GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 1183 CONTRACTs NOTICES FOR 118,300 OZ or 3/679 TONNES
total notices so far: 8515contracts for 851,600 OR 26.488 tonnes)
SILVER NOTICES: 222 NOTICE(S) FILED FOR 1.1100 MILLION OZ OZ/
total number of notices filed so far this month : 7943CONTRACTS (NOTICES) for 39.715 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 QUEUE JUMP OF 2.905 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 17.5056TONNES //NEW TOTAL QUEUE JUMPS 20.4106//NORMAL DELIVERY OF GOLD ADVANCES TO 26.905 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 39.902 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 39.902TONNES 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: 102.239TONNES (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
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 HUMONGOUS SIZED 1589 CONTRACTS OI TO 148,359 AND FURTHER FROM TO 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 1266 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 1266 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 3312 CONTRACTS AND ADD TO THE 1266 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 2046 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $1,00 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 10.23MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $1.00
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 16/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 10.89 PTS OR 0.26%
//Hang Seng CLOSED DOWN 73.66PTS OR 0.29%
// Nikkei CLOSED DOWN 142.50PTS OR 0.26%
//Australia’s all ordinaries CLOSED UP .54%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9676
/ OFFSHORE CLOSED UP AT 6.9658 Oil UP TO 59.86 dollars per barrel for WTI and BRENT UP TO 64.35 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 6.9676 OFFSHORE YUAN TRADING UP TO 6.9658 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
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
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1589 CONTRACTS TO 521,959 OI WITH OUR LOSS IN PRICE OF $9.85 WITH RESPECT TO THURSDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1420). WE HAD SOME T.A.S. LIQUIDATION THURSDAY. 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 521,959 AND NOW AMPLE ENOUGH FOR AN ATTEMPTED RAID BY OUR BANKERS. FROM CHINA WE LEARN THAT THE GOLD LEASE RATE IS NOW AROUND ONE TO 2 %
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 159 CONTRACTS (OR 5.25TONNES). THEN WE WERE NOTIFIED OF A 64 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 6,400 OZ OR 0.199 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 WE HAVE THREE ISSUED IN JANUARY: 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES//TOTAL EXCHANGE FOR RISK JANUARY 12.977 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELVERIES.
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 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS.. THE JANUARY ISSUANCE WILL BE ADDED TO OUR DAILY TOTALS!! (12.997 TONNES)
DETAILS ON OUR NEW JANUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A VERY SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 169 CONTRACTS WITH OUR 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 IS A NORMAL SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 1799 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 AND JANUARY AND THE 3 ISSUANCES OF EXCHANGE FOR RISK!!
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: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR HUGE QUEUE JUMP OF 2.905TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 16.511 TONNES //NEW TOTAL QUEUE JUMPSl 20.4106 //NORMAL DELIVERY OF GOLD ADVANCES TO 26.905 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 39.902 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!! AND THEN ANOTHER 12.997 TONNES TOTAL IN JANUARY/3 ISSUANCES:
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/JAN//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1420 CONTRACTS.
THAT IS A FAIR SIZED 1420 EFP CONTRACT WAS ISSUED: : /FEB 1420 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1420 CONTRACTS. 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 :
- SOME LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + AND DID HAVE HUGE GOVERNMENT LIQUIDATION
- ZERO MONTH END SPREADERS LIQUIDATION!!. WILL NOT COMMENCE UNTIL THE END OF JANUARY..
T.A.S.SPREADER ISSUANCE//JANUARY
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 THURSDAY NIGHT/FRIDAY MORNING WAS A NORMAL SIZED 1799 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 THURSDAY’S LOSS IN PRICE IN GOLD WITH A CORRESPONDING VERY STRONG SIZED GAIN OF COMEX OI AND A FAIR EXCHANGE FOR PHYSICAL ISSUANCE..
.
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
- AND NOW FOLLOWED BY DECEMBER’S 3 ISSANCES FOR 12.997 TONNES
- THE LONDON BANKING AUDITORS DID REFUSE 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/HOWEVER THEY DID GIVE THEIR OK NOV 30.
- 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: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR HUGE QUEUE JUMP OF 2/905 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 17.5056TONNES //NEW TOTAL QUEUE JUMPS OF 20.4106//NORMAL DELIVERY OF GOLD ADVANCES TO 26.905 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 39.902TONNES.
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 $9.85)
WE HAD SOME T.A.S. SPREADER LIQUIDATION THURSDAY WITH FINAL DAY OF SELLING DUE TO CALIBRATION INICIES IN GOLD AND SILVER // COMEX SESSION// WITH OUR LOSS IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL WEDNEDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR JANUARY IN AN OFF MONTH. THE COMEX IS ONE BIG MESS!!
THURSDAY NIGHT//FRIDAY 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 THURSDAY EVENING/FRIDAY 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:
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR HUGE QUEUE JUMP OF 2.905 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 17.5056TONNES //NEW TOTAL QUEUE: 20.4106 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 26.905 TONNES TO WHICH WE ADD OUR 3 EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 39.902TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $9.85
WE HAD A HUGE 13,823 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .(AND I BELIEVE A RECORD REMOVAL PRELIMINARY TO FINAL
INITIAL GOLD COMEX
JAN 16
JAN 2026 CONTRACT MONTH
GOLD
| 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 1 ENTRIES i) Into Brinks: 2999.99 oz total deposit; 2999.99 oz xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 1183 notice(s) 118,300 OZ 1.4967 TONNES OF GOLD |
| No of oz to be served (notices) | 134contracts 13,400 OZ 0.4167 TONNES |
| Total monthly oz gold served (contracts) so far this month | 8516 notices 851600 oz 26.488TONNES |
| 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
1 ENTRIES
i) Into Brinks: 2999.99 oz
total deposit; 2999.99 oz
total deposit: NILoz
customer withdrawals:
0 ENTRIES
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 1// customer to dealer Brinks
i) Brinks 40,599.710 oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 1317 CONTRACTS FOR A GAIN OF 462 CONTRACTS.
WE HAD 472 NOTICES FILED ON THURSDAY, SO WE GAINED 934 CONTRACTS OR 93,400 OZ OF A QUEUE JUMP (2.905 TONNES)
FEB LOST 8044 CONTRACTS DOWN TO 258,313CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A WHOPPER OF A DELIVERY MONTH!!!
MARCH GAINED 217 CONTRACTS UP TO 3134
We had 1183 contracts filed for today representing 118,300 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 1183 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 168 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 (8516) to which we add the difference between the open interest for the front month of JAN ( 1347 CONTRACTS) minus the number of notices served upon today (1183 x 100 oz per contract) equals 86,500 OZ OR (26.905Tonnes of gold) to which we add our two exchange for risk in January of 12.997 tonnes//new standing advances to 39..902onnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (8616 x 100 oz +we add the difference for front month of JAN (1317 OI} minus the number of notices served upon today 1183x 100 oz) which equals 86,500 OR 26.905 TONNES plus our 3 exchange for risk of 12.997 tonnes//new standing advances to 39.902 tonnes
new total of gold standing in JANUARY is 39.902 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY ..: 39.902 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume THURSDAY confirmed 266,268 fair//end
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: 1,930,222.152oz 60.05 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,135,901.128 oz
TOTAL REGISTERED GOLD 18,864,396.438 or 586.76 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,271,504.490 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,327,835 oz ((REG GOLD- PLEDGED GOLD)=
538.96 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
JAN 16 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4 entries i) Out of Asahi: 1,427,205.550 oz ii) Out of CNT 1,200,171.257 oz iii) Out of JPMorgan 1,290,202.800 oz iv) Out of Loomis 308,089.700 oz total withdrawal: 4,225,669.307 oz |
| Deposits to the Dealer Inventory | 1 ENTRY i) Into CNTL 51,633.060 oz total: 51,633.060 oz |
| Deposits to the Customer Inventory | 1 ENTRY i) Into CNT 589,658..910 oz total deposit 589,658..910 oz |
| No of oz served today (contracts) | 509 CONTRACT(S) ( 2.545million OZ |
| No of oz to be served (notices) | 134ontracts (0.670MILLION oz) |
| Total monthly oz silver served (contracts) | 7943contracts 39.715MILLION 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
1 ENTRY
i) Into CNT 589,658..910 oz
total deposit 589,658..910 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
i) Into CNT 51,633.060 oz
total: 51,633.060 oz
withdrawals: customer side/eligible
4 entries
i) Out of Asahi: 1,427,205.550 oz
ii) Out of CNT 1,200,171.257 oz
iii) Out of JPMorgan 1,290,202.800 oz
iv) Out of Loomis 308,089.700 oz
total withdrawal: 4,225,669.307 oz
adjustments: / / 6 all dealer to customer
i) Out of Asahi 180,,710..200 oz
ii) Out of Brinks 867,148.870 oz
iii) Out of CNT 608,413.830 oz
iv) Out of JPMorgan 12,702,020 oz
v) Out of Loomis: 38,845.210
vi) Out of Manfra 785,455.609 oz
total adjusted out of reg. to eligible: 2.57 million oz
TOTAL REGISTERED SILVER: 120.632MILLION OZ//.TOTAL REG + ELIGIBLE. 429.156Million 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: 351 OPEN INTEREST CONTRACTS FOR A LOSS OF 303 CONTRACTS. WE HAD 689 NOTICES FILED ON THURSDAY SO WE GAINED 386 CONTRACTS OR A STRONG QUEUE JUMP OF 1.930MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB LOST 602 CONTRACTS DOWN TO 2584 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A STRONG DELIVERY MONTH FOR FEBRUARY,
MARCH LOST 2256 CONTRACTS DOWN TO 99,035
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 222 or 1.110 MILLION oz
CONFIRMED volume; ON THURSDAY 239,177 huge//REBALANCING DATA
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 7943 X5,000 oz = 39.715MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (356) AND the number of notices served upon today (222)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (7943)Notices served so far) x 5000 oz + OI for the front month of JAN(356) minus number of notices served upon today (222)x 5000 oz equals silver standing for the JANUARY.contract month equating to 40.385MILLION OZ
NORMAL STANDING: 40.385MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 40.385 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 120.632 million oz of registered silver156
JPMorgan as a percentage of total silver: 178.926/429.million. 41.48%
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 16/2026/WITH GOLD DOWN $27.80 TODAY/BIG CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .57 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1074.807TONNES
JAN 15/2026/WITH GOLD DOWN $9.85 TODAY/NO CHANGES IN GOLD AT THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 14/2026/WITH GOLD UP $34.35 TODAY/NO CHANGES IN GOLD AT THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 13/2026/WITH GOLD DOWN$11.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 3.43 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 12/2026/WITH GOLD UP $104.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 6.25 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1070,80TONNES
JAN 9/2026/WITH GOLD UP $49.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.58 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1064.55 TONNES
JAN 8/2026/WITH GOLD DOWN $0.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 7/2026/WITH GOLD DOWN $38.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 6/2026/WITH GOLD UP $47.00 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
JAN 5/2026/WITH GOLD UP $122.80 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
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: 1074.8- TONNES, TONIGHTS TOTAL
SILVER
JAN 16 WITH SILVER DOWN $4.24 HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND CRIMINAL WITHDRAWAL OF 5.401 MILLION OZ FROM THE SLV///. ./ :INVENTORY RESTS AT 516.298MILLION OZ //
JAN 15 WITH SILVER UP $1.00 HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.538 MILLION OZ FROM THE SLV///. ./ :INVENTORY RESTS AT 522.199MILLION OZ //
JAN 14 WITH SILVER UP $4.64 NO CHANGES IN SILVER AT THE SLV: /. ./ :INVENTORY RESTS AT 524,737MILLION OZ //
JAN 13 WITH SILVER UP $1.70 HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 0.816MILLION OZ OUT OF THE SLV OZ INTO THE SLV. /. ./ :INVENTORY RESTS AT 524,737MILLION OZ //
JAN 12 WITH SILVER UP $5.50 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.229MILLION OZ INTO THE SLV OZ INTO THE SLV. /. ./ :INVENTORY RESTS AT 525,598MILLION OZ //
JAN 9 WITH SILVER UP $4.15 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 6.119 MILLION OZ INTO THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 524.329MILLION OZ //
JAN 8/WITH SILVER DOWN $2.40/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 518.210MILLION OZ //
JAN 7/WITH SILVER DOWN $2.78/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 525.730 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 5/WITH SILVER UP $5.90 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
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 516.798 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
SILVER
1/PETER SCHIFF
JOHN RUBINO
Silver Miner Q4 Earnings Will Set Records
| John RubinoJan 16 |
I was just sitting down to write something on how great the next batch of gold/silver miner Q4 earnings reports will be. Then Katusa Research dropped the following on silver, which says it better than I would have. Here’s an excerpt:
Buckle Up: Silver Miners are Pushing Towards 150% Margins
Forty-five percent.
That’s the profit margin silver miners are running right now. And a year ago, it was 28%.
At today’s prices approaching $90, S&P Global models show potential profit margins for top producers could rocket toward 150%.
While everyone’s focused on the price, the profit margin story underneath is what actually matters.
The Insane Math Behind $90 Silver
Last year, it cost miners about $20.50 to pull an ounce of silver out of the ground on a Silver price that averaged $28.
The math worked, but nobody got rich.
This year, costs dropped a bit to around $20 per ounce thanks to lower fuel costs and treatment charges that fell nearly 40%.
- When your costs hold flat and prices triple, that’s not good. That’s a generational setup.
We’ve watched margin cycles for twenty years: the 2008 recovery, the 2016 bottom, the COVID snap-back. I can’t recall one moving this fast with this much room still to run.
But don’t get crazy excited yet…
Not Every Miner Wins Equally
Silver stocks have been on a tear in the past year.
- The Silver Small Cap ETF ($SILJ) is up 217%. But the gap between the best and worst operators is blowing wide open.
And you have to know why you’re buying a ticker.
First Majestic for example, was losing money in 2024 with negative margins. Now they’re running 45%, with production jumping over 20% and costs that dropped more than 30%. Their acquisition of Cerro Los Gatos was perfectly timed. They doubled capacity right as prices took off.
Fresnillo is projecting 52% margins, up from 26% – their costs are falling while production holds steady.
Coeur Mining expects 45%-plus after their Rochester expansion in Nevada came online.
Pan American upgraded La Colorada in Mexico and should nearly double margins to 44%.
These aren’t recommendations, but examples to show what’s happening in real-time with silver prices skyrocketing.
Then there’s Hecla, a solid operator. Their primary silver costs on a byproduct basis have risen over 20% according to S&P Global models.
In a race for pure silver leverage, they are currently lagging the aggressive margin expansion seen in peers like First Majestic.
- While the herd piles into the famous names, the real alpha is in the operators who have optimized their mines to print cash at $30 silver…
And are now absolute money fountains at $90+.
The Jurisdiction Premium
But here is where the retail crowd can get stuck, obsessing over headlines.
The “smart money” looks at the financial plumbing.
What you rarely hear discussed is the “SWAP Line” indicator.
The Federal Reserve maintains liquidity backstops with key central banks. This invisible tether keeps an economy plugged into the US financial system. It’s the difference between a volatile market and a solvent one.
This financial reality is why the best operators aren’t leaving Latin America – they are capitalizing on it.
Pan American didn’t run from Mexico; they optimized it. By upgrading La Colorada, they are set to nearly double their margins to 44%. They prioritized the asset over the noise.
First Majestic made the same calculation. Their acquisition of Cerro Los Gatos – smack in the heart of Chihuahua – was perfectly timed. They focused on the high-grade rock and are now printing 45% margins.
When you have a financial backstop, the “risk” is often mispriced. In a margin super-cycle, solvency matters more than silence.
The World Needs More Silver Than It Produces
That’s been true for five straight years.
The Silver Institute puts this year’s shortfall at 117 million ounces. Since 2021, the cumulative gap has hit close to 800 million ounces… almost a full year of global production.
Gone. Absorbed. Not coming back.
Demand keeps climbing.
- Solar panels need it, and global solar PV installations jumped 64% in 2025.
Electric vehicles need two to three times more silver than gas cars.
AI data centers are adding a whole new layer of consumption that barely existed five years ago.
And there’s no good substitute for silver’s conductivity.
Most silver comes as a byproduct from mining copper and zinc. Most people don’t know this but…
- Primary silver miners only account for 28% of total silver production in the world in 2025.
Higher silver prices can’t force more supply. It’s like trying to get more egg whites by raising the price of yolks. The chicken doesn’t care about your economics.
Even so, higher prices have nudged miners back into the field.
In 2025, silver drilling increased about 36% from 2024, reflecting renewed exploration interest.
But the response falls short. Total drill holes in 2025 are around 26% lower than the 2021 peak of about 7,100 holes. That was when activity hit its highest level.
More importantly, most programs focus on infill and step-out drilling at known deposits, not on finding large new systems. High-impact discovery results remain rare.
As the chart above shows, drilling has recovered from recent lows, but not to levels that meaningfully expand global silver supply.
