Summary: Your local small businesses need help - buy deliberately local.<br> Covid brings massive changes to norm, will some be “creative destruction”?<br> CARES Act money used for mask enforcement versus help for small business.<br> https://www.govtrack.us/misconduct<br> <br> <br> The McAlvany Weekly Commentary<br> with David McAlvany and Kevin Orrick<br> Insider Trading: “Some Animals Are More Equal Than Others”<br> November 25, 2020<br> “There still is a recognition that somethin’ ain’t right back in D.C. I just don’t think we will see any real substantive change in that geography when it comes to ethics and conduct until the cycle of excess is behind us. Easy money breeds easy ethics, and ample justification for any and all actions.”<br> – David McAlvany<br> Kevin: I was thinking this week, and I should be thinking all the time just how thankful I am for the provision we have, Dave. Even in these tough times, if we really look below the surface of mainstream media and below the narratives, we actually see a lot of provision right now. We’re seeing a lot of market activity right now, too. You’ve been talking for the last three or four weeks that we were probably going to experience a D-wave correction. That’s a technical term in the chart world. Gold goes up on an A-wave pattern, B on a down, up on a C, and sometimes has a D-wave right after that, and it starts the pattern again. But it’s always good to look back and say, “This is not unexpected, this is just a buying opportunity. What is your thought on the markets right now?<br> David: You are right about gratitude and the importance of being thankful. I think for anyone who has been around the block, not just the markets, clearly, but life, gratitude is an antidote to so many things. When we look at the markets these days, there is a lot going on. We got, in the high-yield market, to 4.5 to 6% last year. That is a new low in the yield, which means a new all-time high in the price, taking out the highs of June 2014. So you have a trend in high-yield which is very risk-on in nature. We see the same thing in the stock market.<br> And lo and behold, gold drops on the other side of that. Where we have risk-on, there is no need for gold it would seem, at least for the time being. Not a reason for concern in our view, simply because we look at all markets from both a cyclical perspective and a secular perspective, cyclical being short-term, secular being the long-term trends. And the long-term trend for gold is, in a very healthy fashion, up. And we look at the cyclical trends – those are the shorter-term trends – and as you said, it’s A, it’s B, it’s C, it’s D, and then that pattern is repeated. So A and C are the strong up-waves, C being the dominant, really strong up-wave, and B and D are the down-waves. D, the one that we are in now, is the worst. And if we looked at time and price, we might have a few weeks left of that.<br> We ask the question, if on a short-term basis, we’re putting in a low for gold, it makes sense to probably be adding to positions in here. Just like we said last week, getting down to around $1800-1820, is to be expected, and that is probably when actions should be taken. So we thought it would come, and here we are.<br> Kevin: As many of our listeners know, we look at finance, and we look at a person’s liquid assets in the form of a triangle, the base of the triangle being gold, which is just the preservation aspect. And yes, as the dollar continues to go down, gold will continue to go up. But also, the left side of the triangle is the managed side where you are trying to grow. McAlvany Wealth Management would be one of those elements. And actually, 3rd quarter was very kind to McAlvany Wealth Management.<br> Of course, the right side of the triangle is cash. That’s never good because they keep printing so much. But going back to the left side, Dave, hard assets,
