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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JANUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,325.600000000 USD
INTENT DATE: 12/31/2025 DELIVERY DATE: 01/05/2026
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 123
363 H WELLS FARGO SECURITI 69
435 H SCOTIA CAPITAL (USA) 31
661 C JP MORGAN SECURITIES 8
686 C STONEX FINANCIAL INC 2
690 C ABN AMRO CLR USA LLC 1
737 C ADVANTAGE FUTURES 1
880 C CITIGROUP 12
880 H CITIGROUP 22
905 C ADM 3
TOTAL: 136 136
MONTH TO DATE: 3,
JPMORGAN STOPPED 0/52
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 136 CONTRACTs NOTICES FOR 13,600 OZ or 0.4230 TONNES
total notices so far: 3911 contracts for 391,100 OR 12.1648 tonnes)
SILVER NOTICES:1168 NOTICE(S) FILED FOR 5.848 MILLION OZ OZ/
total number of notices filed so far this month : 3446 CONTRACTS (NOTICES) for 17.230 million oz
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 15,000 OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON WHERE THEY WILL TAKE DELIVERY OVER THERE//NEW STANDING REDUCEDS TO 22.900 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 2.98 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 15,000 OZ EXCHANGE FOR PHYSICAL TRANSFER//NEW STANDING REDUCES TO 22.90 MILLION OZ
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.1335TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST QUEUE JUMP OF 0.3141 TONNES//NORMAL DELIVERY OF GOLD ADVANCES TO 14.093 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 3.447 TONNES//NEW STANDING ADVANCES TO 17.54 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 17.54 TONNES OF GOLD
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 2.846 TONNES
SPREADING OPERATION
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA HUGE SIZED 3819 CONTRACTS OI TO 153,522 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 560 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 15 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 3951 CONTRACTS AND ADD TO THE 560 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF 3911 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR HUGE LOSS OF $6.41 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 16.295 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $6.41
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS JAN 2/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED
//Hang Seng CLOSED UP 707.93 PTS OR 2.26%
// Nikkei CLOSED
//Australia’s all ordinaries CLOSED UP 0.29%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9932
/ OFFSHORE CLOSED UP AT 6.9678/ Oil DOWN TO 57,43 dollars per barrel for WTI and BRENT DOWN TO 60.70 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9937 OFFSHORE YUAN TRADING UP TO 6.9578/ONSHORE YUAN TRADING BELOW OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 5395 CONTRACTS TO 476,471 OI WITH OUR STRONG LOSS IN PRICE OF $42.50 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST SOME NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (915). WE HAD CONSIDERABLE T.A.S. LIQUIDATION WEDNESDAY (ALONG WITH FINALIZATION OF MONTH END SPREADER LIQUIDATIONS PLUS CONSIDERABLE GOV’T REMOVALS) IT SEEMS THAT THE SPECULATORS WENT MASSIVELY HUGE TO THE LONG SIDE WITH OUR FRBNY PROVIDING STILL THE MASSIVE NECESSARY PAPER AND OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE .
YOU WILL NOTICE THAT THE COMEX OI IS NOW GAINING HUGELY FROM ITS LOW OI OF AROUND 418,000 TO NOW 476.471 AND NOW AMPLE ENOUGH FOR A RAID BY OUR BANKERS LIKE MONDAY. FROM CHINA WE LEARN THAT THE GOLD LEASE RATE IS NOW AROUND 2.3%
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 4480 CONTRACTS (OR 13.93 TONNES). THEN WE WERE NOTIFIED OF ZER0 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS AND THEN ONE EARLY JANUARY: 3.446 TONNES)
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 39 TONNES OF SHORTAGE.
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 656 TONNES AND THIS WAS B ADDED TO OUR NORMAL DELIVERY TOTALS.. THE JANUARY ISSUANCE WILL BE ADDED TO OUR DAILY TOTALS!!
DETAILS ON OUR NEW JANUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 4480 CONTRACTS WITH OUR HUGE LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH JANUARY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A FAIR T.A.S ISSUANCE CONTRACTS. THE CME NOTIFIES US THAT THEY HAVE ISSUED 1172 T.A.S CONTRACTS AND WILL BE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE DURING LAST WEEK AND CONTINUING ON THIS WEEK. IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FRBNY ITS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE HUGE NUMBER OF T.A.S. ISSUANCES IN DECEMBER.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 9 MONTHS:
- FOR APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
4. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
5. FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
6. FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 1.244 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
7. OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNES WHICH FOLLOWED OCT 17 RECORD SETTING: 12.031 TONNE QUEUE JUMP WHICH FOLLOWED THURSDAY’S QUEUE JUMP OF 8.326 TONNES WHICH FOLLOWED WEDNESDAY;S 6.469 WHICH FOLLOWED ALL PREVIOUS QUEUE JUMPS OF 42.549 TONNES TO WHICH WE ADD OUR TOTAL 4679 EXCHANGE FOR RISK CONTRACTS ON 6 OCCASIONS FOR 467,900 OZ OR 14.553 TONNES.! TOTAL STANDING ADVANCES TO 197.511 TONNES OF GOLD
SUMMARY FOR OCTOBER STANDING:
THAT IS;
a) INITIAL STANDING 90.164 TONNES
b) INITIAL EXCHANGE FOR RISK ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES
c) ANOTHER 3 CONSECUTIVE EXCHANGE FOR RISK ISSUANCES OF 2150 CONTRACTS FOR 215000 OZ OR 6.687 TONNES
D) AFTER A ONE DAY HIATUS, A 5TH ISSUANCE FOR 1000 CONTRACTS //100,000 OZ OR 3.1104 TONNES
E) AFTER A TWO WEEK HIATUS: ITS 6TH ISSUANCE FOR 1029 CONTRACTS/102,900 OZ OR 3.200 TONNES
TOTAL EXCHANGE FOR RISK OCT 6 OCCASIONS: 14.553 TONNES
TO WHICH WE ADD ALL OUR QUEUE JUMPING IN OCT: TOTAL MONTH;: 92.7648 TONNES
(ALL OF THESE QUEUE JUMPS ARE REPRESENTED BY CENTRAL BANKS DESPERATELY ADDING TO THEIR OFFICIAL RESERVES)
EQUALS
197.5141 TONNES OF GOLD!!
END
8. NOVEMBER:TOTAL TONNES STANDING INCLUDING ALL QUEUE JUMPS AND EXCHANGE FOR RISK ISSUANCE:
INITIAL GOLD STANDING AT THE COMEX IS 5032 CONTRACTS OR 503,200 OZ (15.651 TONNES) FOLLOWED BY ITS TODAY’S QUEUE JUMP OF 2.323 TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR SECOND EXCHANGE FOR RISK OF 1016 CONTRACTS FOR 101600 OZ OR 3.165 TONNES TO OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3966 TONNES/// NEW EXCHANGE FOR RISK: 4.5595 TONNES//NEW TOTAL GOLD STANDING IN NOVEMBER ADVANCES TO 43.9716 TONNES
9. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.1337 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER NET QUEUE JUMPING OF 37.163 TONNES//STANDING ADVANCES TO 115.257 TONNES TO WHICH WE ADD OUR FOUR ISSUANCES OF EXCHANGE FOR RISK OF 6.559 TONNES/NEW STANDING IS THUS: 121.977 TONNES.
10. JANUARY 2026: INITIAL GOLD STANDING IS 13.785 TONNES TO WHICH WE ADD OUR FIRST QUEUE JJUMP OF .3141 TONNESS (NORMAL STANDING ADVANCES TO 14.093 TONNES) TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 3.447 TONNNES/./NEW STANDING ADVANCES TO 17.54 TONNES
THE FED IS THE OTHER MAJOR SHORT OF AROUND 39+ TONNES OF GOLD OWING TO THE B.I.S. THE OCC ORDERED THE BANKS TO COVER THEIR GOLD LOSSES FROM OCC BETS. THIS IS SUCH A SMALL FRACTION OF WHAT IS OWED!!! THE FRBNY BORROWED GOLD FROM THE BIS TO COVER THOSE HUGE LOSSES OF AROUND 39 TONNES OF GOLD.. THE FED IS VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES IF THEY DO NOT BORROW THIS GOLD. SO IT IS POSSIBLE/PROBABLE THAT THE FED IS THE BUYER OF 10.006 TONNES OF EXCHANGE FOR RISK/DECEMBER/EARLY JANUARY!!
THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST SEVERAL MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP OTHER CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY. IT SURE DOES LOOK LIKE THE BIS HAS NOW GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN OF 39+ TONNES REMAIN ON THE BOOKS OF THE BIS AND THE END OF THE YEAR IS APPROACHING.
THE FRBNY IS STILL NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH
EXCHANGE FOR PHYSICAL ISSUANCE/DEC.//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED EXCHANGE FOR PHYSICAL OF 915 CONTRACTS.
THAT IS A SMALL SIZED 915 EFP CONTRACT WAS ISSUED: : /FEB 915 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 915 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON AS THEY ORDERED THE BULLION BANKS TO COVER MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 39 TONNES
WE HAD :
- CONSIDERABLE LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + AND DID HAVE CONSIDERABLE GOVERNMENT LIQUIDATION
- FINAL MONTH END SPREADERS LIQUIDATION!!…
T.A.S.SPREADER ISSUANCE//DECEMBER
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT/THURSAY MORNING WAS A FAIR SIZED 1172 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP WEDNESDAY’S HUGE LOSS IN PRICE IN GOLD WITH A CORRESPONDING STRONG LOSS OF COMEX OI AND A SMALL EXCHANGE FOR PHYSICAL ISSUANCE..ENOUGH FODDER FOR THE COMMENCEMENT OF A SMALL RAID ON WEDNESDAY
.
THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 6 MONTHS WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
- TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
- TO BE FOLLOWED BY OCTOBER’S 6 ISSUANCES FOR 14.553 TONNES
- TO BE FOLLOWED BY NOVEMBER’S TWO ISSUANCES FOR 4.5575 TONNES
- THE LONDON BANKING AUDITORS HAVE SO FAR REFUSED TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/
- FRBNY BORROWS ANOTHER 24 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.C ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 54+ TONNES OF GOLD.
- MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI//RECORD 33,000 CONTRACTS REMOVED FRIDAY NOV 21//
- MASSIVE T.A.S. CONTRACTS ISSUED FOR 5 CONSECUTIVE DAYS/SIGNALLING A MASSIVE RAID TO BE!
- MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OTHER DAY LAST WEEK
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITIAL GOLD STANDING 13.785 TONNES TO WHICH WE ADD OUR FIRST QUEUE JUMP OF.3141 TONNES//NEW NORMAL STANDING: 14.093 AND THEN WE ADD OUR FIRST EXCHANGE FOR RISK OF 3.447 TONNES//NEW STANDING ADVANCES TO 17.54 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING JANUARY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $42.50/ /)
WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION WEDNESDAY WITH FINALIZATION OF MONTH END SPREADER LIQUIDATION// COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL TUESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR JANUARY IN AN OFF MONTH. THE COMEX IS ONE BIG MESS!!
WEDNESDAY NIGHT//THURSDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. NOW JANUARY:
AMOUNT STANDING FOR GOLD INITIALLY 13.7516 TONNES TO WHICH WE ADD OUR FIRST QUEUE JUMP OF .3141 TONNES//NEW NORMAL STANDING ADVANCES TO 14.093 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 3.447 TONNES. NEW STANDING ADVANCES TO 17.54 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $42.50
WE HAD A SMALL 212 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .
INITIAL GOLD COMEX
JAN 2
JAN 2026 CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRIES |
| Deposit to the Dealer Inventory in oz | 0- ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 2 ENTRIES i) Into Brinks 122,173.800 oz (3800 kilobars) ii) Into Manfra: 23,270.686 oz total deposit: 147,444.486 oz (4.58 tonnes) xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 136 notice(s) 13,600 OZ .4230 TONNES OF GOLD |
| No of oz to be served (notices) | 620 contracts 62000 OZ 1.928 TONNES |
| Total monthly oz gold served (contracts) so far this month | 3911 notices 391,100 0z 12.1648 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
2 ENTRIES
i) Into Brinks 122,173.800 oz
(3800 kilobars)
ii) Into Manfra: 23,270.686 oz
total deposit: 147,444.486 oz
(4.58 tonnes)
customer withdrawals:
0 ENTRIES
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 0//
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 756 CONTRACTS FOR A LOSS OF 3676 CONTRACTS.
WE HAD 3775 NOTICES FILED ON WEDNESDAY, SO WE GAINED 101 CONTRACTS OR 10100 OZ (.3141 TONNES) OF A QUEUE JUMP.
FEB LOST 5957 CONTRACTS DOWN TO 327,665 CONTRACTS
MARCH LOST 188 CONTRACTS DOWN TO 2517
We had 136 contracts filed for today representing 13,600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 136 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 8 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JAN /2026. contract month, we take the total number of notices filed so far for the month (3911 ) to which we add the difference between the open interest for the front month of DEC ( 756 CONTRACTS) minus the number of notices served upon today (136 x 100 oz per contract) equals 453,100OZ OR 14.093 Tonnes of gold to which we add our first exchange for risk in January of 3.447 tonnes//new standing advances to 17.54 tonnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (3911 x 100 oz +we add the difference for front month of JAN (756 OI} minus the number of notices served upon today (131)x 100 oz) which equals 453,100 OR 14.093 TONNES plus our first exchange for risk of 3.447 tonnes//new standing advances to 17.54 tonnes
new total of gold standing in JANUARY is 17.549 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY ..: 17.549 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume WEDNESDAY confirmed 186,323 fair
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,962,193.112 oz 61.03 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,402,969.540. oz
TOTAL REGISTERED GOLD 19,361,515.292 or 602.224 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,041,454.248 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,399,322oz ((REG GOLD- PLEDGED GOLD)=
541.19 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
JAN 2.2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1 entries i) Delaware 3988.900.oz total withdrawal: 3088.900 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 1 ENTRIES i) Into Brinks 351,546.659 oz total deposit: 351,546.659 oz |
| No of oz served today (contracts) | 1168 CONTRACT(S) ( 5.848 million OZ |
| No of oz to be served (notices) | 1134 contracts (5.670 MILLION oz) |
| Total monthly oz silver served (contracts) | 3446 contracts 17.230 MILLION oz |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
i) Into Brinks 351,546.659 oz
total deposit: 351,546.659 oz
withdrawals: customer side/eligible
1 entries
i) Delaware 3988.900.oz
total withdrawal: 3088.900 oz
adjustments: 2// dealer to customer
CNT 601,775.150 oz
Stonex: 297,,472.850 oz
TOTAL REGISTERED SILVER: 127.264 MILLION OZ//.TOTAL REG + ELIGIBLE. 449.773Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JANUARY
silver open interest data:
FRONT MONTH OF JANUARY /2026 OI: 2302 OPEN INTEREST CONTRACTS FOR A LOSS OF 2281 CONTRACTS. WE HAD 2278 NOTICES FILED ON WEDNESDAY SO WE LOST A TINY 3 CONTRACTS OR A SMALL 15,000 OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON WHERE THEY WILL TAKE DELIVERY OVER ON THAT SIDE OF THE POND
FEB GAINED 36 CONTRACTS UP TO 1630 CONTRACTS
MARCH LOST 1862 CONTRACTS DOWN TO 108,819
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1168 or 5.848 MILLION oz
CONFIRMED volume; ON WEDNESDAY 162,650 huge//
AND NOW JANUARY. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JANUARY. we take the total number of notices filed for the month so far at 3446 X5,000 oz = 17.230 MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (2302) AND the number of notices served upon today (1168 )x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (3446) Notices served so far) x 5000 oz + OI for the front month of JAN(2302 minus number of notices served upon today (1168)x 5000 oz equals silver standing for the JANUARY.contract month equating to 22.900 MILLION OZ
NORMAL STANDING: 22.900 MILLION OZ
New total standing: 22.900 million oz. THE SILVER COMEX IS NOW UNDER MASSIVE SIEGE!! AND THIS IS HAPPENING WITH THE MASSIVE SIEGE ON GOLD AS WELL.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 127,264. million oz of registered silver
JPMorgan as a percentage of total silver: 188,253/449.773million. 41.85%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS
JAN 2/2026/WITH GOLD DOWN $10.10 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.43 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1070.56 TONNES
DEC 31/WITH GOLD DOWN $42.50 TODAY/SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,99 TONNES
DEC 30/WITH GOLD UP $41.50 TODAY/NO CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,99 TONNES
DEC 29/WITH GOLD DOWN $190.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,13 TONNES
DEC 26/WITH GOLD UP $39.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.61 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1068.27 TONNES
DEC 24/WITH GOLD UP $2.15 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1064.66 TONNES
DEC 23/WITH GOLD UP $52.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT DEPOSIT OF 12.12 TONNES OF GOLD INTO THE GLD/// /// ///INVENTORY RESTS AT 1064.66 TONNES
DEC 22/WITH GOLD UP $80,25 TODAY/NO CHANGES IN GOLD AT THE GLD: // /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 19/WITH GOLD UP $22.20 TODAY/NO CHANGES IN GOLD AT THE GLD: // /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 18/WITH GOLD DOWN $9.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .85 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 17/WITH GOLD UP $39.45 TODAY/NO CHANGES IN GOLD AT THE GLD:// /// ///INVENTORY RESTS AT 1051.69 TONNES
DEC 16/WITH GOLD DOWN $3.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.43 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1051.69 TONNES
DEC 15/WITH GOLD UP $10.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 105.12 TONNES
DEC 12/WITH GOLD UP $14.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.01 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1050.83 TONNES
DEC 11/WITH GOLD UP $85.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.82 TONNES
DEC 10/WITH GOLD UP $85.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.82 TONNES
DEC 9/WITH GOLD UP $18.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.14 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1049.11 TONNES
DEC 8/WITH GOLD DOWN $23.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 0.33 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1050.25 TONNES
DEC 5/WITH GOLD UP $9.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT DEPOSIT OF 4.00 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1050.58 TONNES
DEC 4/WITH GOLD UP $9.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.58 TONNES
DEC 3/WITH GOLD UP $14.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.71 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1048.30 TONNES
DEC 2/WITH GOLD DOWN $53.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.58 TONNES OF GOLD VAPOUR INTO THE GLD// /// ///INVENTORY RESTS AT 1050.01TONNES
DEC 1/WITH GOLD UP $22.75 TODAY/NO CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1045.43TONNES
NOV 28/WITH GOLD UP $51.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1045.43 TONNES
NOV 26/WITH GOLD UP $25.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT PAPER DEPOSIT OF 4.57 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1040.57 TONNES
NOV 25/WITH GOLD UP $46.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1040.57 TONNES
NOV 24/WITH GOLD UP $16.95 TODAY/SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.29 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1040.86 TONNES
NOV 21/WITH GOLD UP $18.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.00 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1039.43 TONNES
NOV 20/WITH GOLD DOWN $20.45 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1041.43 TONNES
GLD INVENTORY: 1071.99 TONNES, TONIGHTS TOTAL
SILVER
JAN 2/WITH SILVER UP $0.22 /HUGE CHANGES IN SILVER AT THE SLV: A SMALL WITHDRAWAL OF 0.363 MILLION OZ OUT THE SLV/. ./ :INVENTORY RESTS AT 529.054 MILLION OZ //
DEC 31/WITH SILVER DOWN $6.41 /HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE DEPOSIT OF 4.806 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 529.054 MILLION OZ //
DEC 30/WITH SILVER UP $6.89 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.72 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 524.248 MILLION OZ //
DEC 29/WITH SILVER DOWN $5.88 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.814 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 526,968 MILLION OZ //
DEC 26/WITH SILVER UP $4.88 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.813 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 528.782 MILLION OZ //
DEC 24/WITH SILVER UP $0.95 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 3.083 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 530.595MILLION OZ //
DEC 23/WITH SILVER UP $2.40 /HUGE CHANGES IN SILVER AT THE SLV: A FRAUDULENT DEPOSIT OF 17.13 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 533.678 MILLION OZ //
DEC 22/WITH SILVER UP $1.28 /HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.541 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 516.541 MILLION OZ //
DEC 19/WITH SILVER UP $2.06 /NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 18/WITH SILVER DOWN $1.13/NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 17/WITH SILVER UP $2.93/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.36 MILLION OZ FROM THE SLV. ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 16/WITH SILVER DOWN $.07/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.36 MILLION OZ FROM THE SLV. ./ :INVENTORY RESTS AT 56.360 MILLION OZ //
DEC 15/WITH SILVER UP $1.62/SMALL CHANGES IN SILVER AT THE SLV: A SMALL DEPOSIT OF 635,000 INTO THE SLV. ./ :INVENTORY RESTS AT 517.720 MILLION OZ //
DEC 12/WITH SILVER DOWN $2.30/NO CHANGES IN SILVER AT THE SLV: ./ :INVENTORY RESTS AT 517.085 MILLION OZ //
DEC 11/WITH SILVER UP $3.52/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 3.537 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 517.085 MILLION OZ //
DEC 9/WITH SILVER UP $2.41/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.179 MILLION OZ OUT THE SLV./ :INVENTORY RESTS AT 510.828 MILLION OZ //
DEC 8/WITH SILVER DOWN $0.48/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 5.497 MILLION OZ OUT THE SLV./ :INVENTORY RESTS AT 512.007 MILLION OZ //
DEC 5/WITH SILVER UP 0.39/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 3.083 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 517.448 MILLION OZ //
DEC 4/WITH SILVER DOWN $1.12/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 4383 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 514.365 MILLION OZ //
DEC 3/WITH SILVER UP $0.23/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 1.956 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 510.012 MILLION OZ //
DEC 2/WITH SILVER DOWN $0.65 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND FRAUDLUENT PAPER DEPOSIT OF 6.167 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 508.057 MILLION OZ //
DEC 1/WITH SILVER UP $2.21 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 907,000 OZ INTO THE SLV./ :INVENTORY RESTS AT 501.890 MILLION OZ //
NOV28/WITH SILVER UP $3.28 TODAY/NO CHANGES IN SILVER AT THE SLV:/ :INVENTORY RESTS AT 500.983 MILLION OZ //
NOV26/WITH SILVER UP $1.86 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A MAMMOTH DEPOSIT OF 2.267 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 500.983 MILLION OZ //
NOV25/WITH SILVER UP $0.69 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A MAMMOTH DEPOSIT OF 8.163 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 498.716 MILLION OZ //THIS IS A FRAUDULENT TRANSACTION
NOV24/WITH SILVER UP $0.43 TODAY/SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 277,000, OZ OUT OF THE SLV/ :INVENTORY RESTS AT 490.553 MILLION OZ MILLION OZ
NOV21/WITH SILVER DOWN $0.53 TODAY/SMALL CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 635,000 OZ INTO THE SLV/ :INVENTORY RESTS AT 490.190 MILLION OZ MILLION OZ
NOV20/WITH SILVER DOWN $0.53 TODAY/NO CHANGES IN SILVER AT THE SLV: :INVENTORY RESTS AT 489.555 MILLION OZ MILLION OZ
CLOSING INVENTORY 528.691 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
Monthly Portfolio Review, December 2025
Validation!
Silver just capped off an epic year with an absolutely insane final week. It spiked into the $80s(!) on December 28th, then crashed to the low $70s the following day, leaving rumors of busted banks and defaulting exchanges in its wake.
The metal’s full-year 2025 gain was 172%, its best since the legendary 1970s.
An ounce of silver now buys a barrel of oil, for only the second time on record:
And that’s at the paper price. The world’s physical metals exchanges didn’t correct this week and are holding in the mid-$80 per ounce range. Could this be the moment when physical commodities finally begin to set prices? Let the panic buying begin!
Gold and copper, meanwhile, had volatile but ultimately good Decembers…
…enabling our commodity portfolios to outperform pretty much every major benchmark. The 100% club (made up of Portfolio stocks that have doubled since being recommended) is up to 30, or 42% of total recommendations. And the 200%+ club now has six members.
Portfolio…
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
Gold’s Bigger Picture In A Narrowing 2026
Thursday, Jan 01, 2026 – 11:30 PM
Authored by Mathew Piepenburg via VonGreyerz.gold,
It’s that time of year again to put everything somehow together.
But looking back on the knowns of 2025 as we prepare for the inevitable unknowns of 2026, there is little need for the wringing of hands.