What This Means For You
Most people play silver through ETFs or bullion. They catch the metal’s move but miss the leverage.
Mining stocks amplify everything. First Majestic went from losing money to 45% margins without building anything new. They just held the line on costs while silver did the heavy lifting.
That cuts both ways. If silver drops hard, margins compress just as fast. Same leverage, opposite direction.
The miners with the lowest costs and cleanest balance sheets will hold up best in a pullback and capture the most upside if the deficit keeps grinding.
The Earnings are Coming…
Q4 earnings hit in the next few weeks. The margin expansion I’m describing is about to show up in actual reported numbers.
When companies that were breakeven a year ago start printing 40%-plus margins, analyst models have to reset. Price targets move and capital follows.
Remember that 45% margin figure at the top? That’s the base case using conservative price assumptions.
At current spot, the upside case is three times higher.
See more Katusa Research reports here.
BOTH GLD AND SLV ARE MASSIVE FRAUDS
JAN 16/2026/WITH GOLD DOWN $27.80 TODAY/BIG CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .57 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1074.807TONNES
JAN 15/2026/WITH GOLD DOWN $9.85 TODAY/NO CHANGES IN GOLD AT THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 14/2026/WITH GOLD UP $34.35 TODAY/NO CHANGES IN GOLD AT THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 13/2026/WITH GOLD DOWN$11.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 3.43 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 12/2026/WITH GOLD UP $104.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 6.25 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1070,80TONNES
JAN 9/2026/WITH GOLD UP $49.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.58 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1064.55 TONNES
JAN 8/2026/WITH GOLD DOWN $0.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 7/2026/WITH GOLD DOWN $38.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 6/2026/WITH GOLD UP $47.00 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
JAN 5/2026/WITH GOLD UP $122.80 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
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: 1074.8- TONNES, TONIGHTS TOTAL
SILVER
JAN 16 WITH SILVER DOWN $4.24 HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND CRIMINAL WITHDRAWAL OF 5.401 MILLION OZ FROM THE SLV///. ./ :INVENTORY RESTS AT 516.298MILLION OZ //
JAN 15 WITH SILVER UP $1.00 HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.538 MILLION OZ FROM THE SLV///. ./ :INVENTORY RESTS AT 522.199MILLION OZ //
JAN 14 WITH SILVER UP $4.64 NO CHANGES IN SILVER AT THE SLV: /. ./ :INVENTORY RESTS AT 524,737MILLION OZ //
JAN 13 WITH SILVER UP $1.70 HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 0.816MILLION OZ OUT OF THE SLV OZ INTO THE SLV. /. ./ :INVENTORY RESTS AT 524,737MILLION OZ //
JAN 12 WITH SILVER UP $5.50 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.229MILLION OZ INTO THE SLV OZ INTO THE SLV. /. ./ :INVENTORY RESTS AT 525,598MILLION OZ //
JAN 9 WITH SILVER UP $4.15 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 6.119 MILLION OZ INTO THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 524.329MILLION OZ //
JAN 8/WITH SILVER DOWN $2.40/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 518.210MILLION OZ //
JAN 7/WITH SILVER DOWN $2.78/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 525.730 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 5/WITH SILVER UP $5.90 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
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 516.798 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
SILVER
1/PETER SCHIFF
JOHN RUBINO
Counterparty risk in silver exposed
That TD Securities traded silver short and taken losses not once but twice alerts us to increasing counterparty risk not just in silver contracts but gold as well. There will be others.
| Alasdair MacleodJan 16∙Paid |
This week, gold gently marched higher while silver continued its moonshot. In mid-morning European trading, gold at $4606 was up $100 from last Friday’s close, while silver at $90.75 was up $10.85.
Technically, gold is in an old-fashioned bull market, the price rising with increasing open interest on Comex, illustrated below:
It took some persuading for the investment management community to join the party, being net sellers of contracts until 2 December when open interest declined to about 418,000 contracts, by which time the price had risen to over $4100. Only now momentum traders and sundry speculators are joining in, taking open interest up to 535,000 contracts on yesterday’s preliminary figures. But this includes other reported and non-reportable categories.
On the last COT figures (6 January) managed money, which is mainly hedge funds were still not really playing, as shown next:
Presumably, professional investors are either confused, or still chasing tech stocks. But the point is that when they understand what is going on with gold, a squeeze on the shorts will develop in earnest.
For now, we can say that this action will be mainly in derivatives, because hedgies only trade in them rarely touching physical metal. But there is an increasing danger to this approach from what’s happening in silver.
London forwards are being encashed in a market with very little liquidity. The whole situation is extremely dangerous for those who are on the wrong side of it. Kitco News reported that traders at TD securities shorted silver at $78 with a target of $40, and would have been stopped out at $92. This follows an earlier short in October when prices broke above %50 and exited the trade with a $2.4m loss.
We can be sure that TD Securities are not alone in getting silver horribly wrong. But it gives us a clue as to why very few in the investment community are buying silver futures: They really don’t understanding what’s happening and are frightened of getting it horribly wrong. Our next chart makes the point about investors avoiding the silver trade:
Open interest at 150,000 is low and has hardly moved from mid-November, since when silver has nearly doubled. The reason financial speculators don’t understand it is that it’s a commodity, not a financial story, whereby for decades silver has been depressed by a combination of China holding the price down while the dollar in which it is priced has been losing purchasing power. The result was bound to be explosive eventually.
It’s not just silver and platinum group metals, but the entire commodity complex including raw materials and agrifoods. Base metals are also undergoing a massive reassessment, illustrated by copper:
The fact of the matter is that commodities as a whole are catching up with the dollar’s loss of purchasing power. In silver’s case, it’s forcing a liquidity crisis as industrial users are increasingly panicking, demanding delivery of physical in financial markets at a time when the refiners are flat-out processing gold. On Comex, since last January 16,688 tonnes of silver have been stood for delivery. And in London, AI generated information states,
“As of end-September 2025, total silver held in LBMA vaults was 24,581 metric tonnes (~790 million troy ounces), but only about 4,821 metric tonnes (roughly 155 million troy ounces) were available in the “free float” or unallocated eligible category for immediate trading or delivery.”
That was when at $45 the silver price was still contained under historic $50 peaks. Since then it has doubled, and the TD Securities of this world have been badly caught. This story looks like intensifying and exposing counterparty failure risk which will affect gold contracts because traders have positions in both these contracts.
END
3.CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 255
5. COMMODITY REPORT//:silver
5B. COMMODITY REPORT//SILVER/SILVER LEASE RATES:/SILVER
ROBERT LAMBOURNE/GOLD AND SILVER
2.ASIAN AFFAIRS JAN 13/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 10.89 PTS OR 0.26%
//Hang Seng CLOSED DOWN 73.66PTS OR 0.29%
// Nikkei CLOSED DOWN 142.50PTS OR 0.26%
//Australia’s all ordinaries CLOSED UP .54%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9676
/ OFFSHORE CLOSED UP AT 6.9658 Oil UP TO 59.86 dollars per barrel for WTI and BRENT UP TO 64.35 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 6.9676 OFFSHORE YUAN TRADING UP TO 6.9658 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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 6.9676
OFFSHORE YUAN: UP TO 6.9654
HANG SENG CLOSED DOWN 78.66PTS OR 0.29%
2. Nikkei closed DOWN 142.50 PTS OR 0.26%
WEST TEXAS INTERMEDIATE OIL UP 59.86
BRENT; 64.34
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 99.08 /// EURO RISES TO 1.1612 UP 3 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.182/ UP 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 158.13… 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: 3.487 UP 2 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 DOWN /JAPANESE Yen UP 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 UP for WTI and BRENT UP this morning
59.86 VS 64.35
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.8366 Italian 10 Yr bond yield UP to 3.420 SPAIN 10 YR BOND YIELD UP TO 3.224
3i Greek 10 year bond yield UP TO 3.356
3j Gold at $4603.50 Silver at: 91.34 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 31/100 roubles/dollar; ROUBLE AT 77.71
3m oil (WTI) into the 59 dollar handle for WTI and 64 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 158.91 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.187% UP 2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.487 UP 2 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8020 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9312 well 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: 4.172 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.804 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.561 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.28 UP 4 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.403 UP 2 PTS
30 YR UK BOND YIELD: 5.143 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.354 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.898 DOWN 0 BASIS PTS.
1a New York OPENING REPORT
2b European opening report
DXY falters on reports of potential BoJ hike; European equity futures pointing to a softer open – Newsquawk European Opening News
Friday, Jan 16, 2026 – 01:28 AM
- A White House Official said the chip announcement on Wednesday was ‘phase one’ action and there could be other announcements, pending ongoing negotiations with other countries and companies.
- Japanese Finance Minister Katayama said FX intervention is a potential option under the US-Japan agreement and expressed readiness to take decisive action while keeping all options on the table.
- DXY continued to fall from the 99.40 peak made early in the APAC session; USD/JPY extended Thursday’s weakness after further jawboning from Finance Minister Katayama and a Reuters report that the BoJ could hike as soon as April due to inflation effects from a weaker yen. The pair briefly dipped below 158 before paring some of the move.
- European equity futures point to a softer open, with the Euro Stoxx 50 future down 0.3% after Thursday’s cash session closed up 0.6%.
- Looking ahead, Highlights include German CPI Final (Dec), US Industrial Production (Dec), Speakers include BoE’s Bailey, Fed’s Collins, Jefferson, Bowman, Jefferson, Earnings from State Street, PNC Financial Services
- Click for the Newsquawk Week Ahead.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks saw gains, albeit coming off highs through the US afternoon and into close, as an initial stellar report from TSMC provided tailwinds to the tech sector and broader semiconductor names; peak gains were not sustained. Despite the pullback seen in the US afternoon, Tech still saw strength, and sectors saw an upside bias. Utilities and Industrials outperformed, while Energy and Health lagged.
- SPX +0.26% at 6,944, NDX +0.32% at 25,547, DJI +0.60% at 49,442, RUT +0.86% at 2,675
- Click here for a detailed summary.
TRADE/TARIFFS
- A White House Official said the chip announcement on Wednesday was ‘phase one’ action and there could be other announcements, pending ongoing negotiations with other countries and companies.
- US President Trump is to lower tariffs to 15% on goods from Taiwan; Taiwan pledges USD 250bln each in chip investment and credit guarantees.
- US Commerce Secretary Lutnick said TSMC (TSM) can bring in more semiconductors and wafers while building US capacity; if companies don’t build in US, tariff likely to be 100%; Trump visit to China in April still on.
- US President Trump, via Truth Social, said the US has never done better and said tariffs are the main reason, hundreds of billions of dollars have been taken with virtually no inflation and national security has never been as strong as today.
- Top Republican on the House China Committee Moolenaar sends a letter seeking more info on the memory chip shortage and asked about NVIDIA (NVDA) H200 chips. Moolenaar said that tight memory chip supplies will constrain the number of US export licenses for Nvidia to sell its H200 AI processors to Chinese customers.
- US Commerce Secretary Lutnick said not concerned that China trade talks will be derailed by Taiwan trade deal or tariffs on goods from countries doing business with Iran.
- Chinese President Xi met with Canadian PM Carney, CCTV reported.
CENTRAL BANKS
- Fed’s Schmid (2028 voter) said little reason to cut rates; prefer to keep monetary policy modestly restrictive; inflation is too hot. Cutting rates could worsen inflation without helping employment much. He also added that full employment likely between 3.5-4.5%.
- Fed’s Paulson (2026 voter) is comfortable holding rates steady at next Fed meeting; labour market risks a little bit higher than risks of sticky inflation. “I want monetary policy restrictiveness to be playing a role to get us all the way back to 2%.”
- White House Press Secretary Leavitt said US President Trump is in the decision-making phase on the Fed chair, Trump will make decision in the next couple of weeks, but he likes a few people for Fed Chair.
- Fed’s Daly (2027 voter) said projections for growth are solid; incoming data looks promising. There is still a lot of uncertainty, with risks to both sides of our mandated goals.
- Fed’s Barkin (2026 voter) said today the economy has two engines: AI and the rich; hard to put weight on data in past three months.
- Fed Governor Barr said DoJ probe is an assault on the independence of the Fed; Fed is acting only for economic reasons and according to its congressional mandate. Barr said benchmark interest rates are at the right level, equally balancing risks to inflation and the job market.
- BoJ is seen as likely to raise its FY26 economic and inflation forecasts, Reuters reported citing sources; the report adds that some BoJ policymakers see scope to raise interest rates as soon as April due to the inflationary effect of a weaker JPY.
- ECB’s Lane said that there is no immediate debate on interest rates if current conditions persist and that current rates are set to establish a baseline for years ahead.
- NBP Governor Kotecki, in a Bloomberg interview, said it is becoming increasingly clear that there is room for further rapid interest rate cuts.
NOTABLE US EQUITY HEADLINES
- The BBC is set to announce a major content deal with YouTube (GOOGL) to produce programmes for the platform, the FT reports citing people close to the talks.
APAC TRADE
EQUITIES
- APAC stocks traded mostly in the green, supported by strength in the tech sector after strong TSMC earnings lifted sentiment across the region.
- ASX 200 opened with slight gains and is on track for its biggest weekly advance in seven weeks, led by IT and financials. Positive US bank earnings from Morgan Stanley and Goldman Sachs also helped improve sentiment.
- Nikkei 225 traded middle-of-the-pack, chopping around 54,000 amid continued uncertainty surrounding the new opposition party. Additional pressure came from JPY strength after Bloomberg highlighted concerns about the economic impact of a weaker yen.
- KOSPI outperformed and is set for a third consecutive weekly gain, buoyed by the renewed AI-driven tech rally. TSMC’s results fed through to major Korean names, with Samsung (+3.1%) and LG Electronics (+4.0%) among the standout movers.
- Hang Seng and Shanghai Comp initially posted gains of up to 0.5% but later pared back, with the indices slipping into negative territory.
- US equity futures saw a modest rebound from the pullback off all-time highs, led by the Nasdaq 100 (+0.4%), supported by strong tech performance across APAC.
- European equity futures point to a softer open, with the Euro Stoxx 50 future down 0.3% after Thursday’s cash session closed up 0.6%.
FX
- DXY continued to fall from the 99.40 peak made early in the APAC session, pressured by yen strength following comments from Japanese Finance Minister Katayama.
- EUR/USD oscillated in a tight 1.1603–1.1614 range amid a lack of clear drivers, with markets awaiting final German CPI.
- GBP/USD stayed below 1.34 but traded with slight gains through the Asia-Pac session, largely as a function of yen strength weighing on the dollar.
- USD/JPY extended Thursday’s weakness after further jawboning from Finance Minister Katayama and a Reuters report that the BoJ could hike as soon as April due to inflation effects from a weaker yen. The pair briefly dipped below 158 before paring some of the move.
- Antipodeans traded with modest gains despite softness in Chinese equities and metals, supported by broader USD weakness.
- PBoC set USD/CNY mid-point at 7.0078 vs exp. 6.9722 (prev. 7.0064).
FIXED INCOME
- 10yr UST futures oscillated in a tight 3-tick range as the benchmark consolidated after Thursday’s strong US claims data, which drove front-end yields higher and prompted a bear-flattening of the curve.
- Bund futures held above 128.30 after multiple failed attempts on Thursday to sustain a break below that level.
- 10yr JGB futures traded muted before falling lower to a trough of 131.13 as Japanese markets reopened following the hawkish Reuters report suggesting the BoJ could hike as early as April, earlier than market expectations.
- Australia sold AUD 700mln 3.25% 2029 bonds: b/c 4.52x, avg. yield 4.1099%.
COMMODITIES
- Crude futures traded steadily lower, with WTI Mar’26 slipping below USD 59/bbl and Brent Mar’26 hovering around USD 63.50/bbl despite limited geopolitical developments.
- Spot gold extended its recent APAC weakness, falling back below USD 4,600/oz from a session high of USD 4,621/oz, while spot silver also softened, briefly dipping back under USD 90/oz after partially recovering in Thursday’s US session.
- Copper futures retreated at the start of the final trading day of the week as China cracked down on high-frequency trading by removing servers from data centres. 3M LME copper fell from USD 13.16k/t to a USD 12.95k/t trough and remained near session lows, while Shanghai metals also weakened, with nickel down as much as 3%.
- Heavy rainfall in northeast Australia has triggered floods which are hampering mine operations, with some coal miners declaring force majeure on portions of their shipments or potential delays to customers.
- Venezuelan interim President Rodriquez said the government is proposing reforms to the oil industry.
- US Energy Secretary Wright said US is getting a 30% higher price for Venezuelan oil than three weeks ago; Venezuela’s oil production will drive the price of oil down.
- Colombian President Petro said he will begin to lower the price of gasoline.
CRYPTO
- Bitcoin traded in a narrow range on either side of USD 95,500 in a quiet session.
NOTABLE ASIA-PAC HEADLINES
- Japanese Finance Minister Katayama said FX intervention is a potential option under the US-Japan agreement and expresses readiness to take decisive action while keeping all options on the table.
