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Thursday, 5 November 2026 · No. 217

Democrats sweep Congress lifts gold past $4,000 as dollar falls

Lead story · economy — Gold and silver prices jump, dollar dips as Democrats take control of Congress (CNBC)

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The Lead

Democrats' midterm sweep has driven gold above $4,000 and the dollar index below 101.3, easing yields while oil slips further. Bitcoin's $80,381 level rests on whale outflows and short-covering rather than sustained buying, leaving MVRV at 1.49 and short-term holder profits halved. Network hashrate holds near 1,030 EH/s with no congestion, yet Lightning capacity keeps contracting. The ignored tension sits between gold's flight-to-safety bid and Bitcoin's failure to capture any of that rotation despite a softer dollar. How long can divided government and lower real yields prop up risk assets before fiscal gridlock tests growth expectations?[1][2]

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The Fear & Greed index over 90 days: 34, fear.
The Fear & Greed index over 90 days: 34, fear.
Sentiment is the one input on this page that measures the other participants rather than the asset.

Gridlock may cap spending but leaves Bitcoin without a fresh macro tailwind.

Thursday · The wall

$6.9tn of sovereign debt matures in 2026.

That is 16% of $42.7tn outstanding across the US, UK and Japan — all of it to be refinanced at whatever the market charges on the day, not at the coupon it was issued with.

MATURING 2026
$6.9tn
MATURING 2027
$6.4tn
TOTAL OUTSTANDING
$42.7tn
SHARE THIS YEAR
16%

Data as of 2026-11-03 · Maturity Wall → · Free with an account

Instruments for this story

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  • The Plumbing

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  • The MMT Autopsy

    Vienna School · Background to Fiscal Event Horizon

    Modern Monetary Theory, steelmanned then dissected

The Wire

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