Preparation vs. Timing
This is because the more things change, the more they stay the same. And toward this end, we do know this much: Unprecedented and unsustainable debt has made the global financial system, its paper currencies and its bloated markets a bug looking for a wind-shield.
In short, and as history confirms, there is no avoiding the gravity of debt nor the ripple effects of its appalling misuse.
Mouse-clicked trillions to monetize debts just means slow but consistent currency destruction. Timing the same is not nearly as important as preparing for it, and the walls are narrowing/closing in on a broken monetary model.
Equally known is the fact that policy makers in such a desperate yet now mathematically obvious setting of their own making will do what they have always done throughout history.
That is, as conditions worsen, they will become increasingly desperate (perhaps even militant) to employ their favorite tools of manipulation, dishonesty and non-accountability for the fatal corners in which they’ve placed us and our debased paper currencies.
In the end, and as usual, the man on the street will pay for the sins of the clowns in power who have made the currencies by which they measure their wealth little more than melting ice-cubes.
Precious metal owners, of course, have seen this pattern recognition well ahead of the crowds. The historical, banking, and currency risks attendant to all slowly dying monetary systems means one thing: Real money will have more power than paper money. Or as I stated elsewhere: Rock now beats paper.
Looking Back
We saw 2025 begin with much fanfare out of DC to cut spending and impose a series of emergency measures (from gold-revaluation and tariff headlines to USAID and The GENIUS Act) out of the White House to make a clearly broken America great again.
“Our Currency, Your Problem.”
Critical to this laudable goal was the “External Revenue Service” and a wave of tariff measures designed to make the rest of the world pay for the overspending of a nation who for decades arrogantly maintained that an “our currency, your problem” policy would never end.
That is, after America waffled from a promised gold-backed dollar in 1944 to a welched fiat-dollar in 1971, it then conveniently imposed a petrodollar in 1973 to force global demand of an otherwise inflationary dollar before legally (and equally conveniently) price fixing the dollar’s only honest antagonists – gold and silver – on the COMEX exchange in 1974.
As owners of the world reserve currency, the U.S. could compel decades of demand for its dollar through oil, while simultaneously knee-capping precious metals on the New York COMEX and then export American inflation globally with impunity.
Or so we thought.
But with debt levels at $38T (unlike $250B in 1971) and a debt/GDP ratio at 124% (unlike 38% in 1971), the U.S. and its weaponized dollar is clearly not the same hegemon today that it was when John Connolly made the famous claim, “Our currency, your problem.”
In short, the U.S. went too far, and the world knows it.
Our Currency, Our Problem
When, for example, the U.S. attempted its Liberation Day tariffs in April of 2025, markets tanked. But far more importantly, no one showed up at Uncle Sam’s Treasury auction to buy his unloved IOUs.
Not very, well… liberating.
In other words, and thanks to decades of debt-addiction, inflation-exporting and the fatally short-sighted (stupid) idea of weaponizing the dollar in 2022, DC was forced to accept the inevitable yet now present karmic reality that “our currency is now OUR problem.”
Or stated even more simply, no one wants, trusts or fears the indebted and debased USD as they did in decades prior.
This IS a problem for DC…The U.S. is simply too much in debt to be all-powerful. 2025 and 2026 were and will be a much different world than 1944 or 1971. The US, in short, is not what it once was, and nor are its dollars or IOUs.
Who Wants an IOU from a Broke(n) Issuer?
Since the USA outsourced the American dream and manufacturing to China and the WTO circa 2001, it has lived essentially on debt and the assumption that the world, from Tokyo and Riyadh to Moscow and Shanghai, would always buy its IOU’s and hence its dollar.
By April of 2025, however, we learned this assumption was not only arrogant – it was false.
As U.S. markets plunged and crickets chirped at the April Treasury Auction, DC was forced to immediately retreat on its strong-armed tariff policy in order to restore calm on the NASDAQ as well as renew interest in its less-loved UST and USD.
Anywhere But the USA?
Around the same time as the DXY and dollar were cratering in 2025, the ABUSA—or “anywhere but the USA”—trade kicked into gear, as an already openly de-dollarizing BRICS+ wave was joined by booming stock markets in the UK, Japan and emerging markets, all of whom outperformed the US composites.
Even European stocks, suffering under genuine recessionary indicators from angry French farmers to Volkswagen shutdowns, rose 36% in dollar terms, including dividends, nearly doubling the S&P’s 19% in 2025.
AI Will Save Us?
Meanwhile, US markets pretended that AI, which had gone from expensive to just ridiculous, would somehow save us from, well, I guess humans themselves.
AI (whose prices vastly outpace revenues) accounted for 80% of US market gains in 2025. NVDA, at the center of a circular financing bubble in which concentrated tech names were investing over $350B in AI data centers, and pricing in what they assumed would be $2T in annual revenues which have yet to arrive.
A Ticking Credit Time Bomb
This dangerous AI spend/bubble is funded primarily in off-balance sheet debt via private credit pools and other SPVs, the magnitude of which screams of credit risk.
Speaking of private credit, this market of bad loans to an entirely unknown class of largely subprime borrowers now churning between hedge funds, private equity pirates, and VC supermen is literally screaming of default risk ahead.
Tapped-out borrowers in these hidden pools are paying their interest payments in “equity” rather than actual dollars.
No wonder Jeffery Gundlach sees private credit pools as the new weapons of mass destruction. Meanwhile, longer-sighted players like Michael Burry are short AI, and that value-driven “oracle from Omaha,” Warren Buffett, is sitting on over $380B in cash, the largest such defensive move in Berkshire Hathaway’s history.
Sadly, such credit risk is not merely a US market embarrassment. The global shadow-banking system is a $250T bubble providing increasingly defaulting credit outside an already sick, yet at least “quasi-regulated” banking system.
Instead, this “shadow lending system,” which has no capital requirements/security, also has zero depositor insurance or central bank access and is ticking like a time-bomb beyond our so-called financial “headlines.”
The Markets Will Save Us?
But hey, at least US markets (CAPE at 39.5 by October and 30% of its market-cap held by 10 companies) are still double-digit positive heading into 2026. Something must be strong in the USA despite the worst private labor data since 2008.
But sadly, the real wind beneath the US markets is not as clean or strong as the current numbers suggest.
Rigged Game
In fact, 2025 saw $1.3T of stock buy-backs—i.e. insiders (led by Apple and Google) buying their own shares to artificially increase share prices and “fudge up” Earnings per Share data by reducing share volume.
In essence, this once-illegal practice of artificial market manipulation boils down to executive insiders voting themselves a raise (they are paid on share prices). As Buffett himself observed: “This is deception, not talent.”
Meanwhile, these same C-suiters have also been quietly selling their other shares at market highs to cash out before a crash.
In such a totally rigged game, it sure is good to be on the inside.
For the rest us market outsiders, however, chasing these inflated market highs is an entirely personal choice.
Given that Pavlovian markets are entirely Fed-driven, so long as QE liquidity is mouse-clicked at the Eccles Building and rates are artificially compressed, a dovish Fed typically means this Frankenstein bubble can stumble, arms stretched forward, to even more frothy highs.
Looking Ahead
This brings us to the Fed in 2026. Will or can it tow the White House’s line to further rate cutting and more QE? The likely answer is yes, and not because of politics, but because of basic survival.
The Fed’s Real Mandate & Problem
The Fed’s real mandate is bond market stability, not inflation, which is an open lie, and not employment, which is equally so. Given that the post-2022, weaponized USD is openly unloved and untrusted, someone has to buy Uncle Sam’s debt, and that won’t be China or Japan.
Japan has been dumping USTs to support its own broken credit markets and Yen, and China, well… it has been walking away from USTs (in favor of gold) in a staggering manner. Its FX reserves were once 40% USTs; by 2025, that figure had fallen to less than 1%:
Given the fact that less UST demand means lower bond prices and hence rising bond yields, Uncle Sam is in deep trouble heading into 2026.
Rising bond yields are an absolute terror to bankrupt debtors like the US, because it means the interest expense on its debt, already over $1T/year, gets even harder to repay.
The Bond Market’s Real Power
For this reason, DC needs to keep yields and rates down. The Fed has thus been pushing rates down in 2025, but as we also saw in 2001, yields still climbed despite the Fed’s rate cuts, a terrifying confirmation that the Fed’s tools are breaking down as the bond market, rather than Powell, takes the wheel.
In 2025, 70% of Uncle Sam’s IOUs were short-duration bonds, which need to be paid back soon. This will be entirely unsustainable going into 2026 unless Powell breaks out bazooka money printing and becomes a perma-buyer of our own debt with mouse-clicked dollars.
This should be a tailwind for precious metals.
Temporary QE – What a Joke
The “temporary QE” Powell announced in December of 2025 is as much of a joke as the “transitory inflation” he announced in 2022.
Instead, we can rationally expect that this temporary QE will become structural QE in 2026, and that the Fed’s balance sheet will expand massively, which could bring the DXY and dollar further south and hence the dollar’s percentage of global reserves even lower.
This, too, should be a tailwind for precious metals.
The Dollar—Weaker or Stronger in 2026?
Some, however, predict a “last-dance” for the dollar, and I have debated this issue for years with Brent Johnson and more recently with Henrik Zeberg. Their case for the strong dollar has obvious merits, and I won’t unpack all the details of our divergences here.
No hegemonic currency gives up easily or overnight. Ultimately, a DXY at 110 has a set-up. I don’t, however, see it anywhere near 130, 140 or 150 as the milkshake theory suggests.
Gold’s Endgame: More Important than Timing
Regardless of this dollar debate, however, the end-game for gold and silver is agreed by all—it’s merely the timing where the mugs-game of predicting and debating the dollar’s direction takes form.
That is, and regardless of the Dollar’s relative strength or weaknesses to other currencies in 2026, and regardless of the desperate move to create dollar-demand via a 2025 stable coin ruse, all paper currencies are losing purchasing power in absolute terms when measured against real money—namely gold.
And that, ladies & gentleman, explains a 2025 in which gold and silver broke more all-time-highs than Trump tweets in a typical day.
Golden Light-House Cutting Through the Fog
Wondering what to do about gold in 2026 is no mystery for those who own gold as a wealth preservation and store-of-value asset as opposed to a speculation trade.
Trading precious metals, of course, requires precise timing. (I know a few who actually do it well.) Preserving long-term wealth in precious metals, however, only requires common sense.
Egon von Greyerz has been making the case for gold for decades, while many “gold experts” were popping up on YouTube screens in 2025, only to capture an obvious price move. Where were they when gold was outperforming markets for the last 25 years?
But none of this really matters, because all-time-high gold and silver prices measured in paper currencies is almost comical, akin to measuring your weight on a broken scale.
For decades in general, and for 2025 in particular, we have tracked the obvious tailwinds for real money like gold in a setting of dying paper currencies like the dollar. There’s always a new headline or event to explain.
But the jig was up long ago. The bigger picture, which Egon saw decades ago, was always right before us.
Since 1971, when the US insulted the world and its Constitution by taking away a gold standard, all the major currencies have lost more than 95% of their purchasing power when measured against gold.
The more recent evidence of this accelerating and now undeniable trend toward gold and silver has been almost too obvious, from a rising, BRICS-lead de-dollarization trend, unprecedented central bank gold-stacking and a COMEX meltdown this year, to the BIS’s Tier-1 gold status confirmation and the year-end desperation to artificially repress the silver price by systems terrified of what rising metals says about their dying currencies.
In short, a world soaked in over $300T in debt is, as Thomas Gresham warned centuries ago, naturally moving from bad (paper) money to real (gold/silver) money as a superior strategic reserve asset and store of value.
For those who understand the advantages of saving in real money and spending in fiat money, sitting around and speculating about the future price of gold and silver in dollars or euros, or trying to time its “peak-price” or potential retracements, is missing the far bigger picture.
Yes, gold can and will have pull-backs—but from what price? And yes, metal-poor exchanges can continue to try (with less and less effect) to manipulate the physical metals with paper contracts and leverage, but the end-game will never change.
That is, paper money will continue to be debased to monetize the debts of nations led by financial midgets, which means gold and silver will continue their secular rise.
This is not a bull market in precious metals, but simply a fatal turning point for paper currencies globally.
This explains why central banks to commercial banks are trying to get as much gold as possible today in preparation for the Uh-Oh’s happening now and tomorrow in a system tilting towards a reckoning of historical magnitude.
This, folks, is not sensationalism. This is history 101.
In this context, I will not make price targets in gold or silver for 2026. I never have in years prior, and never will in years to come.
But every day of every year, we have consistently said that these metals will rise materially in the years to come. This never meant in a straight line, but always in a longer-term direction north.
The more speculators worry about timing an entry or exit in metals rather than preserving their wealth in them, the more they risk missing that inflection point wherein real money like gold, with its infinite duration and fixed supply, simply becomes too rare and too expensive for most investors to meaningfully acquire.
Thus, if you are looking to trade in gold or silver, watch the tape, and best of luck to you.
But if you are looking to preserve a portion of your generational wealth in real rather than paper wealth, watch history—not just of yesterday, but the very history you are living in right now.
ALASDAIR MACLEOD.
2025—Silver sparkled and gold shined
Precious metal bulls will feel vindicated, but the rise in prices indicates something darker: The dollar’s decline is accelerating, barrelling towards the end of the fiat currency era.
| Alasdair MacleodJan 2∙Paid |
In this our final market report for 2025, we look back on what has been driving gold and silver prices in 2025, and their outlook in 2026. Our conclusion is that the dollar is dying and the fiat currency era is drawing to a close. This is the message from gold, silver, and indeed the wider commodity and raw materials world.
It has been a rewarding year for gold and silver bulls, with gold this morning at $4390, up 65% from 1 January, and silver at $74.50 is up 148% on the same timeframe.
Trading in the final week of 2025 which includes New Year holidays was predictably light and volatile, particularly in silver. London spot silver is down $5 from last Friday’s close, and gold is down $140 on balance.
While perennial gold and silver fans are rejoicing in their good fortune, there is a darker message in their rise. Gold is not so much up as the dollar and the other fiat currencies are down. Gold is almost certainly discounting further declines in the dollar’s purchasing power in 2026, signalling an unexpected and unwelcome increase in consumer prices, probably from the second quarter onwards.
The dollar’s decline has been a death by thousand cuts, with very few of its users actually noticing, attributing rising prices to everything other than the dollar’s decline. But the next chart, which inverts the gold/dollar exchange rate illustrates the dollar’s accelerating deterioration:
Note that even with the Y-axis logarithmic, the dollar’s trend measured against real legal money is accelerating downwards, having already lost 93.6% of its value since January 2000.
Silver is telling us something else. The distortions of declining fiat dollar values have suppressed the market price of silver for decades, leading to substantial and accumulating supply deficits relative to demand. Now that China, which has been suppressing the price, is no longer doing so, silver has substantial catching up to do. This is reflected in the dollar price of silver, our next chart:
Global industries which have benefited from and become accustomed to China’s price suppression are now faced with the deferred cost and are scrambling to obtain inventory. China realises that if no physical silver leaves China, priced in yuan its photovoltaic and electric vehicle industries would struggle, which is why it is introducing a new export licencing system from this month. Rather than stopping silver exports entirely, China now seeks to moderate the rise in prices.
However, the backlog in terms of price suppression is enormous, and could easily see silver doubling or tripling, even priced in gold despite China’s efforts. The effect on dollar prices will be further enhanced by the dollar’s accelerating decline, illustrated in our second chart above.
Shorter-term, commodity markets are struggling to absorb this new reality for silver, as physical liquidity is now drained from London’s vaults. Lease rates have soared as bullion banks and their customers are being forced by desperate manufacturers to encash derivative obligations for physical metal. But if in order to deliver physical silver, you lease it from elsewhere, you still have a duty to return it to the original owner, building up delivery commitments which still have to be honoured. It has the making of a serious crisis in financial markets which has just started and cannot be resolved by higher prices, because there is no silver available.
The scramble for silver is also evident on Comex, where unknown parties stood for delivery of 15,536 tonnes in 2025. That is 60% of global mine output. We cannot allege that all of this silver is the result of industrial users sourcing it from Comex futures, but it is bound to be a significant element of physical demand. It is also evident in the relationship between the price and open interest, shown next:
From late-June onwards, open interest has declined from 183,300 contracts to the current 157,000, while the price doubled from $36. This inverse relationship is particularly noticeable from mid-October when silver lease rates in London spiked at over 30% and spot traded well above Comex futures. It is the absence of trend-chasing managed-money which is particularly noticeable, confirming it is a delivery crisis and not a conventional bull market.
Silver’s delivery crisis is far from over, and we can expect significantly higher prices in 2026 as a result. All analytical evidence points this way. But that is not all. The entire base metal complex has become underpriced in real money terms, though they are rising in declining dollars. Our next chart is of copper, universally taken as the most important base metal indicator. This time, it is less due to increasing industrial demand relative to supply, and more to do with a collapsing dollar:
Entire commodity and raw material categories appear to be heading higher priced both in gold and dollar terms. Some of this is due to gold discounting the dollar’s decline in future months, putting it ahead of the game even relative to commodity values. If it wasn’t for the dollar’s debt crisis and attendant credit bubble, a significant pause in gold’s rise would make sense. But the dollar’s outlook is deteriorating rapidly, even measured against other currencies as the trade weighted index and its moving averages illustrate:
The debt-cum-credit crisis is most acute in dollars, and it is even in a technical bear market against other similarly inflicted G7 fiat currencies. Meanwhile, gold is merely consolidating its gains of the last six months, having peaked in mid-October:
It is now finding support at the $4300—$4500 levels, but it looks unlikely to hang around current levels for long, given the rapidly deteriorating outlook for the dollar.
3. CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 254
5. COMMODITY REPORT//SILVER/SILVER LEASE RATES:
SILVER
5B. COMMODITY REPORT//SILVER/SILVER LEASE RATES:/SILVER
SILVER COMMENTARIES
SCARY!!
END
END
FRIDAY MORNING
END
two Canadian silver mines offered 83. dollars per oz silver a premium of $8.00 but that was rejected due to the fact that they produce only dore. However it seems that China is going to straight to mining companies.
(Mathew Harwood)
Chinese Companies Attempted to Buy Canadian Silver at Above-Market Prices Ahead of Export Restrictions
Gold and silver bars in Munich, Germany, in a file photo. Reuters/Angelika Warmuth/File Photo
12/31/2025|Updated: 1/1/2026
0:00
3:23X 1
Two Chinese companies contacted a Canada-based silver mining and exploration company and attempted to buy physical silver at $8 higher than its market price, days before China is set to impose export restrictions on the precious metal.
Kuya Silver CEO David Stein told Arcadia Economics on Dec. 28 that the company received two requests on Dec. 26 from Chinese firms looking to obtain physical silver. Stein said the companies offered them $83 per ounce, “which I think at the time was probably an $8 premium.”
Stein said his company produces concentrate and not physical silver, so they were not in a position to sell the silver to the firms.
“The fact that they’re calling guys like us … maybe speaks to the panic that’s happening. They’re just calling absolutely everybody under the sun,” he said.
Stein told The Epoch Times that an Indian buyer also recently approached his company looking to buy physical silver at premiums of more than $10.
Kuya Silver operates two mines, the Bethania Silver project in Peru, and the Silver Kings Project in Northern Ontario.
announced it would impose new restrictions on the export of rare earth metals. Then in December, China released a list of 44 companies that would be approved to export silver under the new measures beginning in 2026.
The new policy also formally elevates silver from an ordinary commodity to a strategic material, putting its export controls under the same regulatory scheme as rare earth minerals.
In November, the United States also added silver to its nationally designated list of critical minerals.
The United States Geological Survey said in a 2025 report that U.S. mines produced 1,100 tons of silver in 2024, while Canadian mines produced 300 tons, and Chinese mines produced 3,300 tons.
The price of silver has seen a massive increase over the last month, rising from $50 in November to an all-time high of $83 on Dec. 28, before falling back to around $70. The precious metal has risen by 145 percent in 2025, marking its best year since 1979.
This led to SpaceX and Tesla CEO Elon Musk remarking on X on Dec. 26: “This is not good. Silver is needed in many industrial processes.”
In addition to historically being used as currency, silver also has industrial applications such as in solar panels, electric vehicles, batteries, and advanced military equipment such as missiles and drones. The majority of silver is produced as a byproduct of copper and lead-zinc mines.
Gold prices rose by about 68 percent in 2025, and the metal is also on pace for its best year since 1979. Canada is the only G7 nation that does not hold at least 100 tonnes of gold in its official reserves, as the Finance Department sold off the last of its reserves in 2016 to instead invest in “financial assets that are easily tradable and that have deep markets of buyers and sellers.”
END
SILVER//ROBERT h
Value settlement
War is not always physical combat. It simply becomes WAR by another means.
Something is happening. Both China and Peru have officially stopped shipping Silver. Rumor has it that Mexico is actively in process to tightening who can ship Silver. Thus controlling supply of Silver. However this action is not limited to silver. Early this morning the Yen broke 160. In all cases the evidence leads back to China who clearly told Japan it is Boss and a stark warning to other central banks. Because it was China who started this run against the Yen.
Many people understand that paper sales like the Comex in America are a rigged game where fortunes have been made for decades at the expense of the public.
However it appears that something has changed where physical prices for metals and like are departing normal paper value settlement. Today all debt and all currencies are being seen as having a credit risk of VALUE. And industrial users will be forced to pay for physical goods delivery at what prices are needed to keep factories and like operating. It is then only when further price equilibrium occurs in and with consumers can there be stability.
The phrase describing value has been what someone will pay at a given point. Now not only is this true but physical delivery appears to go hand in hand. We may have reached the point where paper prices for commodities are separating from physical delivery prices.
What is equally significant is that by associating risk to currency and debt security’s issuance . A new level of complication has been introduced to what will be called Value Settlement. This is no longer a fixed value but one or perceived risk. This is no different than a person who works for cash over credit.
This will be seen in settlements going forward and will create new issues of supply because Providers of physical goods will attempt to manage the risk of value received for their goods. And it is likely that over the next few years shortages in certain commodities will become unavoidable.
2026 promises early to be a year of change.
END
ROBERT H
SILVER IN JAPAN
Silver Price in Tokyo hits $130 per ounce. Guess that’s how you spell FOMO in Japanese
ROBERT H:
>If this is remotely true then some banks will take huge losses and possibly fail to deliver. If an American bank fails to deliver and defaults. American banks and trade exchanges will take a creditably hit globally.
SILVER ACADEMY….
Once Shanghai opens up again on Sunday night Jan 4 2026, More Fireworks
Dec 31, 2025
I used to sell brick pavers in El Paso for American Eagle Brick Company, back when the heat could cook a man twice in one afternoon. We sold for .60 a unit—fair price, solid product. But ACME Brick? They ran around quoting .40. The catch? They didn’t even have any pavers. Still, that fake number hit the streets, and soon every contractor thought we were high. It wasn’t competition—it was manipulation.
One day a grumpy old mason with mortar in his beard starts barking that ACME could beat us. I barked right back: “They could quote you free brick, but if they don’t have any, what kind of nonsense is that?” He glared, then cracked a laugh. He got it.
Same story today. Silver’s $71 on paper, $130 in Japan. Numbers without metal. Just another ACME special—free bricks from an empty yard. The game hasn’t changed, only the commodity. The old brick hustle is now traded in ounces and clicks instead of pallets and handshakes. But the moral holds: when supply runs dry and promises keep multiplying, price becomes a rumor—and truth costs whatever someone’s willing to pay.
SILVER’S DOUBLE LIFE EXPOSED
Silver at $130 in Japan, $106 in Kuwait, $97 in Korea, and “$71” on Western screens is not a market; it is a confession. The numbers read like a crime scene diagram: in the real world where bars change hands and coins disappear into safes, silver has quietly migrated into triple‑digit pricing, while the supposed “global benchmark” in New York and London is still stuck in a fantasyland of leveraged promises.
TOKYO PRICE, WALL STREET LIE
In Tokyo shops and Japanese bullion counters, you are not buying silver in the 70s; you are paying the equivalent of $120–130 an ounce because that is what it costs to replace inventory once you factor in tight wholesale supply, shipping, insurance, currency chaos, and the growing sense that the next shipment might not show up on time, or at all. Kuwait tells the same story in a different language: retail bars priced around $100+ an ounce are not a fat merchant’s greed; they are the market’s answer to a simple question—what will it really take to pry physical metal out of the pipeline in a world where everyone suddenly wants the same scarce asset at the same time.