- China clamps down on high-speed traders by removing data servers, Bloomberg reported.
- Mitsubishi (8058 JT) is to buy Aethon for USD 5.2bln.
DATA RECAP
- Japanese Stock Investment by Foreigners (Jan/10) 1.14tln (Prev. 124.9bln).
- Japanese Foreign Bond Investment (Jan/10) 101.1bln (Prev. -223.6bln).
GEOPOLITICS
RUSSIA-UKRAINE
- The European Commission is drafting a proposal to replace the EU accession system with a two-tier model that could fast-track Ukraine’s entry in any peace deal to end Russia’s invasion, the FT reports.
MIDDLE EAST
- US President Trump said that, with support from Egypt, Turkey and Qatar, he is pushing for a comprehensive demilitarisation deal requiring Hamas to surrender all weapons and dismantle all tunnels. He warned Hamas to immediately meet its commitments, including returning the final body to Israel, or face severe consequences.
- Iran’s Deputy UN Envoy said Iran seeks neither escalation nor confrontation; warns that any form of aggression, whether direct or indirect, will prompt a strong and lawful response.
- At least one US aircraft carrier is moving to the Middle East, Fox News reported citing military sources; the US military is preparing a range of options regarding Iran.
- US envoy to UN said Iran said it’s ready for dialogue with the US, but its actions say otherwise.
- US President Trump was reportedly told that an attack on Iran would not guarantee the collapse of the regime and could spark a wider conflict, according to WSJ. Will monitor how Iran handles protestors before deciding on scope of potential attack.
- White House said Trump and his team have told Iran if killing continues, there will be grave consequences; 800 executions were halted in Iran; all options remain on the table for Iran.
- Israel PM Netanyahu reportedly asked US President Trump on Wednesday to delay an attack on Iran, according to NYT.
- US President Trump said “we’ve saved a lot of lives” as Iran signals it won’t execute protesters and said no decision yet on action against Iran.
- US President Trump announces the formation of the Board of Peace, with members to be announced shortly.
OTHERS
- Japan and the US are to discuss raising interceptor missile output, Kyodo reported.
EU/UK
1c Asian opening report
DXY falters on reports of potential BoJ hike; European equity futures pointing to a softer open – Newsquawk European Opening News
Friday, Jan 16, 2026 – 01:28 AM
- A White House Official said the chip announcement on Wednesday was ‘phase one’ action and there could be other announcements, pending ongoing negotiations with other countries and companies.
- Japanese Finance Minister Katayama said FX intervention is a potential option under the US-Japan agreement and expressed readiness to take decisive action while keeping all options on the table.
- DXY continued to fall from the 99.40 peak made early in the APAC session; USD/JPY extended Thursday’s weakness after further jawboning from Finance Minister Katayama and a Reuters report that the BoJ could hike as soon as April due to inflation effects from a weaker yen. The pair briefly dipped below 158 before paring some of the move.
- European equity futures point to a softer open, with the Euro Stoxx 50 future down 0.3% after Thursday’s cash session closed up 0.6%.
- Looking ahead, Highlights include German CPI Final (Dec), US Industrial Production (Dec), Speakers include BoE’s Bailey, Fed’s Collins, Jefferson, Bowman, Jefferson, Earnings from State Street, PNC Financial Services
- Click for the Newsquawk Week Ahead.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks saw gains, albeit coming off highs through the US afternoon and into close, as an initial stellar report from TSMC provided tailwinds to the tech sector and broader semiconductor names; peak gains were not sustained. Despite the pullback seen in the US afternoon, Tech still saw strength, and sectors saw an upside bias. Utilities and Industrials outperformed, while Energy and Health lagged.
- SPX +0.26% at 6,944, NDX +0.32% at 25,547, DJI +0.60% at 49,442, RUT +0.86% at 2,675
- Click here for a detailed summary.
TRADE/TARIFFS
- A White House Official said the chip announcement on Wednesday was ‘phase one’ action and there could be other announcements, pending ongoing negotiations with other countries and companies.
- US President Trump is to lower tariffs to 15% on goods from Taiwan; Taiwan pledges USD 250bln each in chip investment and credit guarantees.
- US Commerce Secretary Lutnick said TSMC (TSM) can bring in more semiconductors and wafers while building US capacity; if companies don’t build in US, tariff likely to be 100%; Trump visit to China in April still on.
- US President Trump, via Truth Social, said the US has never done better and said tariffs are the main reason, hundreds of billions of dollars have been taken with virtually no inflation and national security has never been as strong as today.
- Top Republican on the House China Committee Moolenaar sends a letter seeking more info on the memory chip shortage and asked about NVIDIA (NVDA) H200 chips. Moolenaar said that tight memory chip supplies will constrain the number of US export licenses for Nvidia to sell its H200 AI processors to Chinese customers.
- US Commerce Secretary Lutnick said not concerned that China trade talks will be derailed by Taiwan trade deal or tariffs on goods from countries doing business with Iran.
- Chinese President Xi met with Canadian PM Carney, CCTV reported.
CENTRAL BANKS
- Fed’s Schmid (2028 voter) said little reason to cut rates; prefer to keep monetary policy modestly restrictive; inflation is too hot. Cutting rates could worsen inflation without helping employment much. He also added that full employment likely between 3.5-4.5%.
- Fed’s Paulson (2026 voter) is comfortable holding rates steady at next Fed meeting; labour market risks a little bit higher than risks of sticky inflation. “I want monetary policy restrictiveness to be playing a role to get us all the way back to 2%.”
- White House Press Secretary Leavitt said US President Trump is in the decision-making phase on the Fed chair, Trump will make decision in the next couple of weeks, but he likes a few people for Fed Chair.
- Fed’s Daly (2027 voter) said projections for growth are solid; incoming data looks promising. There is still a lot of uncertainty, with risks to both sides of our mandated goals.
- Fed’s Barkin (2026 voter) said today the economy has two engines: AI and the rich; hard to put weight on data in past three months.
- Fed Governor Barr said DoJ probe is an assault on the independence of the Fed; Fed is acting only for economic reasons and according to its congressional mandate. Barr said benchmark interest rates are at the right level, equally balancing risks to inflation and the job market.
- BoJ is seen as likely to raise its FY26 economic and inflation forecasts, Reuters reported citing sources; the report adds that some BoJ policymakers see scope to raise interest rates as soon as April due to the inflationary effect of a weaker JPY.
- ECB’s Lane said that there is no immediate debate on interest rates if current conditions persist and that current rates are set to establish a baseline for years ahead.
- NBP Governor Kotecki, in a Bloomberg interview, said it is becoming increasingly clear that there is room for further rapid interest rate cuts.
NOTABLE US EQUITY HEADLINES
- The BBC is set to announce a major content deal with YouTube (GOOGL) to produce programmes for the platform, the FT reports citing people close to the talks.
APAC TRADE
EQUITIES
- APAC stocks traded mostly in the green, supported by strength in the tech sector after strong TSMC earnings lifted sentiment across the region.
- ASX 200 opened with slight gains and is on track for its biggest weekly advance in seven weeks, led by IT and financials. Positive US bank earnings from Morgan Stanley and Goldman Sachs also helped improve sentiment.
- Nikkei 225 traded middle-of-the-pack, chopping around 54,000 amid continued uncertainty surrounding the new opposition party. Additional pressure came from JPY strength after Bloomberg highlighted concerns about the economic impact of a weaker yen.
- KOSPI outperformed and is set for a third consecutive weekly gain, buoyed by the renewed AI-driven tech rally. TSMC’s results fed through to major Korean names, with Samsung (+3.1%) and LG Electronics (+4.0%) among the standout movers.
- Hang Seng and Shanghai Comp initially posted gains of up to 0.5% but later pared back, with the indices slipping into negative territory.
- US equity futures saw a modest rebound from the pullback off all-time highs, led by the Nasdaq 100 (+0.4%), supported by strong tech performance across APAC.
- European equity futures point to a softer open, with the Euro Stoxx 50 future down 0.3% after Thursday’s cash session closed up 0.6%.
FX
- DXY continued to fall from the 99.40 peak made early in the APAC session, pressured by yen strength following comments from Japanese Finance Minister Katayama.
- EUR/USD oscillated in a tight 1.1603–1.1614 range amid a lack of clear drivers, with markets awaiting final German CPI.
- GBP/USD stayed below 1.34 but traded with slight gains through the Asia-Pac session, largely as a function of yen strength weighing on the dollar.
- USD/JPY extended Thursday’s weakness after further jawboning from Finance Minister Katayama and a Reuters report that the BoJ could hike as soon as April due to inflation effects from a weaker yen. The pair briefly dipped below 158 before paring some of the move.
- Antipodeans traded with modest gains despite softness in Chinese equities and metals, supported by broader USD weakness.
- PBoC set USD/CNY mid-point at 7.0078 vs exp. 6.9722 (prev. 7.0064).
FIXED INCOME
- 10yr UST futures oscillated in a tight 3-tick range as the benchmark consolidated after Thursday’s strong US claims data, which drove front-end yields higher and prompted a bear-flattening of the curve.
- Bund futures held above 128.30 after multiple failed attempts on Thursday to sustain a break below that level.
- 10yr JGB futures traded muted before falling lower to a trough of 131.13 as Japanese markets reopened following the hawkish Reuters report suggesting the BoJ could hike as early as April, earlier than market expectations.
- Australia sold AUD 700mln 3.25% 2029 bonds: b/c 4.52x, avg. yield 4.1099%.
COMMODITIES
- Crude futures traded steadily lower, with WTI Mar’26 slipping below USD 59/bbl and Brent Mar’26 hovering around USD 63.50/bbl despite limited geopolitical developments.
- Spot gold extended its recent APAC weakness, falling back below USD 4,600/oz from a session high of USD 4,621/oz, while spot silver also softened, briefly dipping back under USD 90/oz after partially recovering in Thursday’s US session.
- Copper futures retreated at the start of the final trading day of the week as China cracked down on high-frequency trading by removing servers from data centres. 3M LME copper fell from USD 13.16k/t to a USD 12.95k/t trough and remained near session lows, while Shanghai metals also weakened, with nickel down as much as 3%.
- Heavy rainfall in northeast Australia has triggered floods which are hampering mine operations, with some coal miners declaring force majeure on portions of their shipments or potential delays to customers.
- Venezuelan interim President Rodriquez said the government is proposing reforms to the oil industry.
- US Energy Secretary Wright said US is getting a 30% higher price for Venezuelan oil than three weeks ago; Venezuela’s oil production will drive the price of oil down.
- Colombian President Petro said he will begin to lower the price of gasoline.
CRYPTO
- Bitcoin traded in a narrow range on either side of USD 95,500 in a quiet session.
NOTABLE ASIA-PAC HEADLINES
- Japanese Finance Minister Katayama said FX intervention is a potential option under the US-Japan agreement and expresses readiness to take decisive action while keeping all options on the table.
- China clamps down on high-speed traders by removing data servers, Bloomberg reported.
- Mitsubishi (8058 JT) is to buy Aethon for USD 5.2bln.
DATA RECAP
- Japanese Stock Investment by Foreigners (Jan/10) 1.14tln (Prev. 124.9bln).
- Japanese Foreign Bond Investment (Jan/10) 101.1bln (Prev. -223.6bln).
GEOPOLITICS
RUSSIA-UKRAINE
- The European Commission is drafting a proposal to replace the EU accession system with a two-tier model that could fast-track Ukraine’s entry in any peace deal to end Russia’s invasion, the FT reports.
MIDDLE EAST
- US President Trump said that, with support from Egypt, Turkey and Qatar, he is pushing for a comprehensive demilitarisation deal requiring Hamas to surrender all weapons and dismantle all tunnels. He warned Hamas to immediately meet its commitments, including returning the final body to Israel, or face severe consequences.
- Iran’s Deputy UN Envoy said Iran seeks neither escalation nor confrontation; warns that any form of aggression, whether direct or indirect, will prompt a strong and lawful response.
- At least one US aircraft carrier is moving to the Middle East, Fox News reported citing military sources; the US military is preparing a range of options regarding Iran.
- US envoy to UN said Iran said it’s ready for dialogue with the US, but its actions say otherwise.
- US President Trump was reportedly told that an attack on Iran would not guarantee the collapse of the regime and could spark a wider conflict, according to WSJ. Will monitor how Iran handles protestors before deciding on scope of potential attack.
- White House said Trump and his team have told Iran if killing continues, there will be grave consequences; 800 executions were halted in Iran; all options remain on the table for Iran.
- Israel PM Netanyahu reportedly asked US President Trump on Wednesday to delay an attack on Iran, according to NYT.
- US President Trump said “we’ve saved a lot of lives” as Iran signals it won’t execute protesters and said no decision yet on action against Iran.
- US President Trump announces the formation of the Board of Peace, with members to be announced shortly.
OTHERS
- Japan and the US are to discuss raising interceptor missile output, Kyodo reported.
EU/UK
NOTABLE HEADLINES
- The ONS has drawn up contingency plans to delay the launch of its new labour market survey by 6 months, Bloomberg reports citing people familiar with the matter.
2b. JAPAN
3. CHINA/
China Leads Global Coal Power Additions Despite Renewables Push
Friday, Jan 16, 2026 – 05:00 AM
By Charles Kennedy of OilPrice.com
China continues to nearly single-handedly prop up global coal consumption and new coal-fired power generation, despite being also the world’s leading investor in renewables and battery storage.
China is set to commission as many as 85 coal-fired power generating units this year, out of a total global of 104 coal projects slated for start-up in 2026, according to data by non-profit Global Energy Monitor (GEM) cited by the Financial Times.
Of all the 63 gigawatts (GW) of coal-fired power generation expected to begin commercial operations globally this year, 55 GW will be in China, the GEM data showed.
Last year, China accounted for a massive 78% of all global coal power capacity that began operating. The world’s top coal consumer and importer also makes up a whopping 86% of the total global capacity under construction and expected to be commissioned this year, according to the data analyzed by GEM.
Apart from China, other Asian economies such as India, Indonesia, and Vietnam continue to add coal-fired capacity.
GEM data shows India has 24 GW of coal power capacity under construction. India is investing huge sums in renewables and hit its renewable installation target earlier than planned, but it continues to bet on coal.
Coal-fired power generation and capacity installations in India continue to rise and coal remains a key pillar of India’s electricity mix with about 60% share of total power output. Despite booming renewable capacity additions, India continues to rely on coal to meet most of its power demand as authorities also look to avoid blackouts in cases of severe heat waves.
Globally, China is the leader – by far – in renewable energy investments and capacity installations, but it is also a leader in coal-fired power and continues to be the key driver of record-high global coal demand.
So, any meaningful reduction of global coal-related energy emissions depends on how China approaches its energy security and affordability dilemma in the coming years.
end
BRICS/USA
Trump Kicking BRICS Out Of The Americas
Thursday, Jan 15, 2026 – 11:50 PM
Authored by James Gorrie via The Epoch Times,
Since the end of the Bretton Woods system in 1971, the U.S. dollar has dominated global finance as the chief reserve currency. It’s used in international trade, sovereign lending, and central bank reserves.
This dominance allows the United States to borrow cheaply and wield great financial leverage globally.
Recent actions by the Trump administration, sometimes labeled a neo-Monroe Doctrine for its assertive posture toward perceived rivals, can be understood through the lens of preserving dollar supremacy against challenges from rising powers like China and Russia.
The Rise of De-dollarization
Though the dollar remains dominant, its grip has been weakening over decades. According to IMF and central bank data, the dollar’s share of global foreign-exchange reserves has fallen from over 70 percent in 2000 to under 60 percent in recent years; this reflects broader moves by countries to diversify away from U.S. currency dependence. At the same time, China’s share has increased substantially.
Meanwhile, states are increasingly engaging in de-dollarization, which means reducing the use of the dollar in international trade and reserves. This trend is driven in part by a desire to decrease exposure to U.S. monetary policy and sanctions, including increased tariffs and unilateral economic measures against trading partners and adversaries.
BRICS: Geopolitics, Gold, and a Potential Currency Challenge
The group of emerging economies known as BRICS (Brazil, Russia, India, China, South Africa) has been the focal point of rivalry to dollar hegemony. At various summits, the idea of a BRICS currency or common alternative currency, which have included the notion of backing it with gold as a means of anchoring value and appealing to nations wary of fiat currencies that, by definition, have no gold backing their value, but rather, convention, oil trade flows, and the global economic and military dominance of the United States.
While Kremlin officials have denied any imminent creation of a unified currency to dethrone the dollar, proposals for trade in non-dollar currencies and discussion of alternative settlement systems persist. The historical context of the gold standard and its connection to confidence in currencies is a big part of these discussions.
Trump’s Neo-Monroe Doctrine: Tariffs as Dollar Defense
Since returning to office, President Donald Trump has made defense of the dollar a central part his foreign-economic policy. He has threatened 100 percent tariffs on BRICS nations or any country that backs a currency to replace the dollar in international trade. Clearly, the administration views dollar dominance as non-negotiable.
