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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JANUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,588.400000000 USD
INTENT DATE: 01/16/2026 DELIVERY DATE: 01/21/2026
FIRM ORG FIRM NAME ISSUED STOPPED
332 H STANDARD CHARTERED B 104
363 H WELLS FARGO SECURITI 46
435 H SCOTIA CAPITAL (USA) 163
624 H BOFA SECURITIES 25
661 C JP MORGAN SECURITIES 58
686 C STONEX FINANCIAL INC 1
709 C BARCLAYS 19
737 C ADVANTAGE FUTURES 2 1
905 C ADM 5
TOTAL: 212 212
MONTH TO DATE: 8,728
JPMORGAN STOPPED: 58/212
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 213 CONTRACTs NOTICES FOR 21,300 OZ or 0.6594 TONNES
total notices so far: 8728 contracts for 872,800 OR 27.147 tonnes)
SILVER NOTICES: 345 NOTICE(S) FILED FOR 1.725 MILLION OZ OZ/
total number of notices filed so far this month : 8288CONTRACTS (NOTICES) for 41.440 million oz
HUGE CHANGES:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S HUGE 1.795 MILLION OZ QUEUE JUMP//NEW STANDING ADVANCES TO 42.180 MILLION OZ//
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 77.01 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.785 MILLION OZ QUEUE JUMP//STANDING ADVANCES TO 42.180 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 0.779 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 20.4106TONNES //NEW TOTAL QUEUE JUMPS 21.1896//NORMAL DELIVERY OF GOLD ADVANCES TO 27.709 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 40.701 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: 105.816 TONNES (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 ROSE BY A STRONG SIZED 419 CONTRACTS OI TO 148,778 AND CLOSER TO 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 2090 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 2090 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 GAIN OF 419 CONTRACTS AND ADD TO THE 2090 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 2509 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $4.24 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 12.545MILLION PAPER OZ
OCCURRED DESPITE OUR LOSS IN PRICE.OF $4.24
2.ASIAN AFFAIRS JAN 16/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 0.35 PTS OR 0.01%
//Hang Seng CLOSED DOWN 76.39PTS OR 0.29%
// Nikkei CLOSED DOWN 592.47PTS OR 1.11%
//Australia’s all ordinaries CLOSED DOWN .63%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9618
/ OFFSHORE CLOSED UP AT 6.9563 Oil UP TO 60.25 dollars per barrel for WTI and BRENT UP TO 64.79 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
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2689 CONTRACTS TO 519,272 OI WITH OUR LOSS IN PRICE OF $27.80 WITH RESPECT TO FRIDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST SOME NET LONGS, WITH THAT PRICE LOSS FOR GOLD(T.A.S. RAID INDUCED). AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1150). WE HAD SOME T.A.S. LIQUIDATION FRIDAY. 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 519,272 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 1539 CONTRACTS (OR 4.780TONNES). THEN WE WERE NOTIFIED OF A 0 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0.0 TONNES OF GOLD. IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS AND THEN 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 FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 1537 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 SMALL SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 703 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 0.7790TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 20.4106 TONNES //NEW TOTAL QUEUE JUMPS 21/1896 //NORMAL DELIVERY OF GOLD ADVANCES TO 27.704 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 40.701 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 1150 CONTRACTS.
THAT IS A FAIR SIZED 1150 EFP CONTRACT WAS ISSUED: : /FEB 1150 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1150 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 FRIDAY NIGHT/SATURDAY MORNING WAS A SMALL SIZED 713 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 FRIDAY’S LOSS IN PRICE IN GOLD WITH A CORRESPONDING FAIR SIZED LOSS 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 0.7790 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 20.4196 TONNES //NEW TOTAL QUEUE JUMPS OF 21/1896//NORMAL DELIVERY OF GOLD ADVANCES TO 27.704 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 40.701TONNES.
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 $27.80)
WE HAD SOME T.A.S. SPREADER LIQUIDATION FRIDAY // 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!!
FRIDAY NIGHT//SATURDAY 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 FRIDAY EVENING/SATURDAY 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 0.7790 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 20.4106TONNES //NEW TOTAL QUEUE: 21.1896 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 27.704 TONNES TO WHICH WE ADD OUR 3 EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 40.701TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $27.85
WE HAD A TINY 2 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 19
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 0 ENTRIES xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 212 notice(s) 21,200 OZ 0.6594 TONNES OF GOLD |
| No of oz to be served (notices) | 179contracts 17,900 OZ 0.5567 TONNES |
| Total monthly oz gold served (contracts) so far this month | 8728 notices 872,800 oz 27.147TONNES |
| 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
0 ENTRIES
total deposit: NILoz
customer withdrawals:
0 ENTRIES
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 0//
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 371 CONTRACTS FOR A LOSS OF 926 CONTRACTS.
WE HAD 1183 NOTICES FILED ON FRIDAY, SO WE GAINED 257 CONTRACTS OR 25,700 OZ OF A QUEUE JUMP (0.779 TONNES)
FEB LOST 12,083 CONTRACTS DOWN TO 246,230 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A WHOPPER OF A DELIVERY MONTH!!!
MARCH LOST 210 CONTRACTS UP TO 2924
We had 212 contracts filed for today representing 21,200 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 212 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 58 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 (8728) to which we add the difference between the open interest for the front month of JAN ( 391 CONTRACTS) minus the number of notices served upon today (212 x 100 oz per contract) equals 890,700 OZ OR (27.704Tonnes of gold) to which we add our two exchange for risk in January of 12.997 tonnes//new standing advances to 40.701onnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (8728 x 100 oz +we add the difference for front month of JAN (391 OI} minus the number of notices served upon today (212x 100 oz) which equals 890,700 OR 27.704 TONNES plus our 3 exchange for risk of 12.997 tonnes//new standing advances to 40.701 tonnes
new total of gold standing in JANUARY is 40.701 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY 40.701 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume FRIDAY confirmed 284,941 fair//
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,930,222.152oz 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 19 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 7 entries i) Out of Asahi: 301,563,820 oz ii) Out of Brinks 645,714.9010 oz iii) Out of CNT 543,306.900 oz iv) Out of Loomis 611.059.580 oz v) Out of Delaware 2965.005 oz vi_) Out of JPMorgan 1,294.714.700 oz vii) Out of Stonex: 34,248.800 oz total withdrawal: 3,423,033.715 oz the comex is being drained of silver |
| Deposits to the Dealer Inventory | 0 ENTRY i |
| Deposits to the Customer Inventory | 2 ENTRIES i) Into Delaware 1,008.700 oooz ii) Into HSBC 742,682.480 oz total: 743,691.180 oz |
| No of oz served today (contracts) | 345 CONTRACT(S) ( 1.725million OZ |
| No of oz to be served (notices) | 148ontracts (0.740MILLION oz) |
| Total monthly oz silver served (contracts) | 8288contracts 41.440 MILLION oz |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 ENTRIES
i) Into Delaware 1,008.700 oooz
ii) Into HSBC 742,682.480 oz
total: 743,691.180 oz
withdrawals: customer side/eligible
7 entries
i) Out of Asahi: 301,563,820 oz
ii) Out of Brinks 645,714.9010 oz
iii) Out of CNT 543,306.900 oz
iv) Out of Loomis 611.059.580 oz
v) Out of Delaware 2965.005 oz
vi_) Out of JPMorgan 1,294.714.700 oz
vii) Out of Stonex: 34,248.800 oz
total withdrawal: 3,423,033.715 oz
the comex is being drained of silver
adjustments: / / 2 all dealer to customer
i) Out of cnt 1,084.955.187 oz
ii) Out of Brinks 5064.510 oz
total adjusted out of reg. to eligible: 1.090 million oz
TOTAL REGISTERED SILVER: 119.542MILLION OZ//.TOTAL REG + ELIGIBLE. 426.476 Million 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: 493 OPEN INTEREST CONTRACTS FOR A GAIN OF 137 CONTRACTS. WE HAD 222 NOTICES FILED ON FRIDAY SO WE GAINED 359 CONTRACTS OR A STRONG QUEUE JUMP OF 1.795MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB LOST ONLY 223 CONTRACTS DOWN TO 2361 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A STRONG DELIVERY MONTH FOR FEBRUARY,
MARCH GAINED 775 CONTRACTS DOWN TO 99,810
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 345 or 1.725 MILLION oz
CONFIRMED volume; ON FRIDAY 148,,778 huge//
AND NOW JANUARY. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JANUARY. we take the total number of notices filed for the month so far at 8288 X5,000 oz = 41.440MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (493) AND the number of notices served upon today (345)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (XXXX)Notices served so far) x 5000 oz + OI for the front month of JAN(493) minus number of notices served upon today (345)x 5000 oz equals silver standing for the JANUARY.contract month equating to 42.180MILLION OZ
NORMAL STANDING: 42.180 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 42.180 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 119.542 million oz of registered silver
JPMorgan as a percentage of total silver: 177.642/426.476.million: 41.51%
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.
