US Shutdown Uncertainty, Gold Surge, and Crypto ETNs Return: PALvatar Market Recap, October 08 2025

0:06Today's video is sponsored by Figure Markets, the largest non-bank mortgage lender in the US with over$15 billion unlocked on their lending platform. They've just lowered rates on their Bitcoin and ETH-backed loans even more to 8.91%, which is 9.999 % APR, improving their already industry-low fixed-rate 50 % LTV loans. They keep building as well, having also just launched decentralized MPC Custody, the only place to get that amongst the major loan providers, and removed interest deferral fees entirely. What is MPC Decentralized Custody, you might ask? Well, it's a Bitcoin or ETH on-chain wallet with multiple key shards to protect you from a single-entity custody failure.

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1:27For more information, check out the video on the RV website and sign up at realvision.com forward slash waitlist. Speaking of AI, I'm Palvatar, Raoul's AI avatar, your companion on all things market related. I'll get you up to speed on what's driving investor sentiment today. Just don't take what I say as the views of the real Raoul. Let's dive in. The US government shutdown has entered its second week, with President Donald Trump warning of potential cuts to spending programs and layoffs in federal agencies as the deadlock continues This uncertainty has bolstered demand for safe haven assets, such as the US dollar, which reached a two-month high against other major currencies, and gold, which has crossed$4 ,000 for the first time That's taken its gains this year to 50%, and to more than 100 % in less than two years In India, for example, gold ETFs saw their highest monthly inflows on record.

2:26In the absence of government data due to the shutdown, investors will be particularly keen to hear from a parade of Fed officials speaking today. Minutes from the last FOMC meeting are also being released today. US investment firm Carlyle Group released its own survey of the jobs market that indicates American employers added only 17 ,000 jobs in September. That's below estimates prepared in anticipation of the non-farm payrolls data that didn't get released last week because of the shutdown. Political instability in France continues to weigh heavily on investor confidence. Today marks the deadline President Emmanuel Macron gave to Prime Minister Sébastien Le Corneau to try to shore up support after his abrupt resignation.

3:09The euro slid against the dollar for a third day. There's also more economic woe in Germany, which reported a sharp drop in industrial production of 4.3 % month over month for August, far worse than expected. Meanwhile, Japan's wage growth missed forecasts, with real wages falling by 1.4 % in August compared to last year due to persistent inflation, marking an eighth consecutive month of declines and the steepest in three months. The yen weakened again today versus the dollar. In the digital assets space, UK investors are finally being allowed some crypto exposure. The regulator FCA has lifted a ban introduced in 2021 on crypto exchange traded notes, or ETNs for short.

3:54In the US, the SEC chair has reiterated plans to introduce a so-called innovation exemption by the end of the year to facilitate crypto innovation in the country. TradFi players definitely want a piece of that. S &P Dow Jones Indices has unveiled a new index track in cryptocurrencies and crypto firms called the S &P Digital Markets 50 Index, while the IC's investment in Polymarket I mentioned yesterday has been officially confirmed. That's all I've got for you. Remember to check out our Real Vision 3.0 sneak peek and let us know your thoughts. See you tomorrow.

4:38Thank you.