By linking trade access to acceptance of the dollar’s role, the administration is attempting to reinforce global reliance on U.S. currency for trade settlement and reserves. This strategy also links his broader tariffs and industrial policy agendas to maintaining dollar dominance in the world.
Dollar Supremacy, Oil, and US Strategic Power
The dollar’s special status has been reinforced historically by its role in oil markets known as the so-called petrodollar system. Because oil has been priced and traded primarily in dollars, global demand for U.S. currency has been supported by energy trade flows. The Trump administration’s recent strategic moves in oil-rich regions such as Venezuela have been interpreted by some analysts as efforts to bolster the petrodollar system and keep key energy resources within dollar-centric markets.
This makes sense from a currency preservation perspective. Although the United States has become a major producer and exporter of oil in its own right, efforts to maintain dollar pricing in energy markets remain crucial to preserving demand for the currency.
Trade, Savings, Innovation, and the Dollar’s Role
The dollar’s dominance provides huge benefits for the world as well as the United States. It reduces transaction costs for U.S. exporters and importers and reinforces the U.S. role in global value chains, but it also simplifies trade invoicing and settlement between other nations with less stable currencies. Its status as the primary reserve currency also underpins the liquidity and depth of U.S. capital markets, enabling inexpensive borrowing that fuels investment in technology and innovation. The dollar in the form of U.S. Treasury bonds has also been a safe haven for long term investing and savings for much of the world.
Dollar dominance also helps with American leadership in AI, computing, and finance, since dollar-denominated trade and financial infrastructure allow those to scale globally. A shift away from the dollar could fragment global capital flows and weaken the financing mechanisms that have historically supported U.S. technological leadership.
Military Power and Financial Leverage
Finally, the dollar’s status facilitates U.S. military power by making it easier to finance defense spending and sustain global force projection. If the dollar’s dominance erodes, financing a global military footprint becomes more expensive and complex, diminishing America’s strategic reach, to say the least. Analysts argue that preserving the dollar is therefore as much a defense priority as a financial one.
Without it, competing nations or groups of nations would rush in to fill the vacuum, leading to global instability.
Dollar and US Supremacy at Core of Neo-Monroe Doctrine
Viewed in this light, what some describe as Trump’s neo-Monroe Doctrine reflects not merely an ideological reassertion of hemispheric influence, but a strategic effort to defend U.S. dollar supremacy. With BRICS nations exploring alternatives, including proposals for a gold-linked settlement unit, and de-dollarization pressures growing, Washington faces mounting economic and geopolitical challenges. These factors help explain the administration’s aggressive stance on tariffs, trade, and strategic energy markets.
The survival of dollar dominance is not just about finance; it’s about maintaining a structural position that enables U.S. influence in global affairs—trade, sanctions, capital markets, and defense alike. As long as potential alternatives loom, U.S. policy will likely continue to frame the dollar as not just an economic asset, but a linchpin of national security and global leadership.
That is why the Venezuela operation is fundamentally about preserving a financial architecture that underpins U.S. economic and military power.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
DENMARK/USA/GREENLAND//RUSSIA-CHINA
Danish Intelligence Confirms The Russia-China Threat To Greenland
Friday, Jan 16, 2026 – 04:15 AM
A 2025 Intelligence Assessment by the government of Denmark highlights the long term Russian and Chinese ‘threat’ in Arctic waters, at a moment Greenland officials have rejected the US assertion that the large resource-rich island and its waters are being gradually influenced and taken over by the Russia/China ‘menace’.
Trump has recently stated, “We need that because if you take a look outside of Greenland right now, there are Russian destroyers, there are Chinese destroyers and, bigger, there are Russian submarines all over the place. We’re not gonna have Russia or China occupy Greenland, and that’s what they’re going to do if we don’t.”
Greenlanders meanwhile are by and large rejecting this, though perhaps Trump was using hyperbole in a “see Alaska from my house” Sarah Palin moment.
While Trump has already proven he often first sets his interventionist policy and agenda, and then goes looking for a justification in a post hoc fallacy kind of way (a longstanding tradition among pretty much all American presidents, sadly), the Danish intelligence report does seem to add general weight to Trump’s arguments.
For a sampling of official quotes from the Danish Defence Intelligence Service (DDIS) – Intelligence Outlook 2025, complied by Conservative pundit Nick Solheim:
“In recent years, the United States has significantly increased its security policy focus on the Arctic, while Russia continues its military build-up, and China continues to develop its capacity to operate both submarines and surface vessels in the region.” (p. 30)
“Russia remains the strongest military power in the Arctic but sees itself as being challenged by the West. As a result, Russia will increasingly assert its interests through a more confrontational approach, both politically and militarily.” (p. 30)
“Most of Russia’s nuclear-armed submarines are stationed in the Arctic. They form a key component of Russia’s plan to deter the United States from attacking, providing Russia with the capability to launch a potential retaliatory nuclear strike.” (p. 31)
“The United States’ assessment of the scale and nature of future Chinese military activity in the Arctic is a key factor shaping its engagement in the region. Any Chinese military activity in the Arctic – particularly in proximity to US territory – would be regarded as a serious concern.” (p. 31)
“China aims to develop the capacity for independent military operations in the Arctic. Chinese activities are primarily concentrated in the waters north of the Bering Strait, extending towards the North Pole.” (p. 35)
“China’s long-term goal is to deploy missile submarines beneath the ice, thereby attaining the same nuclear second-strike capability as Russia and the United States.” (p. 36)
“Although Chinese companies have shown interest in investing in Greenland, this has so far not produced tangible results. Nevertheless, China’s long-term Arctic interests include Greenland, and it is expected to continue pursuing cooperation with Greenland, particularly in research but also in commercial ventures.” (p. 36)
“Despite the considerable geographical distance, Russia periodically deploys submarines, surface vessels and aircraft near both Greenland and the Faroe Islands, as well as throughout the waters between them.” (p. 38)
“In addition, Russia employs civilian vessels operating in the area to carry out tasks such as surveillance on behalf of the Russian state.” (p. 38)
“For Russia, the waters between Greenland, Iceland, the Faroe Islands and the United Kingdom – the so-called GIUK Gap – form the main maritime gateway to and from the Arctic. Thus, the GIUK Gap is vital for Russia in the event of an armed conflict with NATO.” (p. 35)
“In such a conflict, Russia would seek to disrupt the supply lines between the United States and Europe by deploying attack submarines capable of transiting the GIUK Gap undetected.” (p. 35)
But it should be clear there’s also a convenient invoke the Moscow/Beijing bogeyman for when it suits your purpose kind of thing at play here…
The ‘fact checkers’ have been quick to push back, for example in this fresh Associated Press article: “Experts have repeatedly rebuffed Trump’s claims of Chinese and Russian military forces lurking off Greenland’s coastline. Experts say Russia instead operates in the Barents Sea, off the Scandinavian coast, and both China and Russia have a presence in the Bering Sea south of Alaska.”
It remains that the “Arctic” is a big, big place – and pretty much every great power with significant maritime capability patrols it as international waters. Whether Greenland is truly under threat or not from Russia and China is another matter
end
DENMARK/USA ET AL
More tariffs???????
Trump Stuns By Floating Tariffs On Countries That Stand In The Way On Greenland
Friday, Jan 16, 2026 – 10:50 AM
Days ago as it became clear that Europe and the United States would be locked in a showdown over the future fate of Greenland and its sovereignty, the EU touted that it has some cards to play, as leaders stepped up in defense of Denmark’s longtime hold on the resource-rich Arctic territory:
The European Parliament is considering putting on hold the European Union’s implementation of the trade deal struck with the United States in protest over threats by U.S. President Donald Trump to seize Greenland.
The European Parliament has been debating legislative proposals to remove many of the EU’s import duties on U.S. goods – the bulk of the trade deal with the U.S. – and to continue zero duties for U.S. lobsters, initially agreed with Trump in 2020. It was due to set its position in votes on January 26-27, which the MEPs said should now be postponed.
But the EU might soon regret this threat as diplomacy gives way to leverage, and the US under Trump has plenty of it.
President Trump on Friday went unexpectedly nuclear on the Greenland issue, openly floating tariffs as a pressure tactic against countries that refuse to “go along” with Washington’s ambitions over Greenland.
“I may put a tariff on countries if they don’t go along with Greenland, because we need Greenland for national security,” President Trump said at a White House event Friday, according to Bloomberg.
“Trump was speaking about tariff threats serving as leverage to secure most-favored-nation drug pricing before he mentioned Greenland,” the report indicates of the context.
While he stopped short of naming specific countries, the message is unmistakable – cooperation comes with benefits and those who stand in America’s way will suffer the consequences.
Critics have said the move could fracture NATO and deepen rifts with Europe at a time of already heightened geopolitical tension, while some other sources have speculated of NATO’s potential unraveling over this: maybe that’s the point?
UK
citizens of the UK must leave if this is going on: freedom of speech is gone!
(zerohedge)
UK Govt Threatens To Return Lucy Connolly To Jail For Sharing Joke Post On X
Friday, Jan 16, 2026 – 07:20 AM
Authored by Steve Watson via Modernity.news,
Lucy Connolly, the 42-year-old UK woman previously sentenced to two years in prison for a post on X is back under the microscope of Britain’s speech enforcers, with the government threatening to put her back behind bars for merely reposting a satirical jab at Prime Minister Keir Starmer.
The latest drama stems from Connolly reposting a comment that read: “Could Trump could come and take Starmer like they did in Venezuela.”
Probation officials deemed it “not of good behaviour,” with Connolly noting: “Apparently… somebody called probation and said they were very offended by this post and it’s inciting violence.”
The fact that some random person called in the thought crime to the authorities is arguably equally as disturbing as the resulting threat to send Connolly back to prison. It highlights how there are hordes of bootlicking citizens eager to act as the thought police and to tattle to the State.
Connolly has also been cautioned over remarks about British-Egyptian extremist Alaa Abd el-Fattah, who has a history of posting extremist threats against British people, yet was welcomed into the country recently by Kier Starmer after being released from prison by Egyptian authorities.
Connolly first hit the headlines after the horrific Southport attacks, where three young girls were murdered by a second-generation Rwandan migrant. In the heated aftermath, she tweeted: “Mass deportation now, set fire to all the f***ing hotels full of the bastards for all I care.”
Judge Melbourne Inman KC labeled it “grossly offensive” and handed her the maximum 31-month sentence under the Public Order Act, despite no prior offences or direct threats. She served 380 days before release on licence in August, under conditions typically reserved for serious offenders.
Her case drew fire from proponents of free speech, who blasted it as proof of Britain’s “two-tier justice system.” Before his tragic murder, Charlie Kirk noted such words “would not be any prison time in America,” underscoring how the UK has slid toward a “totalitarian country.”
Connolly insists she hasn’t posted anything offensive or inciting since her release, even suggesting authorities provide a list of “things she was allowed to say” to avoid these traps.
Connolly has also had to deal with her 13-year-old daughter, Edie, being barred from a new school after the headteacher rescinded a trial placement upon discovering her mother’s conviction. The educator claimed “racism doesn’t go down well” and that Edie’s presence would cause a “ruckus.”
Connolly called it “outrageous discrimination,” asking: “In what world is this ok?” and adding, “My daughter is being punished for my views. She’s innocent, and now she’s the one suffering.”
The Maduro quip that landed Connolly in hot water—suggesting Trump should swoop in and haul Starmer away like Venezuelan tyrant Nicolás Maduro—was no isolated gag. Thousands of frustrated Brits have cracked similar jokes across X and beyond, venting rage at a regime seen as trampling freedoms while bungling borders and the economy.
Posts like “Trump is gonna Maduro your ass next!” and “We really need Trump to repeat the Maduro operation with Starmer” rack up likes in the hundreds or thousands for mocking the PM’s fate. If resharing such satire warrants prison time, what’s next—a mass roundup of every citizen daring to poke fun at the powers that be?
This reeks of selective tyranny, cherry-picking targets to stifle dissent while ignoring the real threats fueling public fury.
Connolly’s ordeal is just one thread in Britain’s expanding speech gulag. Last year alone, police arrested nearly 10,000 people for “grossly offensive” social media posts under draconian laws like the Communications Act—averaging 30 busts a day.
Forces raid homes over sarcastic emails, old tweets, or WhatsApp chats, diverting resources from real crimes like burglaries and knife attacks. We’ve even seen early releases for violent offenders to make room for thought criminals.
Take the case of Luke Yarwood, jailed 18 months for two anti-immigration tweets viewed just 33 times. The judge called them “odious in the extreme,” despite no real-world impact or followers acting on them. Such minimal-reach rants get hammered harder than child abusers in some courts, exposing priorities skewed against ordinary Brits raging against open borders.
Starmer’s regime has recently gone as far as suggesting a complete ban on X, citing its Grok AI for generating fake images as a convenient excuse for what is clearly an effort to target the platform where unfiltered truth is allowed to reach the masses.
Now the government is turning its attention once again to Online Safety Act’s Section 121, empowering Ofcom to force platforms like WhatsApp to scan private messages via client-side tech—shattering end-to-end encryption.
Officially for child exploitation and terrorism, it flags everyday views on mass migration as radicalization risks: researching immigration stats, defending British rights, or protesting cultural shifts.
Schools are even using games labeling such concerns as paths to extremism.
The use of the “Maduro joke” shared by Connolly to crackdown on free speech echoes globally. In Spain, ex-senator Carles Mulet has denounced bullfighter Fran Rivera and right wing activist Vito Quiles for jokingly urging Trump to “continue” after Venezuela by intervening in Spain and eyeing Prime Minister Pedro Sánchez.
Ridiculously, the pair are now facing 5-10 years in prison, with authorities citing treason and provocation, among a litany of other offences.
This global assault on free expression demands fierce pushback. When mere reposts or quips land ordinary people in the crosshairs and families bear the brunt, it’s evident: the real danger isn’t online words, but regimes worldwide desperate to silence opposition to their rejected agendas.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
end
GERMANY
Germany is now in a mess: many power outages! Europe is totally woke!
(zerohedge)
Leaked Internal Emails Show Berlin Greens Urged To Deflect Blame From Far-Left Attack On Power Grid
Friday, Jan 16, 2026 – 06:30 AM
Authored by Thomas Brooke via Remix News,
An internal email from the Berlin Green Party parliamentary group has revealed a deliberate communication strategy following the sabotage attack on the city’s power grid by far-left activists, instructing lawmakers not to focus on the perpetrators and instead to direct public criticism toward Governing CDU Mayor Kai Wegner.
According to Bild, which obtained the document and said its authenticity was confirmed by the parliamentary group, the email sets out a “communication line” on the issue of the power outage and Wegner’s handling of the crisis.
The message states that the Greens have “a strategic interest in ensuring that the debate surrounding Kai Wegner receives prolonged media coverage and remains a leadership/competence issue for the Governing Mayor,” framing the core message as: “Kai Wegner is incapable of handling a crisis.”
The instruction comes after an attack on Jan. 3, when far-left perpetrators set fire to power cables on a bridge in southwest Berlin, cutting electricity to around 45,000 households and 2,200 businesses. For days, families, elderly residents, and people requiring care were forced to rely on emergency shelters as temperatures dropped. Several letters claiming responsibility later appeared online from the extremist Vulkangruppe (Volcano Group).
One directive in the Greens’ internal email stands out.
It tells party members:
“DO NOT focus on perpetrators/investigations.”
According to Focus, this guidance was circulated to all Green MPs in the Berlin House of Representatives.
The same email also instructs that criticism should be aimed at “CDU/Wegner as the politically responsible party for leadership and crisis management,” explicitly adding “NOT SPD Giffey/Spranger,” despite the fact that Interior Senator Iris Spranger and Economics Senator Franziska Giffey also hold key responsibilities in managing such crises.
Elections to the Berlin House of Representatives are scheduled for September.
In response, the Berlin Greens parliamentary group issued a statement saying, “We condemn this suspected left-wing extremist attack. The perpetrators must be brought to justice and convicted as quickly as possible. That has always been clear to us. We want to focus on how we can better protect our city in the future.”
Wegner has faced criticism over his personal conduct on the day of the attack, after it emerged that he played tennis for about an hour and only acknowledged this publicly several days later.
Security authorities have linked the attack to the Vulkangruppe, which has claimed responsibility in online statements. In one declaration published under the headline “Shutting down fossil power plants is manual work. Courage only. Militant New Year’s greetings,” the group framed the sabotage as an act of political resistance against fossil energy. “Last night, we successfully sabotaged the gas-fired power plant in Berlin-Lichterfelde,” the statement read, adding: “Power outages were not the goal of the action, but rather the fossil energy industry.”
According to Germany’s Federal Office for the Protection of the Constitution, groups using the “volcano” label have been active mainly in Berlin and Brandenburg since 2011 and have repeatedly carried out arson attacks on critical infrastructure, causing power and telecommunications outages and disruptions to public transport. The Berlin state office classifies the groups as part of the wider spectrum of left-wing extremism alongside Antifa.