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS
JAN 19/2026/WITH GOLD UP $142.90 TODAY/BIG CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 6.86 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1081.66 TONNES
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
GLD INVENTORY: 1081.66 TONNES, TONIGHTS TOTAL
SILVER
JAN 19 WITH SILVER DOWN $4.24 HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND CRIMINAL DEPOSIT OF 5.166 MILLION OZ INTO THE SLV///. ./ :INVENTORY RESTS AT 521.564MILLION OZ /
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 //
CLOSING INVENTORY 521.564 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
ALASDAIR MACLEOD..
Fiat is dying
Forget all the sudden expert analyses pushed out by those who don’t understand credit. Note just one fact: fiat currencies are at end-of-life
| Alasdair MacleodJan 19∙Paid |
Subscribers to MacleodFinance send me articles by other commentators asking for my opinion on them. I don’t read them, because experience tells me that even though they often have merit, they miss the main point: fiat currencies are running out of credibility. And all the rest — CBDCs, tokenisation, crypto-technology etcetera is just noise.
When a fiat currency dies, its value goes to zero, period. All that’s left to decide is whether the political class wakes up and has the popular mandate to secure what remains of its value.. And here we must acknowledge that politics is in the driving seat, not economic reason or otherwise.
Graphically, this is what happens:
A dollar today measured by real money which is gold has lost 94% of its value in 26 years. And that pace is now accelerating. We can produce all sorts of reasons why gold is rising, or alternatively for the few that understand the difference, that the rate of the dollar’s decline is speeding up. And there’s no doubt instability under America’s capricious President Trump is a proximate cause. But that misses the point: the accumulation of government debt to the point of credit instability is calling time on the dollar.
In the chart above, in its acceleration the pace of decline has much further to go, putting meaning into the consequences of the end of this fiat currency. It’s rapidity will catch everyone out. This is why the politics of it is so important. What can the authorities do to stop it?
In a nutshell, they will suppress interest rates to support financial markets. Even before a crisis unfolds, the Fed is accelerating QE, which is already flooding markets with extra credit. This has the effect of debasing the currency more rapidly, simply because an interest rate and bond yield are compensation to holders for the risk that the dollar won’t retain its value.
This is why the template for what happened in Germany between 1914 and 1923 relevant. The reichsmark’s gold convertibility was suspended before the war along with all the other European combatants’ currencies. The fact that Germany lost the war was devastating for the country’s finances, increasingly covered by treasury bill financing. But the principal players responsible for the collapse of the reichsmark had a far better grasp of economics than those in charge of government finances today. There were statist theorists such as Friederich Knapp, but despite Germany’s Historical School, there was a wider understanding of classical economics, and the principal players knew what they were doing all along.
Today, statist macroeconomic theory is all-pervasive, and the entire economic and political establishment must be re-educated if they are to grasp the enormity of wealth destruction ahead. It can be argued convincingly that America’s leaders are even more ignorant of economics and the role of money and credit than Germany’s Karl Helfferich and Rudolf Havenstein.
On the basis that history rhymes, the charts below of gold in reichsmarks and dollars are disturbing.
Admittedly, they cover different time periods and scales, but there’s little doubt about where the dollar is headed.
This leaves one question to answer: Do you trust the current political and monetary authorities to prevent the dollar and all subsidiary currencies from collapsing in the manner of the 1920s’ reichsmark?
Place your bets!
END
Tariffs: The $’s elephant in the room
Trump’s tariffs will backfire spectacularly. It might not resolve the trade deficit, driving up prices. MAGA? Certainly not — it will undermine the dollar instead
| Alasdair MacleodJan 20∙Paid |
The twin deficit syndrome
Unless there is an increase in personal savings, a budget deficit feeds into a trade deficit. The mechanism is simple to explain.
A budget deficit results in an injection of extra credit into the economy, mostly in the form of direct (welfare) and indirect (wages and other subsidies) support for consumer spending. This is in addition to the wages and other income consumers enjoy from their own activities. And unless consumers increase their savings to allow for the extra government credit over and above its revenue income, it will be spent on consumption.
We must now refer to Say’s law. Jean-Baptiste Say was an early French economist who understood that through our division of labour we produce goods and services to consume. In other words, we use our individual skills to maximise our income, so that we can buy the things we need and choose. And because everyone else does the same, we all have access to goods and services which it would be silly for us to produce ourselves.
The relevance to twin deficits is simple. Because we all produce to consume, without the extra credit injection of a government deficit there will be a balance on our national trade. Undoubtedly, there will still be imports and exports, but because collectively we have to pay for our imports, we can only do that by exporting. Assuming there is no change in our savings rate, that there will be a balance on our trade must be true.
Now enters a government whose spending is greater than its revenue. It creates extra demand in the economy for goods over and above that of consumption without that extra demand. Again, we assume there is no change in our savings habits. Therefore, this demand can only be accommodated through higher prices, or by goods and services provided from elsewhere. Imports now exceed exports.
Under President Trump, the government’s budget deficit is increasing. A week ago, we learned that fiscal Q1’s deficit came in at $602bn. That’s an annual rate of $2.4 trillion. Meanwhile, due to Trump’s tariffs and unprecedented uncertainties as he keeps on moving the goal posts, the deficit shows signs of declining. According to analysts at KPMG, “The US trade deficit narrowed by a stunning 39.0% in October to $29.4 billion, the third month in a row of improvement, yielding the smallest trade deficit since June 2009.”
So where is the excess spending going? The FRED chart shows that the savings rate has been declining in recent months, so consumers aren’t saving. Therefore, it can only go into higher prices for consumer goods.
The fact that this cost-push inflation does not yet appear in government statistics is explained by the Cantillon effect. In the early 1700s, Richard Cantillon observed that price inflation lagged the injection of extra money and credit into an economy, benefiting the first receivers, then the next and so on before the dilution of spending power was fully reflected in prices. Therefore, not only is the persistence of inflation above target so far explained, but with a spendthrift president in charge of the US economy, the purchasing power of the dollar faces further dilution, probably accelerating in the coming months.
Trump’s mistake is to assume that raising tariffs is the solution to the trade deficit. To the extent that the policy succeeds, the purchasing power of the currency is undermined, unless US citizens decide to materially increase their savings, i.e., stop spending. The trade deficit is actually the president’s own making.
His other major error, which is only one among others, is to believe that competition from abroad for consumers’ dollars is unfair, and that tariffs are necessary to protect US manufacturing. That merely removes US manufacturers’ incentive to innovate and compete, slipping behind foreign manufacturers in terms of technology, quality, and price for goods that consumers prefer. A protected US industry will simply fall further behind international standards.
Summary and conclusion
Rising US consumer prices will be a nasty shock for later this year, due to Trump’s capricious tariff policies. The US trade deficit diminishing in recent months probably indicates less international demand for dollars, further undermining its value.
These factors are in addition to all the other factors increasingly undermining the fiat dollar’s credibility, risking its eventual collapse.
END
2 MATHEW PIEPENBURG/EGON VON GREYERZ
Oil, Dollars, Gold, & Venezuela In A Nutshell
Sunday, Jan 18, 2026 – 12:50 PM
Authored by Matthew Piepenburg via VonGreyerz.gold,
Putting any kind of bow on the current headlines to conveniently explain or “wrap up” recent events in Venezuela would be a fool’s errand. The extraordinary mix, as well as polarized views, as to the personalities, policies, economics, military acumen, and even international legality of the entire saga makes consensus impossible.
Political Optics?
The operation itself, of course, has all the Hollywood features of a daring and successful military drama, which can create tailwind optics for a President.
The opposite, of course, happened for Jimmy Carter, when his April 1980 Iranian hostage rescue mission stalled tragically in the desert, along with any hope of his re-election shortly thereafter.