THE PHILHARMONIC THAT BLEW UP “SPOT”
Then there is the Korean angle, where a single silver Philharmonic trading near $100 on a local precious metals exchange brutally exposes the “$71” Western spot quote for what it is: an accounting fiction maintained for the comfort of derivatives desks and headline writers. You do not get a 30–40% gap between futures and coins because of some quirky “collector premium”; you get it because one market is settling contracts and the other is settling reality.
THE DERIVATIVES CIRCUS MASQUERADING AS PRICE DISCOVERY
Behind the polite charts and breathless TV segments about “volatility,” the Western price is still being set in a sandbox where almost nobody actually wants delivery. High‑frequency traders, bank desks, and hedge funds ping contracts back and forth in microseconds, congratulating themselves on “discovering” a price for a commodity that, in their own venues, rarely has to be delivered in size. The result is a “spot” number that tells you more about how comfortable the banking system is with its own paper exposure than it does about the true cost of securing a 1,000‑ounce bar.
WHEN THE WORLD STOPS BELIEVING THE TAPE
Meanwhile, the places that actually need silver—Asia’s refiners, Middle Eastern bullion houses, industrial buyers staring at supply chains—are quietly ignoring the Western fantasy and paying what they must. When multiple regions are routinely clearing real ounces at $90, $100, $130 while COMEX prints a number in the low 70s, the joke writes itself: the West no longer sets the price of silver, it just sets the official lie.
DEATH OF A “BENCHMARK”
In the end, this is how over‑financialized benchmarks die. First, insiders smirk at the spread and call it an “arb opportunity.” Then, month after month, the arb fails to close because there simply is not enough loose metal to make it work. Finally, foreign markets and retail investors stop pretending the Western quote is “the” price at all, and the so‑called global benchmark decays into a provincial settlement price for a shrinking club of leveraged players while the real world quietly re‑prices silver higher in the only place that matters: where someone has to hand over an actual bar.
end of segment
END
SILVER// ROBERT KIENTZ
always pay attention to Robert Kientz..
special thanks to Robert H for sending this important stuff to us:
robert h…
Supposedly 3 US banks received emergency Fed money today to offset liquidity.
If true and if the reality of even $100+ silver holds for any length of time, the losses for banks are huge. Let alone the creditability loss for the US commodity exchanges.
While corruption may well be systemic in US politics the blow to. Financial creditability will be more impactful.
This will only intensify the lack of confidence in government on a global scale.
Rumor also is Mexico will impose a 20% tax on silver exports. Mexico is a leading silver producer. Any miner there will pass on the cost of tax in pricing.
Attachments area
ASIA RESULTS; FRIDAY JAN 2/2026
SHANGHAI CLOSED
//Hang Seng CLOSED UP 707.93 PTS OR 2.26%
// Nikkei CLOSED
//Australia’s all ordinaries CLOSED UP 0.29%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9932
/ OFFSHORE CLOSED UP AT 6.9678/ Oil DOWN TO 57,43 dollars per barrel for WTI and BRENT DOWN TO 60.70 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9937 OFFSHORE YUAN TRADING UP TO 6.9578/ONSHORE YUAN TRADING BELOW OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
END
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.9937
OFFSHORE YUAN: UP TO 6.9678
HANG SENG CLOSED UP 707.93 PTS OR 2.76%
2. Nikkei closed
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 98.18 /// EURO FALLS TO 1.1719 DOWN 32 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.072// DOWN 1/5 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.87… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.405 DOWN 1 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and UP FOR DOWN this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.8710 Italian 10 Yr bond yield UP to 3.546 SPAIN 10 YR BOND YIELD DOWN TO 3.311
3i Greek 10 year bond yield UP TO 3.494
3j Gold at $4394.00 Silver at: 74.33 1 am est) SILVER NEXT RESISTANCE LEVEL AT $80.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 20 /100 roubles/dollar; ROUBLE AT 79.71
3m oil (WTI) into the 58 dollar handle for WTI and 61 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 156.87 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.072% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.405 DOWN 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7933 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9297well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.159 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.840 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.469 DOWN 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.02 UP 5 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.504 UP 3 PTS
30 YR UK BOND YIELD: 5.234 UP 3 BASIS PTS
10 YR CANADA BOND YIELD: 3.449 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.989 UP 1 BASIS PTS.
1a New York OPENING REPORT
Futures Blast Off On First Day Of 2026 With Europe, Asia At Records
Friday, Jan 02, 2026 – 08:41 AM
Stocks are set to break a four-day losing streak as markets start the new year with a bang across global markets, boosted by the same drivers that dominated much of 2025.As of 8:00am ET, S&P 500 futures were 0.6% higher with Nasdaq 100 contracts rallying 1% outperforming on renewed optimism around artificial intelligence.Nvidia rose 1.6% in premarket trading to lead gains among the Magnificent Seven, which were all green in premarket trading. Trading is likely to remain much lighter than usual, with many market participants not returning to their desks until Monday. As BBG notes, the setup has a familiar feel: Europe is green across the board and on course for a record high, while Asian stocks already hit a record, driven by gains in AI and chipmakers. The Bloomberg Dollar Spot Index is up 0.1% while the Aussie dollar is the best G-10 performer, rising 0.3% against the greenback; the euro underperforms and falls 0.3%. Treasuries inch higher, pushing US 10-year yields down 1bp to 4.15%. European yield curves bear steepen. Silver and gold are resuming their march higher, and copper is extending gains as miners in Chile go on strike. Aluminum touched $3,000 a ton for the first time in more than three years on expectations of tighter supply. And the dollar, following its worst year in eight, remains lackluster. US economic calendar includes December final S&P Global US manufacturing PMI at 9:45am. No Fed speakers are scheduled.
In premarket trading, Mag 7 stocks are all higher (Nvidia +1.6%, Tesla +1.3%, Alphabet +1.1%, Amazon +0.9%, Meta +0.6%, Apple +0.5%, Microsoft +0.4%)
- Shares in RH (RH) gain 4.4% and Wayfair
advances 2.4% after President Donald Trump delayed tariff increases on upholstered furniture, kitchen cabinets and vanities. - ASML ADRs (ASML) gain 4.8% as Aletheia Capital double upgrades the chip equipment maker’s European shares to buy from sell due to investment expansions and capacity upgrades.
- Baidu ADRs (BIDU) jump 11% after the company submitted a proposal to Hong Kong’s exchange to list its artificial-intelligence chip unit Kunlunxin.
- NIO Inc. US-listed shares (NIO) rise 4.7% after the EV-maker reported deliveries for December that showed 33% growth month-over-month.
- Outlook Therapeutics (OTLK) falls 60% after the FDA issued a complete response letter to the ONS-5010/LYTENAVA (bevacizumab-vikg) biologics license application resubmission, indicating that it cannot approve the application in its present form for the treatment of wet age-related macular degeneration.
- Sable Offshore (SOC) jumps 19% after the company gets a go-ahead to restart a controversial California pipeline.
- Vertiv Holdings (VRT) gains 4.3% as Barclays upgrades the power equipment company to overweight from equal-weight, saying its shares currently offer a good entry point following recent volatility.
- China’s BYD met full-year sales targets and likely surpassed Tesla to become the world’s largest electric-vehicle maker in 2025. Its shares rallied 3.6% in Hong Kong.
- In other corporate news, First Brands founder Patrick James said he’d likely plead his Fifth Amendment right against self-incrimination if compelled to answer questions from Jefferies at an upcoming deposition, citing a federal criminal investigation into the bankrupt auto parts supplier.
- Friday’s upbeat mood is defying historic trends after the S&P 500 recorded declines on the first trading days of the previous three years. Since 1953, the S&P 500’s median change to kick off a new year has been a 0.3% drop, with gains less than half the time, according to a note by Bespoke Investment Group.
- A strong debut in Hong Kong for chip designer Shanghai Biren Technology helped to set the buoyant tone early in the day. Baidu rallied after its AI chip unit confidentially filed for an IPO. Meanwhile, DeepSeek published a paper outlining a more efficient approach to developing AI. Tech and AI were among the dominant themes for stock investors in 2025, helping power the S&P 500 to a third year of double-digit gains. Forecasts signal more of the same for 2026 despite lingering wariness over already stretched valuations and fears that vast amounts of capital expenditure could fail to pay off.
- “What we are seeing today is a continuation of the run higher in equities, with AI and tech again at the forefront,” said Tim Waterer, chief market analyst at KCM Trade. “Traders are still in a buying mood, with many of the bullish themes from 2025 carrying forward into 2026.”
- At Barclays, strategists are warning equity markets could get choppy as they enter 2026 at record highs that are “over reliant on AI success.” But the team still expects further gains this year, thanks to resilient corporate earnings and a favorable trade off between growth and monetary policy.
- “The first trading day has been an incredibly poor guide in recent times to how the rest of the year plays out,” wrote Deutsche Bank AG strategists including Henry Allen. In fact, “2022 saw an all-time high on the first day, before the index fell into a bear market and its worst year since 2008. Whatever happens today, we really shouldn’t overegg the day one moves.”
- The strategists noted that several key themes apart from AI will shape markets in 2026, including new developments in US trade policies and specifically a Supreme Court case that will rule on the legality of levies. The Fed will be another major focus, with President Donald Trump expected to name a successor to Jerome Powell early in the year.
- “The scope for further gains driven purely by valuation expansion in 2026 may be limited,” wrote Linh Tran, an analyst at XS.com. “Shocks related to interest rates, earnings, or policy could therefore trigger faster and more pronounced corrections than in earlier phases of the cycle.”
- In Europe, the Stoxx 600 is up 0.4% and on course for a record close. Technology stocks are leading gains as they did in Asia after a fresh burst of optimism around artificial intelligence. Miners also outperform as metals rise across the board. The FTSE 100 earlier crossed 10,000 for the first time. Here are some of the biggest movers on Friday:
- ASML shares gain as much as 3.9% in Amsterdam, the most since late November, as Aletheia Capital double upgrades the chip equipment maker to buy from sell and boosts its price target to a Street high due to investment expansions and capacity upgrades.
- Vestas gains as much as 4%, reaching the highest since June 2024, as JPMorgan says the firm is set to deliver orders above expectations in the fourth quarter, supporting view that fundamentals for the wind industry are improving.
- Munters shares gains as much as 11% after the Swedish industrial ventilation and cooling company received from the US its largest data center technologies order ever.
- Bumech shares jump as much as 26% after a Polish government pledge offering support and job guarantees helped to end a workers’ strike at the machinery firm’s Silesia mine.
- BE Semiconductor shares climb as much as 9.8%, the most since October, following a rally in Asian chipmakers and artificial intelligence-related stocks.
- BAT shares fall as much as 2.7% after its Indian subsidiary ITC dropped in response to the government’s move to sharply raise excise duty on cigarettes.
- Asian equities also advanced, led by gains in tech-heavy markets such as Taiwan and South Korea, as most regional markets reopened after a holiday. Hong Kong stocks also moved higher. The MSCI Asia Pacific Index advanced 1.1%, marking its best start to the year since 2012. Tencent, Samsung Electronics and TSMC were among the biggest contributors to the benchmark’s advance. Equities in South Korea and Hong Kong each climbed more than 2%. The Hang Seng China Enterprises Index gained more than 2.8%, posting its best start to a year since 2018. At the start of the year, investors rotated back into familiar leaders in artificial intelligence and technology, pushing the sector’s sub-index to a record high. Markets in Japan, mainland China, New Zealand and Thailand remained closed. Asian markets are edging higher today, but thin liquidity is exaggerating moves as many investors remain on the sidelines, Dilin Wu, a strategist at Pepperstone said.
- “We are seeing a continuation of the run higher in equities, with AI and tech again at the forefront,” said Tim Waterer, chief market analyst at KCM Trade Global. “Asian indices delivered the goods in terms of gains in 2025, and there is reason to believe that this momentum will carry forward into the new year.”
- In FX, the Bloomberg Dollar Spot Index is up 0.1% following its worst year in eight, while the Aussie dollar is the best G-10 performer, rising 0.3% against the greenback. The euro underperforms and falls 0.3%.
- In rates, treasuries inch higher, pushing US 10-year yields down 1bp to 4.15%. US yields are richer by up to 2bp in intermediate sectors, steepening 5s30s spread by around 1bp on the day. 10-year is near 4.155% after peaking at 4.19% during London morning. European bonds lag Treasuries, with bunds and gilts cheaper by around 3bp and 3.5bp in the 10-year sector
- In commodities, spot silver climbs 4% to above $74/oz while gold and most base metals are also green. Aluminum touched $3,000 a ton for the first time in more than three years on expectations of tighter supply. Oil, which suffered its steepest annual loss for five years in 2025, gave back early gains. This weekend, OPEC and its allies are expected to confirm plans to pause supply hikes. Oil traders are also watching developments in Venezuela, Ukraine and Iran. Trump says the US will “rescue” protesters if Iran shoots or kills them, according to a post on Truth Social.
- Treasuries hold small gains, leaving yields slightly richer across the curve, after erasing declines that occurred during Asia session, when Australia’s bond market was hit as traders positioned for the possibility the Reserve Bank of Australia will raise rates to quell inflation. Scheduled events during Friday’s US session include only S&P Global US manufacturing PMI revision.
- Bitcoin is on a firmer footing and holds just short of the $90k mark, with Ethereum also posting gains above $3k.
- The US economic calendar includes December final S&P Global US manufacturing PMI at 9:45am. No Fed speakers are scheduled. Tesla is expected to report that it delivered about 440,900 vehicles in the fourth quarter, down 11% from a year earlier.
- Market Snapshot
- S&P 500 mini +0.6%
- Nasdaq 100 mini +1%
- Russell 2000 mini +0.7%
- Stoxx Europe 600 +0.4%
- DAX little changed
- CAC 40 +0.2%
- 10-year Treasury yield -1 basis point at 4.16%
- VIX -0.1 points at 14.83
- Bloomberg Dollar Index little changed at 1204.54
- euro -0.3% at $1.1716
- WTI crude little changed at $57.37/barrel
- Top Overnight News
- Trump threatens Iran over protest crackdown as deadly unrest flares: RTRS
- Threat of California Billionaire Tax Draws Criticism From Ultrawealthy: WSJ
- The Next Class of Senators Won’t Be Able to Dodge the Social Security Crunch: WSJ
- European factory activity ends 2025 in deeper contraction: RTRS
- Tesla Closes Out Brutal Year in Europe With Sales Declines: BBG
- U.S. Slashes Proposed Tariffs on Italian Pasta: WSJ
- Russia says it can prove that Ukraine tried to strike Putin residence: RTRS
- The Condo Market Hasn’t Been This Bad in Over a Decade: WSJ
- Maduro suggests serious talks between Venezuela and US: RTRS
- Venezuelan Exiles Root for U.S. Military Action. Those Left Behind Oppose It: WSJ
- Bezos, Catz, Dell Cashed Out Billions as Top Insider Sellers of 2025: BBG
- Zelenskiy offers chief of staff post to military intelligence boss: RTRS
- Ozempic Users Actually Spend More Dining Out. Smart Restaurants Are Adapting; BBG
- China taxes condoms, contraceptive drugs in bid to spur birth rate: RTRS
- How Kraft Heinz Lost Its Lock on Mac and Cheese—and American Shoppers: WSJ
- China AI chipmaker Biren soars in Hong Kong debut as IPO wave builds: RTRS
- Oil steadies after biggest annual loss since 2020: RTRS
- Trade/Tariffs
- US President Trump signed a New Year’s Eve proclamation titled “AMENDMENTS TO ADJUSTING IMPORTS OF TIMBER, LUMBER, AND THEIR DERIVATIVE PRODUCTS INTO THE UNITED STATES”. This included a delay in tariff increases on upholstered furniture, kitchen cabinets and vanities for a year, which keeps the tariff levels for the aforementioned goods at 25%, instead of raising it to 30% for upholstered furniture and 50% for kitchen cabinets and vanities, citing ongoing trade talks, according to Associated Press.
- Italy’s Foreign Ministry announced on Thursday that the US sharply lowered the proposed duties on several Italian pasta makers from the additional 92% duty proposed in October, with the tariff for La Molisana set to 2.26% and for Garofalo set to 13.98%, while 11 other producers will face tariffs of 9.09%.
- US granted TSMC (2330 TT) an annual licence to import US chipmaking tools for its facilities in China’s Nanjing.
- China’s Ministry of Commerce called the EU’s carbon border tax unfair and discriminatory, while it vowed to take countermeasures to defend the country’s interests, according to a statement on Thursday cited by Bloomberg.
- China set quotas on beef imports as it seeks to protect domestic farmers and producers, in a blow to Brazil and other major shippers, including Australia and Argentina, while shipments exceeding the limits will be subject to a 55% duty, according to the Ministry of Commerce.
- India extended tariffs on steel imports for three years with import levies of 11%-12% proposed for some products, according to Bloomberg. It was also reported that India imposed anti-dumping duties of USD 60.89-130.66/ton on low-ash met coke imports for six months.
- A more detailed look at global markets courtesy of Newsquawk
- ASX 200 posted mild gains of 0.2% in quiet trade, with hefty losses in gold miners hampering the gains from Energy and Financials. KOSPI jumped about 2% to a fresh record high, helped by a roughly 6% rise in Samsung Electronics, after reports said customers praised its HBM (high memory bandwidth) chips. Hang Seng surged ~2.6%, with gains led by education stocks, while AI chip designer Shanghai Biren gained in excess of 100% following a HKD 5.58bln Hong Kong IPO, which was said to be heavily oversubscribed.
- Top Asian News
- Chinese President Xi said in his annual New Year’s Eve speech that the year 2025 marked the completion of China’s 14th Five-Year Plan for economic and social development, while he added that they have pressed ahead with enterprise and fortitude, and overcome many difficulties and challenges. Xi added that they met the targets in the Plan and made solid advances on the new journey of Chinese modernisation, as well as noted that economic output has crossed thresholds one after another, and is expected to reach CNY 140tln for the year. Furthermore, he said their economic strength, scientific and technological abilities, defence capabilities, and composite national strength all reached new heights, while he also vowed to reunify China and Taiwan.
- China’s State Council said it studied measures for facilitating cross-border trade, while it will promote green and cross-border e-commerce. Furthermore, it will speed up the review and approval of breakthrough therapeutic drugs, as well as boost investment in water network projects.
- China’s industrial hubs are to lower power prices to support the economic recovery, with the eastern province of Jiangsu, which surrounds Shanghai, to cut rates by 17% vs 2025, while the southern province of Guangdong had recently announced to reduce power prices by 5%.
- Chinese automakers’ market share of Europe’s electric-vehicle market in November reached a record 12.8%, despite the cost of European Union tariffs, according to Bloomberg.
- South Korean President Lee plans to discuss economic ties and peace efforts in the Korean Peninsula during his upcoming summit talks with Chinese President Xi scheduled for early next week.
- Japanese PM Takaichi and US President Trump may hold talks, via telephone on Friday night at earliest, according to Kyodo News citing sources.
- European bourses (STOXX 600 +0.6%) began the session around the unchanged mark before rising to session highs soon after the cash open, without a clear driver. Since, indices have dipped off best levels, paring some of the earlier upside. European sectors hold a positive bias, led by Basic Resources (+1.7%), Technology (+1.8%), and Energy (+1.7%). The former is supported by higher metal prices, with gains in gold and copper. On the downside, Food Beverage & Tobacco (-0.3%), Real Estate (-0.3%) and Construction (-0.1%) lag.
- Top European News
- UK PM Starmer promised to “defeat the decline and division offered by others” in his new year message and insisted that people would feel a “positive change” in their lives in 2026, according to BBC.
- French President Macron called for unity, strength and hope during his New Year’s Eve address, while he pledged to work until the ‘last second’ of his mandate and guard the 2027 presidential election from foreign interference.
- FX
- DXY resides closer to the upper end of a tight 98.14-98.42 in early European hours, following a rather subdued APAC session.
- In terms of today’s trade, price action has been relatively muted as volume returns to the market from the holiday period. AUD and NZD outperform amid the broader risk-on sentiment, with the AUD also underpinned by a rebound in gold amid a myriad of geopolitical factors, including US President Trump’s warning to Iran this morning that the US is “locked and loaded and ready” to rescue peaceful protesters if Iran opens fire on them. Elsewhere, JPY is flat in a narrow 156.77-157.00 intraday range. Meanwhile, EUR and GBP saw little immediate move from their respective final Manufacturing PMIs.
- 2025 recap: 2025 proved a tough year for the index, which saw its sharpest annual drop in eight years, whilst most majors rallied. The JPY saw gains of under 1% over 2025, in a year rattled by political instability, fiscal woes, BoJ hawkish bias and haven flows. Antipodeans saw the AUD climb nearly 8% over 2025 (best since 2020) and the NZD gained almost 3% to snap a three-year losing streak. The EUR was up 13.5% in 2025 and GBP +7.7% (both their strongest yearly gains since 2017).
- Fixed Income
- A softer start for fixed benchmarks.
- Bunds and USTs lower by 20 and a tick, respectively. Specifics are fairly light aside from Final PMIs which, thus far, have not had any real impact. USTs in the red but at the upper-end of a 112-05 to 112-13 band. If a move into the green occurs, resistance factors at 112-25. A similar picture for Bunds, in the red but just off highs in 127.08-49 parameters. Resistance at 127.57 and 127.83.
- For Gilts, a softer open but the benchmark has since climbed off lows and is, as above, towards highs in 90.74-91.33 parameters. 91.37 would take Gilts back to unchanged on the day, thereafter resistance at 91.47.
- Commodities
- WTI and Brent trades slightly lower, with prices towards the lower ends of USD 57.08-57.93/bbl and USD 60.51-61.38/bbl, respectively. Focus for the complex lies more on oversupply risks as opposed to any geopolitical risks from the above, with traders also setting sights on this weekend’s OPEC+ confab. OPEC+ is expected to reaffirm its production pause through Q1, maintaining the halt to further supply increases, according to Bloomberg sources. The stance reflects concerns over a looming global oversupply backdrop, with crude prices sharply lower over 2025 and forecasters warning of a potential glut in 2026. Delegates indicate little appetite to resume hikes at this stage, according to reports. Recent Saudi–UAE geopolitical tensions have generated headlines, but are widely viewed as noise rather than a threat to OPEC unity, with no expectation that they will spill over into production policy.
- Spot Gold kicked off 2026 on the front foot, with spot prices currently +1.5% intraday towards the upper end of a 4,326.28-4,397.84/oz range at the time of writing. The yellow metal printed a record high at ~USD 4,550/oz on Dec 26th before declining in the subsequent three sessions to a USD 4,274.03/oz trough on 31st Dec, with a near-USD 250/oz drop seen on Dec 29th.
- Geopolitical updates have kept the precious metals complex underpinned, with US President Trump’s warning to Iran this morning that the US is “locked and loaded and ready” to rescue peaceful protesters if Iran opens fire on them. Further, tensions flared between OPEC members Saudi Arabia and the UAE, primarily due to an open military and diplomatic confrontation in Yemen, with the two nations now actively backing rival factions and engaging in direct hostilities. In terms of Russia-Ukraine, Ukrainian President Zelensky said they are 10% away from a deal to end the war with Russia, but not at any cost, according to The Independent. That being said, Ukrainian authorities in Zaporizhzhia on the morning of January 2nd noted over 700 Russian attacks on the territory of the province.
- North Sea Buzzard oil field recommenced production on 1st January 2026, according to CNOOC.
- Rail line in Australia used by Glencore (GLEN LN) requires a significant repair job.
- Geopolitics: Ukraine
- Ukrainian President Zelensky said they are 10% away from a deal to end the war with Russia but not ‘at any cost’, according to The Independent. Zelensky also announced that a meeting with national security advisors “focused on peace” will be held on January 3rd, and there will be meeting with the military chiefs of general staff on January 5th where the main issue is security guarantees for Ukraine, while he said there will be a meeting with European leaders and the leaders of the Coalition of the Willing on January 6th.
- Ukrainian President Zelensky denied allegations made by Russia that Ukraine launched a drone attack on one of Russian President Putin’s residences last Sunday, and accused Moscow of trying to derail peace talks. Furthermore, Russia recently handed over to the US what it claimed was proof of the attempted strike on Putin’s residence, although it was separately reported that US officials determined that the Russian allegation that Ukraine targeted Putin in a drone strike is false, according to WSJ.
- Ukraine’s military said on Thursday that it struck Russia’s Ilsky oil refinery and the Almetevskaya oil preparation facility, while Ukraine also announced that a Russian drone attack damaged power infrastructure, according to Reuters.