In the aftermath of the blackout, authorities have deployed hundreds of police officers to guard power infrastructure across the city.
Tagesspiegel reported that about 300 officers are patrolling southwest Berlin, with others assigned to protect cable bridges and power poles, some in plainclothes, for an indefinite period.
Police unions have criticized the move. Stephan Weh, state chief of the GdP police union, said, “The fact that our colleagues now have to push completely pointless guard duty and object protection at cable ducts is a disgrace. There are private security services that the responsible companies could hire.”
end
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
tbn israel last 24 hrs…
end
ISRAEL VS HAMAS UPDATES
IRAN /RUSSIA INFLATION
JEFFRY TUCKER..
Inflation And Revolution
Thursday, Jan 15, 2026 – 09:45 PM
Authored by Jeffrey Tucker via The Epoch Times,
The revolutionary fervor in Iran today has deep political roots and invites every theory concerning outside influences that have a deep stake in the kind of regime that rules this country. But amidst all the speculation about what’s really happening here, there is an overwhelming factor rarely mentioned.
Iran has experienced the sort of inflation that brings down whole governments. This is why so many among the merchant class have joined the revolutionary movements.
For many years, the regime had pursued an inflationary monetary policy that devastated the value of the currency, the rial. Over a 10-year period, worsening in the last two years, the currency has experienced 3,500 percent inflation. Crucial in this country’s financial structures is the value of the currency on international exchanges. It is now one of the worst, making business nearly impossible and banking highly volatile.
The tipping point has been identified by the Wall Street Journal:
“Late last year, Ayandeh Bank, run by regime cronies and saddled with nearly $5 billion in losses on a pile of bad loans, went bust. The government folded the carcass into a state bank and printed a massive amount of money to try to paper over all the red ink. That buried the problem but didn’t solve it.”
“After decades of engineering workarounds and using shadowy flows of cash to keep the country’s battered economy functioning,” the analysis continues, “Tehran had reached a dead end, with no tools to address a deepening economic crisis or meet the needs of an increasingly desperate population. Hundreds of merchants, who don’t typically join the country’s mass protests, took to the streets of Tehran to demand relief.”
This is a familiar story. Money printing can create the appearance of temporary prosperity. Once it begins to fall apart, there are only two choices: retrenchment and recession or making more loans to continue the illusion.
Iran’s banking system backing vast projects of fake opulence had become wildly overextended. At some point, the house of cards collapsed and the currency along with it.
This is the essential pre-history to grasp in order to understand why people hit the streets and have been unwilling to be intimidated by shows of force. In these cases, even executions do not work to restore order. Indeed, this only creates martyrs that fuel more boldness and revolutionary fervor.
There is nothing unusual historically about this. In an inflation that wrecks peoples’ livelihoods, people find every problem with the regime that rules them even if they put up with its features in the past. In Iran, the blame falls squarely on the heads of the Islamic fundamentalists but it could have been otherwise even under a wholly secular regime. It’s the inflation and financial collapse that is the trigger.
The recent inflationary bout in the United States was mild by historical standards but you could feel the anger in the population rise. A major reason for the defeat of the party in power traced to the loss of purchasing power. Inflation works like a tax but a deeply surreptitious one. It steals your money’s value by increasing the quantity of money in circulation beyond which is supported by existing rates of economic growth.
The previous bout in U.S. history was in 1979–1980 and it too led to the equivalent of a revolution. Jimmy Carter was a decent man and a hard-working president who governed in a moderate way. But none of this mattered once inflation hit double digits and started wiping out the value of savings and saved capital. It felt like a pillaging. Carter was blamed even though it was the supposed independent central bank that was really at fault.
Inflation is the force behind many political revolutions. The story of the Russian Revolution of 1917 is not usually about the money but inflation played a big role. The ruling monarchy had used money printing as the means by which it paid for its involvement in the Great War. This hit the population hard even as regular people were being drafted into the army and killed in a foreign war.
It was this wicked combination of inflation and conscription in an unpopular war that destabilized the Czar’s rule and led to the Bolshevik Revolution. It was not the case that the population had suddenly and strangely converted to the teachings of Karl Marx. Russian culture is centered on three points: religion, family, and ownership. Marxism attacked all three, that which the people loved more than anything else. Inflation is such a powerful force that it even leads people into their own worst political hell.
Going back in time, inflation was the key to the destabilization that led to the French Revolution and the murder of the king and the overthrow of the monarchy. People today tell stories of royal opulence but the reason those stories resonated had to do with high inflation that people experienced in their own lives. They wondered why they were getting poor while the monarchy was getting richer. They sensed that the regime had become rapacious and they were correct.
The French Revolution began in high ideals but collapsed into a bloody mess of political execution and chaos. Even to this day, the country has not quite recovered.
Then there is the most famous case of all: the devastation of the Weimar inflation (1921–23) that destroyed the German currency and certainly ushered in the rise of Hitler and Nazi party rule. When the money fails, totalitarianism often rises. This is a lesson of history.
Everywhere you look today you see the hidden hand of inflation behind political revolutions. In Venezuela, inflation hit 800 percent in 2016, 4,000 percent in 2017, and 130,000 to 2,000,000 percent in 2018. This is one of the one of the worst hyperinflation episodes ever recorded. The cycle was a familiar one: public fury, regime crackdown, and eventual upheaval, this one assisted by the United States who flat-out arrested the leader of the country without a great deal of resentment by the public.
Any political leadership that presides over inflation is playing with fire that can end up burning down the entire house. Commentators most often look at the failure of governance and the rationale behind the regime to explain revolutions, the French Revolution being the most obvious case. But once you understand the underlying economic dynamic, all becomes clear. The key to maintaining the rule of law, longevity in leadership, and regime stability is sound money, zero inflation, a money on which people can depend, and a banking system that serves the public rather than collaborates with industrial elites.
This is why the Founders put a line in the U.S. Constitution about the kinds of money states could issue: only gold and silver. How did they know? Because of the experience of hyperinflation during the War of Independence. The phrase “not worth a Continental” comes from a time when the currency was utterly wrecked. The new country was born with a fear of what inflation could do.
“It is worthy of observation,” wrote Thomas Paine, “that every case of failure in finances, since the system of paper began, has produced a revolution in governments, either total or partial.”
Paine was correct. The slogans of a regime are largely beside the point.
If they cannot manage the money well and allow the logic of high leverage to take its course, it risks being overthrown, always and everywhere.
END
Lindsey Graham Drowns Sorrows After Trump Refrained From Iran Attack On ‘No Guarantees’
Thursday, Jan 15, 2026 – 06:00 PM
NeoCon Senator Lindsey Graham wants to “go bigger” on Iran and is so disappointed that President Trump hasn’t bombed it yet that he appears barely able to speak, with the color draining from his face.
Journalist Ryan Grim comments on the below video clip of Graham responding to the lack of action by the US, “His life force is being drained in front of us by the lack of bombing.” When this armchair general is deeply disappointed and shattered by American non-action abroad, it without doubt means something good for America.
Dear Lindsey, the adults in the room took over, now go cry outside…
The Wall Street Journal reports that “President Trump was advised that a large-scale strike against Iran was unlikely to make the government fall and could spark a wider conflict, U.S. officials said, and for now will monitor how Tehran handles protesters before deciding on the scope of a potential attack.”
By that moment of the briefing, Iran’s streets had already gone largely silent, with Iranian security services firmly in control, and Tehran leadership vowing not to hold any executions. In short the demonstrations, riots, and crackdown had ceased.
Continues the WSJ, “The U.S. would need more military firepower in the Middle East both to launch a large-scale strike, protect American forces in the region and allies like Israel should Iran retaliate, the advisers told Trump, the officials said.”
Still, it seems the world was very close to the US launching yet another war more “precision strikes” against a nation we are not actually at war with (still a possibility though!). Per the WSJ:
Trump, without making a final decision on which action he would take, asked for military assets to be in place should he order a big attack, the officials said.
“The president and his team have communicated to the Iranian regime that if the killing continues, there will be grave consequences,” White House press secretary Karoline Leavitt told reporters Thursday. “Only President Trump knows what he’s going to do and a very, very small team of advisors are read into his thinking,” Leavitt said.
But again, Lindsey’s pain is America’s gain.
Here he is Thursday talking to reporters (in the above clip): “Should it be bigger or smaller? I’m in the camp of bigger. Time will tell.” He then asserted that “the regime’s days are numbered.”
When in doubt… sanction higher, the D.C. blob mantra says…
The U.S. on Thursday imposed sanctions on five Iranian officials it accused of being behind the crackdown on protests and said it was tracking Iranian leaders’ funds being wired to international banks, as President Donald Trump keeps the pressure on Tehran.
The U.S. Treasury Department in a statement said it imposed sanctions on the Secretary of the Supreme Council for National Security as well as Islamic Revolutionary Guard Corps and law enforcement forces commanders, accusing them of being architects of the crackdown.
What might happen in the next major Iranian protest go-around? The Islamic Republic’s severe economic woes, and with yet more US sanctions being unleashed on Tehran, won’t be getting better anytime soon.
END
IRAN/USA
Trump advised large-scale Iran strikes would not topple Islamic Republic regime, officials tell WSJ
US officials caution Trump that military action could escalate tensions without changing Iran’s leadership.
US President Donald Trump at the East Room of the White House on January 15, 2026.(photo credit: Anna Moneymaker/Getty Images)ByJAMES GENNJANUARY 16, 2026 01:01
US President Donald Trump was advised that a large-scale military strike against Iran would be unlikely to make the Islamic Republic’s regime fall, and may have sparked a wider conflict, US officials told The Wall Street Journal on Thursday.
Trump, for now, would monitor how Tehran handles ongoing protest activity before deciding on the scope of any potential military action, the report noted.
The US military would need more firepower in the region in order to launch a large-scale military action, protect US forces mobilized in the region, and to protect regional allies, including Israel, if Iran were to retaliate against a strike, the advisers told Trump, according to the officials.
However, smaller military actions could boost morale among protesters nationwide, even if it ultimately did not change the regime’s clampdown on activists, the officials told the outlet.
Trump, while not having made a final decision, has requested that US military assets be mobilized in preparation for a possible large-scale attack order, the officials said.
Trump and his team “have communicated to the Iranian regime that if the killing continues, there will be grave consequences,” White House press secretary Karoline Leavitt said on Thursday.
Leavitt: Only Trump knows what he will do in Iran
Only Trump knows what he is going to do, and a “very, very small team of advisors are read into his thinking,” she added.
Trump is likely to order the USS Abraham Lincoln to reposition from the South China Sea to the Middle East, two US officials and one other person familiar with the move told WSJ. This journey would last approximately a week, they noted.
Meanwhile, Senator Lindsey Graham told reporters that he is supportive of a larger-scale strike, WSJ reported, adding that he hopes the Iranian regime’s “days are numbered.”
RUSSIA VS UKRAINE UPDATES
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
.8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA
A MUST MUST VIEW;:
END
SOUTH AFRICA/IRAN
not smart; they are ignoring Trump
(zerohedge)
US Outraged Iranian Warships Are Docked At Cape Town: South Africa ‘Cozying Up’ To Tehran
Friday, Jan 16, 2026 – 09:45 AM
The United States is making its anger known to longtime but strained ally South Africa, charging the country’s defense ministry of ignoring directives from its own government to send Iranian warships home after they took part in naval exercises in South African waters.
Washington’s statement held nothing back: “South Africa can’t lecture the world on ‘justice’ while cozying up to Iran,” the US embassy in South Africa posted on Facebook. Islamic Republic warships have been docked in Cape Town for some days now. “Iran is a destabilizing actor and state sponsor of terror, and its inclusion in joint exercises – in any capacity – undermines maritime security and regional stability,” the US statement said.
“It is particularly unconscionable that South Africa welcomed Iranian security forces as they were shooting, jailing, and torturing Iranian citizens engaging in peaceful political activity South Africans fought so hard to gain for themselves,” it continued.
While the protests and riots have largely died down, and it should be noted that much of the activity in the streets especially in the latter days of the unrest was not entirely ‘peaceful’ – the potential for some kind of looming military action is still there. US military assets are en route to the Middle East region, after much of the naval strike group has been built up for months in the southern Caribbean.
South Africa’s defense ministry in turn rejected the accusation and said it had opened an investigation to determine the facts behind what it called “serious allegations”.
Ironically the weeklong naval exercise South Africa has been hosting is dubbed the “Will for Peace 2026”. It has widely been described as a BRICS and “BRICS+” naval drill and chiefly involves Russian, Chinese, and Iranian warships.
The drill had long been in planning and the date set, significantly before the flare-up of two weeks of economic-driven protests in the Islamic Republic.
But in light of the controversy, the South African government did apparently succumb to pressure from Western allies to send Iranian military assets home.
On Friday, the office of Defense Minister Angie Motshekga underscored she “would like to place it on record” that President Cyril Ramaphosa’s instructions for the Iranians do depart immediately had been “clearly communicated to all parties concerned, agreed upon and to be implemented and adhered to as such.”
But this wasn’t fast enough, and the US Embassy is outraged, with its diplomats getting to literally view Iranian warships parked and prominently displayed off South Africa’s main capital city.
However, some reports have said that the Iranian warships had already docked in Cape Town by the time the order instructing them to turn back was issued – but again, it also seems they are in no hurry to leave, perhaps trolling the US.
Meanwhile, Russian President Vladimir Putin held phone calls Friday with the leaders of Iran and Israel, marking his first public response to the Iran crisis, and amid US threats for intervention.
The Kremlin said Putin spoke by phone with Iranian President Masoud Pezeshkian as part of what it described as his “continued efforts” to de-escalate tensions.
“This is assistance not only to Iran, but to the entire region, as well as to the cause of regional stability and peace,” Kremlin spokesman Dmitry Peskov told a press briefing.
END
CANADA
Carney is making a big mistake as he turns east abandoning the USA entirely
(ZEROHEDGE)
Canada’s PM Carney Praises “New World Order”; Opens Door To Chinese EVs
Friday, Jan 16, 2026 – 11:00 AM
The invasion of Chinese electric vehicles into North America is set to accelerate after Canadian Prime Minister Mark Carney agreed to roll back the triple-digit tariffs previously imposed on Chinese EVs. The move sharply diverges from President Trump’s America First policy, which aims to revitalize the North American auto industry. While Chinese EVs remain effectively blocked from US import, there has been a noticeable increase in BYD Motor vehicles on highways in Mexico.
Canadian Prime Minister Mark Carney, who appears to have deep ties with Beijing, was the first prime minister to visit China since 2017 and is seeking a major thaw in relations after years of tense diplomatic and trade ties.
Carney’s move abandons the 100% tariffs on Chinese EVs imposed by former Prime Minister Justin Trudeau in 2024, replacing them with a 6.1% rate capped at 49,000 Chinese EVs. In 2023, China exported 41,678 EVs to Canada. The shift in trade policy will certainly capture the Trump administration’s attention.
“In order for Canada to build our own competitive EV sector, we need to learn from innovative partners, access their supply chains and increase local demand,” Carney told reporters after talks with President Xi Jinping.
Carney may have given the wrong answer. Logically, if Canada wanted to build out an EV sector, it would turn to American expertise, such as Tesla, Rivian, Lucid, or even legacy Detroit automakers. Instead, that does not appear to be the case, raising questions about where Carney’s allegiance truly lies, whether with the East or the West.
A recent report via The Bureau’s Sam Cooper only suggests Carney’s allegiance points towards Beijing…
And there it is…
“The world has changed much since that last visit, I believe the progress that we have made in the partnership sets us up well for the new world order,” declared the Prime Minister of Canada.
His face really says it all!
Watch as Scott Moe reacts to Mark Carney’s New World Order remark. pic.twitter.com/DyKZB62Rnh— Rebel News (@RebelNewsOnline) January 15, 2026
Also during his Beijing trip, Carney told Zhao Leji, the third-highest ranking member of the CCP, “We’re heartened by the leadership of President Xi Jinping and the speed with which our relationship has progressed,” Reuters reported.
He added that recent trade friction forced Beijing to slap 100% duties on Canadian canola oil – also known as rapeseed oil – as well as other ag products, with 25% on pork and seafood.
“China used to be the largest market for Canadian canola seed,” Carney said. “We want to not just return to those levels, but to surpass them.”
It appears Carney has not learned the lesson from Europe, where flooding the market with Chinese EVs helped decimate automakers across the continent.