Political “optics,” however, are often as short and capricious as politics itself. We all remember, for example, President Bush’s famous “mission accomplished” moment on the deck of the USS Abraham Lincoln long before the mission, in fact, was not accomplished…
From Politics to Economics
But moving away from the undeniably swampy terrain of politics to the Realpolitik of hard math, we can begin to discern certain financial and sovereign motives that speak far more honestly than patriotic narratives of bringing “bad guys” to justice or the stemming of drug trafficking.
There is something far more basic, and even mathematical, behind the headlines in Venezuela whose roots lie years deeper, and whose ripple effects will run far longer into an admittedly unknowable yet nevertheless somewhat precarious future.
The Past – Hegemonic to Broke(n)
This future will directly involve, and impact, gold’s international profile in the years ahead. But to put the present and even future into a greater context, let’s first take a brief look backwards.
For years, we have tracked, debated and observed the many intertwining themes of the slow decline of American hegemony on the global stage and its widening economic fissures and inequalities at the national level.
As always, the familiar themes begin with irrational and unsustainable debt levels, which have compounded under every red or blue administration since Nixon took away the gold standard in 1971.
What followed was an era of extraordinary credit expansion and hence currency debasement, wealth inequality, social unrest and the subsequent centralization schemes which always follow.
Within this mix of ever-changing financial forces and headlines, of course, includes the central theme of the U.S. Dollar and Treasury markets, whose health and strength are absolutely central to U.S. hegemony on the global stage. Period.
Times, Dollars & Trust Are Changing
But that USD and UST, we also know, have been losing strength, credibility and trust in the backdrop of a world slowly moving away from a paper-money system in general and a weaponized USD in particular.
The reasons and forces behind the mounting de-dollarization headlines are both complex yet paradoxically simple.
At a basic level, the over-issuance of IOUs from a nation whose debt levels have gone from $250B in 1971 to $38T in 2026 speaks for itself.
The trillions in mouse-clicked dollars engineered by the Fed to monetize those IOUs and the credit expansion that followed has had an undeniable impact on the absolute purchasing power of that USD.
This is objectively apparent when recognizing the dollar’s 99% decline in purchasing power when measured against gold since 1971.
In addition to the distrust which always follows an IOU or currency from an over-indebted issuer, the subsequent weaponization of the dollar in 2022 only made Uncle Sam’s UST and USD even less trusted and hence less demanded.
The World Is Catching On
Central banks, seeing this growing distrust, had been net-selling USTs and net-stacking gold since 2014:
Through no coincidence at all, the pace of this move toward gold tripled after the 2022 sanctions.
Unsurprisingly, central banks now hold more gold than USTs. Even the BIS can’t help but confess that gold is a superior strategic reserve asset than the once-sacred US 10Y Treasury Bond.
This now obvious move away from the dollar toward gold is no longer a warning or cry from the “gold-bug” camp, but a neon indicator of the structural shift in a global trading and monetary system in open flux.
A Nervous U.S. Resisting Change
Needless to say, the US is therefore admittedly concerned.
It needs a commanding currency and buyers for its IOUs beyond just the Fed itself. At some point, too much QE becomes an open signal that the U.S. (and its Greenback) has become broken beyond repair and hence respect.
This explains other alternative-QE tricks in consideration, such as a possible gold revaluation measure.
Such realities, of course brings us full circle back to the headlines of Venezuela, which are intrinsically connected to the complex interplay of the USD, the UST, the oil markets, and, you guessed it, gold itself.
Oil & USTs: The Traditional Pillars of U.S. Hegemony
I have written about the brief history and changing patterns of the critical petrodollar arrangement and gold’s evolving place in its narrative in prior reports here, here, and here.
To simplify, the petrodollar, “agreed” between the U.S. and the OPEC alliance led by Saudi Arabia shortly after the dollar’s gold-decoupling in 1971, was of central importance to maintaining the USD’s dominance in the global currency system.
By effectively tying global oil sales to the USD, the petrodollar arrangement provided an extraordinary source of demand for a dollar whose supply, following its gold decoupling, was otherwise unlimited.
Acting as a treaty-based “sponge” to absorb otherwise grossly over-produced dollars, the petrodollar system was a therefore an essential buffer against otherwise unsustainable currency debasement.
Equally beneficial to Uncle Sam, the petrodollar system mandated that the producers of that oil earmark a significant percentage of their oil revenues toward the purchasing of Uncle Sam’s IOUs. This served as an undeniable source of support for the UST market and hence America’s ability to expand its debt issuance at levels no other nation in the world could mirror.
In short, the petrodollar became an extraordinary source of both USD and UST demand, making global oil sales via the petrodollar a critical pillar to U.S. financial hegemony.
2026 Is not 1974…
In exchange for this dollar-backed oil arrangement, Saudi Arabia/OPEC received U.S. protection from the Soviets in a cold war era that has changed in the intervening decades since 1974.
What has also changed in those intervening decades, of course, are U.S. debt levels, bond yields, dollar strength, and post-2022 trust in the USA.
As de-dollarization headlines increased in the post-sanction era, there was much hype about the end of the petrodollar when Saudi Arabia waffled on renewing/extending its dollar peg in 2025.
As there was no formal petrodollar treaty ratified by the Senate, technically either side could opt out, but in fact, the Saudis were considering a petrodollar 2.0 contingent upon Israel’s culmination of its war in Gaza.
Wobbling Pillars
By 2025, 20% of Saudi oil was being sold in euros, not dollars, but Trump was offering more carrot than stick to keep the petrodollar going, for obvious reasons.
Meanwhile, however, the Saudis, for the equally obvious reasons listed above, were not blind to the USD’s weakening credibility, the UST’s weakening yields (compared to the 1970’s) and China’s strengthening desire to find a non-dollar energy solution.
Furthermore, anyone, including OPEC, who tracked oil prices throughout the decades, knew full well that oil priced in gold was infinitely more stable than oil priced in USD.
In short, the petrodollar pillar to USD hegemony was not broken, but it was certainly wobbling.
From Nervous to Violent
The U.S. was thus nervous.
Dollar-backed oil is essential to its paper currency’s survival, which is precisely why figures like Muammar Gaddafi and Saddam Hussein, who had each tried to sell their oil outside the dollar, did not, well… survive at all.
As Kissinger noted decades ago, commanding a world reserve currency equally requires the world’s strongest military. In short, monetary and military might went hand-in-hand to protect U.S. interests.
Thus, the recent military actions in Venezuela don’t require too much imagination to understand. Regardless of whether they were right or wrong, the actions against Nicolas Maduro were a classic reminder of oil’s importance to the U.S.
Which raises the obvious question: Can any major oil power ever leave the petrodollar without a fight?
Although China took only 4% of Venezuelan oil in Yuan purchases from the Belt & Road Initiative, 95% of Iran’s oil goes to China and is sold in Yuan, not dollars. Is it any coincidence that “regime change” in Iran is an almost daily headline?
Folks—it’s all about the oil…
Looking Ahead
The US, whose dollar share of global FX reserves has been sinking like a stone in the past two decades, is viscerally worried about a de-dollarizing world in which the BRICS in general, and China in particular, are developing gold-backed trading currencies and other systems (the BRICS “Unit”, M-Bridge membership, BRICS-Pay etc.) to trade resources in general, and oil in particular, outside the USD.
Again: This terrifies Washington DC.
Could 15 to 20 nations in the global south develop a new oil trade currency via a basket of weighted currencies outside the USD? Could the Saudis slowly look away from the petrodollar?
No one can predict the precise nature, policies, agreements or even wars of the future when it comes to oil and the dollar. We can only track past patterns and measure current cracks in the old system.
And Gold, Of Course…
What we are currently seeing in Venezuela may be desperate, but it’s no surprise.
US refineries are designed for the heavy crude which Venezuela holds. And within hours of meeting representatives from China, Maduro was coincidentally whisked away by DELTA forces before a larger arrangement could be met.
It’s also worth noting that billions worth of Venezuelan gold was frozen in their accounts at the Bank of England.
In short, this interplay of dollars, USTs, oil and gold is also no coincidence.
If the petrodollar weakens in any meaningful way, USTs, already seeing a dramatic decline in demand, would fall even further, meaning UST yields, and hence the cost of Uncle Sam’s massive debt burden, would become fatal rather than just embarrassing.
