto lender “not our finest moment” Tuesday, warning of potential hidden risks in commercial lending after Tricolor’s fraud-tainted collapse, even as third-quarter profits soared 12%.

• Tricolor Fraud Exposed Deeply: Dallas-based subprime lender Tricolor Holdings filed for bankruptcy in early September amid allegations of auto loan fraud, ensnaring JPMorgan in a $170 million wholesale lending write-off.

• Charge-Offs Surge Dramatically: Bank’s net charge-offs climbed 8% to $2.6 billion in Q3, largely from commercial and investment banking hikes, though Tricolor hit remains immaterial to overall earnings.

• Cockroach Risks Loom Large: Dimon invoked “one cockroach means more” metaphor, signaling heightened scrutiny of lending portfolio for systemic weaknesses beyond isolated failures.

• Peers Share Subprime Pain: Fifth Third and Barclays also face Tricolor losses as creditors, spotlighting Wall Street’s broader exposure to weakening commercial credit amid rising bankruptcies like First Brands and the Jefferies debacle.

DOJ just seized $15B in Bitcoin from a “pig butchering” scam in Cambodia

In a landmark crackdown on global fraud, the U.S. Department of Justice seized a record $15 billion in Bitcoin Tuesday from a Cambodia-based “pig butchering” scam empire, indicting fugitive tycoon Chen Zhi for orchestrating forced-labor compounds that bilked victims worldwide out of billions through deceptive crypto investments.

• Massive Forfeiture Sets Record: DOJ’s $15 billion bitcoin haul marks the largest asset seizure in its history, targeting holdings from Chen Zhi’s Prince Holding Group conglomerate.

• Forced Labor Fuels Fraud: Victims were coerced by scam operators in Cambodian compounds, where trafficked individuals executed “pig butchering” schemes preying on global targets via fake investment lures.

• Indictment Unsealed Swiftly: Federal charges against Chen, alias “Vincent,” dropped in Brooklyn court Tuesday, alleging he founded and chaired the operation while evading capture abroad.

• Global Scam Implications Loom: The billions stolen underscore rising crypto fraud threats, prompting U.S. authorities to intensify international probes into human-trafficking-tied schemes.