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: 1.1612 UP 0.0003 PTS OR 3 BASIS POINTS/WITH STOCKS IN EUROPE ALL RED
USA/ YEN 158.12 DOWN 0.465 NOW TARGETS INTEREST RATE AT 1.75% 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 1.3404 UP 0.0024 OR 24 BASIS PTS
USA/CAN DOLLAR: 1.3892 UP 0.0002 CDN DOLLAR DOWN 2 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 10.89pts or 0.26%
Hang Seng CLOSED DOWN 73.66PTS OR 0.21%
AUSTRALIA CLOSED UP .54%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 78.66 PTS OR 0.29%
/SHANGHAI CLOSED DOWN 10.89 PTS or 0.26%
AUSTRALIA BOURSE CLOSED UP 0.54%
(Nikkei (Japan) CLOSED DOWN 142.50 PTS OR 0.27%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4603.50
silver:$91.43
USA DOLLAR VS TRY: 43.28
USA DOLLAR VS RUSSIAN ROUBLE: 77.71 ROUBLE// UP 53 BASIS PTS
UK 10 YR BOND YIELD: 4.403 UP 2 BASIS PTS
UK 30: 5.141 UP 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.354 DOWN 2 BASIS PTS
CDN 5 YR BOND YIELD; 2.898 DOWN 1 BASIS PTS
USA dollar index early THURSDAY morning: 98.98UP 6 BASIS POINTS FROM WEDNESDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.227% UP 3 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.185% UP 2 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.488 UP 2 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.228 UP 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.427 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.8413 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1614 UP 0.0005 OR 5 basis points
USA/Japan: 158.06 DOWN 0.326 OR YEN IS UP 33 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4040 UP 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND;5.140 UP 4 BASIS POINTS.
Canadian dollar DOWN 12 BASIS pts to 1.3902
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 6.9692ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.9650
TURKISH LIRA: 43.28 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +2.187 UP 2 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.488 UP2 basis pts
Your closing 10 yr US bond yield UP 2in basis points from THURSDAY at 4.192% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.812 UP 2 2 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.573 UP 0 BASIS PTS.
GOLD AT 10;00 AM 4604.00
SILVER AT 10;00: 89.05
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 DOWN 3.68 PTS OR 0.04%
GERMAN DAX: CLOSED DOWN 56.26 OR 0.22%
FRANCE: CLOSED DOWN 54.18 PTS OR 0.65%
Spain IBEX CLOSED UP 68.20 PTS OR 0.39%
Italian MIB: CLOSED UP 50.08 PTS OR 0.11%
WTI Oil price 59,96 10.00 EST/
Brent Oil: 64.60 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.38 ROUBLE DOWN 0 AND 14 / 100
CDN 10 YEAR RATE: 3.3665 DOWN 1 BASIS PTS.
CDN 5 YEAR RATE: 2.901 UP 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1599 DOWN 0.0009 OR 9 BASIS POINTS//
British Pound: 1.3383 UP 0.0002 OR 2 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.4050 UP 2 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.134 UP 1 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.188 UP 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.498 UP 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 158.07 DOWN 0.522 OR YEN UP 52 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3915 UP 0.0025 PTS// CDN DOLLAR DOWN 25 BASIS PTS
West Texas intermediate oil: 59.48
Brent OIL: 64.14
USA 10 yr bond yield UP 7 BASIS pts to 4.227
USA 30 yr bond yield UP 5 PTS to 4.837%
USA 2 YR BOND 3.597 UP 3 PTS
CDN 10 YR RATE 3.375 UP 2 BASIS PTS
CDN 5 YEAR RATE: 2.9221 UP 2 BASIS PTS
USA dollar index: 98.16 UP 4 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.27 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 78.59 UP 0 AND 35/100 roubles //
GOLD $4,588.70 3:30 PM)
SILVER: 89.15 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 83.11OR 0.17%
NASDAQ 100 DOWN 14.63 PTS OR 0.06%
VOLATILITY INDEX 15.65 DOWN 0.17PTS OR 1.20%
GLD: $ 421.38 DOWN 1.99 PTS OR 0.47%
SLV/ $82.07 DOWN 2.25 PTS OR OR 2.69%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 21.82 PTS OR 0.0.7%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Stocks Dip; Gold, Oil, & Crypto Rip As Trump Triggers Chaotic Week
WRAP UP
US yields march higher as Trump seemingly dismisses Hassett for Fed Chair – Newsquawk US Market Wrap
Friday, Jan 16, 2026 – 04:11 PM
- SNAPSHOT: Equities mixed, Treasuries down, Crude up, Dollar flat, Gold down
- REAR VIEW: Trump wants to keep Hassett at the NEC, downplaying him as the next Fed Chair; Trump thanks Iran for cancelling scheduled hangings; Fed’s Bowman calls for more rate cuts given job market risks; Fed’s Jefferson believes rates have entered a range consistent with neutral; Trump threatens tariffs on countries that do not go along with Greenland; Japan’s Finance Minister says FX intervention is potential option under US-Japan agreement; Canada announces they will allow up to 49k Chinese EVs into the market; China adjusts silver and nickel futures trading limits.
- COMING UP: Holiday: US Holiday (MLK Day). Desk: Newsquawk will open for APAC coverage as usual on Sunday, 18th January at 22:00GMT/17:00EST. EU coverage starts at 06:30GMT/01:30EST on Monday, 19th January, as usual. Thereafter, the desk will shut at 18:00GMT/13:00EST and re-open on the same day for the beginning of APAC coverage at 22:00GMT/17:00EST. Data: EZ Final HICP (Dec), Canadian CPI (Dec), Chinese GDP (Q4), Retail Sales (Dec). Events: BoC SCE.
- WEEK AHEAD: Highlights include US PCE, BoJ, China Activity Data, Flash PMIs, and Inflation from the UK, Japan and Canada. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing BoJ, PBoC LPR, ECB Minutes, Norges Bank, and CBRT. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Deluge of earnings with highlights from NFLX, JNJ, SCHW, PG, INTC. Click here for the full report.
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
US indices ended the day very rangebound on Friday, ahead of the long US weekend due to MLK Day on Monday. Sectors were mixed, with Real Estate sitting atop the pile and Health lagging, amid a lack of tier 1 US data. While data and Fed speak was fairly light, the Dollar saw upside and Treasuries sold after Trump suggested he will keep Hassett as NEC Director, and will not be his choice his Fed Chair. Following the indication from Trump, T-Notes tumbled to lows across the curve, given Hassett is seen as the most dovish candidate, and less friendly for Fed-independence; traders pulled back Fed rate cut bets. Elsewhere on the matter, FBN reported that those inside the interview with Rick Rieder for Fed chair saw it as a positive that he was the only candidate with no prior Federal Reserve experience. Markets are largely favouring former Fed Governor Warsh as the next Fed Chair now, with Kalshi assigning Warsh’s probability at 59%. Rieder still lags at 10%, however. Overall, the Dollar was flat with the Yen outperforming after BoJ sources and the latest jawboning. The crude complex was fairly maintained in what has been a busy week in geopolitics, and while energy settled firmer, benchmarks pared some gains after Trump said he greatly respects the fact that all scheduled hangings, which were to take place yesterday (over 800 of them), have been cancelled by the leadership of Iran. Spot silver was weighed on by updates from China (adjusted trading limits for silver futures), while spot gold also saw losses, albeit not to the same magnitude. Fed speak came via Fed dove Bowman, who noted the Fed should not signal a pause in rate cut campaign, while Jefferson does not want to prejudge January rate-setting decision and Fed rate cuts since 2024 have brought policy rate into range consistent with neutral; note, Fed goes into blackout this evening ahead of the aforementioned FOMC confab.
US
BOWMAN: Fed Governor Bowman continued to show her dove stance. She believes the Fed should be ready to cut rates again due to job market risks, noting the Fed should not signal a pause in the rate cut campaign. She added that the risks to the Fed’s mandate are asymmetric, and the Fed should be ready to cut again if the labour market needs. In her view, monetary policy is modestly restrictive, and she notes that policy should be forward looking. She sees solid growth and lower inflation, which should stabilise the labour market, noting the economy has been resilient. However, she is concerned about labour market fragility, stressing policy should be focussed on supporting the jobs market. She acknowledged the Fed has made considerable progress on lowering inflation, noting underlying inflation is close to the Fed’s 2% target. She also noted that inflation pressures are easing as tariff impact abates.
JEFFERSON (voter): Said do not want to prejudge January rate-setting decision. He believes that some upside risks remain, but expects inflation to return to its path back to 2%. Jefferson views inflation as somewhat elevated, with the climb in core goods prices inconsistent with the return to 2% inflation. He is cautiously optimistic for 2026, though faces risks to both employment and price stability goals. The governor expects 2% economic growth in the near term and the unemployment rate to hold steady this year. He noted that Fed rate cuts since 2024 have brought the policy rate into a range consistent with neutral. Current policy stance leaves them well-positioned to determine how much and when to adjust the policy rate.
NAHB: NAHB housing market index fell to 37 in January from 39, below the expected 40. Within the report, current sales conditions dipped to 41 (prev. 40), while sales expectations in the next six months and traffic of prospective buyers both dropped by three points to 49 and 23, respectively. Within the release, and in a further sign of ongoing challenges for the housing market, it revealed that 40% of builders reported cutting prices in January, unchanged M/M, but the third consecutive month the share has been at 40% or higher since May 2020. On the price footing, the average price reduction was 6% in January (prev. 5% M/M), and the use of sales incentives was 65% in January, marking the 10th consecutive month this share has exceeded 60%.
INDUSTRIAL PRODUCTION: Industrial Production rose 2% Y/Y in December, cooling from the prior 2.5% and missing the 2.7% forecast. Manufacturing production rose 2%, accelerating from the prior 1.9% and in line with forecasts. M/M Manufacturing rose 0.2%, above the -0.2% forecast and up from the downwardly revised unchanged reading. Capacity utilisation rose to 76.3% from 76.1%, above the 76% forecast. Within the report, it notes that most of the major market groups posted gains in the month. Oxford Economics writes that the data reinforce their view of a sustainable increase throughout the year. The consultancy says, “In 2026, a confluence of factors will allow manufacturing to fire on multiple cylinders. Better tax treatment of business investment, greater defense spending, more interest-rate relief, and an ongoing AI buildout will undergird further growth in factory production.”
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 15 TICKS LOWER AT 111-24
T-Notes sold as Trump suggests he will keep Hassett as NEC Director. At settlement, 2-year +2.8bps at 3.595%, 3-year +3.9bps at 3.661%, 5-year +5.5bps at 3.822%, 7-year +5.7bps at 4.018%, 10-year +5.6bps at 4.227%, 20-year +4.2bps at 4.789%, 30-year +3.8bps at 4.835%.
THE DAY: T-Notes largely meandered overnight before selling off as the US session was underway. However, T-Notes tumbled to lows across the curve after commentary from US President Trump suggested he will not be going ahead with NEC Director Hassett as Fed Chair, stating he would like to keep him where he is. The move was clearly lower across maturities, but it did turn quite choppy across the curve thereafter, with the two-year paring some of the losses and hovering into settlement, while the 30-year also pared a lot of the weakness, before resuming lower into settlement. With Hassett seen as the most dovish, and less friendly for Fed-independence, traders were pricing out rate cuts from the Fed. Elsewhere on the matter, FBN reported that those inside the interview with Rick Rieder for Fed chair, saw it as a positive that he was the only candidate with no prior Federal Reserve experience. Markets are largely favouring former Fed Governor Warsh as the next Fed Chair now, with Kalshi assigning Warsh’s probability at 59%. Rieder still lags at 10%, however. We are expecting to get a definitive announcement by the end of January. Elsewhere, Fed’s Bowman spoke and struck her usual dovish tone, stating the Fed should not signal a pause in January.
SUPPLY
Notes
Reports suggested that the US Treasury is asking dealers whether they should consider quarterly 7-year T-note auctions with reopening’s.
Bills
US to sell USD 85bln of 6-week bills (prev. 75bln), USD 89bln of 13-week bills (prev. 86bln), USD 77bln of 26-week bills (prev. 77bln) and USD 50bln of 52-week bills (prev. 50bln) on Jan 20th, to settle Jan 22nd.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: January 0bps (prev. 0bps), March 3.3bps (prev. 3.3bps), April 8.2bps (prev. 8.2bps), December 43.2bps (prev. 47.4bps)
- NY Fed RRP op demand at USD (prev. 2bln) across counterparties (prev. 6)EFFR at 3.64% (prev. 3.64%), volumes at USD 92bln (prev. 93bln) on January 15th
- SOFR at 3.66% (prev. 3.64%), volumes at USD 3.201tln (prev. 3.148tln) on January 15th
CRUDE
WTI (G6) SETTLED USD 0.25 HIGHER AT 59.44/BBL; BRENT (H6) SETTLED USD 0.37 HIGHER AT 64.13/BBL
The crude complex ended the day, and week, with gains in what was filled with geopolitical risk. Although oil finished in the green for the week, it was well off earlier highs given the more constructive Trump tones in Iran in the last couple of days. The most recent update, which saw a brief bout of downside, was Trump noting he greatly respects the fact that all scheduled hangings, which were to take place yesterday (over 800 of them), have been cancelled by the leadership of Iran. Nonetheless, newsflow on Friday was fairly sparse, and participants are likely want to take money off the table ahead of the long US weekend due to MLK day on Monday. In the weekly Baker Hughes rig count, oil rose to 410, natgas fell 2 to 122, leaving the total down 1 at 543.
EQUITIES
CLOSES: SPX -0.06% at 6,940, NDX -0.07% at 25,529, DJI -0.17% at 49,359, RUT +0.12% at 2,678
SECTORS: Health -0.84%, Communication Services -0.72%, Utilities -0.51%, Materials -0.44%, Consumer Discretionary -0.17%, Consumer Staples 0.00%, Technology +0.09%, Financials +0.12%, Energy +0.21%, Industrials +0.65%, Real Estate +1.20%.
EUROPEAN CLOSES: European Closes: Euro Stoxx 50 -0.25% at 6,026, Dax 40 -0.30% at 25,276, FTSE 100 -0.04% at 10,235, CAC 40 -0.65% at 8,259, FTSE MIB -0.11% at 45,800, IBEX 35 +0.39% at 17,711, PSI +0.43% at 8,639, SMI -0.50% at 13,409, AEX -0.08% at 1,010
EARNINGS:
- J.B. Hunt (JBHT): Q4 revenue missed.
- Regions Financial (RF): Profit, net income missed and expect next quarter NII to fall -1-2% Q/Q. post-results, downgraded at Wells Fargo to ‘Underweight’ from ‘Equal Weight’ following “weaker-than-expected” guidance.
- PNC Financial (PNC): EPS & revenue topped with solid Q1 outlook.
STOCK SPECIFICS:
- AST SpaceMobile (ASTS) awarded prime contract position on US Missile Defense Agency’s SHIELD IDIQ programme.
- Intel (INTC) upgraded at Citi.
- Micron (MU) Director Teyin Liu purchased 23.2k shares between 13-14th January for a total USD 7.8mln.
- Mosaic (MOS) prelim announced disappointing Q4 results amid challenging market environment which significantly impacted Q4 performance.
- Riot Platforms (RIOT) announced fee simple acquisition of land and first data centre lease with AMD (AMD) at the Rockdale site.
- Seagate Tech (STX) was upgraded at Susquehanna to ‘Neutral’ from ‘Negative’.
- US President Trump says he had a great meeting on Healthcare this morning, government money must be paid, not to the insurance companies, but directly to the people; Healthcare will be provided at a substantially reduced cost.
- OpenAI introducing ChatGPT Go, now available worldwide; available for USD 8/month in the US; ChatGPT now offers three subscription tiers globally; not launching ads in ChatGPT yet.
- Genmab (GMAB) announced topline results for epcoritamab from Phase 3 Epcore dlbcl-1 trial in patients with relapsed/refractory diffuse; said study OS did not reach statistical significance; study demonstrated an overall survival of hr: 0.96.
- Intel (INTC) – Hired Qualcomm (QCOM) executive to lead GPU engineering for data centres, CRN reports.
FX
The Dollar Index was little changed with overnight losses erased as US President Trump downplayed NEC Director Hassett being the Fed Chair replacement. Hassett earlier highlighted that former Fed Governor Warsh and BlackRock’s Rieder would be great Fed Chairs. Trump’s comments sent both the dollar and US yields higher as Hassett is seen as the most dovish, and less friendly for Fed-independence, so participants were pricing out rate cuts from the Fed; gold was pressured as well. On the contrary, Fed’s Bowman calls for continued rate cuts, noting concerns over job market risks with policy needing to be forward-looking. DXY hit lows of 99.16 before paring to ~99.37
JPY outperformed amongst G10 FX following a couple updates. Finance Minister Katayama said FX intervention is a potential option under the US-Japan agreement and expressed readiness to take decisive action while keeping all options on the table. Further JPY strength was founded on Reuters reports that some BoJ policymakers see scope to raise interest rates as soon as April due to the inflationary effect of a weaker JPY; seen as likely to raise its FY26 economic and inflation forecasts. USD/JPY now trades around lows of 157.82. AUD and CAD underperformed in the space.