Such a scenario would compel the Fed to initiate extraordinary money-printing to support Uncle Sam’s unloved IOUs, thereby debasing its paper dollar even more and sending gold’s relative valuations considerably higher.
In addition to such monetary desperation, military desperation is an equally concerning possibility.
I, of course, do not know the future. No one does. We can only track patterns, motives, debt levels and hence debt-based desperations, in everything from stablecoins to foreign policy.
What we can all see and agree upon, however, is that things are clearly changing and shaking up as the chaos meter rings louder with each headline.
Gold, of course, loves chaos, and in a world of dying paper currencies, fracturing geopolitics, systemic monetary shifts and wars, or rumors of wars, gold’s secular direction today and tomorrow should be of no surprise to anyone paying attention.
3.CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 255
5. COMMODITY REPORT//:silver
Perth Mint;
grok:
PERTH MINT JUST QUOTED $127: Western Vaults Breaking (Shanghai Was Warning, This Is Confirmation)
Searching the web
Yes, this claim appears to be true based on current reports in the precious metals community as of January 17, 2026.The headline “PERTH MINT JUST QUOTED $127: Western Vaults Breaking (Shanghai Was Warning, This Is Confirmation)” refers to The Perth Mint (often misspelled or stylized as “ERTH MINT” / “Perth” in discussions), which is Australia’s premier government-owned mint in Western Australia.A video/report published today (January 17, 2026) highlights that The Perth Mint has quoted a premium leading to an effective price around $127 (likely per ounce for certain silver products, such as high-demand coins, bars, or special allocations amid shortages). This is interpreted by analysts as a major sign of physical silver supply stress in Western vaults.Context and Why It Matters
- Current silver spot price (as of mid-January 2026) is hovering around $89–$91 per ounce (with recent highs near $92+). A $127 quote would represent an enormous premium of roughly $36–$38 over spot — far above normal dealer premiums (typically $2–$10 for standard bullion, higher for numismatics or low-mintage items).
- This extreme premium is being cited as evidence that Western physical vaults (including those tied to major mints like Perth) are facing severe shortages or “breaking” under demand pressure.
- The reference to “Shanghai Was Warning” ties back to the well-known 2021–2023 scandal where The Perth Mint was accused of delivering gold bars with excessive silver impurities that failed Shanghai Gold Exchange (SGE) standards — seen by some as an early indicator of broader supply integrity issues in Western precious metals systems.
Broader PictureThis fits into ongoing narratives from precious metals commentators (including styles similar to Harvey Organ’s reports) about:
- Surging physical demand (driven by industrial use, investment, and safe-haven buying).
- Potential mismatches between paper prices (COMEX/LBMA) and physical availability.
- Warnings of delivery delays or rationing, as seen recently with reports from the Royal Mint and others.
Extreme premiums like this are often viewed as a “canary in the coal mine” for tightening physical supply — especially when spot prices are already at multi-year highs.If you’re seeing this from a specific post, video, or dealer quote, it’s legitimate market chatter today. Physical silver remains in high demand, and premiums can fluctuate rapidly — always verify current quotes directly from reputable dealers or the mint itself when buying. Stay stacked!
END
end
ROBERT LABOURNE: SILVER EAGLES IN AUSTRALIA;
American Eagle 2023 One Ounce Silver Uncirculated Coin
West Point 
$169.00 AUSSIE DOLLARS
THIS EQUATES TO169.00 X .6694 = $113.12
THUS IN AUSTRALIA WE HAVE DIRECT EVIDENCE OF SILVER AT BETWEEN 113 TO 127 DOLLAR USA.
GOLD/SILVER
The Dam Has Burst In Silver And Gold…So Now What?
Saturday, Jan 17, 2026 – 02:00 PM
Submitted by QTR’s Fringe Finance
Silver was up another 6% Wednesday morning this past week and traded at $91 an ounce. Whether or not we’re seeing a short squeeze or a blow-off top at this point is moot and irrelevant. To quote the dorky guy from 10 Things I Hate About You, “the sh*t hath hitteth the faneth”.
As I said about a week ago on a Twitter Spaces that I did with my friend Peter Schiff, I just had the feeling that the run-up in silver and gold was not over yet. I echoed these sentiments while talking to Larry Lepard last week, where we covered all things sound money and markets: Larry Lepard: 2026 Predictions For Bitcoin, Gold, Silver and Stocks
For years, most of you have been reading my blog and watching my podcast, where I have constantly talked about the fact that there would be a “blow-off valve” once too much pressure from money printing built up inside the monetary system. In May 2023 I first memorialized this prediction in this article:
The most likely candidates to “blowoff” are precious metals, in my opinion (and maybe even bitcoin).
I often predicted that this “blow-off valve” would be the consequences of money printing showing up in the prices of gold and silver. After all, the consequences of the dirty deed of money printing have to go somewhere, and other than the precious metals, the only other place it shows up nefariously is through rising consumer prices and a lower quality of life for low- and middle-class Americans.
That valve has blown off. So what do I do now, take profit? Here’s my take.
Let’s run quickly through what I see as the bull and bear case for silver and gold, although I’m long-term bullish on both of them for many years to come, so keep that in mind. Right now, the bull case for silver can be made in a couple of ways.
The first is that something unprecedented is obviously happening, and we may be in the midst of, or heading toward, a historic short squeeze that has often been speculated about by us “conspiracy theorists.” There are so many more ounces of paper silver out there than there are physical that wild whipsaws and distortions can definitely occur in the market. We’re seeing one of those. Who knows where the ceiling is?
That bull case is laid out here in this incredible interview with Andy Schectman: Is Silver At $200 Possible?. Andy argued that forced selling can look like a top, but in his framing it’s more like a circuit breaker that temporarily interrupts a squeeze dynamic by flushing out late, leveraged participants. The key, he says, is that this doesn’t address the underlying physical tightness; it just changes who holds the exposure, transferring it from weak hands to deep pockets.
That could be the bridge to a potential $200 silver case. If you believe silver’s move was starting to express a squeeze—whether from positioning, constrained supply, or demand urgency—then margin hikes can delay the “snap,” but they don’t necessarily eliminate it. They can interrupt momentum, reset positioning, and scare speculators away, but if the structural forces remain (physical off-take, restricted supply, institutional accumulation, industrial demand), the pressure can reassert itself once the market digests the margin reset and new capital replaces liquidated positions. In other words: the squeeze can be paused by policy, not solved by it.
Another interesting point that I brought up last week during my Spaces call was that from breakout to peak, silver’s moves have been closer to 10x in the past. This current breakout occurred at around $30 an ounce, so we’re only at about 3x at this point. If that historical trend holds, it would be how one could potentially construct a case for $150 or $200 silver down the road. Also silver’s inflation adjusted all time high is closer to $140/oz., so that’s something to keep an eye on.
For the bear case on the metals, what red flags I’m seeing, and my full analysis of what I’m doing with my metals position, read my full note here.
END
5B. COMMODITY REPORT//SILVER/SILVER LEASE RATES:/SILVER
why on earth did these guys short silver?
do they not read?
TD Securities Closes Silver Short Position at $600,000 Loss
Silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, on Jan. 10, 2025. Angelika Warmuth/Reuters
1/15/2026|Updated: 1/15/2026
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TD Securities has been forced to close its silver short position at a “theoretical loss” of $606,000 on Jan. 15 after the price hit its stop-loss of $93.15 per ounce.
Daniel Ghali, senior commodity strategist at TD Securities, had announced on Jan. 7 in its commodities portfolio update that the bank was entering a short position on silver at $78, anticipating it would fall to $40 an ounce as “silver’s devilish blow-off top comes to completion.” Ghali set a “stop-loss” at $93.15, meaning the bank’s position would automatically be sold when it hit that level in order to minimize losses.
The price of silver rose by 142 percent in 2025, marking its best year since 1979, but it had fallen from $82 to $78 on Jan. 7.
Ghali wrote that silver’s price action since October had been due to continued liquidity restraints and arbitrage opportunities ahead of U.S. President Donald Trump’s upcoming decision on Jan. 19, 2026, on whether to impose Section 232 tariffs on critical minerals like rare earths, lithium, and silver. Trump announced on Jan. 14 that he had decided against imposing these tariffs, and had instead ordered his administration to seek supplies from international trading partners, which sent silver falling.