- Russian-installed governor of Ukraine’s Kherson region said at least 24 were killed and over 50 were injured from a Ukrainian drone strike on a hotel and cafe during New Year celebrations, according to Reuters.
- US envoy Witkoff said on Wednesday that he held a “productive call” with European allies on the next steps in the peace process, while he said they “also spent time on the prosperity package for Ukraine – how to continue defining, refining and advancing these concepts, so Ukraine can be successful, resilient and truly thrive once the war is over”.
- Ukrainian authorities in Zaporizhzhia on January 2nd noted of over 700 Russian attacks on the territory of the province “in the past hours”, according to Al Jazeera.
- Geopolitics: Middle East
- US President Trump posted “If Iran shots and violently kills peaceful protesters, which is their custom, the United States of America will come to their rescue. We are locked and loaded and ready to go. Thank you for your attention to this matter!”.
- Israeli Defence Minister Katz urged the IDF to be ready for a potential ‘Oct.7-style’ mass attack on West Bank settlements and called for the reestablishment of northern West Bank military bases which were evacuated as part of a US-backed deal, according to Times of Israel.
- Iran’s defence export agency offered to sell ballistic missiles, drones and other advanced weapons systems to foreign governments in exchange for cryptocurrency and barter, according to FT.
- UAE announced on Tuesday that it was pulling out its remaining forces in Yemen, after Saudi Arabia bombed the Yemeni port city of Mukalla following accusations that two ships from the UAE had delivered weapons and combat vehicles to separatist forces. It was separately reported that Yemen’s government imposed restrictions on flights between Yemen and the UAE to mitigate the ongoing escalation in the country, according to a Saudi source cited by Reuters.
- Geopolitics: Others
- US Treasury Department announced new sanctions related to Venezuela, targeting crude oil tankers.
- Russia requested that the US stop pursuing an oil tanker identified as Bella 1, which was headed to Venezuela and was fleeing the US Coast Guard in the Atlantic Ocean, according to The New York Times on Thursday.
- Taiwanese President Lai vowed to defend the nation’s sovereignty in his New Year’s speech days after China fired dozens rockets towards the island and deployed warships and aircraft near Taiwan as part of military drills and a show of force, while he stated that 2026 is a very critical year for Taiwan and that they must stand shoulder to shoulder with democratic countries.
- China’s Taiwan Affairs Office said Lai’s New Year’s address was riddled with ‘falsehoods and reckless assertions, hostility and malice’, while it was also reported that China’s Defence Ministry said the PLA’s drills are completely justified and necessary.
- US Event calendar
- 9:45 am: Dec F S&P Global U.S. Manufacturing PMI, est. 51.8, prior 51.8
- DB’s Jim Reid concludes the overnight wrap
- Happy new year and hope you all had a relaxing break. We’ll shortly look at what’s coming up in 2026, but as we usually do at the new year, we’ve just released our review looking at how markets fared in 2025. It was a strong year overall thanks to continued economic growth, optimism around AI, and more central bank rate cuts. So that meant global equities, bonds, credit and EM assets all advanced for the most part. However, those headline gains masked huge volatility, particularly in April when the Liberation Day tariff announcements sparked the 5th biggest two-day slump for the S&P 500 since WWII. Meanwhile, Germany’s fiscal stimulus announcement in March saw the biggest daily jump for the 10yr bund yield since German reunification in 1990. See the full review here for more details on the year just gone.
- In terms of the last week-and-a-half whilst we’ve been away, it’s been a story of two halves for markets. Just before Christmas, the S&P 500 moved up to record highs on both Dec 23 and Dec 24, aided by some very strong US data. That included the Q3 GDP print, which was delayed because of the government shutdown, and showed the US economy grew at an annualised pace of +4.3% (vs. +3.3% expected). That was the fastest quarterly growth in two years, and the so-called “core GDP” measure of real final sales to private domestic purchasers was up by a robust +3.0% as well. So that led to a lot of optimism about the economy’s momentum into next year, and the Atlanta Fed’s GDPNow measure for Q4 currently stands at +3.0%.
- However, after Christmas the tone became more negative, with the S&P 500 posting four consecutive declines that’s left the index -1.25% beneath its Christmas Eve record. So that took a bit of the shine off the full-year performance, with the index ending the year up +16.4% (and +17.9% in total return terms), falling short of the gains above +20% seen in 2023 and 2024. Meanwhile, there’s been some huge volatility in precious metals, with silver prices up +10.30% on Dec 26, marking their biggest daily jump since September 2008 in the week of Lehman Brothers’ collapse. And after the weekend, they then slumped by -9.00% on Dec 29, the biggest loss since 2020, before there were further swings of more than 5% each way on Dec 30 and Dec 31. That caps off a huge surge in precious metals prices over 2025, with both gold and silver experiencing their strongest annual gains since 1979, up +65% and +148% respectively.
- This morning in Asia, markets have got 2026 off to a decent start in the places they’ve reopened. For instance, the KOSPI (+1.87%) is currently on track for a record high, whilst the Hang Seng (+2.18%) has also surged. Moreover, US equity futures are pointing to a strong start as well, with those on the S&P 500 (+0.43%) and the NADAQ 100 (+0.65%) both higher this morning. However, we shouldn’t extrapolate too far, as the first trading day has been an incredibly poor guide in recent times to how the rest of the year plays out. Indeed, 2023-25 each started with a negative session for the S&P 500, before the index then saw a double-digit annual gain. By contrast, 2022 saw an all-time high on the first day, before the index fell into a bear market and its worst year since 2008. So whatever happens today, we really shouldn’t overegg the day one moves.
- When it comes to the year ahead, several themes will be high up the agenda for markets in 2026. First, there are still lots of tariff developments yet to come, most notably with the US Supreme Court case, who are set to rule on the legality of the tariffs imposed under the International Emergency Economic Powers Act (IEEPA). As a reminder, roughly half of the tariff increases under Trump have used IEEPA authority, and the legal challenges so far have been successful in the lower courts, but were appealed by the Trump administration. So we’re now awaiting the ruling from the Supreme Court. Our US economists think there’s a reasonable possibility the IEEPA powers are struck down, but they also expect that if they are, then the administration would pursue other legal avenues to impose its tariff policies. For instance, the sectoral tariffs under section 232 (e.g. to steel and aluminium) aren’t covered by this court challenge. Or another option could be Section 122 of the 1974 Trade Act, which permits temporary 15% tariffs for 150 days. So there are several options the Trump administration still have.
- Aside from the court case, there are also a couple of other 2026 trade deadlines. One is the scheduled review of the USMCA agreement, six years after it first came into force in July 2020. The other is the US-China trade truce, which was extended by a year after the meeting between Presidents Trump and Xi back in October. So as it stands, the current US tariff reduction on China only runs until November 10, 2026. Nevertheless, there have been a few tariff reductions in recent weeks, particularly as concerns about affordability have risen up the agenda. So we’ve already seen exemptions for products like coffee and beef, and it was also announced on New Years’ Eve that higher tariffs planned on Jan 1 for upholstered furniture and kitchen cabinets were being delayed by a year until Jan 1 2027. Remember as well that the midterm elections are happening in November, so the political incentive to keep inflation down will rise as they approach.
- Second, another key theme for 2026 will be the Federal Reserve, and Trump said on Monday that there’d be an announcement on Chair Powell’s replacement in “January sometime”. For reference, Powell’s term as Chair concludes in May, so the new Chair would be in place by the June FOMC decision, and futures are pricing in another 57bps of rate cuts by the December meeting. In terms of who the new Chair will be, the Polymarket odds continue to have NEC Director Kevin Hassett as the frontrunner (42%), followed by former Fed Governor Kevin Warsh (33%) and current Governor Christoper Waller (15%). Otherwise, the Supreme Court are also set to hear arguments on January 21 about President Trump’s attempt to remove Governor Lisa Cook from the Fed’s Board of Governors. So it’s a big year ahead for the Fed.
- Third, we’ve got lots happening on the fiscal side in 2026, as we’ll see the fiscal impulse from the German stimulus, as well as from the One Big Beautiful Bill Act in the United States. All this comes at an interesting time, as 2025 saw periodic market flareups over loose fiscal policy, with sovereign bonds repeatedly seeing large losses before recovering again. That happened in May around the time of the US credit rating downgrade by Moody’s, which pushed the 30yr Treasury yield above 5%. And it was a similar story in Europe too, with a sharp selloff for UK gilts last summer when the government U-turned on welfare cuts, alongside losses for French OATs after PM Bayrou left office and new PM Lecornu resigned after 26 days, before he was reappointed again. So bond markets have been jittery across the board, and last year even saw the biggest jump for Japan’s 10yr yield since 1994 as the BoJ kept hiking rates and the new government under PM Sanae Takaichi announced a further stimulus package.
- Fourth, on the political side we have a few elections to look out for. The biggest we know about is probably the US midterm elections, although they’re not until November 3. That will see the full House of Representatives up for election, along with a third of the Senate, and currently on Polymarket, the Democrats are the 81% favourites to retake the House. That would be in keeping with the historic pattern (link here), whereby the incumbent President’s party tend to lose House seats in the midterm votes. Meanwhile in the Senate, the Republicans are 66% favourites on Polymarket to keep control. However, the new Congress doesn’t come into office until January 2027, so in policy terms, that’s more of a story for next year.
- Here in the UK, we also have a large set of local elections on May 7, which will be one of the most important midterm electoral tests for the political parties. Although that won’t change the government, PM Starmer’s position has been under increasing pressure, so these elections will be a crucial benchmark for whether he might face a challenge from within the Labour Party. Then in France, the presidential election isn’t until April 2027, but we know that 2026 will be the year that campaigning begins in earnest, with candidates announcing, so we’ll get a much better sense of the state of that race. And over in Japan, a general election isn’t due until 2028, but speculation has been rising about a potential snap election given PM Sanae Takaichi’s approval ratings.
- Finally of course, it’s not a single event, but ongoing developments around AI will be critical for the path of markets in 2026. After all, as Jim has written previously, the concentration of the Mag 7 group in US equities means that global markets are incredibly sensitive to their performance. And we shouldn’t forget that AI developments have already led to big reactions in 2025, with the NASDAQ down over -3% on the day that markets reacted to DeepSeek’s new AI model last January. So any loss of momentum or signs that a bubble is bursting risk unwinding the positive wealth effects we’ve seen, as well as the wider surge in capital expenditures that’s helped to support growth.
- Looking at the day ahead, there’s not much happening, but data releases include the December manufacturing PMIs from the US and Europe, along with the Euro Area M3 money supply for November.
1b European opening report
US equity futures gain with the NQ outperforming; precious metals rebound amid geopols updates – Newsquawk US Opening News
Friday, Jan 02, 2026 – 06:35 AM
- US President Trump warned that the US will “rescue” Iranian protestors if they are shot; the US is “locked and loaded and ready to go”.
- Ukrainian President Zelensky said they are 10% away from a deal to end the war with Russia but not ‘at any cost’, according to The Independent.
- Ukrainian authorities in Zaporizhzhia on January 2nd noted of over 700 Russian attacks on the territory of the province “in the past hours”, according to Al Jazeera.
- European bourses were boosted for most of the European morning, but have come off best levels in recent trade; US equity futures gain, with outperformance in the NQ.
- DXY is slightly firmer, Antipodeans lead whilst the EUR is pressured a touch.
- Fixed benchmarks are broadly lower, but are off worst levels in quiet trade.
- Precious metals rebound amid geopolitical updates, Crude focuses on oversupply pre-OPEC.
- Looking ahead, highlights include, Canadian & US Final Manufacturing PMIs.
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EQUITIES
- European bourses (STOXX 600 +0.6%) began the session around the unchanged mark before rising to session highs soon after the cash open, without a clear driver. Since, indices have dipped off best levels, paring some of the earlier upside.
- European sectors hold a positive bias, led by Basic Resources (+1.7%), Technology (+1.8%), and Energy (+1.7%). The former is supported by higher metal prices, with gains in gold and copper. On the downside, Food Beverage & Tobacco (-0.3%), Real Estate (-0.3%) and Construction (-0.1%) lag.
- US equity futures (ES +0.6% NQ +1% RTY +0.7%) are firmer with upside in all major indices, with the NQ (+0.9%) outperforming.
- Tesla (TSLA) delivery consensus, figures due c. 14:00GMT/09:00ET on 2nd January.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY resides closer to the upper end of a tight 98.14-98.42 in early European hours, following a rather subdued APAC session.
- In terms of today’s trade, price action has been relatively muted as volume returns to the market from the holiday period. AUD and NZD outperform amid the broader risk-on sentiment, with the AUD also underpinned by a rebound in gold amid a myriad of geopolitical factors, including US President Trump’s warning to Iran this morning that the US is “locked and loaded and ready” to rescue peaceful protesters if Iran opens fire on them. Elsewhere, JPY is flat in a narrow 156.77-157.00 intraday range. Meanwhile, EUR and GBP saw little immediate move from their respective final Manufacturing PMIs.
- 2025 recap: 2025 proved a tough year for the index, which saw its sharpest annual drop in eight years, whilst most majors rallied. The JPY saw gains of under 1% over 2025, in a year rattled by political instability, fiscal woes, BoJ hawkish bias and haven flows. Antipodeans saw the AUD climb nearly 8% over 2025 (best since 2020) and the NZD gained almost 3% to snap a three-year losing streak. The EUR was up 13.5% in 2025 and GBP +7.7% (both their strongest yearly gains since 2017).
- Click for NY OpEx Details
FIXED INCOME
- A softer start for fixed benchmarks.
- Bunds and USTs lower by 20 and a tick, respectively. Specifics are fairly light aside from Final PMIs which, thus far, have not had any real impact. USTs in the red but at the upper-end of a 112-05 to 112-13 band. If a move into the green occurs, resistance factors at 112-25. A similar picture for Bunds, in the red but just off highs in 127.08-49 parameters. Resistance at 127.57 and 127.83.
- For Gilts, a softer open but the benchmark has since climbed off lows and is, as above, towards highs in 90.74-91.33 parameters. 91.37 would take Gilts back to unchanged on the day, thereafter resistance at 91.47.
COMMODITIES
- WTI and Brent trades slightly lower, with prices towards the lower ends of USD 57.08-57.93/bbl and USD 60.51-61.38/bbl, respectively. Focus for the complex lies more on oversupply risks as opposed to any geopolitical risks from the above, with traders also setting sights on this weekend’s OPEC+ confab. OPEC+ is expected to reaffirm its production pause through Q1, maintaining the halt to further supply increases, according to Bloomberg sources. The stance reflects concerns over a looming global oversupply backdrop, with crude prices sharply lower over 2025 and forecasters warning of a potential glut in 2026. Delegates indicate little appetite to resume hikes at this stage, according to reports. Recent Saudi–UAE geopolitical tensions have generated headlines, but are widely viewed as noise rather than a threat to OPEC unity, with no expectation that they will spill over into production policy.
- Spot Gold kicked off 2026 on the front foot, with spot prices currently +1.5% intraday towards the upper end of a 4,326.28-4,397.84/oz range at the time of writing. The yellow metal printed a record high at ~USD 4,550/oz on Dec 26th before declining in the subsequent three sessions to a USD 4,274.03/oz trough on 31st Dec, with a near-USD 250/oz drop seen on Dec 29th.
- Geopolitical updates have kept the precious metals complex underpinned, with US President Trump’s warning to Iran this morning that the US is “locked and loaded and ready” to rescue peaceful protesters if Iran opens fire on them. Further, tensions flared between OPEC members Saudi Arabia and the UAE, primarily due to an open military and diplomatic confrontation in Yemen, with the two nations now actively backing rival factions and engaging in direct hostilities. In terms of Russia-Ukraine, Ukrainian President Zelensky said they are 10% away from a deal to end the war with Russia, but not at any cost, according to The Independent. That being said, Ukrainian authorities in Zaporizhzhia on the morning of January 2nd noted over 700 Russian attacks on the territory of the province.
- North Sea Buzzard oil field recommenced production on 1st January 2026, according to CNOOC.
- Rail line in Australia used by Glencore (GLEN LN) requires a significant repair job.
TRADE/TARIFFS
- US President Trump signed a New Year’s Eve proclamation titled “AMENDMENTS TO ADJUSTING IMPORTS OF TIMBER, LUMBER, AND THEIR DERIVATIVE PRODUCTS INTO THE UNITED STATES”. This included a delay in tariff increases on upholstered furniture, kitchen cabinets and vanities for a year, which keeps the tariff levels for the aforementioned goods at 25%, instead of raising it to 30% for upholstered furniture and 50% for kitchen cabinets and vanities, citing ongoing trade talks, according to Associated Press.
- Italy’s Foreign Ministry announced on Thursday that the US sharply lowered the proposed duties on several Italian pasta makers from the additional 92% duty proposed in October, with the tariff for La Molisana set to 2.26% and for Garofalo set to 13.98%, while 11 other producers will face tariffs of 9.09%.
- US granted TSMC (2330 TT) an annual licence to import US chipmaking tools for its facilities in China’s Nanjing.
- China’s Ministry of Commerce called the EU’s carbon border tax unfair and discriminatory, while it vowed to take countermeasures to defend the country’s interests, according to a statement on Thursday cited by Bloomberg.
- China set quotas on beef imports as it seeks to protect domestic farmers and producers, in a blow to Brazil and other major shippers, including Australia and Argentina, while shipments exceeding the limits will be subject to a 55% duty, according to the Ministry of Commerce.
- India extended tariffs on steel imports for three years with import levies of 11%-12% proposed for some products, according to Bloomberg. It was also reported that India imposed anti-dumping duties of USD 60.89-130.66/ton on low-ash met coke imports for six months.
NOTABLE EUROPEAN HEADLINES
- UK PM Starmer promised to “defeat the decline and division offered by others” in his new year message and insisted that people would feel a “positive change” in their lives in 2026, according to BBC.
- French President Macron called for unity, strength and hope during his New Year’s Eve address, while he pledged to work until the ‘last second’ of his mandate and guard the 2027 presidential election from foreign interference.
NOTABLE EUROPEAN DATA RECAP
- UK S&P Global Manufacturing PMI (Dec) 50.6 vs. Exp. 51.2 (Prev. 51.2).
- EU HCOB Manufacturing Final PMI (Dec) 48.8 vs. Exp. 49.2 (Prev. 49.2).
- German HCOB Manufacturing PMI (Dec) 47 vs. Exp. 47.7 (Prev. 47.7).
- French HCOB Manufacturing PMI (Dec) 50.7 vs. Exp. 50.6 (Prev. 50.6).
- Italian HCOB Manufacturing PMI (Dec) 47.9 vs. Exp. 50.0 (Prev. 50.6).
- Spanish HCOB Manufacturing PMI (Dec) 49.6 vs. Exp. 51 (Prev. 51.5).
- Swedish PMI Manufacturing Sect (Dec) 55.3 (Prev. 54.6).
- UK Nationwide house price yy (Dec) 0.6% vs. Exp. 1.2% (Prev. 1.8%).
- UK Nationwide house price mm (Dec) -0.4% vs. Exp. 0.1% (Prev. 0.3%).
- EU Money-M3 Annual Grwth (Nov) 3.0% vs. Exp. 2.7% (Prev. 2.8%).
- EU Loans to Non-Fin (Nov) 3.1% (Prev. 2.9%).
- EU Loans to Households (Nov) 2.9% (Prev. 2.8%).
GEOPOLITICS
RUSSIA-UKRAINE
- Ukrainian President Zelensky said they are 10% away from a deal to end the war with Russia but not ‘at any cost’, according to The Independent. Zelensky also announced that a meeting with national security advisors “focused on peace” will be held on January 3rd, and there will be meeting with the military chiefs of general staff on January 5th where the main issue is security guarantees for Ukraine, while he said there will be a meeting with European leaders and the leaders of the Coalition of the Willing on January 6th.
- Ukrainian President Zelensky denied allegations made by Russia that Ukraine launched a drone attack on one of Russian President Putin’s residences last Sunday, and accused Moscow of trying to derail peace talks. Furthermore, Russia recently handed over to the US what it claimed was proof of the attempted strike on Putin’s residence, although it was separately reported that US officials determined that the Russian allegation that Ukraine targeted Putin in a drone strike is false, according to WSJ.
- Ukraine’s military said on Thursday that it struck Russia’s Ilsky oil refinery and the Almetevskaya oil preparation facility, while Ukraine also announced that a Russian drone attack damaged power infrastructure, according to Reuters.
- Russian-installed governor of Ukraine’s Kherson region said at least 24 were killed and over 50 were injured from a Ukrainian drone strike on a hotel and cafe during New Year celebrations, according to Reuters.
- US envoy Witkoff said on Wednesday that he held a “productive call” with European allies on the next steps in the peace process, while he said they “also spent time on the prosperity package for Ukraine – how to continue defining, refining and advancing these concepts, so Ukraine can be successful, resilient and truly thrive once the war is over”.
- Ukrainian authorities in Zaporizhzhia on January 2nd noted of over 700 Russian attacks on the territory of the province “in the past hours”, according to Al Jazeera.
MIDDLE EAST
- US President Trump posted “If Iran shots and violently kills peaceful protesters, which is their custom, the United States of America will come to their rescue. We are locked and loaded and ready to go. Thank you for your attention to this matter!”.
- Israeli Defence Minister Katz urged the IDF to be ready for a potential ‘Oct.7-style’ mass attack on West Bank settlements and called for the reestablishment of northern West Bank military bases which were evacuated as part of a US-backed deal, according to Times of Israel.
- Iran’s defence export agency offered to sell ballistic missiles, drones and other advanced weapons systems to foreign governments in exchange for cryptocurrency and barter, according to FT.
- UAE announced on Tuesday that it was pulling out its remaining forces in Yemen, after Saudi Arabia bombed the Yemeni port city of Mukalla following accusations that two ships from the UAE had delivered weapons and combat vehicles to separatist forces. It was separately reported that Yemen’s government imposed restrictions on flights between Yemen and the UAE to mitigate the ongoing escalation in the country, according to a Saudi source cited by Reuters.
OTHERS
- US Treasury Department announced new sanctions related to Venezuela, targeting crude oil tankers.
- Russia requested that the US stop pursuing an oil tanker identified as Bella 1, which was headed to Venezuela and was fleeing the US Coast Guard in the Atlantic Ocean, according to The New York Times on Thursday.
- Taiwanese President Lai vowed to defend the nation’s sovereignty in his New Year’s speech days after China fired dozens rockets towards the island and deployed warships and aircraft near Taiwan as part of military drills and a show of force, while he stated that 2026 is a very critical year for Taiwan and that they must stand shoulder to shoulder with democratic countries.
- China’s Taiwan Affairs Office said Lai’s New Year’s address was riddled with ‘falsehoods and reckless assertions, hostility and malice’, while it was also reported that China’s Defence Ministry said the PLA’s drills are completely justified and necessary.
CRYPTO
- Bitcoin is on a firmer footing and holds just short of the USD 90k mark, with Ethereum also posting gains above the USD 3k mark.
APAC TRADE
- ASX 200 posted mild gains of 0.2% in quiet trade, with hefty losses in gold miners hampering the gains from Energy and Financials.
- KOSPI jumped about 2% to a fresh record high, helped by a roughly 6% rise in Samsung Electronics, after reports said customers praised its HBM (high memory bandwidth) chips.
- Hang Seng surged ~2.6%, with gains led by education stocks, while AI chip designer Shanghai Biren gained in excess of 100% following a HKD 5.58bln Hong Kong IPO, which was said to be heavily oversubscribed.
NOTABLE ASIA-PAC HEADLINES
- Chinese President Xi said in his annual New Year’s Eve speech that the year 2025 marked the completion of China’s 14th Five-Year Plan for economic and social development, while he added that they have pressed ahead with enterprise and fortitude, and overcome many difficulties and challenges. Xi added that they met the targets in the Plan and made solid advances on the new journey of Chinese modernisation, as well as noted that economic output has crossed thresholds one after another, and is expected to reach CNY 140tln for the year. Furthermore, he said their economic strength, scientific and technological abilities, defence capabilities, and composite national strength all reached new heights, while he also vowed to reunify China and Taiwan.
- China’s State Council said it studied measures for facilitating cross-border trade, while it will promote green and cross-border e-commerce. Furthermore, it will speed up the review and approval of breakthrough therapeutic drugs, as well as boost investment in water network projects.