USA DATA RELEASES
USA doing great//everybody else in trouble
US Industrial Production Surged To End 2025
Friday, Jan 16, 2026 – 09:23 AM
While ‘soft’ survey data has been disappointing, hard macro data has been resilient and Industrial Production ended 2025 on a bright note with a 0.4% MoM surge in December (considerably better than the +0.1% MoM expected) complementing November’s 0.4% MoM rise. This left industrial production up 2% YoY…
Source: Bloomberg
The index for utilities increased 2.6 percent in December, supported by a rise of 12.0 percent in the index for natural gas…
US Manufacturing output also rose more than expected, +0.2% MoM vs -0.1% MoM exp.
Source: Bloomberg
Capacity Utilization also rebounded in December, seemingly breaking the downtrend…
Source: Bloomberg
This ‘positive’ macro news seems at odds to the soft survey data that suggests the end of the world.
Finally, rate-cut expectations are lower still following this ‘good’ news.
USA ECONOMIC COMMENTARIES
this will crush the utilities!!
“Emergency Intervention”: Trump To Cap Residential Electric Bills By Forcing Tech Giants To Pay For Soaring Power Costs
Thursday, Jan 15, 2026 – 11:27 PM
Back in August, when the American population was just waking up to the dire consequences the exponentially growing army of data centers spawned across the country was having on residential electricity bills, we said that the chart of US CPI would soon become the most popular (not in a good way) chart in the financial realm.
One month later we added that it was only a matter of time before Trump, realizing that soaring electricity costs would almost certainly cost Republicans the midterms, would enforce price caps.
Turns out we were right.
And while Trump obviously can not pull a communist rabbit out of his hat, and centrally plan the entire US power grid, what he can do is precisely what he is about to announce.
According to Bloomberg, Trump and the governors of several US Northeastern states agreed to push for an emergency wholesale electricity auction that would compel technology companies to effectively fund new power plants, effectively putting a cap for residential power prices at the expense of hyperscalers and data centers. Which, come to think of it, we also proposed back in October.
The unprecedented plan, set to be announced Friday morning, seeks to address growing tensions over how the nation can supply electricity to power-hungry data centers, critical to help win the global AI race against China, without simultaneously hiking utility bills for homes and businesses.
The Trump administration and some US governors plan to direct grid operator PJM Interconnection LLC, the largest regional power grid in the US serving 67 million customers primarily in the Northeast, to hold an auction for tech companies to bid on 15-year contracts for new electricity generation capacity.
If the auction proceeds as envisaged, tech giants would pay for power over the duration of the contracts, whether they use the electricity or not, providing secure revenues for years in a market notorious for price volatility and generator bankruptcies.
The auction would deliver contracts supporting the construction of some $15 billion worth of new power plants, said a White House official granted anonymity to detail the approach.
Naturally, since this plan is being introduced under duress, representatives of PJM won’t be in attendance when the plan is laid out Friday according to Bloomberg.
“We don’t have a lot to say on this,” PJM spokesman Jeffrey Shields said by email. “We were not invited to the event they are apparently having tomorrow and we will not be there.”
The push by the administration and the governors — which will come in the form of a non-binding “statement of principles” signed by Trump’s National Energy Dominance Council and the governors of Pennsylvania, Ohio, Virginia and other states — responds to growing concern about power demand far outpacing supply in the region managed by PJM.
PJM is already home to the world’s biggest concentration of data centers, in northern Virginia. It expects peak demand across its system to jump 17% by 2030 from this year’s high. Furthermore, as we noted two months ago, PJM is one of the 8 (out of 13) regional power markets that are already below critical spare capacity levels.
Trump has repeatedly described power plants being built alongside data centers, and on Monday, he doubled down on the idea, insisting in a social media post that the big technology companies that construct data centers must “pay their own way.”
“I never want Americans to pay higher Electricity bills because of Data Centers,” Trump wrote in his post, and now he will try to make that a reality.
As we have warned repeatedly in the past year, cost-of-living concerns – especially when it comes to staples like electricity – are already weighing heavily on Republicans’ bid to maintain control of the House and Senate in this November’s congressional elections. While Trump has stressed the plummeting cost of oil and gasoline since he took office last January, electricity prices have climbed due to rising demand, and there’s a building backlash against data centers that are fueling the surge… which – you guessed it – we warned about too.
The average US retail price for electricity gained 7.4% in September to a record 18.07 cents per kilowatt-hour, the biggest gain since December 2023. Residential prices have jumped even higher, rising by 10.5% between January and August 2025, marking one of the largest increases in more than a decade, according to the National Energy Assistance Directors Association.
Friday’s action is being cast as a one-time emergency intervention into the PJM market, necessary because of the rapid rise in electricity prices in the Mid-Atlantic region. The Trump administration and governors will urge the grid operator to return to market fundamentals after the acute problem is addressed, the White House official said.
The administration’s prescription for PJM is what’s known as a reliability backstop auction — something the grid operator already envisioned in the wake of repeated failed sales. But the administration and governors’ plan would mean holding the emergency auction right away after one clear failure – with unusual terms meant to foster a wave of rapid, new construction and the only bidders being data center owners and operators.
While PJM already holds auctions procuring electricity supplies, those are 12-month periods. In the auction encouraged by Trump and the governors for 15-year contracts, start-up times for the new power plants are likely to be staggered. The White House and governors are urging PJM to hold the special one-time auction by the end of September.
“It sounds like a significant improvement and a logical extension of bring-your-own new generation,” Joe Bowring, president of PJM’ s independent watchdog Monitoring Analytics LLC, said in a telephone interview. Almost as if the Trump admin read something else we wrote…
“While a ‘statement of principles’ doesn’t appear to include a legal mandate for PJM to act, pressure from the Trump administration and a bipartisan coalition of PJM states is very likely to motivate a considerable response” from the grid operator, said Timothy Fox, an analyst with the research firm ClearView Energy Partners.
This plan also could fast track the development of natural gas generation and potentially nuclear plants by guaranteeing revenues – and profits – specifically to support data campuses needed to deploy artificial intelligence. The approach could benefit larger tech companies at the expense of smaller firms, as well as companies involved in advanced energy development such as Small and Modular Nuclear Reactors.
Amazon.com Inc., Alphabet Inc.’s Google and Microsoft Corp. are less exposed to electricity price fluctuations since they can pass those costs on to customers, said Gil Luria, analyst at DA Davidson & Co. However, dozens of smaller companies, including Nebius and CoreWeave that offer artificial intelligence infrastructure to cloud-computing companies on multi-year contracts, could be more exposed to big price swings since they are on the hook to absorb higher electricity costs, he said.
“If they have to pay more for electricity, their margins will get squeezed,” Luria said.
Trump’s initiative will deliver another benefit: the effort has the potential to help PJM tackle a significant roadblock: improving the accuracy of its forecasts for demand growth. With tech giants paying for the power plants they need, the approach could weed out speculative projects that have skewed demand growth projections, something we discussed earlier.
As Bloomberg notes, the involvement of Democratic governors – including Pennsylvania’s Josh Shapiro and Maryland’s Wes Moore – is seen by the Trump administration as helping to anchor the effort, since state policies have driven recent changes in the power mix, including the retirement of coal and gas plants. The initiative is also seen aiding hyperscalers by ensuring reliable power supply, and it could be a model for other parts of the country, the White House official said.
Governors are committing to implement and assign these costs to the data centers, ensuring the price of these new power plants doesn’t land on the average household, the White House official said.
PJM’s auctions have emerged as a political flashpoint in the national debate about affordability after prices reached record levels in 2024. Although Pennsylvania’s Shapiro struck a deal with PJM to cap prices in future auctions, costs hit new highs in two subsequent sales. In fact, had it not been for an implicit cap in the latest auction, residential prices would have been 60% higher (see “Inside The PJM Auction Report, Something Crazy: Without Price Controls, Electricity Bills Would Explode“.)
The most recent auction, in December, also fell 6.6 gigawatts short of supplies, which PJM blamed on the frenzy to build massive data centers. PJM is now being asked to extend the price cap for auctions held through this year, the White House official said.
While the statement of principles being signed Friday isn’t a binding legal document, administration officials have discussed the plan with a host of stakeholders, from PJM executives and state officials, to utilities, power-plant developers, Wall Street and the hyperscalers building these data centers, the official said.
end
looks like it will be Kevin Warsh, just like I predicted
Trump Says Wants To Keep “Hassett Where He Is” Sending Warsh Fed Chair Odds Soaring; Gold Slides
Friday, Jan 16, 2026 – 10:31 AM
In a strong hint ahead of Trump’s decision later this month who the next Fed chair will be, the president appears to have hobbled the chances of one of the Kevins when he said that Kevin Hassett was “fantastic on TV today”, and Trump wants to “keep him where he is” since “Fed officials don’t talk much” while Hassett is “good at talking.”
“I actually want to keep you where you are, if you want to know the truth,” Trump told Hassett during a White House event.
“If I move him, these Fed guys — certainly the one we have now — they don’t talk much. I would lose you. It’s a serious concern to me.”
The news promptly sent Kevin Warsh’s Polymarket up to 54% from 34% previously making him the favorite, while Hassett tumbled from a 34% chance to be nominated to a 16% chance, below Chris Waller whose odds also jumped, from 9% to 18%.
And since Warsh is generally viewed more hawkish than Hassett, we have seen an instant jump in the Dollar index…
.. and a slide in gold.
…as rate-cut expectations plunge…
KING NEWS
| The King Report January 16, 2026 Issue 7661 | Independent View of the News |
| Treasury Secretary Bessent: “The Federal Reserve… has no supervision, no accountability… The Fed is now losing $100 billion a year with no accountability… We had the worst inflation in 49 years… Ethic violations by 4 of 6 regional presidents or governors…” https://x.com/GuntherEagleman/status/2011601439861219475 Initial Jobless Claims 198k, 215k expected, 208k prior Continuing Claims 1.884m, 1.897m expected, prior 1.903m revised from 1.914m Jan Empire Manufacturing 7.7, 1.0 expected, prior revised to -8.8 from 10.2 https://www.newyorkfed.org/medialibrary/media/survey/empire/empire2026/esms_2026_01.pdf Jan Philadelphia Fed Business Outlook 12.6, -1.4 consensus, prior revised to -3.7 from -3.09 Reports say Middle East leaders, including Netanyahu, asked Trump to NOT attack Iran. Reportedly they and some US officials believe a surgical strike would NOT collapse the regime. A larger and prolonged attack is needed; and US assets are not mobilized for that at this point. @Osint613: Senior Iranian official Mohsen Rezaee taunts Trump: “It brings to mind Hitler’s army getting trapped by Russia’s winter. After that defeat, Germany could no longer be saved and half the country was lost. Iran serves the same purpose today. The further Trump pushes ahead, the worse his position becomes.” https://x.com/Osint613/status/2011879145513382311 Seeing another TACO, Traders bought equities and sold precious metals after DJT did NOT strike Iran. Traders poured into Fangs and techs for coning results; the earnings season rally commenced! Taiwan Semiconductor soared as much as 7.3% on great results. TSM reported EPS of 3.14; 2.94 was consensus. TSM sees Q1 revenue of $34.6B to $35.8B; $3.25B was consensus. ESHs vacillated between modest and moderate losses from their opening at 18:00 ET until they broke higher near the 2 ET Chinese close. ESHs rallied to a daily high of 7012.00 (+45.75) at 10:37 ET. After a sudden drop to 6992.50 at 10:51 ET, ESHs plodded to minor new highs. ESHs hit a peak of 7017.25 at 12:05 ET. They then rolled over and tumbled during the final 90 minutes of NYSE trading. After hitting 6974.75 at 15:21 ET, a manipulation failed. A later manipulation pushed ESHs to 6986.50 at 16:00 ET. With January options expiring today, there was an urgency for manipulation. The salient feature of afternoon trading was the reappearance of the valuation rotation. After rallying sharply in the morning on buying for coming results and expiration, the NY Fang+ Index was -48 and change (+180.32 at peak) at 15:21 ET. Someone assaulted Spot Silver after 19:19 ET, forcing to decline 9% in about an hour. Silver then intractably rallied for the remainder of the day. March Silver closed +0.96%. Feb Gold rallied from a low of 4584.00 (-51.70) at 8:47 ET to 4630.10 (-5.60) at 11:17 ET. Trump says Zelenskiy, not Putin, is holding up a Ukraine peace deal: Reuters https://www.reuters.com/world/europe/trump-says-zelenskiy-not-putin-is-holding-up-ukraine-peace-deal-2026-01-15/ Trump questions Reza Pahlavi’s ability to garner support in Iran “I don’t know whether or not his country would accept his leadership, and certainly if they would, that would be fine with me.”… https://t.co/stAWWJOtEs Have critics focused on the wrong credit boom? – Carlyle (Thanks Steve) Since the fall of 2022 (when the stock market bottomed), the total value of margin credit extended by broker-dealers has increased by 87% (22% annualized) to a record $1.2 trillion (Figure 3). Over the same period, hedge funds’ prime brokerage balances have doubled (26% annualized growth) to $3.2 trillion, while their overnight repo borrowing has increased 2.7x (39% annualized growth) to $3.1 trillion (Figure 4). And this has come as the US government has increased its short-term borrowing by 81% (22% annualized), with bills now financing $6.7 trillion, or 22%, of the $30 trillion in marketable US Treasury securities outstanding (Figure 5)… At current leverage ratios (Figure 3), a seemingly small drop in stock prices could trigger de-risking that precipitates a far larger and seemingly inexplicable drawdown… The growth in repo borrowing has mainly financed the purchase of Treasury notes and bonds deliverable into Treasury futures as part of the “basis trade.” Tranquility here would seem to require the magical confluence of an uninterrupted supply of cheap overnight financing and muted volatility in the yields of longer-duration notes and bonds. Hiccups like the one witnessed in April 2025 seem virtually assured…. https://www.carlyle.com/research/5-questions-for-2026-credit-boom The WH: President Donald J. Trump Calls on Congress to Enact the Great Healthcare Plan https://www.whitehouse.gov/fact-sheets/2026/01/fact-sheet-president-donald-j-trump-calls-on-congress-to-enact-the-great-healthcare-plan/ @POLITICOEurope: Despite signs that the US administration is targeting the US Federal Reserve’s leadership, the European Central Bank’s vice president says the Fed is still a trusted lender of last resort. (The Fed, often covertly, has regularly bailed out EU banks.) https://t.co/kLQsia47Tg Positive aspects of previous session A robust equity rally appeared in the morning. The DJTA rallied 1.81% on the valuation rotation. The DJIA rallied .60%. Negative aspects of previous session Fangs and ESHs declined smartly in the afternoon. USHs were -7/32 at the NYSE close. Ambiguous aspects of previous session Why ARE Fangs struggling when they usually rally into results? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6953.91 Previous session S&P 500 Index High/Low: 6979.34; 6937.93 @lizcollin: Pics from North Minneapolis last night where rioters destroyed federal vehicles and stole firearms, ammunition and sensitive documents inside. All captured on livestreams. https://x.com/lizcollin/status/2011787833988510169 Trump threatens to use Insurrection Act to stop attacks on ICE agents in Minnesota “If the corrupt politicians of Minnesota don’t obey the law and stop the professional agitators and insurrectionists from attacking the Patriots of I.C.E., who are only trying to do their job, I will institute the INSURRECTION ACT,” President Trump said… https://justthenews.com/politics-policy/all-things-trump/trump-threatens-use-insurrection-act-stop-attacks-ice-agents WH Press Secretary Karoline Leavitt announced the US and Denmark have agreed to establish a working group for technical talks on the acquisition of Greenland. https://x.com/TheCalvinCooli1/status/2011946554156867654 Trump announced the formation of the “Board for Peace in Gaza. Trump: “The members of the board will be announced shortly…” Fed Balance Sheet: +$8.098B on +$8.165 T-Bills; Reserves: +$53.251B @mazemoore: 2008. Obama slams the Bush Administration for not doing enough to combat the problem of illegal immigration. (“The Bush administration has done nothing to control (the border)… We have had 5 million workers come over the border… American are seeing their own economic position slip away… As president I will make sure that we have the border security that we need… I will take on employers…”) https://x.com/mazemoore/status/2011858560905539596 Today – Traders keep playing upward biases/seasonal trends but selling keeps thwarting them. This is the final change to squeeze expiring January calls. Plus, it’s 3-day (Marting Luther King Jr.) weekend. Astute traders realize that the early surge in Fangs and tech stocks, on TSM’s good results, did not last very long, and those stocks sank in the afternoon. The valuation rotation keeps recurring. ESHs are +11.50; NQHs are +62.50; Feb AU is -16.80; and USHs are -5/32 at 20:15 ET. Expected Earnings: No impact results due. Expected Economic Data: Dec Industrial Production 0.1%, Mfg. Production -0.1%, Cap Utilization 76%; Boston Fed Pres Collins 10:50 ET, Gov Bowman 11:00 ET, KC Fed Pres Schmid 13:30 ET S&P Index 50-day MA: 6826; 100-day MA: 6737; 150-day MA: 6581; 200-day MA: 6349 DJIA 50-day MA: 47,931; 100-day MA: 47,097; 150-day MA: 46,104; 200-day MA: 44,865 (Green is positive slope; Red is negative slope) S&P 500 Index (6944.47 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 6897.28 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6940.70 triggers a sell signal Three men arrested for ‘attempted murder’ of feds in Minneapolis ID’d as illegal immigrants from Venezuela https://t.co/KuH1yh68CN Fox’s @BillMelugin_: This is the headline NYT went with for the ICE shooting in MN. No mention of alleged shovel attack, multiple suspects involved in alleged attack, legal status of the targeted illegal alien, etc. NYT: Federal Agent Shoots Man in Minneapolis, Prompting Tense Protests. @DHSgov: This despicably misleading headline is exactly why the American people have completely lost faith in the mainstream media. This journalist knows the facts, was given the truth, and adamantly REFUSES to report it. Here are the facts: At 6:50 PM CT, federal law enforcement officers were conducting a targeted traffic stop in Minneapolis of an illegal alien from Venezuela who was released into the country by Joe Biden in 2022. In an attempt to evade arrest, the subject fled the scene in his vehicle and crashed into a parked car. The subject then fled on foot. The law enforcement officer caught up to the subject on foot and attempted to apprehend him when the subject began to resist and violently assault the officer. While the subject and law enforcement were in a struggle on the ground, two subjects came out of a nearby apartment and also attacked the law enforcement officer with a snow shovel and broom handle. As the officer was being ambushed and attacked by the two individuals, the original subject got loose and began striking the officer with a shovel or broom stick. Fearing for his life and safety as he was being ambushed by three individuals, the officer fired a defensive shot to defend his life. The initial subject was hit in the leg. All three subjects ran back into the apartment and barricaded themselves inside. The attacked officer and subject are both in the hospital. Both attackers are in custody. WH Press Sec: Democrats like Walz “are using their platforms to encourage violence against federal law enforcement officers” and “encouraging left-wing agitators to unlawfully obstruct legitimate law enforcement operations… It’s truly shameful.” https://t.co/n74ZGRjJQc @RapidResponse47: Just so we’re all clear: these criminals in Minnesota have been embolden by @GovTimWalz and @MayorFrey to evade arrest and attack law enforcement officers. This is a result of their sick, unhinged rhetoric. @TRobinsonNewEra: Illegal immigrants clearly think they’re above the law. They’ve been given this mentality by the left, who treats them as victims rather than criminals. @WesternLensman: Min Mayor Jacob Frey is confronted with case of illegal alien killing woman in drunk driving crash after being released multiple times while not cooperating with ICE detainers. @GriffJenkins: “Why not just cooperate and make it safer for everyone?” Frey: **Completely dodges question** https://t.co/n04MgJCFB7 White House mocks Tim Walz after he tells Minnesotans to keep filming ICE agents in glitchy prime-time address: ‘Just resign’ – “Tampon is currently attempting to do a live, highly produced statewide address to condemn the enforcement of our immigration laws in Minnesota … but it’s not going so well,” read an X post from the White House’s Rapid Response account, which used the derisive nickname some Republicans use to refer to Walz. “You’re a loser, @GovTimWalz — and you always will be,” the stinging post continued. “Just resign in disgrace, you buffoon.”… https://t.co/KRpuUqzP8a Walz issued a performative appeal to DJT to “turn the temperature down” less than 24 hours after inciting violence & hate – and he contradicted himself! https://x.com/GovTimWalz/status/2011832759522615367 Walz: “And an appeal to Minnesotans: We can – we must – speak out loudly, urgently, but also peacefully. We cannot fan the flames of chaos. That’s what he wants.” @mazemoore: “Let’s turn the temperature down” Followed by…“Trump wants violence and chaos” You are such a phony. Without this “chaos” your terrible record as a governor would be in the spotlight. Fox: Minneapolis Mayor Jacob Frey called for “peace” Wednesday amid escalating protests — days after telling ICE to “get the f-out” of the city… @MZHemingway: You have elected Democrat officials openly calling for insurrection against police and law enforcement and everyone is kind of ho-hum about it. Tolerating this in any way is dangerous for everyone and for the future of a functioning republic. GOP Sen. @SenEricSchmitt: Radical leftists are encouraging confrontations, blocking law enforcement, and dehumanizing ICE agents. This is a powder keg. We’re a sovereign country & we absolutely have the right to enforce our immigration laws. https://t.co/BNq3vPD7W4 @nicksortor: Minneapolis rioters successfully BROKE OPEN a weapons locker in a federal vehicle and STOLE A RIFLE and ammunition before fleeing. I captured the thief’s face and license plate on the getaway vehicle. PLEASE SHARE and HELP IDENTIFY this POS. I have forwarded this to the top levels of the FBI… https://x.com/nicksortor/status/2011693543379652619 Minneapolis rioters stole SENSITIVE DOCS including arrest warrants and agent info from DHS and FBI vehicles they broke into. I intercepted (most) agent info to keep it out of the hands of these thugs, as well as access badges to ICE facility. https://x.com/nicksortor/status/2011686570336858486 @JLRINVESTIGATES: She has been identified! Mira Altobell-Resendez. She stole federal property in Minneapolis. https://x.com/JLRINVESTIGATES/status/2011853910005232074 @nicksortor: Attorney General Bondi has deployed federal PRISON GUARDS IN RIOT GEAR to protect DHS agents in Minneapolis. This federal response is growing every day. https://t.co/mvvKnQK3ux @EricLDaugh: AG Pam Bondi reveals she FIRED six DOJ prosecutors in Minnesota because they no longer supported ICE and demanded taxpayers pay for a VACATION. “I fired them all. They’re FIRED from the office!” “6 prosecutors suddenly decided they don’t like ICE! One did a PHOTOSHOOT with the NYT, while ICE risked their lives!” “So they came, they said, ‘we want to resign, but we want to use our annual leave up until April,‘ meaning they wanted the taxpayers to pay for them to go on vacation because they decided they didn’t want to support law enforcement!” https://t.co/jJzZMU27qr @GrageDustin: I can confirm that all six prosecutors @PamBondi called out last night vote in Democrat primaries. Multiple sources also confirm they’ve been trying to leave the office for some time, using this stunt to make themselves employable to high-paying Democrat-aligned firms. @libsoftiktok: Students who were bused to the Minnesota State Capitol to protest against ICE started a big fight that needed to be broken up by police. This is what happens when you’re indoctrinated with leftist propaganda instead of learning to read. https://t.co/Hz2vfN8uzD Attorney General James Uthmeier @AGJamesUthmeier: This is Jennifer Cruz of Jacksonville. Jennifer disagrees with immigration enforcement and decided to commit a few felonies by getting out of her car and punching a Trooper in the face. But unlike Minnesota, we don’t put up with this nonsense. Not today, Jennifer. https://x.com/AGJamesUthmeier/status/2011800589882061213 @Julio_Rosas11: I’ve obtained video showing Jennifer Cruz kicking officers as she was put into a squad car after being arrested. A taser was used on her. Cruz was arrested for allegedly punching a state trooper during immigration enforcement in Jacksonville, FL. https://x.com/Julio_Rosas11/status/2011861937097691386 DHS exposes background of NYC city council employee after Mamdani fumed over arrest According to DHS, the employee, Rafael Andres Rubio Bohorquez, 53, is a “criminal illegal alien” from Venezuela. The agency said that despite Rubio Bohorquez being employed by the city council of America’s largest city, he has no work authorization and was illegally employed. Further, DHS said that Rubio Bohorquez has a criminal history, including an arrest for assault in New York… https://t.co/zi4NdR2NTE US Navy sailor Jinchao Wei sentenced to 16 years in prison for selling secrets to China after being encouraged by mother https://t.co/3pxc3MOWvA @17QStorm: Not ONE military ballot matched a registered voter in Michigan. Not one. Every single ballot reviewed was marked for Joe Biden. Zero Trump votes. Not a single one. An IT contractor and poll challenger at TCF Center says the military ballots were eerily identical — same paper, same ink, same markings. Like Xerox copies. She estimates handling 30,000+ ballots that night. Many were scanned multiple times. When challenges were raised, supervisors shut it down and threatened to remove challengers for asking questions. Then it got worse. According to sworn affidavit testimony from poll challenger Andrew Sitto, vehicles with out-of-state plates pulled up to a rear entrance, unloading boxes — a method he says was never used earlier in the day. Soon after, tens of thousands of ballots were wheeled in on long tables and staged near the duplicate ballot station. Sitto is clear: every ballot he observed was cast for Biden. No Trump votes. At all. Watch closely. This didn’t happen by accident. https://x.com/17QStorm/status/2011505443332636675 @libsoftiktok: Houston Wade, a leftist activist with a LONG history of calling Republicans and Trump supporters “PedophiIes,” was arrested in WA after allegedly trying to meet up with an 11-YEAR-OLD CHILD for s*xual activities. https://t.co/ug1S9I1Ony (“Accuse others of what you are doing.”) GOP Sen. @BasedMikeLee: Uniparty Republicans—including the 81 who just voted with Democrats to keep sending your hard-earned money to the far-left NED—are making a mockery of the voters who elected them. Pick a horse and ride it. If you’d rather ride a donkey, you’re probably in the wrong party. https://x.com/BasedMikeLee/status/2011627700075839648 @libsoftiktok: 11-month-old Harvey Mucklebust was suffocated to death at daycare in Minnesota. Daycare worker Theah Russell was just arrested and allegedly told police she did it for attention. You probably won’t see this story in the legacy media… https://x.com/libsoftiktok/status/2011818781362761822 GOP Sen. @RandPaul: The NSF spent $8 billion to study whether Japanese quail are more sexually promiscuous while on cocaine. Talk about an egregious waste of taxpayer funds! https://t.co/cnTz4Napr9 Ex-Intel Operative @BryanDeanWright: Democrats have compared Trump to Hitler… and ICE to the Gestapo. Of course, we’re here. Of course, this is going to escalate. And Dems will own it all. | |
SWAMP STORIES FOR YOU TONIGHT
36,000 Refugees Could Not Provide IDs When Entering US After Afghanistan Withdrawal: Deputy IG
Thursday, Jan 15, 2026 – 10:35 PM
Authored by Troy Myers via The Epoch Times,
A deputy inspector general revealed in a Jan. 14 Senate hearing that tens of thousands of Afghan refugees could not provide key identification when entering the United States through a Biden-era parole program.
Additionally, lawmakers revealed that more than 50 individuals in the United States with confirmed or suspected terrorist ties were allowed into the country under the same program. The joint hearing was held with the Senate Border Security and Immigration and Crime and Counterterrorism subcommittees, which spiraled into arguments between Republican and Democratic lawmakers over whether vetting or counterterrorism is to blame.
Under Operation Allies Welcome, a 2021 initiative under President Joe Biden to resettle Afghans in the wake of what was widely called a botched U.S. military withdrawal from the Middle Eastern country, roughly 76,000 evacuees were let into the United States. The operation was meant to help Afghan allies who helped American forces and faced a serious threat from the Taliban because of that employment.
“There was missing information from the [Operation Allies Welcome] population, including first, last names, and date of birth,” Deputy Inspector General Craig Adelman for the office of audits in Homeland Security said.
“There was about 11,000 to 12,000 that did not know their date of birth.”
Although Afghan refugees were asked to provide identification, Adelman testified that about 36,000 could not provide any form of it.
When asked if the Department of Homeland Security systematically interviewed or conducted mental health screenings of evacuees before they were allowed into the United States, Adelman simply replied “no” and “not that I’m aware of.”
The hearing was called “Biden’s Afghan Parolee Program – A Trojan Horse with Flawed Vetting and Deadly Consequences.”
Democrats said this title was misleading and demonized thousands of Afghan individuals.
Republicans said the hearing was appropriately named, and above all else, the safety of Americans should be prioritized over refugee programs. This wasn’t taken into consideration during Operation Allies Welcome, the GOP senators said.
“We have no idea of their potential terrorist connections, and in many cases, we now have no idea where they are or what they’re doing, who they’re connected with, or what they’re capable of,” Sen. Josh Hawley (R-Mo.) said.
One report shows the total number of refugees reached a much higher amount at more than 200,000 Afghan nationals through the Biden administration’s policies, according to the Center for Immigration Studies.
“Contrary to popular narratives, most Afghans admitted during and after the evacuation had nothing to do with the U.S. government or any of its contractors,” senior researcher Nayla Rush said in her report. “They were not U.S. ‘allies,’ nor were they ‘persecuted’ individuals in need of refugee resettlement.”
Another senior researcher with the Center for Immigration Studies, Simon Hankinson, testified Wednesday that he has no doubt there are hundreds of Afghan nationals who should be deported.
In December 2025, Director of National Intelligence Tulsi Gabbard said at least 2,000 Afghan refugees in the United States have terrorism ties.
One of the Afghan men who entered the United States through Operation Allies Welcome is the suspect accused of the November 2025 shooting of two National Guard members in Washington, killing one and seriously injuring the other. The FBI called the attack an act of terrorism.
“How did this murderer come to be let in the United States in the first place?” Sen. John Cornyn (R-Texas) said. “How do we know that there are no other such Afghan nationals in the United States who might carry out another similar attack?”
Democratic lawmakers on Wednesday argued the Afghan refugees were in fact vetted multiple times, and the shooting of the National Guard members was due to a failure of counterterrorism, not because of a failure of vetting.
Sen. Alejandor Padilla (D-Calif.) pleaded in the hearing that “we not condemn the many for the inexcusable act of one person.”
Multiple witnesses at the hearing, including another deputy inspector general with the Defense Department and one with the State Department, testified that vetting did occur, but their offices found flaws and inadequate practices.
Republican lawmakers said Americans’ safety should still take precedent over letting thousands of Afghan refugees into the United States with insufficient vetting.
Cornyn put this question to the witnesses at the hearing, asking three of them if they disagree that an absolute non-negotiable requirement of any visa or parole program should be the safety and security of the American people. None of the witnesses spoke up.
GREG HUNTER INTERVIEWING LARRY KLAYMAN
“The Left Is Coming For Us”; Larry Klayman Warns “It’s Going To Get More And More Violent”
Thursday, Jan 15, 2026 – 04:20 PM
Via Greg Hunter’s USAWatchdog.com,
Renowned Attorney Larry Klayman, founder of Judicial Watch and later Freedom Watch USA, has long predicted (along with other top intel experts) increasing violence from the Left in a Marxist style Bolshevik Revolution.
As money is cut off by the Trump Administration and legal pressure mounts for prosecuting Democrats for everything from fraud to sedition, you can expect the Left to dramatically increase the violence to try to destabilize America. Klayman explains, “Here’s what’s going to happen…”
“Department of Homeland Security Secretary Noem has a death warrant on her. They are chanting ‘kill Kristi Noem.’
It’s going to get more and more violent. The more they are checked legally, the more set back on their heels legally, the more violent they become, that is why the American people need to arm up. They need to be prepared.
Don’t use weapons offensively, but defensively.
The Left is coming for us. . .. It’s going to get extremely violent. That is their intention.
That is their desire, and that is what’s going to happen.”
What got the Left to increase the violence? Klayman says, “I believe the trigger was Venezuela a week or so ago…”
” We knew that was going to have a ripple effect, and it means business. The President has cut off money, not just to Cuba, Iran and China with regard to oil revenues, but it shows his strength of resolve, and they frankly freak out over that.
Then there are the ICE activities in Minnesota, which is one of the most corrupt and left-leaning states in this country.
The Left is panicking, and they were always going to go to violence. That is their modus operandi.
That is the Bolshevik way of doing things. That’s Karl Marx, and the way the Soviet Union was brought down by the communists.
These people are communists. They are Islamists. There are good Muslims, but these are not those.
They are united in the form of Ilhan Omar, Tim Walz and that crazy mayor Jacob Frey. They are using Minnesota as ground zero to do this.”
Other big legal news is a grand jury empaneled in Florida, which is going to look into partisan investigations on President Trump, including an FBI raid of his home at Mar-a-Lago in 2022. Klayman says:
“We do have a grand jury in Fort Pierce, Florida, which is the same district where I practice, and it is also the same district where Judge Aileen Cannon is. She is probably the one who empaneled this grand jury.
She found President Trump did not commit any violations with regard to the documents found at Mar-a-Lago. There is a reason why it was filed in Fort Pierce.”
Klayman says some Republicans in Congress are not totally committed to stopping the fraud and crime of the Left. Klayman points out:
“Congresswoman Nancy Mace went to the oversight committee and asked for a subpoena to be issued for Ilhan Omar with regard to marrying her brother, with regard to tax fraud and all kinds of illegal acts.
Congressmen James Comer and Jim Jordan denied the request of Mace. That is unbelievable!”
There is much more in the 42-minute interview.
FreedomWatchUSA.org needs your financial support. To make a tax-deductible donation, click here:
Join Greg Hunter of USAWatchdog as he goes One-on-One with renowned lawyer and government corruption fighter Larry Klayman, founder of FreedomWatchUSA.org for 1.13.25.
SEE YOU MONDAY
harveyorganblog.com 