Ghali said the bank expected “large-scale selling activity” to happen because of high open interest on silver at 13 percent, as well as poor liquidity that would lead to larger price declines. Since that portfolio update, silver has risen to over $92.
In Ghali’s Jan. 15 portfolio update, he said there was “significant” institutional selling of silver that totalled about $7 billion, but prices did not fall because new buyers absorbed the selling pressure. Ghali said these new long positions on silver are “vulnerable,” but sentiment would need to shift for the price to fall. “Silver markets have progressed beyond rational momentum over the last months, but an inflection point could be on the horizon,” Ghali said.
Related Stories
Silver Tops $75 as Record-Breaking Precious Metals Run Continues
He added that TD Securities has “high conviction” that concerns about a silver shortage will soon deteriorate, with physical silver vaults in London—where wholesale silver trades between banks and corporations are settled—being restocked with 430 million ounces of silver from Comex warehouses in New York.
In October, TD Bank also incurred a $2.4 million loss shorting silver, as it entered a short as the precious metal’s price was breaking above $50 an ounce. In early September, the bank closed out its long position in gold and made $3 million in profits.
View of silver ingots at the Karachipampa silver and lead foundry in Potosi, south Bolivia, on Oct. 24, 2014. Aizar Raldes/AFP via Getty Images
Silver Projections
Bank of America’s Head of Metals Research Michael Widmer recently projected that silver prices could peak at between $135 and $309 in 2026. Morgan Stanley also said there would be an “upside risk for silver” in 2026 due to China’s export license requirements for the metal.
In October 2025, China’s Commerce Ministry announced it would impose new restrictions on the export of rare earth metals. Then in December, China released a list of 44 companies that would be approved to export silver under the new measures beginning in 2026, which sent silver prices higher.
The new policy also formally elevated silver from an ordinary commodity to a strategic material, putting its export controls under the same regulatory scheme as rare earth minerals. In November, the United States also added silver to its nationally designated list of critical minerals.
In addition to historically being used as currency, silver also has industrial applications for solar panels, electric vehicles, batteries, and advanced military equipment like missiles and drones. The majority of silver is produced as a byproduct of copper and lead-zinc mines.
Silver’s rising price led two Chinese companies to contact a Canada-based silver mining and exploration company in late December, attempting to buy physical silver at $8 higher than its market price. Kuya Silver CEO David Stein told The Epoch Times that an Indian buyer also recently approached his company looking to buy physical silver at premiums of more than $10.
2.ASIAN AFFAIRS JAN 13/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 0.35 PTS OR 0.01%
//Hang Seng CLOSED DOWN 76.39PTS OR 0.29%
// Nikkei CLOSED DOWN 592.47PTS OR 1.11%
//Australia’s all ordinaries CLOSED DOWN .63%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9618
/ OFFSHORE CLOSED UP AT 6.9563 Oil UP TO 60.25 dollars per barrel for WTI and BRENT UP TO 64.79 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 MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.9616
OFFSHORE YUAN: UP TO 6.9543
HANG SENG CLOSED DOWN 76.39PTS OR 0.29%
2. Nikkei closed DOWN 592.47 PTS OR 1.11%
WEST TEXAS INTERMEDIATE OIL UP 60.25
BRENT; 64.79
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 98.34 /// EURO RISES TO 1.1722 UP 83 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.346/ UP 20 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.99… 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: 3.949 UP 31 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen 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
6.25 VS 64.79
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.8639 Italian 10 Yr bond yield UP to 3.466 SPAIN 10 YR BOND YIELD UP TO 3.260
3i Greek 10 year bond yield UP TO 3.390
3j Gold at $4744.60 Silver at: 95.35 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 60 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 157.99 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.346% UP 18 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.945 UP 31 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7909 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9274 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: 4.291 UP 6 BASIS PTS…
USA 30 YR BOND YIELD: 4.922 UP 8 BASIS PTS/
USA 2 YR BOND YIELD: 3.588 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.39 UP 11 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4670 UP 6 PTS
30 YR UK BOND YIELD: 5.227 UP 6 BASIS PTS
10 YR CANADA BOND YIELD: 3.423 UP 6 BASIS PTS
5 YR CANADA BOND YIELD: 2.936 UP 3 BASIS PTS.
1a New York OPENING REPORT
TACO Tuesday? Everything Crashing As Trump Arrives In Davos Amid Japan Bond Meltdown
Tuesday, Jan 20, 2026 – 08:32 AM
US equity futures are sharply lower, on pace for their biggest drop of the year, with Beta underperforming. And while geopolitics are the catalyst – as attention remains glued to see what Trump will say next on his Truth Social feed ahead of this week’s Davos meetings – after Trump reignited his trade war with Europe, the moves are exacerbated by a meltdown in JGBs (in a historic move, 30Y JGB are +27bp, a 6-sigma move) which has triggered a global bond selloff. As of 8:00am ET, S&P futures are down 1.4%, but off their worst levels of the morning; Nasdaq futures slide 1.7%. Pre-market, all of Mag7 are lower alongside higher beta plays. Energy, Materials, Staples, and Utils are outperforming on the move lower. In the latest geopolitical news, the EU suggests a proportional response to Trump’s Greenland demands but that the previous trade deal still holds as Trump threatens additional tariffs on France; at the same time, Bessent says that EU is not looking to exit their Treasury holdings after a report from Deutsche suggested Europe – which holds a record $8 trillion in US assets – could do just that. The yield curve is twisting steeper with belly to backend of the yield curve +3 – 9bp as DXY falls the most since late Aug. Commodities are today’s safe haven led by nat gas (ahead of freezing polar blasts in both Europe and the US) and precious metals (gold and silver both at new record highs, gold rising above $4700 and silver fast approaching $100). Today’s macro focus is the weekly ADP print and any updates from Davos as the market wants to see if today will be another TACO Tuesday.
In premarket trading, Magnificent Seven stocks decline alongside other growth names (Amazon -2.4%, Alphabet -2.3%, Tesla -2.1%, Nvidia -2%, Meta Platforms -2.1%, Microsoft -1.5%, Apple -1.3%)
- Gold and silver miners, including Newmont (NEM) and Agnico Eagle (AEM), rise as investors to look for safe-haven assets after US President Donald Trump announced a new 10% levy on eight European countries opposed to his plans to seize Greenland. Newmont +3%, Agnico Eagle +3.6%
- And as traders flee risk, decliners include crypto-linked stocks such as Coinbase (COIN), which is down 4%.
- 3M Co. (MMM) declines 4% after providing a 2026 adjusted earnings forecast range with a midpoint that fell slightly short of estimates. Adjusted earnings will be $8.50 to $8.70 a share in 2026, the maker of Post-it notes said. Analysts had expected $8.64 on average, according to the average of estimates compiled by Bloomberg.
- AppLovin (APP) falls 7% after a negative research report by CapitalWatch. The stock was also weighed down by a broader tech selloff amid rising geopolitical tension.
- Ciena Corp. (CIEN) drops 6% after BofA Global Research cut its recommendation to neutral from buy, citing valuation and future backlog.
- ImmunityBio (IBRX) rises 23% after the drug developer said it held a Type B End-of-Phase meeting with the US FDA regarding its supplemental application for its drug to treat bladder cancer.
- Netflix Inc. (NFLX) inches about 1% higher after reaching an amended, all-cash agreement to buy Warner Bros. Discovery Inc.’s studio and streaming business as it battles Paramount Skydance Corp. to acquire one of Hollywood’s most iconic entertainment companies.
In corporate news, Apple retook the top spot in China after iPhone shipments jumped 28% during the holiday quarter, according to Counterpoint Research. Bain Capital is said to be working with Citigroup and JPMorgan on a review of Singapore-based Bridge Data Centres that may lead to a stake sale.
While traders have been able to get past a whirlwind of other unexpected developments this year, the standoff over Greenland is giving even the biggest bulls a jolt, with no off-ramp yet and forcing the biggest overnight selloff in US futures this year. Trump’s push to take control of Greenland, and renewed trade war with Europe, has injected fresh volatility into markets, reviving fears of a trade confrontation between traditional allies with little sign of compromise. Adding to tensions, Trump overnight threatened to impose steep tariffs on champagne after French President Emmanuel Macron ruled out joining a US-led peace initiative.