- China’s industrial hubs are to lower power prices to support the economic recovery, with the eastern province of Jiangsu, which surrounds Shanghai, to cut rates by 17% vs 2025, while the southern province of Guangdong had recently announced to reduce power prices by 5%.
- Chinese automakers’ market share of Europe’s electric-vehicle market in November reached a record 12.8%, despite the cost of European Union tariffs, according to Bloomberg.
- South Korean President Lee plans to discuss economic ties and peace efforts in the Korean Peninsula during his upcoming summit talks with Chinese President Xi scheduled for early next week.
- Japanese PM Takaichi and US President Trump may hold talks, via telephone on Friday night at earliest, according to Kyodo News citing sources.
NOTABLE APAC DATA RECAP
- Chinese Manufacturing PMI (Dec) 50.1 vs Exp. 49.2 (Prev. 49.2)
- Chinese Non-Manufacturing PMI (Dec) 50.2 vs Exp. 49.6 (Prev. 49.5)
- Chinese Composite PMI (Dec) 50.7 (Prev. 49.7)
- Chinese RatingDog Manufacturing PMI (Dec) 50.1 vs Exp. 49.8 (Prev. 49.9)
1c) Asian opening report
2b. JAPAN
3. CHINA/
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
GERMANY//FRANCE HOLLAND
Watch: German Streamer Attacked By Migrants While Trying To Prove Cologne Is Safe
Friday, Jan 02, 2026 – 05:10 AM
Authored by Steve Watson via Modernity.news,
German Twitch streamer Kunshikitty set out on New Year’s Eve to demonstrate that the streets of Cologne are safe for women, streaming live to her audience. Instead, the broadcast captured two separate attacks on camera, forcing her to end the stream in distress.
The incident, which quickly went viral, underscores the ongoing public safety crisis in Germany, a decade after the infamous 2015 New Year’s Eve mass assaults in the same city.
In footage shared widely on social media, Kunshikitty, dressed in a bright pink outfit, is seen navigating crowded streets during celebrations. Fireworks explode in the background as groups of men approach her aggressively.
One clip shows her being targeted with thrown objects, while another depicts physical harassment that leaves her visibly shaken.
This event revives haunting memories of the 2015–16 New Year’s Eve sexual assaults in Cologne, where over 1,200 women reported being groped, robbed, or raped by groups of men, predominantly asylum seekers and migrants from North Africa and the Middle East.
Police reports at the time described organized mobs encircling victims in “taharrush gamea” tactics, a term for collective harassment imported from some Arab countries.
The fallout from those attacks exposed deep flaws in Germany’s open-door migration policy under Angela Merkel, which saw over a million migrants enter the country in 2015 alone.
The trend overwhelmed integration efforts and fueled a spike in crime, with official data later confirming disproportionate involvement of foreign nationals in violent offenses.https://modernity.news/2025/08/05/record-number-of-gang-rape-suspects-in-germany-in-2024-over-half-were-foreign-nationals/embed/#?secret=hggyGXVest
The situation has only worsened, with government figures revealing 135,668 crimes by Syrian suspects alone between 2015 and 2024. Violent crimes, including rapes and assaults, hit record highs in 2024, with 12,512 incidents involving Syrians.https://modernity.news/2025/10/30/shocking-stats-syrians-commit-crimes-every-39-mins-in-germany-for-past-ten-years/embed/#?secret=b29NiNnIF0
Similar patterns plague other Western European nations. In Sweden, no-go zones in migrant-heavy areas have become notorious for gang violence and sexual assaults.
France grapples with riots and knife attacks in cities like Paris, while the UK faces grooming gangs and street crime linked to unchecked immigration.
Mass migration has reshaped demographics, straining resources and eroding cultural cohesion, all while globalist leaders prioritize open borders over citizen safety.
AfD politicians like Alice Weidel have slammed the current government for its “failure in migration and security policy,” pointing out that more than half of German women no longer feel safe in public spaces. https://modernity.news/2025/03/31/rape-violent-crime-explodes-even-higher-in-germany-number-of-non-german-suspects-up/embed/#?secret=SWkEtbnKNe
Calls for mass deportations grow louder, yet, incidents like Kunshikitty’s stream highlight how denial persists among some, even as evidence mounts. The streamer’s ordeal isn’t isolated; recent arrests of Syrian suspects in gang rapes and arsons show the persistent threat.https://modernity.news/2025/12/18/everyone-is-sick-of-it/embed/#?secret=VjMzvyxkPJ
As Europe rings in 2026, the message is clear: Ignoring the consequences of mass migration invites more chaos. It’s time for leaders to prioritize deportations, secure borders, and restore safety before more lives are shattered. The alternative is an entire continent forever altered, where even a simple walk on New Year’s Eve becomes a gamble.
end
Lithuania
As Lithuania Preps For War, Some Fear They Are Intentionally Stoking It
Friday, Jan 02, 2026 – 07:20 AM
Lithuania is preparing for a possible armed conflict by strengthening bridges near the Belarusian border and building a Baltic defense line, while authorities are trying to avoid causing panic among the population, writes Portfolio, citing a report out of LRT.
Construction and reinforcement work has begun almost simultaneously on several bridges in Lithuania near the Belarusian border.
The Lithuanian Armed Forces confirmed that this is part of a package of fortification measures adopted last July and is related to the construction of the Baltic defense line, which will run along the Russian and Belarusian borders.
According to plans, bridges will have structures that can be rigged with explosives if needed.
In the event of an armed conflict, bridges near the border could be blown up more quickly, which would slow or halt the advance of enemy troops.
The army said the bridges and roads to be reinforced are being selected based on the location of natural obstacles and their strategic importance.
Anti-tank weapons and other terrain obstacles are already being stored at dozens of locations near the border.
Trees are also being planted along major roads for defensive purposes and irrigation ditches are being dug that can be used as trenches and anti-tank barriers.
Populists in the country have been vocal, criticizing such preparations and frequent rhetoric as outright warmongering.
Andrus Merilo, the commander of the Estonian Armed Forces, also spoke of “war hysteria” in October, saying it was seriously counterproductive and could easily cause panic in society.
Lithuanian officials say they are seeking a balance that allows for the presentation of defensive measures but does not incite unnecessary fear.
According to Major Gintautas Ciunis, an employee of the Lithuanian Armed Forces’ strategic communications department, “Russia’s threat remains constant.”
Because of this, conflict preparation should be perceived by society as a regular, long-term activity.
The Lithuanian state, he said, has lived with this threat from Russia for centuries and is expected to live with it in the future.
“That is why constant readiness is essential, and the more intensive this preparation, the greater the chance of effective deterrence,” Ciunis said.
end
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS/GAZA/SOMALIA/SOMALILAND
Somali President Claims Somaliland Accepted Palestinian Resettlement In Exchange For Israel’s Recognition
Friday, Jan 02, 2026 – 04:00 AM
Somali President Hassan Sheikh Mohamud said Israel’s recognition of Somaliland was “unexpected and strange,” warning that the move carries implications for Palestinians in Gaza, in comments to Al Jazeera on Wednesday.
Speaking from Istanbul, Turkiye, he outlined Somalia’s concerns and said Israel’s decision was abrupt and destabilizing. Mohamud said that Somaliland has pursued its secessionist claim for decades without international recognition, noting that “no one country in the world has recognized it,” while Somalia has sought reunification “in a peaceful manner,” making Israel’s move, after 34 years, “very unexpected and strange.”
According to Mohamud, Somali intelligence indicates Somaliland accepted three Israeli conditions in exchange for recognition. He listed them as the resettlement of Palestinians, an Israeli military base on the Gulf of Aden coast, and accession to the Abraham Accords.
PALESTINIAN REFUGEE CAMP
In a speech delivered on December 28, Abdul Malik al-Houthi, the leader of Yemen’s Ansarallah, said that any Israeli footprint in Somaliland would be treated as a legitimate “military target” by the Yemeni Armed Forces.
Mohamud said there is already “a certain level” of Israeli presence in Somaliland, describing the recognition as the public normalization of what had been happening covertly, adding that Israel’s presence “is not for peace,” and warned of plans to forcibly displace Palestinians to Somalia.
Mohamud also pointed to Israel’s interest in controlling strategic waterways linking the Red Sea, the Gulf, and the Gulf of Aden, as part of a wider Israeli push across West Asia and the Mediterranean.
A 20-point plan issued by Donald Trump ahead of a Gaza ceasefire said “no one will be forced to leave Gaza,” while allowing voluntary departure and return.
However, Mohamud said Israel has continued to explore displacement options, citing reports of mysterious flights to South Africa.
Israeli Channel 12 reported in February 2025 that Morocco, Puntland, and Somaliland were being considered under Trump’s plan to forcibly relocate Palestinians expelled from Gaza, as he reiterated his intent for the US to take “ownership” of the strip while seeking political incentives tied to recognition and strategic influence.
The Somali leader gave a joint news conference with Recep Tayyip Erdogan, both of them warning that the recognition could destabilize the Horn of Africa. Israel’s move was rejected by most members of the UN Security Council at an emergency meeting in New York.
The US was the sole member defending Israel, while stressing that its own position on Somaliland remained unchanged. Israel formally recognized Somaliland on December 26, becoming the first country to do so since the region declared independence in 1991, a move announced by Israeli Prime Minister Benjamin Netanyahu and framed as part of cooperation “in the spirit of the Abraham Accords.”
The decision triggered swift regional condemnation, with Somalia rejecting it outright and Egypt, Turkiye, and Djibouti warning of destabilizing consequences for the Horn of Africa.
The recognition followed months of reports linking Somaliland to US-Israeli discussions on Palestinian resettlement from Gaza and potential military access near the Red Sea, claims that both Somali and Somaliland authorities had previously denied.
ISRAEL VS HAMAS
US, Israel Set Firm 2-Month Deadline For Full Hamas Disarmament
Thursday, Jan 01, 2026 – 07:45 PM
Israeli media is reporting that Israel and the United States have reached an understanding to give Hamas a two-month ultimatum to finally and fully disarm. The reports say the agreement came immediately after an overnight meeting between Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump at Mar-a-Lago at the start of the week.
The move is being described as a fixed deadline rather than an opening for negotiations. Israeli and US teams are already reportedly working simultaneously to determine what they describe as “practical disarmament.” This after Hamas has effectively been defeated since it launched the brutal Oct.7, 2023 terror assault on southern Israel.
Another key focus is the dismantling of Hamas’s underground tunnel network throughout Gaza, which Israeli officials consider a core element of the group’s military strength.
Hamas has throughout the Gaza war proven itself effective in guerilla and insurgency tactics, utilizing small teams to maneuver quickly in and out of the tunnels, even at times taking out IDF tanks with IEDs. Sometimes bombs are even attached to Israeli armor vehicles by hand in these ambushes, after which a Hamas militant darts back into an underground tunnel, as has been demonstrated in various videos.
Sources quoted by Israel Hayom said Israeli officials doubt Hamas that would be willing or able to relinquish most of its weapons or military capabilities within the two-month window.
From the perspective of Hamas leadership, the moment it fully gives up its weapons means the group is effectively dead and will have no more influence to govern in the future.
But this is also exactly what the US-Israeli plan and the ceasefire calls for: the effective end of Hamas rule in governance in the Gaza Strip forever.
PM Netanyahu while giving media interviews during his December US trip described that Hamas still possesses “around 60,000” Kalashnikov rifles and “hundreds of kilometers” of tunnels.
He has vowed that Hamas disarmament can be achieved “the easy way” or the hard way – that is through military force. But as of last summer, Hamas was insistent that it will never give up its weapons.
There’s also the possibility that Hamas leadership won’t be able to induce all of its fighters and ‘ground troops’ to give up their weapons – again, as they would fear being tracked down and killed by Israeli forces.
IRAN
Iran’s protesters need more than applause, they need enduring support – editorial
Tens of thousands are protesting across Iran, but history suggests caution. The key question is how outside support can help without doing harm.
Demonstrators hold Iranian flags from the reign of Shah Mohammed Reza Pahlavi, during a protest against the Iranian government, outside the Federal Building in Los Angeles, California, US June 23, 2025.(photo credit: REUTERS/DAVID SWANSON)ByJPOST EDITORIALJANUARY 1, 2026 05:59
It’s a scenario that has repeated itself since 1999: massive protests in Iran, predictions that this time it could be the end of the ayatollahs’ regime, a violent crackdown, and the eventual petering out of the demonstrations.
It happened in 1999–2000 with student protests, again in 2009–2010 with the Green Movement, in 2017–2018 with protests over economic distress, in 2019 following a sudden spike in fuel prices, in 2021 amid shortages of water and bread, and again in 2022–2023 with the “Woman, Life, Freedom” protests sparked by the death in custody of Mahsa Amini.
And now it is happening again.
Tens of thousands of brave Iranians have taken to the streets since Saturday, initially over the collapse of the rial, but quickly chanting slogans that leave no doubt about the depth of their anger: “Death to the dictator.”
Following the pummeling Iran suffered during the June 12-Day War, many in Israel and the West believed that internal upheaval would follow – that a regime that squandered national wealth on a nuclear program largely destroyed and on regional proxies roundly defeated would finally face a reckoning from within.
Could this be the moment Iranians have been waiting for?
That did not happen. Instead, the world witnessed demonstrations inside the country, rallying around the government.
But now something has stirred. Could this be the moment when the Iranian masses finally throw off the yoke of their oppressive leaders? Or is this just another protest that will eventually fizzle and die, leaving no real change in its wake?
While it is too early to tell, history cautions against premature celebration.
As the world watches, a key question arises: How can the West and Israel support the protesters without inadvertently giving the regime ammunition to use against them, casting them as foreign tools?
The West is faced with a paradox: if it provides support, this will be used by the regime to delegitimize the protesters. But if it doesn’t, the protesters will feel abandoned.
This is a dilemma Israel faces acutely. Jerusalem would love to see a different regime in Iran – one no longer exporting violence and mayhem across the region. But if Israeli fingerprints are visible on the protests, the regime’s propaganda efforts become easy.
This week’s Mossad statement in Farsi to the protesters – “Let’s come out to the streets together. The time has come. We are with you, not just from afar and verbally. We are with you in the field as well”– may have been intended to strengthen resolve.
But it handed Tehran exactly what it wanted: a pretext to blame Israel and frame the protests as a foreign plot. It was a classic case of good intentions producing the opposite result.
This doesn’t mean Israel and the West should stand aside and do nothing. It does mean they should act differently.
Change in Iran is unlikely to arrive in a single, dramatic, fall-of-the-Berlin-Wall moment. It is more likely to come through cumulative erosion: economic pressure and the slow weakening of the regime’s tools of control.
The economic sanctions against Iran are having an effect, contributing to the inflation and currency collapse that ignited the current protests. These sanctions should be tightened.
But sanctions alone are not enough.
END
IRAN THURSDAY MORING
Iran Grinds To A Halt As Several Killed & Wounded, Including IRGC Member, Amid Raging Protests
Thursday, Jan 01, 2026 – 12:15 PM
Reuters and other international outlets have reported several people killed amid unrest in Iran overnight into Thursday, as the large-scale economic-driven protests which have swept multiple cities reach the fifth consecutive day.
“The semi-official Fars news agency and rights group Hengaw reported deaths in Lordegan, a city in western Iran,” Reuters writes. “Authorities confirmed one death in the western city of Kuhdasht, and Hengaw reported another death in the central province of Isfahan.”
At least one among the dead is reported to be a government security force member, as demonstrators clash with police, and amid some reports of possible live fire being used to quell the unrest.
“A member of Iran’s security forces was killed during a fourth day of protests in the country, which have been sparked by a currency collapse, officials have said,” BBC reports.
“Citing regional chief justice Saeed Shahvari, Iran’s judiciary-affiliated Mizan news agency said Amir Hessam Khodayari Fard was killed in the city of Kouhdasht, in the western Lorestan province, on Wednesday,” it added, stating that several more police and security members were injured, mostly as a result of stone-throwing.
He was said to be a member of the Basij – a paramilitary force linked to Iran’s Revolutionary Guards (IRGC). In several locales Basij members have been observed supporting local police forces, as is typical whenever major anti-government protests flare up.
“Footage verified by BBC Persian appears to show security forces firing at protesters in the city on the same day,” the report also notes.
But the government’s counter-narrative has quickly emerged, with state-linked Fars News Agency citing an “informed source” to say that “armed protesters” have stirred up anti-police violence.
Fox: “Footage shows protesters tearing down a government gate in southern Iran. Businesses shut. Universities closed. Offices locked down.”
What started Sunday as shopkeepers in a prominent Tehran market shuttering their doors in protest of a collapsing currency and soaring prices has now spread to the youth and the universities.
Schools and public buildings have been closed across the country on Thursday in order to control the spread of the protests, in what’s being widely reported as a last-minute, possibly desperate decision of the central government.
This after crowds have sought to break into government buildings – for example, groups broke the gate of the governor’s office in the city of Fasa in the southern province of Fars. Security are seen shooting to try and drive them back, and dispersing tear gas.
The economy has been hammered by 40% inflation and coming off the 12-day June war, which left the leadership and populace in a new state of angst, paranoia, and even despair. The country is on a backfoot economically, militarily, its nuclear program decimated or at least set back by years, and there’s eroding trust – especially as authorities have tried and executed dozens for alleged Israeli-links.
This is perhaps why President Masoud Pezeshkian has urged calm, and taken the rare step of saying the government will listen to the “legitimate demands” of the protesters.
As with prior years’ protests, including the so-called ‘anti-hijab’ protests sparked by women, there’s much that’s hard to verify in terms of reporting, as activists outside the country seek to amplify hard to prove claims amid the fast-moving events on the ground. External actors (whether MEK, pre-1979 monarchists, the US, or Israel) will no doubt seek to hijack the protests, and there could be intelligence infiltration. But there is clear evidence of many chanting in some places slogans calling for the overthrow of the government in Tehran.
END
FROM INSIDE IRAN:
ROBERT h
BREAKING: Iranians Capture IRGC Bases – Islamic Regime Is FALLING
> https://www.youtube.com/live/t7jKCxxrv4A?si=dHdfeIhF8lc9gUFl
> Looks like the Persian people are overtaking the Islamist Regime
end
IRAN; THURSDAY
Iranian Basij member, several protesters reported killed on fifth day of nationwide protests
Human rights groups have claimed that several demonstrators were killed when authorities used live fire to disperse protests.
Iranians protest on a main street in Tehran, December 30, 2025(photo credit: SOCIAL MEDIA/VIA SECTION 27A OF THE COPYRIGHT ACT)ByDANIELLE GREYMAN-KENNARDJANUARY 1, 2026 00:01Updated: JANUARY 1, 2026 16:16
As of Wednesday night, the fourth night of protests, Tehran has confirmed the death of one person, though human rights groups have claimed that several demonstrators were killed when authorities used live fire to disperse protests on Thursday.
At least two people were killed in the Lordegan, a source told the Islamic Republic of Iran News Network.
On Wednesday night, the protests escalated to a new peak with the first reported fatality acknowledged by state media. A member of the paramilitary Basij militia, which is regularly deployed to suppress unrest, was killed
The Basij is a volunteer paramilitary force fiercely loyal to Supreme Leader Ayatollah Ali Khamenei and affiliated with the Islamic Revolutionary Guards Corps, which said in a statement that 13 of the militia members had been injured.
The Hengaw human rights group reported that authorities killed Dariush Ansari Bakhtiariwand with live fire during a protest in Isfahan province on Wednesday night.
END
ISRAEL AND IRAN
Israel on high alert amid Iranian unrest due to mass protests, fears of external escalation
Much of Iran’s largely secular middle class has been squeezed to the wall by the cost of living, and “no military or police force can halt a tide of hungry and thirsty citizens.”
A large anti-Israeli banner portraying an image of a Palestinian fighter and the slogan in Persian and Hebrew, “Endless Voice of Resistance” is erected in Palestine Square in Tehran on December 31, 2025.(photo credit: Atta Kenare/AFP via Getty Images)ByAVI ASHKENAZIJANUARY 1, 2026 07:14Updated: JANUARY 1, 2026 07:19
Israeli defense officials are closely monitoring whether Iran might attempt a last-ditch missile attack on Israel as the regime grows weaker, officials said on Thursday.
According to Israel’s defense establishment, Tehran does not currently want a war, and its capacity is limited, yet the possibility of a sudden strike cannot be dismissed. Officials said the IDF and security agencies have raised their alert and are tracking Iranian readiness for a surprise launch.
The officials said Iran’s air defenses are highly vulnerable and its ability to absorb a sustained Israeli strike is “near zero.” They added that Tehran is trying to rebuild its weapons stocks, but output remains limited and of low quality.
Israel believes that Iran is attempting to restore its ballistic missile arsenal quickly, using local industry. Even so, they assess that Tehran has not recovered the number of missiles and launchers it held on the eve of the Israel-Iran war. Officials also dispute Western media tallies of newly produced Iranian missiles.
“The Iranian government has set its own priorities: first, to reestablish an offensive posture against Israel before dealing with Iran’s economic distress, water shortages, and welfare problems,” a senior military source said.
Israeli assessments say Tehran is struggling to recover internationally after the blow it suffered in the recent war with Israel. At the same time, Israel’s campaign across multiple fronts has cost Iran its proxies, from Hezbollah and Hamas to militias in Syria and Iraq, while the Houthi crisis in Yemen has added pressure.
Protests enter fifth day in Iran
Inside Iran, a deepening water crisis, alongside severe economic strain, has prompted people to take to the streets. Officials note that Iran’s 1978–79 revolution was driven in part by similar socioeconomic grievances. Much of the largely secular middle class, they say, has been squeezed to the wall by the cost of living, and “no military or police force can halt a tide of hungry and thirsty citizens.”
Given these trends, Israel’s Military Intelligence, the Mossad, the Air Force, and Israel’s air-defense network are keeping close watch on developments to the east. The prevailing estimate is that, although Tehran lacks the ability and desire to enter another war with Israel now, it may feel cornered.
This concern has only grown after recent comments by US President Donald Trump in his meeting with Prime Minister Benjamin Netanyahu this week, and amid protests in Iran that appear to be spiraling.
Israeli officials warn that continued economic collapse in Iran could push the regime to lash out externally, with Israel’s home front as the target.
Defense officials say Israel will have no choice but to strike Iranian capabilities again if Tehran accelerates efforts to rebuild its air defenses and ballistic-missile arrays. For now, they say, Iran has not crossed the red line set by Israel, and other urgent priorities are being addressed.
END
IRAN/USA FRIDAY MORNING
‘We are locked and loaded’: Trump threatens to attack Iran regime if protesters harmed
‘The United States of America will come to their rescue,’ President Donald Trump announced about the protestors on Truth Social.
An Iranian woman shops at a vendor on a sidewalk near the traditional Tajrish Bazaar in northern Tehran, Iran, on December 31, 2025.(photo credit: Morteza Nikoubazl/NurPhoto via Getty Images)ByJERUSALEM POST STAFFJANUARY 2, 2026 08:12Updated: JANUARY 2, 2026 13:26
US President Donald Trump declared that the United States was “locked and loaded and ready to go” if Iran killed any more protestors, in a post on Truth Social early Friday morning.
An advisor to Iran’s Supreme Leader Ayatollah Ali Khamenei, Ali Larijani, responded to Trump’s message, in a post on Twitter/X, stating that “Trump should know that American interference in this internal issue is equivalent to chaos across the entire region and the destruction of American interests.”
Iranian Crown Prince Reza Pahlavi also continued to encourage the Iranian people on day six of the protests in a post on Twitter/X.
“You are making history; a history written with the courage, solidarity, and determination of a nation to reclaim its country,” Pahlavi said in his post. “Stay united. Stay focused on the goal. Victory is ours.”
x.com/itamarbengvir/status/2007027015426375906?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2007027015426375906%7Ctwgr%5E4ddbc251d665db44a48929b044875afaa3b48b23%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Firan-news%2Farticle-882108
National Security Minister Itamar Ben-Gvir also posted in support of the protestors, saying that “the people of Iran deserve a free life, liberated from the killer dictator, Khamenei.”
Thursday saw confirmation of several deaths occurring during the protests, including two people killed in the Lordegan after authorities opened fire on the crowds demonstrating.
The Hengaw human rights group also reported that authorities killed protester Dariush Ansari Bakhtiariwand with live fire during a protest in Isfahan province on Wednesday night.