The VIX broke above 20 points for the first time since November. Trump’s threat to impose tariffs unless a deal is reached for the purchase of Greenland has sparked speculation that European countries could dump US assets (easier said than done), while a spat with France’s Macron left Trump considering a 200% tariff on wine and champagne.
“The only hope really is that Republican senators and congressmen put a stop to this,” said Laurent Lamagnere, deputy chief executive officer at AlphaValue in Paris. “Investors have taken advantage of these volatility moments to buy the dip but for myself, I am not comfortable. There is no guarantee it will work this time.”
Adding to the pain, long-term treasury yields spiked after a meltdown in Japanese bonds, sending the 30-year US rate up nine basis points to 4.93%. Investors balked at Prime Minister Sanae Takaichi’s election pitch to cut taxes on food, pushing Japan’s 40-year rate to a fresh high.
8 hours later, 6-sigma collapse https://t.co/taZruAyYX8 pic.twitter.com/pbUB3QpMh3— zerohedge (@zerohedge) January 20, 2026
The latest market drama comes in a backdrop of extreme bullishness. Investors are the most bullish in nearly five years, while protection against an equity correction is at the lowest since 2018, according to Bank of America’s latest fund manager survey. With BofA’s indicator showing the market at a “hyper-bull level,” it’s time to increase risk hedges and havens, strategist Michael Hartnett said. Still, investors caught between FOMO and growing geopolitical risks can take a cue from derivatives strategists: Hot trades for 2026 range from vanilla tail hedges to bespoke dispersion baskets.
Adding to the deluge of headlines, the annual World Economic Forum in Davos is on this week. Bessent urged calm over Greenland at a press conference, while Trump said he will use the event to meet with various parties over his ambition to take control of Greenland. Bessent also said in his remarks that the next Fed chair could be announced next week.
Barclays’ strategist Emmanuel Cau said “erratic” US policies may reinforce “sell America” bias among global allocators. Allianz Global Investors sees the risk of an escalating trade war between the world’s largest economies as “significantly higher” compared to the aftermath of Liberation Day, and expects precious metals to benefit.
Stocks in Europe have extended yesterday’s declines, Stoxx 600 is lower by 1.3% with industrial good and construction stocks leading declines, while media and food beverage shares outperformed. Here are the biggest movers Tuesday:
- Wise shares jump as much as 14.3%, marking their best day since mid-2023, after the financial technology company surpassed results expectations and raised its margin goal for the full year
- Renault shares rise as much as 3.2% as the French carmaker’s brand vehicle sales increased 3.2% last year and the firm said it will work with Turgis Gaillard on a drone project
- Inficon shares rise as much as 6.6% to the highest in nearly a year, after Deutsche Bank upgrades the Swiss vacuum instruments maker to buy from hold and raises the price target by almost 50%
- LVMH falls as much as 2.4% in Paris, on track for a seventh straight session of losses, the longest streak since March, after US President Donald Trump signaled he could impose a 200% tariff on French wines and champagne
- BKW shares fall as much as 12%, the most since June 2023, after the Swiss energy firm cut its Ebit guidance for the full year following a value adjustment of its Wilhelmshaven coal power plant
- Acciona Energias Renovables declines as much as 5.5% as RBC double-downgrades to underperform, saying the renewables firm’s weak balance sheet is a key driver of earnings risk. Parent company Acciona SA drops 5%
- Fresenius Medical Care shares slip as much as 3.5% after Goldman Sachs downgraded its recommendation on the stock to neutral from buy, citing several headwinds for 2026
- Carl Zeiss Meditec shares drop as much as 6.3%, to the lowest since February 2017, after Goldman Sachs cut its rating on the German medical optics company to neutral from buy, citing further challenges this fiscal year
- Valneva shares drop as much as 14%, after the French vaccine maker said it had decided to voluntarily withdraw the biologics license application and investigational new drug application for its chikungunya shot, Ixchiq, in the US
Asian stocks fell, as equities in Japan extended their decline amid growing political uncertainty. The MSCI Asia Pacific Index fell 0.5%, and earlier dropped as much as 0.8%, the most in more than a week. Tech names including Samsung Electronics, Tencent and SK Hynix were among the biggest drags on the gauge. Along with Japan’s shares, gauges in China and South Korea fell, and Indian stocks touched a two-month low. Japan’s Topix index fell the most in a month as political uncertainty grew following Prime Minister Sanae Takaichi’s snap election announcement. Simmering geopolitical tensions around US President Donald Trump’s threats to Greenland’s sovereignty also hurt risk appetite. Chinese equities fell following a raft of measures by Beijing to cool a market rally. Regulators have tightened requirements for margin financing and clamped down on high-speed traders to rein in potential froth.
“Asia markets are largely shrugging off the US-Europe drama,” said Derek Tay, head of investments at Kamet Capital Partners. “Trump seems to like to dramatize everything and talk big before walking back his threats.”
As earnings season kicks into gear, the bar is high for companies to deliver. Analysts predict fourth-quarter S&P 500 earnings growth of 8%, according to data compiled by Bloomberg Intelligence. Key themes include AI spending, oil and tariff jitters and the defense boom. Morgan Stanley strategists, meanwhile, expect an above-average EPS beat rate as the bar was low coming into the quarter.
In FX, the dollar is weaker versus all major peers, with the Bloomberg Dollar Index down 0.3%. The Swiss franc remains the haven of choice with CHF/JPY hitting the 200 level for the first time on record. Gains in the yen are limited by fiscal angst in the run-up to the Feb. 8 election.
In rates, an overnight surge in long-dated Japanese yields, which soared by much as 27bps, has set the tone for fixed income markets. US 10- and 30-year yields are up 7bps and 9bps respectively, with the curve bear-steepening. The German 10-year yield is up 5bps and its UK counterpart higher by 7bps.
In commodities, it’s been another day of record highs for spot gold and silver, which are posting respective gains of 1.2% and 1.0%. Crude futures are showing marginal gains with little follow-through from Libya’s oil crescent halting operations amid adverse weather conditions. Bitcoin is down 1.9%.
The US economic calendar includes weekly ADP employment change (8:15am) and January Philadelphia Fed non-manufacturing activity (8:30am). Fed officials are in a self-imposed communications blackout ahead of the Jan. 28 policy decision, with no action on rates priced into short-term interest-rate products
Market Wrap
- S&P 500 mini -1.7%
- Nasdaq 100 mini -2%
- Russell 2000 mini -2% (*)
- Stoxx Europe 600 -1.2%
- DAX -1.4%
- CAC 40 -1.2%
- 10-year Treasury yield +7 basis points at 4.29%
- VIX +1.4 points at 20.25
- Bloomberg Dollar Index -0.3% at 1204.7
- euro +0.6% at $1.1718
- WTI crude +0.3% at $59.6/barrel
Top Overnight News
- Japan’s bond rout intensified as investors gave a thumbs down to Sanae Takaichi’s election pitch to cut taxes on food. The 40-year yield rocketed past 4%, a first for any maturity of the nation’s sovereign debt in more than three decades. BBG
- Trump’s big Davos speech tomorrow is set to focus on affordability. He’s expected to outline a proposal to allow 401(k) savings to fund home down-payments and elaborate on plans to ban institutional investors from buying single-family homes, cap credit card rates and intervene in the market for MBS. BBG
- Scott Bessent urged calm over Greenland, calling for Europe to honor trade agreements and telling the World Economic Forum in Davos that the idea that Europeans might dump US assets “defies any logic.” BBG
- Federal Reserve Chair Jerome Powell plans to attend Wednesday’s Supreme Court hearing over the attempted dismissal of Fed Governor Lisa Cook by President Donald Trump, according to a person familiar with the situation. BBG
- US Treasury Secretary Scott Bessent said President Donald Trump could announce his pick for the next Federal Reserve chair as soon as next week. BBG
- Trump: “I know who I want to be Fed Chair, will announce sometime”.
- Senior state planners in China are formulating a five-year plan to lift domestic demand, acknowledging that the world’s second-largest economy currently faces an imbalance between “strong supply and weak demand.” WSJ
- China bought about 12 million tons of US soybeans over the past three months, traders said, meeting a key pledge in its trade talks with the US. BBG
- President Donald Trump threatened to hit French wines and champagnes with 200% tariffs in an apparent effort to cajole French President Emmanuel Macron into joining his Board of Peace initiative aimed at resolving global conflicts. RTRS
- Netflix reached an amended, all-cash agreement to buy Warner Bros. Discovery Inc’s studio and streaming business as it battles Paramount Skydance Corp. to acquire one of Hollywood’s most iconic entertainment companies. BBG
Trade/Tariffs
- US President Trump: “I will impose 200% tariff on French wines and champagne, and President Macron will join the Board of Peace”.
- China said they hit its US soy purchase target of 12mln tonnes, Bloomberg reported citing traders.
- Taiwan’s Vice President said we will balance the trade deficit between Taiwan and the US.
- South Korea is reportedly to hold off on USD 20bln worth of US trade investment, due to KRW impact.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mostly in the red, except the KOSPI, as the tech sector led the declines. ASX 200 continued to fall away from its 2026 peak of 8915, despite the positivity seen in the metals space as BHP upgraded its FY26 copper production guidance. Nikkei 225 neared 53,000, falling from its ATH of 54,522, as traders assess the policies put forward by the LDP and Centrist Reform Alliance going into the February 8th elections. KOSPI was set to snap its 5-day winning streak, falling from its ATH at 4924, as the tech sector weighs on sentiment. Samsung Electronics and SK Hynix briefly led losses, with shares down as much as 3% each before price gradually rebounded but remained in the red. Hang Seng and Shanghai Comp traded with modest losses, and little follow-through from the PBoC unsurprisingly holding LPRs steady. Global equities continue to price in the re-escalation of tariffs between the US and EU.
Top Asian News
- Citi sees the potential of 3 rate hikes in 2026 by the BoJ if JPY weakness continues.
European equities (STOXX 600 -1.3%) are trading on the back foot, with sentiment remaining under pressure as trade tensions between the US and Europe continue to escalate. The latest development came overnight, when US President Trump threatened to impose a 200% tariff on French wine and champagne. However, Treasury Secretary Bessent spoke on EU-US relations, saying that he is confident that leaders will not escalate and things will work out. European sectors are largely trading in the red; Media leads whilst Industrials and Utilities underperform.
Top European News
- US Treasury Secretary Bessent said the US is experiencing a capex boom, which always leads to an employment boom. The narrative of EU nations discussing selling USTs is false; there is no talk of this, it is mis-reporting. On trade:. said the worst thing countries can do is heighten trade tension with the US. The narrative of EU nations discussing selling USTs is false. There is no talk of this, it is mis-reporting. Swiss-US agreement is well along the road. On EU-US relations, said there is no need to jump to the worst case scenario at this point. Reminds that trade ties have been strained before, and it worked out. Is confident that leaders will not escalate and that it will work out. On Economy:. Expects economic growth to be strong this year, at around 4-5% real GDP growth. They will see substantial refunds of up to USD 1000 per worker in Q1.
- Citi downgrades Continental Europe to Neutral from Overweight; rising tensions and tariff uncertainties undermine the short-term outlook for European equities.
FX
- DXY is on a weak footing this morning, and currently trades at the bottom end of a 98.46-99.13 range. To recap, overnight, President Trump threatened a 200% tariff on French wines/champagne after French President Macron rejected his invitation to join his latest peace initiative. Thereafter, Trump said the UK is acting with “great stupidity”, following the Chagos deal.
- The largest bout of pressure for the Dollar was after Treasury Secretary Bessent called for calm and reminded markets that US-EU relations have been strained before, but eventually worked out. This seemingly poured some cooler water on the situation, and the index fell from around 98.85 to a current session low of 98.46.
- The recent pressure in the USD has helped to push G10s higher across the board; CHF tops the leaderboard, the EUR resides near highs beyond the 1.1700 mark, whilst USD/JPY has slipped below the 158.00 mark to make a trough at 157.58. Overnight, the JPY was shunned, alongside aggressive selling in JGBs, spurred by increased bets of unsustainable fiscal policy after PM Takaichi called snap elections and the fiscal commentary from parties since.
- Elsewhere, Cable sits towards session highs and within a 1.3410-1.3491 range. Earlier, the November jobs report showed a tick higher in the unemployment rate, whilst the wage components remained elevated. A knee-jerk lower was seen in the Pound, but this pared almost immediately, given the narrative around a summer-cut has not really shifted for the BoE.
Fixed Income
- Fixed on the backfoot as yields climb in catch-up to Monday’s US holiday and with Japan at record levels.
- JGBs down to a 130.66 base, c. 80 ticks below the close on Monday. Pressure driven by the Takaichi trade being in force into the formal election announcement on Friday, and then the polls on 8th February. Pressure that appears to be driven by scrutiny of the fiscal plans of both the government and the combined opposition, as they outline plans to postpone/remove various tax measures.
- Action that has driven Japanese yields to highs. The 40yr above 4.23% (+40bps), the 30yr above 3.90% (+41bps), 20y to 3.48% (+32bps), 10yr to 2.38% (+20bps). With the curve markedly steeper.
- Macquarie’s Berry wrote, “if the selloff continues, and especially if it spreads globally, then we should see the BoJ dust it [bond buying tool] off and put it to work – maybe as early as tomorrow morning’s daily operations”.
- Evidently, we have seen the selloff spread globally. USTs are pressured down by around 9 ticks, and currently resides at the bottom end of the day’s range; Gilts (-70 ticks) and Bunds (-45 ticks) also follow suit. The latter took a leg lower on the region’s ZEW metrics, whereby the Expectations figure topped expectations and improved from the prior.
- Japan sold JPY 800bln 20-year JGBs; b/c 3.19x (prev. 4.10x, 12-month avg. 3.44x), average yield 3.2510% (prev. 2.916%). Tail 25bps (prev. 3bps).
Commodities
- Crude on the backfoot but only marginally so. Spent the APAC session in a narrow range with complex-specific newsflow somewhat light as the market focus remains on Greenland and the tariffs stemming from it. Early morning trade saw some mild selling in the complex, but this has since reversed to trade towards highs of USD 59.59/bbl and USD 64.27/bbl.
- Spot gold at highs, printed another ATH of USD 4737/oz given the risk tone and despite the morning’s significant yield strength.
- Base peers in the red. 3M LME Copper down to USD 12.8k/T, within reach of Friday’s USD 12.7k/T base and back towards opening levels from early-January.
- China announces plans to expand high-level opening of nonferrous metals future markets by steadily including eligible futures and options in foreign access.
- China raises both gas and diesel prices by CNY 85 per tonne from the 21st January.
- Venezuela’s Acting President said plans to boost gold and iron output in 2026, and attract metals investment for FX.
- China’s Shanghai Futures Exchange to adjust margin requirements and daily price limits for selected copper, aluminium, gold and silver futures contracts from the 22nd of January settlements.
Geopolitics: Ukraine
- Ukrainian President Zelensky might go to Davos if he has a bilateral meeting with Trump to sign “prosperity deal”.
- Russia’s Lavrov said they yet to receive documents following recent US and European talks on Ukraine.
- Russia’s Lavrov said they are ready for contact with the US on Balkans.
Geopolitics: Others
- European Commission President von der Leyen says the bloc’s response will be united, proportional and unflinching. The territorial integrity of Greenland is non-negotiable and they will be working on wider Arctic security measures.
- UK Government, in response to Trump’s remarks on Diegeo Garcia, said “the deal secures the operations of the joint US-UK base on Diego Garcia…” and “It has been publicly welcomed by the US…”.
- US President Trump posted “Thank you to Mark Rutte, the Secretary General of NATO!”.
- US President Trump posted “the United Kingdom, is currently planning to give away the Island of Diego Garcia…” adds that this “is another in a very long line of National Security reasons why Greenland has to be acquired.”.
- US President Trump, on Truth Social, said he had a good phone call with NATO Secretary General Rutte about Greenland, and have agreed to meet various parties in Davos.
- US President Trump said he will talk about Greenland in Davos, does not think the EU will push back too much on Greenland.
- US President Trump conceded in a weekend phone call with UK PM Starmer that he was given bad information regarding troop deployments from European countries to Greenland, CNN reported citing senior UK official.