Protestors taken by Iranian authorities
An unknown number of people were also taken by authorities, reports indicate, including at least seven people detained after they rallied in Kermanshah.
Since the Israel-Iran war in June, Iran has been accused of silencing dissent by carrying out executions against those it accuses of foreign collusion, manufacturing evidence, and using torture to collect confessions from victims.
end
IRAN FRIDAY MORNING
Iranianian patriots take control of Islamic buildings/capture IRGC members
https://www.youtube.com/watch?v=ZBVGHPgCZcE
END
IRAN/THE SHAH OF IRAN/
‘Javid Shah!’ Why Iranians are calling for the return of the Pahlavis and their monarchy
IRAN AFFAIRS: A slogan once considered politically unutterable has returned, and sounds of crowds chanting it fill the air as Iranian protests continue to call for the end of the Islamic Republic.
‘JAVID SHAH’ (Long Live the Shah) has become the slogan of the ongoing Iranian protests. Here, Crown Prince Reza Pahlavi, the exiled son of the last shah of Iran, sits during an interview in Paris in June, after the Israel-Iran war.(photo credit: Abdul Saboor/Reuters)ByALEX WINSTONJANUARY 1, 2026 18:20Updated: JANUARY 1, 2026 18:23
As protesters took to the streets of Iran this week, amid chants of anger against Supreme Leader Ayatollah Ali Khamenei and fury over an economy in free fall, a slogan once considered politically unutterable returned, and the sounds of crowds chanting it filled the air.
“Javid Shah” – Long Live the Shah.
Videos sent from inside Iran showed demonstrators chanting openly in support of the Pahlavi dynasty, in exile since the fall of the last shah, Mohammad Reza Pahlavi, alongside calls for the downfall of the Islamic Republic. For a regime built on the overthrow of the monarchy and the erasure of the Pahlavi legacy, the chant is existentially threatening. It is a sign that anger has moved beyond dissatisfaction with economic policies or personalities and toward rejection of the Islamic Republic itself.
The demonstrations erupted last Sunday after Tehran’s powerful bazaari merchant class shuttered its shops in protest at Iran’s deepening financial crisis. The collapse of the rial, which briefly saw the open-market value of $1 reach 1.4 million rials, compared to the official rate of 42,000, transformed long-simmering economic despair into open unrest. From Tehran to Isfahan, Mashhad, Ahvaz, and Hamadan, protests spread rapidly, and the slogans soon moved beyond bread-and-butter grievances.
Crowds were heard chanting, “This is the final battle! Pahlavi will return,” and “The shah will return to the homeland, and Zahhak (despot) will be overthrown,” invoking the mythological tyrant of Persian lore. Chants calling for the death of Khamenei and rejecting Iran’s regional spending – “No to Gaza, no to Lebanon, I give my life for Iran” – have shown that it is not merely financial disaster but the continuous funneling of billions of dollars to proxy groups that the people are sick of.
So far, Iran’s security forces have relied largely on tear gas, water cannons, and rubber bullets to disperse crowds, although Wednesday night saw the first death of the protests when, according to reports, a member of the paramilitary Basij militia which is regularly deployed to suppress unrest, was killed. The regime appears wary of deploying its security forces too harshly, attempting at first to placate demonstrators with political fixes and messages of “dialogue,” aware that such a move could push the unrest into uncontrollable territory. But the slogans echoing through the streets suggest that something deeper has already begun.
To outside observers, chants of “Javid Shah” may sound like a literal call for the restoration of monarchy. Inside Iran, their meaning is more complex.
For a regime that has invested enormous energy in trying to subdue the idea of Iran’s monarchical past, the return of such chants is deeply unsettling. The Islamic Republic, after all, represents only a fleeting moment in Iran’s long history. If the Islamic Republic survived to reach 50 years in 2029, it would represent less than 2% of Iran’s history. For most of that history, Iran was ruled not by clerics but by kings, shahs, and emperors.
The chant of “Javid Shah” represents on one level the Iranian people’s desire for something it has enjoyed (or endured, depending on how one feels about monarchy) for the majority of its history. Iranians look upon the ayatollahs, with their obsession of the ummah (global Muslim community) and their support for the Palestinians and proxy groups such as Hezbollah, as intruders upon Persian history.
For more than four decades, the regime has portrayed the Pahlavi era as uniquely corrupt, illegitimate, and anti-Iranian. Invoking the shah today is therefore not just nostalgia alone, but a direct assault on the regime’s founding narrative.
Political upheavals often begin with the destruction of taboos, such as the Woman, Life, Freedom protests of 2022 over the issue of women’s hijab. When protesters stop speaking within the language imposed by the state and instead reach for forbidden symbols, the regime’s authority begins to erode. “Javid Shah” is precisely such a symbol.
When the bazaar and the students speak together
For centuries, Iran’s bazaari merchant class has played an outsized political role, acting as both an economic backbone and a mobilizing force during moments of national crisis.
Rooted in the traditional bazaars of cities such as Tehran, Isfahan, Tabriz, and Mashhad, bazaaris were closely tied to clerical networks through religious endowments, giving them both financial leverage and moral authority.
That influence has repeatedly altered the country’s trajectory. Bazaar closures helped force the cancellation of the Tobacco Concession in the 1890s, fueled the Constitutional Revolution of the early 20th century, and underpinned the nationalization movement led by prime minister Mohammad Mossadegh in the 1950s. Most decisively, sustained bazaar strikes in 1978-79 deprived the Pahlavi state of revenue and logistical stability, accelerating the monarchy’s collapse.
Even under the Islamic Republic, which initially emerged from this clerical-bazaar alliance, bazaaris have periodically reasserted their power through strikes and protests, particularly during periods of economic hardship or currency collapse.
So the bazaar is much more than just a marketplace. It has the precedence of being a historical engine pushing Iran in one direction or the other.
The question posed at the beginning of the week was, “Are the bazaaris striking purely out of financial unhappiness, or are they also against the regime?” The sound of Pahlavi’s name passing their lips seems to indicate an answer.
What makes the current unrest more volatile, however, is that the bazaar is no longer acting alone.
Alongside merchants, students have begun to reemerge as an active force. Reports from Tehran indicated earlier in the week that students from multiple universities joined demonstrations, chanting not only against Khamenei but also openly in support of Crown Prince Reza Pahlavi. Videos have shown students being arrested, as more and more throughout the country have joined in the protests.
Students played a central role in overthrowing the shah in 1979. University campuses in the 1960s and 1970s were hotbeds of Islamist and secular-left activism, producing many of the figures who helped dismantle the monarchy. The student movement of that era was overwhelmingly anti-monarchist.
That the same demographic is now chanting pro-Pahlavi slogans proves how deeply Iran’s political reference points shifted under the surface and unnoticed.
For today’s students, most of whom were born decades after the revolution, the shah is a symbolic figure from history and not one they can draw on memory to identify with. In contrast to the Islamic Republic they have known all their lives, the Pahlavi era represents an Iran without clerical domination, without enforced ideology over everyday life, and, for those who wish the fruits of Iranian labor to be enjoyed within the country, without the diversion of national wealth into regional proxy wars.
This convergence of bazaaris and students is historically rare and politically combustible. When these two forces have moved together, Iranian regimes have struggled to survive. In 1979, their alignment helped bring down the monarchy. In 2025, they are again converging. And this time against the very system that they helped sweep to power.
Pahlavi steps forward – and sets limits
It is against this backdrop that Crown Prince Reza Pahlavi has emerged as the main focal point for Iran’s fragmented opposition.
On Monday night, as protests intensified, Pahlavi issued a public message, stating, “Today is a time for greater solidarity.
“I call on all segments of society to join your fellow citizens in the streets and raise your voices demanding the downfall of this system.”
This message followed months of increasingly political positioning.
At a press conference in Paris in June, Pahlavi called openly for regime change and announced plans to form a broad opposition front. He condemned the Islamic Republic’s repression and warned Western governments against providing the regime with economic or diplomatic lifelines. Crucially, he laid out core principles for a post-Islamic Republic Iran: territorial integrity, equality of all citizens, individual liberties, and the separation of religion and state.
At that Paris appearance, Pahlavi directly addressed Khamenei, urging him to step down and promising due process – “more than you have ever given any Iranian.” He described the moment as Iran’s “Berlin Wall moment,” signaling a psychological break rather than an imminent seizure of power.
The message was reinforced at a major opposition convention in Munich in July, where Pahlavi convened more than 500 Iranian dissidents from across the ideological spectrum. Monarchists and republicans, secular activists, ethnic leaders, artists, athletes, and former political prisoners gathered in what organizers described as the broadest opposition coalition in decades.
There, Pahlavi outlined a five-pillar strategy for change: maximum international pressure on the regime, maximum support for the Iranian people, encouragement of defections from within the system, mass mobilization and organization, and detailed planning for Iran’s economic and political recovery. He also presented elements of an emergency transitional framework, emphasizing that any future system, including the question of monarchy, must be decided by a national referendum.
Repeatedly, in Paris, Munich, and subsequent statements, Pahlavi stressed that he does not seek political office and would not accept the throne unless chosen through a democratic vote. It is important to remember that. Pahlavi is not waiting to swoop in and sweep Iranians off their feet – he is willing to let them choose their own future. But the voices emanating from the streets suggest he has a large amount of popular support among the protesters.
“It is crystal clear that the population accepts the leadership of Prince Reza Pahlavi,” one member of the Iranian opposition now in exile told The Jerusalem Post this week. “Now it is up to the prince to expand his circle and show that his professional cadres can take over the government. In that case, the military could join the people. This is a scenario if the protests continue.”
Whether Iran’s current protests will sustain momentum remains uncertain. The regime may yet escalate repression, testing the resolve of demonstrators.
But something irreversible has already occurred on the streets of the Islamic Republic. The people are calling for the return of their king.
END
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES Our favourite Greek Professor/Politician/Yanis V….
A Forced Melon Is Not Sweet on X: “”We Are Praying Nothing Goes Wrong” – What I Heard in Basel’s Secret Meeting / Yanis Varoufakis #China #Canada #USA #UK #Ireland #Australia #NZ #Russia #Germany #France #Spain #Sweden #Italy #SouthAfrica #Singapore #Indonesia #Malaysia #Korea #Japan https://t.co/WI080YQbni” / X
TAKE THE TIME TO LISTEN TO THIS.
ROBERT H
Manny years ago actions occurred that rendered the Federal Reserve a scoundrel at best as a Referee of a global settlement system.
While effort at that time was made to correct matters the ears were deaf. The result however was that a number of nations took note and a cascading effect occurred first noticed that has led to the BRICS and what is called the Global South.
The result of taking note was to plan a path away from a system that could not be trusted. Once thievery and deceit occur trust in any relationship disappears. It then is only time that waits for actions that always come.
As we welcome 2026 this year is a start of chaos that will extend for a number of years bringing both risk and opportunity. What we celebrated the birth of a new year perhaps unnoticed was China’s move to control export of silver. How many people realize that Canada’s 2nd largest export is GOLD after oil?
The world is changing and while Western hands may wish to control narrative and events. That time is long gone because time and thievery and corruption within gave time for a new order to establish. And while one sees Western defensive moves the reality is that the bulk of the world is moving quickly to physical value settlement.
This means that whether one likes it or not some measured commodity backed settlement system will come forth at a time of it’s own choosing.
Settlement in printed scrip ( currency ) created out of air is no longer desired or will be accepted for much longer.
END
MARK CRISPIN MILLER
DR PAUL ALEXANDER
- Qualifications: He is a Doctor of Chiropractic (DC), a Doctor of Natural Medicine (DNM), and a Clinical Nutritionist (CNS).
- Founder: In addition to his health website, he co-founded Ancient Nutrition, a supplement company known for products like bone broth protein and collagen.
- Author: Axe is a New York Times bestselling author of several health-focused books, including:
- Eat Dirt
- Keto Diet
- Ancient Remedies
- Think This, Not That (focusing on mindset and personal development).
- Media Presence: He hosts The Dr. Josh Axe Show, a top-rated health podcast, and has appeared frequently on national television programs such as The Dr. Oz Show.
- Fresh air & early movement: Isolation and re‑breathing indoor air worsened outcomes.
- Nasal sprays & gargles: Saline, xylitol, colloidal silver, and povidone‑iodine reduced viral load.
- Nutraceuticals: Vitamins C & D, zinc, quercetin, and the stomach acid reducer famotidine showed protective effects.
- Antivirals: Hydroxychloroquine and later ivermectin, both generic and well‑understood, showed positive signals. This category in 2022 was expanded to paxlovid and mulnupiravir. High-tech expensive monoclonal antibodies were always included in The McCullough Protocol
- Anti‑inflammatories & anticoagulants: Corticosteroids, colchicine, and low‑dose aspirin or blood thinners targeted clotting and cytokine storm.
- Cocaine (1860‑1920): Once prescribed as a tonic by nearly every physician.
- Cigarette endorsement (1920‑1970): Doctors advertised smoking until overwhelming evidence forced reversal.
- The pandemic’s tragedy was not only a viral outbreak but a refusal to treat.
- The McCullough Protocol demonstrated that inexpensive, multipronged therapy could dramatically reduce death and hospitalization.
- Institutional agencies—FDA, CDC, NIH, FTC—actively suppressed early treatment and independent research.
- Persistent spike protein toxicity explains long COVID and many vaccine injuries. Natural enzymes nattokinase and bromelain offer practical, long-term detoxification tools.
- Vaccine ideology now mirrors past medical delusions and are entrenched due to corporate profit and censorship.
- Transparent dialogue, detoxification, and individualized care remain the true path to restoring both public health and trust.’
- link here:
NEWSWIZE
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
OIL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA
Trump’s Gunboat Diplomacy Triggers Sharp Drop In Venezuelan Oil Output
Friday, Jan 02, 2026 – 04:35 AM
President Trump’s gunboat diplomacy in the Caribbean, designed to disrupt and dismantle Venezuelan oil flows to Asia in order to choke off the Maduro regime’s primary revenue stream and induce regime instability in Caracas, is now moving full steam ahead, as confirmed by the latest crude oil export data.
Bloomberg cites new internal data from Petróleos de Venezuela showing that oil production in the Orinoco Belt (which accounts for nearly two-thirds of Venezuela’s oil output) plunged by about 498,000 barrels per day on Monday, down roughly 25% over the past two weeks.
In recent weeks, Trump’s gunboat diplomacy has ramped up with multiple seizures of dark fleet tankers, offshore blockades, and sanctions against additional tankers that haul Venezuelan crude to China. The aim is to suppress Maduro’s cash flows, since more than 95% of the country’s revenue depends on oil sales.
“While military options still exist, the focus is to first use economic pressure by enforcing sanctions to reach the outcome the White House is looking (for),” a U.S. official told Reuters last week, speaking on condition of anonymity.
The Trump administration is enforcing a two-month “quarantine” of Venezuelan oil, which may indicate the time needed to create immense financial pressure on Maduro and could lead to regime instability. If Caracas falls, Cuba would likely follow quickly.
Related:
- White House Orders Venezuelan Oil “Quarantine” As Gunboat Diplomacy Drives Dark Fleet Tanker Into Atlantic
- New Trump-Xi Showdown Approaches As Chinese Tankers Press Ahead To Venezuela Despite Blockade
- Crew Paints Russian Flag On Iran-Linked Tanker To Avoid US Seizure
- Trump Blockade Leaves $1 Billion Of Venezuelan Crude Stranded On Tankers
- CIA Drone Carried Out First Known Land Strike On Venezuela
China condemned Trump’s gunboat diplomacy in the Caribbean as illegal “unilateral bullying.” In response, Beijing aired a simulated war scenario on state television set in the Caribbean region.
END
MEXICO
Magnitude 6.3 Earthquake Strikes Near Mexico City
Friday, Jan 02, 2026 – 09:21 AM
A powerful magnitude 6.3 earthquake was just detected 13 miles northwest of Ayutla de los Libres, Mexico, or about 220 miles from Mexico City.
“Not sure what the damage is yet, but a pretty big earthquake just hit Acapulco. My building shook for a good 10 seconds here in Mexico City, about 190 miles away,” one X user said.
Footage:
END
CANADA
OH OH
JEFFRY SACHS!!!!
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1719 DOWN 0.0032 PTS OR 32 BASIS POINTS/WITH STOCKS IN EUROPE MOSTLY RED
USA/ YEN 156.87 UP 0.149NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN DEC 2024/Bank of Japan raises rates by .25% TO 1.75 ..TAKAICHI NEW PM AS YIELDS RISE//JAPAN DEEPLY IN TROUBLE WITH RISING RATES AND A FALLING YEN!!
GBP/USA 1.3436 DOIWN 0.0038 OR 38 BASIS PTS
USA/CAN DOLLAR: 1.3722 UP 0.0005 CDN DOLLAR DOWN 5 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED up 3.72 pts or .0.09%
Hang Seng CLOSED UP 707,93 PTS OR 2.26%
AUSTRALIA CLOSED UP .29%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 707.93 PTS OR 2.76%
/SHANGHAI CLOSED up 3.72 pts or 0.09
AUSTRALIA BOURSE CLOSED UP 0.29%
(Nikkei (Japan) CLOSED down 187.44 pts 0 .37%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4394.10
silver:$74.42
USA dollar index early FRIDAY morning: 98.18 UP 14 BASIS POINTS FROM WEDNESDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.192 % UP 14 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.072% DOWN 7/8 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.405 DOWN 1/2 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.325 UP 4 in basis points yield
ITALIAN 10 YR BOND YIELD 3.559 UP 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.885 UP 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1719 DOWN 0.0031 OR 31 basis points
USA/Japan: 156.93 UP 0.211 OR YEN IS DOWN 21 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.519 UP 5 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.249 UP 4 BASIS POINTS.
Canadian dollar DOWN 0.0023 OR 23 BASIS pts to 1.3741
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 6.9937 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.9679
TURKISH LIRA: 43.04 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +2.072 DOWN 7/8 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.405 DOWN 1 basis pts
Your closing 10 yr US bond yield UP 2 in basis points from WEDNESDAY at 4.170% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.850 UP 2 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.473 UP 0 BASIS PTS.
GOLD AT 10;00 AM 4370.30
SILVER AT 10;00: 74.31
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:FRIDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 19.76 PTS OR 0.20%
GERMAN DAX: CLOSED UP 48.93 OR 0.20%
FRANCE: CLOSED UP 45.71 PTS OR 0.56%
Spain IBEX CLOSED UP 184.60 PTS OR 1.07%
Italian MIB: CLOSED UP 429.48PTS OR 0.96%
WTI Oil price 56.92 10.00 EST/
Brent Oil: 60.29 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 81.41 ROUBLE DOWN 2 AND 66/ 100
CDN 10 YEAR RATE: 3.429 UP 2 BASIS PTS.
CDN 5 YEAR RATE: 2.966 UP 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1720 DOWN 0.0030 OR 30 BASIS POINTS//
British Pound: 1.3460 DOWN 0.0043 OR 43 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.5410 UP 0 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.276 UP 0 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.072 DOWN 1/2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.405 UP 0 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 156.82 UP 0.101 OR YEN DOWN 10 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3732 UP 0.0044 PTS// CDN DOLLAR DOWN 44 BASIS PTS
West Texas intermediate oil: 57.27
Brent OIL: 60.74
USA 10 yr bond yield UP 4 BASIS pts to 4.193
USA 30 yr bond yield UP 4 PTS to 4.871%
USA 2 YR BOND 3.477 UP 1 PTS
CDN 10 YR RATE 3.470 UP 4 BASIS PTS
CDN 5 YEAR RATE: 3.00 UP 2 BASIS PTS
USA dollar index: 98.19 UP 14 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.03 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 80.30 DOWN 1 AND 55/100 roubles //
GOLD $4,327,50(3:30 PM)
SILVER: 72.40 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 10.78 OR 0. %
NASDAQ 100 DOWN 177.09 PTS OR 0.76%
VOLATILITY INDEX 14.92 UP 0.59 PTS OR 4.12.%
GLD: $ 396.36 DOWN 0.65 PTS OR 2.58%
SLV/ $64.42 DOWN 4.56 PTS OR OR 6.61%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 109.9 PTS OR 0.095%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Scrappy New Year: Bitcoin Bid But Big-Tech Pumps’n’Dumps To Start 2026
WRAP UP
Stocks mixed in first trading session of 2026 – Newsquawk US Market Wrap
Friday, Jan 02, 2026 – 04:04 PM
- SNAPSHOT: Equities mixed, Treasuries down, Crude down, Dollar up, Gold up.
- REAR VIEW: Japan PM Takaichi may hold talks with US President Trump, may meet in Spring; Iran/US tensions boil; OPEC+ expected to maintain output conditions at upcoming meeting; TSLA deliveries miss expectations; Airbus maintains delivery target for 2025.
- WEEK AHEAD: Highlights include US and Canada jobs, ISM PMIs, EZ and Chinese Inflation, and potential Fed Chair pick. To download the report, please click here..
- CENTRAL BANK WEEKLY: Previewing Fed Chair Nominee and SNB Minutes; Reviewing FOMC Minutes. To download the report, please click here.
- WEEKLY US EARNINGS ESTIMATES: Light earnings docket with STZ & JEF the highlights. To download the report, please click here.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
- 2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks closed the first trading session of 2026 mixed, with Nasdaq underperforming- completely unwinding its outperformance at the opening bell. Sectors were predominantly firmer with Energy, Industrials and Materials leading the gains. Consumer Discretionary, Communication Services and Consumer Staples lagged while Tech was flat. The weakness in Consumer Discretionary was led by Tesla (TSLA) after poor Q4 delivery numbers. In FX, antipodes outperformed tracking base metals higher while the Dollar saw slight gains and the Euro lagged. The focus was on the PMI numbers in the Eurozone but resulted in little reaction. T-Notes bear steepened ahead of a busy next week, with focus on NFP and the potential next Fed Chair pick, we will also see the ISM Manufacturing and Services PMIs. Oil prices settled marginally lower on Friday amid a light day of newsflow, as oversupply worries outweighed geopolitical concerns ahead of OPEC+ on Sunday.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 7+ TICKS LOWER AT 112-06+
T-Notes bear steepen ahead of key week with US NFP due and a potential successor to Fed Chair Powell. At settlement, 2-year +0.8bps at 3.477%, 3-year +2.1bps at 3.547%, 5-year +2.8bps at 3.739%, 7-year +3.0bps at 3.854%, 10-year +4.1bps at 4.191%, 20-year +3.8bps at 4.813%, 30-year +3.5bps at 4.865%.
THE DAY: USTs were lower across the curve on the first trading day of 2026 in what was very quiet trade, with the only data being the final US S&P Global manufacturing PMI, which was maintained at 51.8, albeit forecasts were for a rise to 52.2 – little reaction was seen in T-Notes. Next week, however, could see some volatility with the potential Fed Chair pick, whereby the odds of Hassett taking the helm have eased to just 42%, with Warsh not far behind at 34%, followed by 13% for Waller. Next Friday will also see the December jobs report, which will help shape Fed rate cut expectations for 202,6 with currently over 50bps of easing priced. This implies more than the Fed median of just one rate cut this year, with markets pricing in the probability of a more dovish Fed chair, too. However, views on the Fed are varied – the 2026 dot plots see rates ending the year in a vast range, between 2.00-2.25% at the low end, and 3.75-4.00% at the high end, vs. the current 3.50-3.75% rates. Also, next week, participants will be eyeing a return of corporate issuance with the New Year underway and with the holidays behind us.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: January 3bps, March 12bps, April 18bps, December 56.5bps
- NY Fed RRP op demand at USD 5.67bln (prev. 106bln) across 7 counterparties (prev. 49)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 74bln (prev. 87bln) on December 31st.
- SOFR at 3.87% (prev. 3.71%), volumes at USD 3.458tln (prev. 3.321tln) on December 31st.
CRUDE
WTI (G6) SETTLED USD 0.10 LOWER AT 57.32/BBL; BRENT (H6) SETTLED USD 0.10 LOWER AT 60.75/BBL
The crude complex was marginally weaker on Friday amid a light day of newsflow, as oversupply worries outweighed geopolitical concerns. On the latter, and the highlight of Friday’s trade, was US President Trump posting on Truth that, “If Iran shoots and violently kills peaceful protesters, the US will come to their rescue. We are locked and loaded and ready to go”. Following this, Iranian Parliamentary speaker remarked US bases and forces within the region are “legitimate targets”, if the US was to “adventure”. Little move was seen in the energy space, but continues to highlight the ongoing tensions seen. On the supply side, Reuters citing source reports, said that OPEC+ is expected to maintain its output conditions at the 4th of January confab. As a brief reminder, Bloomberg sources said that the group is expected to reaffirm its production pause through Q1, maintaining the halt to further supply increases, and the stance reflects concerns over a looming global oversupply backdrop, with crude prices sharply lower over 2025 and forecasters warning of a potential glut in 2026. WTI traded between USD 56.60-57.93/bbl and Brent USD 60.01-61.38, ahead of a busier calendar next week.
EQUITIES
CLOSES: SPX +0.15% at 6,856, NDX -0.17% at 25,206, DJI +0.62% at 48,363, RUT +0.96% at 2,506.
SECTORS: Energy +2.08%, Industrials +1.88%, Materials +1.51%, Utilities +1.19%, Health +0.44%, Financials +0.22%, Real Estate +0.05%, Technology +0.05%, Consumer Staples -0.16%, Communication Services -0.38%, Consumer Discretionary -1.14%.
EUROPEAN CLOSES: Euro Stoxx 50 +1.03% at 5,851, Dax 40 +0.14% at 24,524, FTSE 100 +0.20% at 9,951, CAC 40 +0.56% at 8,195, FTSE MIB +0.96% at 45,374, IBEX 35 +1.07% at 17,492, PSI +1.66% at 8,400, SMI +0.20% at 13,267, AEX +1.71% at 968.
STOCK SPECIFICS:
- Tesla (TSLA): Reported Q4 delivery numbers, where deliveries and production fell short of expectations.
- Ironwood Pharmaceuticals (IRWD): Stellar FY26 rev. guidance.
- Baidu (BIDU): Plans to spinoff AI chip unit.
- RH (RH), Wayfair (W), Williams-Sonoma (WSM): Trump decided to delay a 30% tariff hike on upholstered furniture.
- TSMC (TSM): US granted Co. an annual licence to import US chipmaking equipment to its Nanjing plant in China for ‘26.
- NVIDIA (NVDA): Seeking TSMC (TSM) support to boost H200 chip output after Chinese firms ordered over 2mln units for 2026, exceeding Nvidia’s 700k inventory, Reuters reports, citing sources.
US FX WRAP
The Dollar Index saw marginal gains on Friday, in what was a typical very quiet day of newsflow, and participants began to return to their desks after the Christmas holidays. The highlight was US S&P Global Manufacturing PMI, which was left unrevised at 51.8, but fell short of the expected 52.2. While today was quiet, the docket picks up from next week with highlights including ISM Mfg., ADP, JOLTS, UoM and NFP.
G10 FX was mixed against the Greenback in thin headline-driven trade. EUR/USD traded between a narrow 1.1712-1765 range and saw muted reaction to the final European PMIs. Likewise with the Pound and CAD, there saw little move, despite UK S&P Global Manufacturing PMI surprisingly revised lower, while the Canadian metric was lifted from the initial, but not as much as Wall St. forecasted. Cable traded between 1.3435-1.3502, and USD/CAD 1.3700-48.
Antipodeans outperformed, and buoyed by the broader risk sentiment and also the strength in metals. AUD/USD and NZD/USD traded within thin parameters, as traders await Aussie CPI next week. JPY held flat within a narrow 156.56–157.00 band, with price action subdued after a volatile 2025 marked by political and fiscal uncertainty, BoJ tightening bias, and haven flows.
USA DATA RELEASES
USA ECONOMIC COMMENTARIES
Who Is Helping Low IQ Migrants Defraud American Taxpayers?
Thursday, Jan 01, 2026 – 05:30 PM
Authored by Brandon Smith via Alt-Market.us
I’ve been writing about the inherent fraud behind third-world immigration for many years now, including the rarely addressed issue of remittances flowing from migrants in the US back to their countries of origin. Third worlders tend to act like a nest of vampires, bleeding the US and giving indirect sustenance to their failing home economies. This process is heavily enabled by foreign governments that rely on this river of dollars to stay afloat. This is why political leaders in countries like Mexico and India lobby so hard to keep US borders open. They need that cash.
One problem I have consistently seen with mainstream coverage of this issue is that it often overlooks the fact that migrants who steal from American taxpayers almost always have help from people within our government.
To be sure, most Americans understand that the Biden Administration, for example, widely supported open borders and the mass invasion of foreigners. What they might not understand (until recently) is how deeply blue states and blue city governments have been involved in the scams. Minnesota is a prime test case.
he question needs to be asked: Who taught these third world migrants how to set up false business fronts to defraud taxpayer subsidies? Who has been hiding their blatantly illegal activities? How have they been getting away with the scam for so long despite incidents of high level whistleblowers calling out their criminality?
I often hear the argument (largely from migrants and leftists) that because these people are so clever in their racketeering they deserve to stay in the US. In other words, why would we want to kick out hundreds of thousand of people who are “so resourceful.”
First I would point out that it’s a common misconception that conmen are highly intelligent. You don’t have to be a polymath to rip innocent people off, you just have to be evil. Evil is often mistaken for genius because high trust societies have a hard time comprehending predatory behavior. They don’t catch it because they don’t expect it. Midwestern states like Minnesota used to be high trust, but that is quickly changing.
That said, a fraudster would at least need to have a comprehensive understanding of the system he intends to scam, not to mention the basic intelligence needed to enact the scam.
The majority of migrants from countries like Somalia are generally low IQ – They are not very smart, which means the only explanation for their success in fraud so far is that they have help from the very system they are defrauding.
This is not hyperbole meant to insult Somalis, it’s simply a statistical fact. Somalia has one of the lowest IQ populations in the world, with the average IQ of Somali refugees and migrants sitting at 67. The country also flounders near the bottom of every list of average IQ measurements among hundreds of nations.
To put this in perspective, the average IQ score of the US population is 100, along with around 34% of the global population. Less than 9% of the global populace has an IQ over 120. Less than 1% have an IQ over 135 (considered “gifted” level intelligence). But what about the low end of the spectrum? The number of people within the global population with an IQ lower than 70 is 2% – Meaning the average IQ in Somalia is rare because it’s so minuscule.
These people are not criminal masterminds; they are useful pawns in a bigger scheme.
In 2018, Minneapolis TV station KMSP-Fox 9 aired an investigative report alleging that over $100 million in CCAP funds had been fraudulently obtained, primarily by Somali-owned or operated daycare centers in the Twin Cities area. A whistleblower from the Minnesota Department of Human Services (DHS) claimed much of the money was leaving the country, potentially reaching Somalia and the Middle East.
Nearly 20% of Somalia’s total GDP comes from remittances from migrants in the US back to Somalia.
There were around 60 convictions at the conclusion of the case, however, a wider investigation into Somalian fraud networks was not pursued, at least not with much enthusiasm. The exposure of the fraud was met with an immediate spin campaign, asserting that the case was racially motivated.
Protests and propaganda efforts were organized by an NGO called CAIR-Minnesota (the state chapter of the Council on American-Islamic Relations). CAIR receives funding from a number of leftist NGOs and also garnered funds from the federal government under the Biden Administration.
Minnesota politicians closely associated with CAIR include State Rep. Ilhan Omar, Attorney General Keith Ellison and Governor Tim Walz.
In the case of YouTuber Nick Shirley’s recent exposure of Somali front businesses, Democrat leaders, the leftist media and NGOs have once again come to the rescue of the alleged fraudsters. Shirley has been accused of “white supremacy” merely for pointing out possible criminal activity, and anyone supporting him is accused of racism. There is a well-oiled machine protecting these people, helping them to escape scrutiny.
When Somali related fraud cases in Minnesota go before a judge, they are often dismissed despite ample evidence. The judges involved, including Sarah West, Amber Brennan, and Hilary Caligiurare, are ALL Democrat appointed.
Democrats in government have been integral to the continued survival of Somali fraud networks in the US. Minnesota under Tim Walz offers extensive state benefits for “refugees”, including ample welfare (over 81% of Somalis in Minnesota are on welfare).
The Minnesota Department of Employment and Economic Development (DEED) provides low-interest loans (typically $5,000–$150,000) to startups and expanding businesses owned/operated by minorities, women, veterans, persons with disabilities, or low-income individuals. The institution does not provide public data on who is getting these loans, but Somali migrants seem to be enjoying special access.
The loans help Somalis to launch the very businesses at the center of the current fraud controversy.
James Clark, the Inspector General of the Minnesota Department of Human Services (DHS) Office of Inspector General (OIG) as of late 2025, has publicly raised concerns about fraud in DHS-administered programs, including those implicated in cases involving Somali providers (e.g., Medicaid services like autism therapy and housing stabilization, as well as childcare-related issues tied to the ongoing scandals).
Clearly, nothing was done by Democrats from 2018 to today, at least nothing that would lead to actual arrests. But why?
The Somali motive is clear: They have established what is essentially a raider colony in the US designed to siphon billions of dollars from American taxpayers and transfer those funds overseas. They see an opportunity to plunder and they’ve taken it. And, with Democrat leaders running interference, the migrants are emboldened to expand.
The Democrats, however, have more complex and long term plans. Since the Obama era Somalis have received expedited immigration and citizen status because of the instability within their home country. As “refugees” they get fast-tracked. This helps us to answer the question “why use Somalis?”
They are also 99% Muslim, and around 80% of Muslims migrants vote Democrat. In states with tight elections, adding 100,000 migrant voters who represent a surefire demographic for progressive candidates can tip the majority of elections in the favor of Dems for decades. In Minnesota’s major elections, Democrats won all contested statewide executive offices, all U.S. Senate races, and the presidential vote in 2016, 2020, and 2024.
In most of these elections Dems won by 100,000 to 200,000 votes. In other words, Dems have secured a loyal majority edge through incentivized third world immigration. And in exchange, they allow migrants fast citizenship, easy access to subsidies and minimal scrutiny as they commit theft.
I would argue that the partnership goes well beyond incentives and suggest that Democrats and NGOs are training migrants on how to commit fraud. Investigations into Somali businesses need to extend to local Democrat leaders and any organizations that closely align with migrant operations.
I often hear the argument that the number of migrants involved in this criminal activity is small in comparison to the 100,000 plus migrants in Minnesota. I’m not going to explain per capita to these people yet again, but I would point out that I see no Somalis jumping at the chance to apologize for the behavior of their very tribal community.
None of them are coming forward to demand transparency. None of them are acting to police their own. There is absolutely no attempt at assimilation with America’s society or laws.
Instead, we see Somalis all over social media defending the criminals, dismissing the evidence and even bragging about the extent of the crimes. This is why Donald Trump referred to them as “garbage”; because that’s what they are. It is apparently a feature built into their culture – To justify theft as a means to assert dominance over other cultures they see as prey.
Much like a dog marking its territory, third world cultures tend to view criminal actions against foreigners as a way to “leave their scent” and send a message to the host population that they are in charge.
As I have argued over the years, immigrants see the US as a big fat cash cow waiting to be milked. They just didn’t have the mental capacity to take advantage on a large scale until our own bureaucrats and non-profits started helping them. Deporting these migrant groups is necessary, but it is also a temporary solution to a bigger problem.
In the end, the only way to stop the plunder is to punish the politicians and NGOs behind the curtain. Examples need to be made.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
END
MSM Panics After Nick Shirley Bombshell As CBS Pledges To Start Reporting Real News
Thursday, Jan 01, 2026 – 02:35 PM
CBS News anchor Tony Dokoupil addressed viewers in what appeared to be a pre-recorded promotional segment aimed at repairing more than a decade of reputational damage and announcing changes to the program. He acknowledged that the corporate media outlet had “missed the story” too often and, in doing so, had lost the trust of Americans.
“On too many stories, the press has missed the story, because we’ve taken into account the perspectives of advocates rather than the average American. Or we’ve put too much weight on the analysis of academics or elites, and not enough on you,” Dokoupil said in the two-minute video published early on New Year’s Day.
Dokoupil continued, “So here’s my promise to you: You come first. Not advertisers. Not politicians. Not corporate interests. And yes, that does include the corporate owners of CBS. I report for you, which means I tell you what I know. When I know it, and how I know it. And when I get it wrong… I’ll tell you that too.”
Dokoupil basically admitted that CBS and much of the MSM-industrial complex functioned as little more than PR firms for the highest bidder. We saw this with the Hunter Biden laptop story, Covid origins, Joe Biden’s mental health, and the list goes on. Quite frankly, the American people dumped MSM many years ago in favor of alternative outlets.
Nothing new here.
Dokoupil’s promise to viewers comes as CBS News editor-in-chief Bari Weiss plans to overhaul the broadcaster as part of a broader review of standards and procedures, according to a recent Axios report.
Weiss’ overhaul of CBS is bold and noble, and so is Dokoupil’s promise to actually report the news, but we’ll believe it when we see it. CBS has gotten many of the top stories of the past decade wrong, often by design to protect politicians, special interests, or to allow advertisers to influence the news cycle.
We remain skeptical that MSM can be overhauled to report real news rather than function as a public relations firm. That skepticism was reinforced earlier this week, when MSM outlets rushed to Minneapolis to discredit citizen journalist Nick Shirley’s bombshell reporting on suspected Somali-linked fraud, coverage that appeared less like an investigation and more like protection of the Democratic Party and special interests that stand to benefit from the alleged schemes.
X users called out CBS’ reporting earlier this week…
Ratioed.
MSM was radio silent…
To rebuild trust, Weiss should host a segment about everything CBS has gotten wrong over the past decade.
END
500 Illegal Immigrants Arrested In Minnesota, 1,000 Immigration-Fraud Cases Investigated: DHS Official
Friday, Jan 02, 2026 – 06:20 AM
Authored by Janice Hisle via The Epoch Times,
As additional investigators surge to fraud-plagued Minnesota, federal agents have already arrested 500 illegal immigrants and probed 1,000 immigration-fraud cases during the past two months, a Homeland Security official estimated.
Tricia McLaughlin, Homeland Security assistant secretary, gave those updated figures Dec. 30 during an interview with the Charlie Kirk Show.
Fraud was substantiated in about half of the immigration-fraud investigations, she said, and many of the arrested illegal immigrants were from Somalia.
Somalis dominate the list of nearly 100 people federally charged in various schemes to defraud the government, authorities have said.
McLaughlin gave additional details in a Dec. 30 Fox News interview. She said “hundreds” of investigators were on the ground in Minnesota.
They were knocking on doors of day care centers, health care centers, and “other organizations that take taxpayer dollars,” she said.
“These suspected perpetrators are really trying to cover their tracks,” McLaughlin said. She accused the suspects of “trying to whitewash” their operations to appear to be “legitimate” businesses, but they are shams, McLaughlin said.
U.S. Immigration and Customs Enforcement (ICE) has ramped up its operations in Minnesota in recent months, well before a media firestorm erupted over widespread Somali childcare fraud.
YouTuber Nick Shirley gained nearly 132 million views after he posted a Dec. 26 video saying he uncovered over $110 million in alleged fraud in a single day.
The video shows Shirley visiting day care centers that appeared to have no children present, yet these sites had received large payments from a federal childcare program run through the state of Minnesota.
Federal officials have since cut off funding to that program in Minnesota, and are demanding more solid documentation from day care providers nationwide.
ICE has frequently encountered resistance and protesters in Minnesota, which is considered a “sanctuary” state that shields illegal immigrants.
And Minneapolis, the state’s largest city, recently beefed up a local law forbidding any city employees from cooperating with ICE or other federal immigration agents.
In a Dec. 30 statement posted to X, ICE accused Gov. Tim Walz and Minneapolis Mayor Jacob Frey of having “stoked nonstop riots and attacks against our officers.”
The Epoch Times sought comment from Walz and Frey on Dec. 31 and received no immediate reply.
Todd Lyons, ICE acting director, responding to criticism of recent ICE actions, told news reporters on Dec. 30, “If sanctuary cities would change their policies, and turn these violent criminal aliens over to us … instead of releasing them into the public, we would not have to go out to the communities and do this.”
END
ROBERT H:
JDBYD on X: “shocking: US collects $2.4T in income tax, but spends $1.5T on fraud if we didn’t have to pay for fraud, only $900b would need to be collected this means anyone with less 500k in income could pay *literally $0* in income tax we don’t need to raise taxes. we need to cut fraud https://t.co/lgRof3Asw4”
VICTOR DAVID HANSON
KING NEWS
| The King Report January 2, 2026 Issue 7651 | Independent View of the News |
| The King Report for January 2, 2026 Someone ‘systemically important’ must be in big-time trouble on silver (maybe gold) shorts! Late Tuesday night, the CME announced that it would raise margins on precious metals, again, after the close on Wednesday. This is the second margin hike on precious metals in about 48 hours! CME Hikes Precious-Metal Margins Again After Wild Price Swings – BBG 20:47 ET CME Group will raise margins on precious-metal futures for the second time in the space of a week… Margins for gold, silver, platinum, and palladium contracts will increase after the close of business on Wednesday, the group said in a statement dated Dec. 30. The decision was made based on a review of “market volatility to ensure adequate collateral coverage,” it said… March Silver plunged 10% (1 ET). After a robust rebound, someone pounded March silver in the afternoon, pushing it to 69.255 (-11.11%) at 15:02 ET. This was obviously a manipulation by someone short silver that needed to mark it as low as possible to end 2025. Feb Gold fell as much as 2.3%; but it rebound from the daily low of 4284.30 at 0:50 ET to 4367.80 at 9:54 ET. Feb AU then eased lower but was NOT pounded like silver. This strongly implies that there are NO problem AU shorts in “systemically important” banks. Despite the suspicious CME margin hike on precious metals and subsequent precious metals tumble, US big banks declined – and all major equity indices were negative. The CME claims it hiked precious metal margins due to arrest violent price swings. But it created larger price swings with the margin hikes! It’s clear the CME wanted to halt higher prices. Who ordered this? Qui bono? @MPelletierCIO: The CME can squeeze the spec longs out in paper markets, but it doesn’t stop the physical demand for the commodity at much higher prices. The more this continues, the greater the arb. @infraa_: Fed’s Standing Repo Facility tapped for $75 billion, highest usage going back to June 2020 https://x.com/infraa_/status/2006391812475453642 There is always funding pressure at yearend. But the biggest SRO use since yearend of the Covid Panic? NY Fed Standing Repo Facility – probably nothing, keep buying stocks @RobVanBatenburg: Banks this morning borrowed a whopping $75bl from the Fed’s overnight repo facility, as the short-term lending market is drying up. Repo market participants are retreating from that market to clean up their balance sheet for yearend reporting. This is a yearly recurrence but the $75bl borrowing at the Fed window is not. This is a record amount, and it makes you wonder what would have happened if the Fed had not started T-bill purchases mid December. According to the Feds weekly H.4.1 report, the Fed increased its balance sheet by $40 billion in the last 2 weeks, a massive liquidity injection, but still not enough for the funding markets apparently. https://x.com/RobVanBatenburg/status/2006391515157799321 There’s No Angst for Strategists About US Stocks Outlook All 21 brokerage forecasters surveyed by Bloomberg see the market rising in 2026. If the Wall Street forecasters are correct in 2026, stocks are heading for their longest stretch of annual gains since the lead-up to the Global Financial Crisis… ESHs opened modestly higher on Tuesday night but quickly sank and performed A-B-C decline to 6922.25 (-22.00) at 3:39 ET. ESHs then plodded higher until the rally accelerated after 7:30 ET. ESHs hit a daily high of 6951.50 (+7.25) at 8:52 ET. ESHs then sank to a daily low of 6913.75 (-30.50) at 10:55 ET. An A-B-C rally took ESHs to 6935.25 at 14:02 ET. Aggressive selling appeared; ESHs plunged to a daily low of 6890.25 (-54.00) at 15:59 ET. That determined sellers overwhelmed, until the final minute of NYSE trading, legions of traders and money managers that wanted to manipulate stocks higher to game 2025 performance is very troubling. Positive aspects of previous session Precious metals tumbling on intervention to save someone is NOT a positive. Negative aspects of previous session US stocks sank for the 4th consecutive session and on the final session of 2025! WHY??? Ambiguous aspects of previous session Why are equities NOT rallying when the seasonal and pattern winds are at their backs? The CME intervened in precious metal markets again. Who are ‘they’ trying to save? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6863.82 Previous session S&P 500 Index High/Low: 6901.42; 6844.55 Best S&P Sectors for 2025: Comm Serv, Info Tech, Industrials, Worst S&P Sectors for 2025: Real Estate, Consumer Staples, Energy, Consumer Discretionary For 2025: S&P 500 +16.39%, Nasdaq +20.36%, Naz 100 +20.17%, DJIA +12.97%, DJTA +9.19%, DJUA +8.68%, Russell 2000 +11.29%European Bourses for 2025: Euro Stoxx 50 +18.29%, FTSE 100 +21.51%, Frances’s CAC 40 +20.42%, German DAX +23.01%, Spain IBEX 35 +49.27%, Italy MIB +31.47%, Sweden OMX 30 +16.1% Asian Bourses for 2025: Nikkei +26.18%, Hang Seng +27.77%, CSI 300 +16.31, Shanghai Comp +16.39%, Shenzhen Comp +26.4% Western Digital +282.33%, Micron +239.13%, Seagate +219.07%, Robinhood +2.03.54%, PLTR +135.03%, Intel +84.04%, MSFT +14.74%; Nvidia +38.88%; Alphabet +65.35%; Broadcom +49.28%; AMZN 5.21%; Tesla +12.53%; Meta +12.74%, APPL 8.56%, CAT +57.92%, GS +5.5%, JNJ 43.1%, IBM +34.75%, WMT 25.06%, AMD +78.2%, LLY 40.9% Trade Desk -67.7%, Alexandria Real Estate -49.83%, Deckers -48.95%, Lululemon -45.66%, United Health -34.74%; Gartner -47.93%, Salesforce -20.76%, Nike -15.81%, P&G -14.52% WSJ: Another Trump Tariff Retreat – This time it’s a delay for a year on higher taxes on upholstered furniture and kitchen cabinets. One of the striking contradictions of President Trump’s tariffs is the way his chorus claims their rousing success even as he carves out hundreds of exceptions. Rarely has a President worked so hard to cover the damage from his policies without admitting it… Trump Says He Has Eschewed Some Advice from Doctors, Relies on ‘Good Genetics’ – WSJ He regrets undergoing advanced imaging because it generated scrutiny of his health. “In retrospect, it’s too bad I took it because it gave them a little ammunition,” Trump said in an interview with The Wall Street Journal on his decision to get a cardiovascular and abdominal scan in October. Trump, 79, the oldest man to assume the presidency, is showing signs of aging in public and private, according to people close to him… He has grown upset with his own White House staff for not promoting him as more vigorous… “Let’s talk about health again for the 25th time,” he said at the start of the interview. “My health is perfect,” he added… (WHY tall to the WJS? It despises his policies!). https://www.msn.com/en-us/news/politics/as-signs-of-aging-emerge-trump-responds-with-defiance/ar-AA1Tp2Oq Nvidia Asks TSMC to Boost H200 Production Amid China Demand Chinese tech companies this month have placed orders for more than 2 million H200 graphics processing units, Reuters said. Taiwan Semiconductor, better known as TSMC, is expected to start production of the artificial intelligence chips for Nvidia in the second quarter of 2026, the news outlet said… (Kissing DJT’s ample bottom produces benefits!) Next week, Nvidia will update investors on its 2026 outlook at the CES tech trade show in Las Vegas.CEO Jensen Huang is scheduled to speak at three events during CES 2026… Nvidia is in advanced talks to acquire the Israel-based AI21 Labs for $2 billion to $3 billion, the Calcalist reported Tuesday. AI21 develops large language models and enables enterprises to build custom generative AI applications… https://www.investors.com/news/technology/nvidia-stock-nvda-tsmc-h200-production-china/ CES 2026: AI, Robots, Wearables, Industrial Machines in Focus The four-day CES 2026 officially opens Tuesday after two days of media preview events… https://www.investors.com/news/technology/ces-2026-preview-ai-humanoids-wearables/ Today –Traders will play for institutional buying to start 2026. Expected economic data: Dec S&P Global US Mfg. PMI 51.8 ESHs are +17.50; NQHs are +78.00; March SI is +1.7%; and USHs are -13/32 at 20:15 ET. S&P Index 50-day MA: 6802; 100-day MA: 6687; 150-day MA: 6517; 200-day MA: 6286 DJIA 50-day MA: 47,547; 100-day MA: 46,662; 150-day MA: 45,659; 200-day MA: 44,510 (Green is positive slope; Red is negative slope) S&P 500 Index (6845.50 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5896.83 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 6420.50 triggers a sell signal Daily: Trender and MACD are positive – a close below 6829.08 triggers a sell signal Hourly: Trender and MACD are negative – a close above 6880.82 triggers a buy signal Trump freezes childcare funding nationwide, predicts California will surpass Minnesota for fraudhttps://trib.al/aRqH29R @JDVance: Turning off payments and forcing verification before taxpayer money flows out the door is one of the most important steps we can take to end the fraud in Minnesota… there will be more to come. Great job to @HHS_Jim and @SecKennedy. @DLoesch: Why should Americans be forced to part with an extraordinary chunk of our income every year only for Democrats to funnel it to Minnesota-level fraud by the billions? Why are Republicans not fighting harder for taxpayers/victims of federal theft? The myriad accounts of massive and pervasive fraud in government programs have so enraged Americans that many are calling for a national tax strike. GOP Rep. MTG is on board. “Nationwide tax strike” coming soon, claims GOP Rep. Marjorie Taylor Greene. Minn. Somali-run day care bizarrely reports their documents were stolen in mysterious break-in — but cops tell a different story – He said the alleged prowler stole “important documentation” including children’s enrollment information, employee documentation and checkbooks… (A way to 86 evidence?) https://nypost.com/2025/12/31/us-news/minnesota-somali-run-daycare-bizarrely-says-all-their-important-documents-about-child-care-were-stolen-in-mystery-break-in/ @libsoftiktok: Somalia’s Ambassador to the UN Abukar Dahir Osman was a healthcare administrator in Ohio. There is another healthcare company in the SAME SUITE as his with a different name, and multiple others at the same address, all with Somali names. Of course… https://t.co/sHv1aX1e5J @IsmailiAhmedR: The incoming UN Security Council president is Somalia’s UN ambassador—and also the president & CEO of a home health care company in Ohio. https://x.com/IsmailiAhmedR/status/2006491062106570813 @mazemoore: In 2018 a local news channel reported on and exposed the Minnesota Somali daycare fraud. Keith Ellison was a congressman at the time and he demanded that the Fox affiliate retract the report and apologize for “irresponsible reporting.” Ellison is now the AG of Minnesota. How has this man not been forced to resign?https://x.com/mazemoore/status/2006498830720593965 @NateFriedman97: The Governor of Massachusetts @MassGovernor charged the taxpayer for empty migrant shelter hotels. I went to the facility myself…. https://x.com/NateFriedman97/status/2006099801406906371 @AFpost: Indian-registered companies in the state of Illinois have received approximately 42% of all small business loans equaling $5 million each, amounting to a total of at least $85m.Indians make up only ~2% of the total population of Illinois.https://t.co/zOiszHvsEB @AmyMek: How Catholic Charities Turned Mass Afghan Resettlement into a Federal Cash Pipeline https://x.com/AmyMek/status/1994663626674962663 @_Useless_Tree_: Catholic charities made billions fir shepherding illegals. https://x.com/_Useless_Tree_/status/1994736066302283808 @GOPoversight: We’re bringing in Tim Walz to answer for the massive fraud in Minnesota. Two hearings. Answers. Accountability. Jan 7 → MN State Reps Feb 10 → Tim Walz and AG Keith Ellison We will expose failures and identify solutions so we can legislate so this DOES NOT happen again. @libsoftiktok: Washington State Attorney General is now accusing journalists of “harassment” for investigating fraud and fake daycares. Democrats don’t want us uncovering fraud because they’re the ones committing it and benefiting from it. https://x.com/libsoftiktok/status/2006269611294220658 @RealTheoWold: Never forget that during the 2024 election, DeWine attempted to completely dismiss all concerns about the massive influx of Haitians into Ohio towns like Springfield. Despite their cries for smaller government and lean budgets, corporate Republicans of the past are just as complicit as Democrats in supporting and facilitating third world mass migration to our country. @nicksortor: OVER 40 “daycare centers” in Columbus, OH opened up using the SAME defunct Somali shell company on the SAME day, and collected $14 MILLION in subsidies in 2024 alone… https://x.com/nicksortor/status/2006384571571417544 @greg_price11: Ohio GOP Gov. Mike DeWine’s office on potential fraud at childcare centers in Columbus– which has the second highest Somali population in America: “This is something that is unfortunately the cost of doing business.” (DeWine is an effete and squishy RINO!) https://x.com/greg_price11/status/2006397282086736374 This is unfathomable and enraging! The GOP Gov of Ohio’s spokesman asserts that Somali fraud is “the cost of doing business!” The ‘business’ can only be vote procurement! The petty and very thin skinned POTUS is apparently retaliating against another GOP female Rep that supported releasing the Epstein File. DJT vetoed a bill cosponsored by Colorado Gop Rep Boebert for a water pipeline project in eastern Colorado. @paulsperry_: Declassified docs reveal that in late 2016, then-deputy FBI Dir Andrew McCabe held back DNC donor emails from Obama AG Lynch describing a “Clinton Plan” to falsely tie Trump to Russia. He decided not to show her the docs during briefings about intel rec’d thru the Dutch. @JohnRLottJr: The incident that prompted Trump to ban Jeffrey Epstein from Mar-a-Lago’s spa: Mar-a-Lago sent an 18-year-old spa worker on a house call to Epstein in 2003. She told her bosses that Epstein pressured her for sex. Trump then banned Epstein from the clubhttps://t.co/GqQ9A2Kpqv @AFpost: The Miami Herald journalist who forced the reopening of the Epstein case, Julie K. Brown, had her maiden name and American Airlines booking information from July 6, 2019 listed in the DOJ-released Epstein files. https://t.co/jwuU1eCiIG GOP Rep @RepThomasMassie: FBI claims an autistic man they arrested last month, 5 years after J6, is a lone wolf who planned, built, and placed the pipe bombs. They want to wrap up the case and put a bow on it, but I’m not buying it. It doesn’t add up. latest from @SteveBakerUSA: Pipe-bomb suspect Brian Cole’s movements on Jan. 5, 2021, are not as clear as charges make it appear – DOJ claims ‘overwhelming evidence’ of Cole’s guilt, but questions remain about Cole’s location, his shoe size, gait, eyesight, and details of his alleged confession… Further, Cole’s blue 2017 Nissan Sentra does not appear on any Capitol Police security cameras in the areas of the DNC or RNC, according to video investigator Armitas, who scrubbed the video feeds of dozens of USCP cameras. Armitas found only two Nissan Sentras on the road on Capitol Hill, one of which was driven by a white individual with a white passenger. Cole is black… https://t.co/TDVPoWgamw Ex-FBI Agent @RealStevefriend: The vast majority of FBI counterterrorism cases target vulnerable individuals who are not capable or predisposed to engage in terrorism. It’s fair to say that the entire counterterrorism division is focused on patsies. @NiohBerg: New York Times actively promoted Ayatollah Khomeini and begged the world to “trust him” in 1979… “The depiction of [Khomeini] as fanatical, reactionary, and the bearer of crude prejudices seems certainly and happily false… his entourage was uniformly composed of moderate, progressive individuals,” and that “having created a new model of popular revolution based, for the most part, on nonviolent tactics, Iran may yet provide us with a desperately needed model of humane governance for a Third World country.” https://x.com/NiohBerg/status/2006337390621970541 @WallStreetMav: Zohran Mamdani announced the nomination of Ramzi Kassem as Chief Counsel of New York City. Kassem returned to America from the Middle East in 2001, inspired by 9/11 to defend an Al Qaeda terrorist. “I found myself pulled in the direction of doing rights work domestically in the United States, representing Guantanamo and Bagram prisoners.” One of his most recent clients was Mahmoud Khalil, a Syrian-born terrorist sympathizer who Secretary Rubio attempted to have deported for national security concerns. Kassem convinced a judge to rule in favor of keeping him on American soil. The city that was terrorized by Islam 24 years ago will now have an Islamist as its Chief Counsel. Harvard professor torches Ivy League school over woke anti-white, anti-male culture in blistering essayhttps://trib.al/UAKJyaJ @Tweetoleon: Dirty little secret? Harvard is a sub-par education with a world-class alumni network. You gain connections by going, not knowledge. Defund the police group bails out abusive dad — who then goes onto strangle his baby mama to deathhttps://trib.al/kj53F7S How many US elected officials, generals, judges, and staffers, plus their family, friends, and donors, are involved in ‘the skim’ of fraudulent and legitimate government programs? @Daily_MailUS: Trump says construction of ‘Triumphal Arch’ will begin by February and floats 10 UFC championship fights in June (Who cares! Drain the Swamp!) https://t.co/tvEu884qK3 @CBSEveningNews: “On too many stories, the press has missed the story. Because we’ve taken into account the perspective of advocates and not the average American. Or we put too much weight in the analysis of academics or elites, and not enough on you.” That changes now. The new CBS Evening News starts Monday at 6:30 p.m. ET on CBS. https://x.com/CBSEveningNews/status/2006696909235171821 @BigFish3000: CNN’s effort to discredit Nick Shirley does not work out so well for them. https://x.com/BigFish3000/status/2006377352704544955 Fox’s @CGasparino: I don’t really understand the point of this story: Is it the disprove the fraud, or to suggest Nick Shirley did lousy reporting? Either way, epic fail. This is where an editor steps in and says “we need to do more digging before this airs.” What’s interesting though, is something as shabby as this gets no pushback in the MSM but @bariweiss demands that @60Minutes include a quote from the White House and all hell breaks loose. @Breaking911: (Special Counsel) Jack Smith testified that the first amendment didn’t protect President Trump’s right to question the outcome of an election. (Smug Deep State punks think they are the law!) https://x.com/Breaking911/status/2006513502983434727 @profstonge: This is mind blowing: Asserting election fraud is just about the most important reason for having a first amendment. @tspooky: Jack Smith’s testimony is a trainwreck for @TheDemocrats – this shows there was no evidence to justify the prosecution – and when pressed Smith parrots his same points that there is no evidence… Having a sincerely held belief there was fraud and cheating is not “actionable” as a criminal predicate – and yet that is what Merrick Garland and this Charlie Manson of the law world tried to use…a belief… Half the politicians in the nation would be in jail right now if the standard of “I don’t believe or like the outcome of my election” is used…this is literally insane…and it’s insane that the Dems think that this does anything but further damage their brand… @ConnorAllenNFL: Chicago is now at risk of losing sports betting entirely… Earlier this year @ChicagosMayor added a 10.25% sports betting tax just to Chicago, set to kick in Jan 1, 2026. The problem? Taxation on sports betting comes from states, not cities. If a city wants to, they have to issue licenses to operators first. Obviously none of that has been set up prior. Operators are now threatening to shutdown in Chicago because they are now at risk of not being in compliance. After 3 tax increases in 2 years (this would be the 4th) the local government is now so lost it’s all going to be shut down. Incompetence at its finest. Full article: https://www.ingame.com/sba-sues-chicago-warns-shutdown/ | |
SWAMP STORIES FOR YOU TONIGHT
Obama’s Trojan Horse: How His Refugee Machine Engineered The Billion-Dollar Looting Of US Treasury
Wednesday, Dec 31, 2025 – 10:00 PM
Authored by X user Saggezza Etern,
Obama’s Billion-Dollar Minnesota Fraud Empire
The Heist You Paid For
Imagine waking up tomorrow to find your bank account empty. Every dollar you saved for your children’s tuition, your retirement, your security—gone. Now imagine looking out the window and seeing the thief driving a Porsche bought with your money, laughing as he waves a government-issued thank you note. This is not a hypothetical scenario. It is the reality of the American taxpayer in the wake of the single largest COVID-era fraud scheme in the nation’s history. While you were locked down, masked up, and worrying about the price of eggs, a sophisticated network of fraudsters in Minnesota was siphoning off a quarter of a billion dollars—likely far more—from programs meant to feed hungry children.
The “Feeding Our Future” scandal is not just a story about greed. It is the smoking gun of a much darker political operation. Federal prosecutors have charged 70 people in a $250 million conspiracy, and the FBI is reportedly eyeing fraud that could total over $2 billion across multiple sectors including autism therapy, housing, and daycare. The vast majority of these defendants come from the Somali community in Minnesota. But do not be distracted by the foot soldiers. To understand how a fraud of this magnitude happens, you have to look past the people cashing the checks and look at the architect who built the bank. This industrial-scale theft traces directly back to Barack Obama. It was his administration that deliberately flooded Minnesota with tens of thousands of refugees, creating a dependent, insular enclave primed for exploitation. It was his policy of “equity” that paralyzed oversight. And it is his political heirs who are now frantically trying to bury the evidence.
The Architect of the Enclave
You might be wondering how Minnesota, a state once known for Scandinavian stoicism and lakes, became the global epicenter for Somali diasporic fraud. It was not an accident. It was a federal mandate. Between 2008 and 2016, the Obama administration oversaw the admission of over 54,000 Somali refugees into the United States. But they didn’t just scatter them across the 50 states. They targeted specific swing states and counties, with Minnesota being the primary dumping ground.
By the time Obama left office, Minnesota was home to the largest Somali population in the country, now estimated at over 80,000 people. This concentration was strategic. By clustering refugees in Minneapolis, the Democratic machine created a voting bloc that could be harvested for elections and a demographic that demanded massive government outlays. They called it “diversity.” In reality, it was demographic engineering. The Obama administration poured federal grants into “refugee services,” creating a lucrative industry of nonprofits and community organizers whose entire existence depended on keeping the flow of refugees—and federal dollars—moving. This established the infrastructure for the fraud we see today. When you import a population from a failed state with no tradition of Western civic duty, and you teach them that the government is a bottomless trough of free money, you don’t get assimilation. You get predation.
The “Equity” Shield: How They Paralyzed the Police
The genius of the Obama-era strategy was not just in the importation of people, but in the weaponization of race to silence dissent. Under the guise of “equity,” the Obama administration pushed for relaxed standards in federal contracting, specifically favoring “minority-owned” nonprofits. This created a regulatory environment where asking questions became a career-ending risk.
Consider the mechanics of the “Feeding Our Future” fraud. The fraudsters claimed to be serving thousands of meals a day to children who did not exist. At one site, they claimed to be feeding 2,000 children daily in a second-story apartment. Anyone with eyes could see this was impossible. So why didn’t the Minnesota Department of Education stop it? Because when they tried, they were called racists. The fraudsters, emboldened by the racial grievance culture Obama cultivated, sued the state for discrimination. Terrified of the “racism” label, the state resumed payments. This is the direct result of a decade of Obama-era policy that equated oversight with oppression. The bureaucrats were more afraid of a lawsuit from the ACLU than they were of letting billions of dollars in taxpayer money walk out the back door.
The Protege: Ilhan Omar and the MEALS Act
If Barack Obama built the machine, Ilhan Omar is the operator. Omar is the ultimate product of the Minnesota Somali enclave. She rose to power not despite her radicalism, but because of the demographic reality Obama created. And her legislative fingerprints are all over this scandal.
In 2020, as the pandemic began, Omar sponsored the MEALS Act. This legislation fundamentally altered the rules for federal nutrition programs, allowing parents to pick up meals without children present and removing the requirement for congregate dining. While pitched as a compassionate measure, it effectively removed the only verification mechanism the government had. It was a blank check. It is no coincidence that the fraud exploded immediately after these rules were relaxed. Omar’s campaign has accepted thousands of dollars from individuals later indicted in the scheme, money she quietly returned only after the media glare became too bright. She defends the lax rules as necessary to “feed kids,” twisting the narrative to make you feel guilty for questioning the theft. But the money didn’t go to kids. It went to luxury condos in Nairobi, beachfront property in Turkey, and Porsches in Minneapolis.
The Deep State Money Laundry
The rabbit hole goes deeper than just meal tickets. The connections between the Somali fraud network and the highest levels of the Democratic establishment are becoming impossible to ignore. Take a look at Rose Lake Capital, a venture capital firm founded by Tim Mynett, Ilhan Omar’s husband. As the fraud investigations heated up, astute observers noticed that the firm’s website was scrubbed of some very interesting names.
Prior to the scrub, the firm listed advisors including a former Obama ambassador to Bahrain, a former Obama ambassador to China, and a former DNC treasurer. Why are top-tier Obama officials swimming in the same financial waters as the family of a Congresswoman whose district is ground zero for the largest fraud in history? These networks provide the cover. They provide the legitimacy. And they potentially provide the mechanism to wash the proceeds of the grift. This is not just local corruption. It is a federally integrated operation where the political elite protect the foot soldiers who deliver the votes and the cash.
The Cost of Submission
You are paying for this. Every time you look at your pay stub and see the massive chunk taken out for federal taxes, remember that money is not building roads. It is not securing the border. It is funding the lifestyle of people who hate you. The $250 million stolen in the Feeding Our Future scam is just the tip of the iceberg. Investigators believe the total theft across childcare, autism, and housing programs could reach billions.
But the financial cost pales in comparison to the security threat. Much of this stolen money was remitted overseas. We know it bought real estate in Kenya and Turkey. What we don’t know is how much of it ended up in the hands of Al-Shabaab or other extremist groups in the Horn of Africa. By turning a blind eye to this fraud to preserve “community relations,” the Democrats have effectively turned the US Treasury into a piggy bank for foreign interests. And politically, they have succeeded. The Somali bloc in Minnesota votes over 80% Democrat. They have sent Ilhan Omar to Congress three times. They are a captured constituency, bought and paid for with your tax dollars.
Dismantling the Legacy
The Minnesota fraud scandal is the inevitable result of the Obama doctrine: Import a dependent class, dismantle the safeguards against corruption under the banner of “equity,” and brand anyone who notices as a bigot. They counted on your silence. They counted on your fear of being called a name.
But the receipts are in. We know who did this. We know how they did it. And we know who let it happen. The solution is not “reform.” It is a complete dismantling of the refugee resettlement pipeline that Obama built. We need a forensic audit of every federal dollar sent to “community non-profits” in the last ten years. We need to seize the assets—the cars, the houses, the overseas accounts—of everyone involved. And most importantly, we need to stop being afraid. The cry of “racism” is the thief’s final defense. Ignore it. Keep your eyes on the money. Keep your eyes on the truth. They stole your country and sold it back to you as “diversity.” Demand a refund.
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Washington State AG Warns Citizen Journalists To Stop Investigating Somali Daycares Or Face Potential Hate Crime Charges
Thursday, Jan 01, 2026 – 12:50 PM
Authored by Debra Heine via American Greatness,
The Washington state attorney general released a statement on X Tuesday evening warning independent journalists to stop investigating fraudulent Somali daycare centers or they could be charged with a hate crime.
“My office has received outreach from members of the Somali community after reports of home-based daycare providers being harassed and accused of fraud with little to no fact-checking,” State AG Nick Brown stated.
“We are in touch with the state Department of Children, Youth, and Families regarding the claims being pushed online and the harassment reported by daycare providers. Showing up on someone’s porch, threatening, or harassing them isn’t an investigation. Neither is filming minors who may be in the home. This is unsafe and potentially dangerous behavior.”
Harmeet Dhillon, the Assistant Attorney General for Civil rights, issued a warning of her own in reaction to the Washington state AG’s post.
“ANY state official who chills or threatens to chill a journalist’s 1A rights will have some ‘splainin to do,” she wrote on X, Wednesday morning.
“[The DOJ Civil Rights Division] takes potential violations of 18 USC § 242 seriously!” Dhillon added.
This statute, known as the Deprivation of Rights Under Color of Law, makes it a crime for any person acting under the pretense of law to willfully deprive another individual of rights, privileges, or immunities secured by the Constitution or laws of the United States.
The clash of the AGs came after Youtuber Nick Shirley exposed about a dozen Somali-owned, state-funded childcare facilities in Minneapolis, Minnesota, that appeared to be completely deserted.
Shirley produced a 42-minute video, which has been viewed over 131 million times on X since it was posted on December 26, alleging that Minnesota governor Tim Walz (D.) “knew about the fraud but never reported it.”
Inspired by Shirley’s bombshell report, citizen journalists in multiple states with large Somali populations have launched their own investigations in recent days.
In the Kent, Washington area Tuesday, YouTuber Chris Sims, a self-described “gonzo journalist,” visited seven suspicious Somali childcare sites and reported that they were “very unhappy” to see him.
Sims posted a video of him approaching a private home listed as a childcare facility that appeared to be not as advertised.
“There was no sign of kids or being a Daycare facility,” Sims wrote.
“I was told by a few they weren’t Daycares despite receiving tax payer dollars. One yelled ‘Call the police’ behind the door.”
On Monday, independent journalists Jonathan Choe and Cam Higby visited an alleged Somali daycare facility in Seattle that receives hundreds of thousands in taxpayers funds and the person who answered the door said there was no daycare there in the past or present.
Higby said “Dhagash Childcare” has received over $210,000 just this year alone.
Another listed childcare facility, a house in a residential neighborhood in Kent, Washington, has received over $863,000 since 2023, according to Higby.
“Residents say there IS NO DAYCARE HERE,” the journalist said.
Another reporter reporting on potential fraud in the Rainier Vista neighborhood of Seattle on December 29th, faced hostile reactions from the Somali residents, who called the police on him.
In his statement, the Washington State AG encouraged members of the Somali community “experiencing threats or harassment” to call the police or his office’s Hate Crimes & Bias Incident Hotline or report it to the state’s hate crime website.
Addressing the independent journalists, Brown added: “If you think fraud is happening, there are appropriate measures to report and investigate. Go to DCYF’s website to learn more. And where fraud is substantiated and verified by law enforcement and regulatory agencies, people should be held accountable.”
The Post Millennial’s Andy Ngo responded to Brown’s threat on X, saying: “It is the duty of journalists to visit taxpayer-funded nonprofits and businesses to investigate where you have failed. The journalists have documented their visits on camera and there is no harassing or threatening behavior. You are trying to threaten journalists by telling people to call police with false allegations of a hate crime.”
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Nick Shirley Teases New “Crazier” Video: “It’s Going To Be A Masterpiece”
Thursday, Jan 01, 2026 – 11:05 AM
Independent journalist Nick Shirley, fresh off his viral exposé documenting apparent widespread fraud in Minnesota’s taxpayer-funded childcare programs – much of it linked to the state’s Somali community – has teased a major follow-up investigation into additional abuses.
“We have a whole ‘nother video coming out about other fraud that’s taking place,” Shirley said in an interview with businessman and podcaster Patrick Bet-David. “It’s going to be a masterpiece because it is crazy.”
“It’s going to be even crazier because now the Somalis were after me. They were coming, and people were stopping in the middle of intersections, hoping out of there cars,” the citizen journalist added. “I had to get security for this video coming out, literally trying to attack me.”
In a single day, Shirley and a private investigator visited Somali-linked businesses in the child daycare, adult and autism care, home healthcare, and non-emergency medical transportation sectors. The pair documented what they describe as $110 million in highly questionable payments, noting that many facilities appeared deserted or minimally operational during normal business hours.
Shirley’s video prompted the Department of Health and Human Services to freeze all federal childcare funding to Minnesota – and then nationwide, pointing to mounting evidence of widespread fraud. Effective immediately, HHS payments to the state “will require a justification and a receipt or photo evidence before we send money to a state,” Deputy HHS Secretary Jim O’Neill announced Tuesday evening.
And now, Shirley is getting death threats:
Minnesota receives hundreds of millions in federal dollars annually for its Child Care Assistance Program, which subsidizes daycare for some 23,000 children from low-income families. Federal contributions were projected at $218 million for 2026, supplemented by $155 million from the state.
In addition to HHS, Small Business Administration chief Kelly Loeffler said the agency is pausing annual funding to Minnesota while it investigates $430 million in suspected PPP fraud across the state.
“This Admin will not continue to hand out blank checks to fraudsters – and we will not rest until we clean up the criminal networks that have been stealing from American taxpayers,” Loeffler said.
Meanwhile, Gov. Tim Walz (D) has mounted a laughable defense against the growing allegations of fraud.
“The governor has been combatting fraud for years while the President has been letting fraudsters out of jail. Fraud is a serious issue. But this is a transparent attempt to politicize the issue to hurt Minnesotans and defund government programs that help people,” Walz’s office said in a tepid statement.
A few hours ago, President Donald Trump appeared to reference the growing scandal, taking to Truth Social to slam Walz as a “crooked governor.”
GREG HUNTER
SEE YOU ON MONDAY JAN 5
harveyorganblog.com 