US Event Calendar
- 8:15am ADP Weekly Employment Change
- 8:30am Philadelphiaa Fed Non-mfg Survey
DB’s Jim Reid concludes the overnight wrap
I watched the new Game of Thrones prequel last night. When I first watched the original series 15 years ago the geopolitics of Westeros and beyond were that of pure fantasy. A decade and a half on and it sometimes feel like we’re now in our own episode with all that’s going on in the world.
With the US off yesterday the implications of the tariff threats over Greenland had yet to fully percolate through financial markets. This morning US cash bond trading have reopened in Asia and 10yr USTs are +3.8bps higher trading at 4.26% and 30yrs +4.8bps at 4.885%. 2yr yields are flat. The sharp sell-off in long-end bonds ultimately reversed the full effects of Liberation Day so it’s worth keeping an eye on the demand for US assets as a barometer for how aggressive the US might be on this policy.
S&P 500 (-1.01%) and NASDAQ 100 (-1.14%) futures are at similar levels to where they were when Europe went home last night with European equity futures flat to slightly lower. Asia equity markets are selling off a touch more with the Nikkei (-0.98%) being the largest underperformer, followed by the ASX (-0.66%). All other main Asian markets are within a tenth or two of being flat on both sides of zero. JGBs continue to see a very large sell-off, ahead of the upcoming election on February 8th, this time not helped by a soft 20yr auction. 10 and 30yr yields are +8.1bps and +21.7bps higher this morning with 40yr yields crossing 4%. Pretty dramatic moves especially as 10yr yields had already moved +7.7bps yesterday.
This morning the Euro has edged up another tenth of a percent and is now +0.55% above the pre-weekend levels with the Dollar yesterday weakening against every other G10 currency, just as long-end Treasury futures were also losing ground. Interestingly Polymarket suggest the probability of all Trump’s Greenland tariffs going into effect by February 1st is currently 18%, rising to 39% for some of these being imposed. Denmark and Norway are those seen with the highest likelihood of sticking. So Polymarket participants expect compromise but not with high certainty.
So markets have reacted but there’s clearly room for bigger moves if the rhetoric increases further. Trump will likely continue to be active beforehand but remember he speaks at Davos tomorrow and this would be an ideal location for him to get his full views of the world across. Yesterday he declined to rule out the use of force to take Greenland, saying “No comment” when asked by NBC News in an interview. That’s driven growing fears about some kind of retaliatory trade escalation from Europe, with increasingly strong comments from several officials. For instance, German finance minister Lars Klingbeil said that “We are constantly experiencing new provocations, we are constantly experiencing new antagonism, which President Trump is seeking, and here we Europeans must make it clear that the limit has been reached”. Nevertheless, US Treasury Secretary Bessent warned the EU against retaliatory tariffs, saying they’d be “very unwise”.
At around 530am London time just before we go to print Trump posted on social media that “I had a very good telephone call with Mark Rutte, the Secretary General of NATO, concerning Greenland. I agreed to a meeting of the various parties in Davos, Switzerland. As I expressed to everyone, very plainly, Greenland is imperative for National and World Security. There can be no going back — On that, everyone agrees.” So some elements of conciliation but without changing his demands.
In terms of what it meant for equities yesterday, trade-exposed sectors were particularly affected. So the STOXX 600 (-1.19%) posted its worst performance in two months, with auto companies like BMW (-3.43%) and Porsche (-3.73%) falling back, whilst a decline in luxury stocks pushed France’s CAC 40 (-1.78%) back into negative territory for 2026. Defence stocks were the main exception however, with Rheinmetall (+0.95%) one of the few to advance on expectations this could galvanise a fresh push towards higher European defence spending. S&P 500 futures were down around -1% at the time of the European close, whilst the VIX index of volatility (+2.98pts) has jumped to 18.8pts as I type, its highest level in nearly 2 months. Elsewhere, Gold prices have risen +1.84% since the weekend.
The situation is complicated by the upcoming Supreme Court ruling on the IEEPA tariffs, which might end up further constraining Trump’s room for manoeuvre on tariffs. However, no-one knows when this will come through (apart from maybe the judges). The bid offer is somewhere between today and June. The market has been burnt before by overreacting to tariff threats. Obviously, there was Liberation Day but more recently Trump’s escalation with China in October prompted a -2.71% decline for the S&P 500 on that day, before he then met with Xi and the trade truce was extended by a year.
For sovereign bonds, the latest developments brought about a clear curve steepening, echoing what happened in previous moments of trade escalations. At the front end, the rally was driven by more dovish central bank pricing, as investors grappled with the prospect of more rate cuts to soften any trade war. So 2yr German yields (-3.1bps) saw a clear decline yesterday, but with 10yr bund yields up +0.5bps.
Otherwise yesterday, there was little data of note, although the Euro Area CPI reading for December was revised down very slightly to +1.9%, having been at +2.0% on the flash print. Elsewhere, Canada’s CPI print was higher than expected yesterday, with headline inflation picking up to +2.4% (vs. +2.2% expected). However, the two measures of core inflation tracked by the Bank of Canada both fell back, with the median core measure down to +2.5% (vs. +2.7% expected), whilst the trim core measure fell to +2.7% as expected. Finally, the IMF also released their latest growth forecasts, upgrading global growth in 2026 by two-tenths to +3.3%, with 2027 unchanged at +3.2%.
Looking at the day ahead, data releases include UK unemployment for November, along with the German ZEW survey for January. Central bank speakers include the ECB’s Nagel, along with BoE Governor Bailey and Deputy Governor Ramsden. Finally, earnings releases include Netflix and United Airlines.
2b European opening report
Global fixed income slips, lead by JGBs; US equity futures in the red amid heightened US-EU trade tensions – Newsquawk US Opening News
Tuesday, Jan 20, 2026 – 05:54 AM
- Global fixed income in the red, taking lead from marked pressure in JGBs on fiscal concerns driving JPY action.
- European bourses are entirely in the red, with sentiment hit on renewed trade tensions; US equity futures also pressured, NQ -2.1%.
- DXY hampered and currently at lows, CHF leads whilst EUR/USD tops 1.1700.
- Crude choppy with specifics light, XAU and XAG continue to make ATHs.
- US President Trump threatened to impose 200% tariffs on French wines and Champagne following France’s intention to decline the invitation to join his ‘Board of Peace’.
- US President Trump said he had a good phone call with NATO Secretary General Rutte about Greenland, and has agreed to meet various parties in Davos.
- Looking ahead, highlights include ADP Employment Change Weekly, US Treasury Secretary Bessent, ECBʼs Nagel, SNBʼs Schlegel, and earnings from Netflix.
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EUROPEAN TRADE
EQUITIES
- European equities (STOXX 600 -1.3%) are trading on the back foot, with sentiment remaining under pressure as trade tensions between the US and Europe continue to escalate. The latest development came overnight, when US President Trump threatened to impose a 200% tariff on French wine and champagne. However, Treasury Secretary Bessent spoke on EU-US relations, saying that he is confident that leaders will not escalate and things will work out.
- European sectors are largely trading in the red; Media leads whilst Industrials and Utilities underperform.
- US equity futures are lower with downside in all major indices. The NQ (-2.1%) underperforms vs peers (ES -1.7%), with the Tech-heavy index pressured by the risk-tone and elevated yields. This follows on from the downside seen in heavyweight tech names in Asia, namely Samsung (-2.3%) and SK Hynix (-2.3%).
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is on a weak footing this morning, and currently trades at the bottom end of a 98.46-99.13 range. To recap, overnight, President Trump threatened a 200% tariff on French wines/champagne after French President Macron rejected his invitation to join his latest peace initiative. Thereafter, Trump said the UK is acting with “great stupidity”, following the Chagos deal.
- The largest bout of pressure for the Dollar was after Treasury Secretary Bessent called for calm and reminded markets that US-EU relations have been strained before, but eventually worked out. This seemingly poured some cooler water on the situation, and the index fell from around 98.85 to a current session low of 98.46.
- The recent pressure in the USD has helped to push G10s higher across the board; CHF tops the leaderboard, the EUR resides near highs beyond the 1.1700 mark, whilst USD/JPY has slipped below the 158.00 mark to make a trough at 157.58. Overnight, the JPY was shunned, alongside aggressive selling in JGBs, spurred by increased bets of unsustainable fiscal policy after PM Takaichi called snap elections and the fiscal commentary from parties since.
- Elsewhere, Cable sits towards session highs and within a 1.3410-1.3491 range. Earlier, the November jobs report showed a tick higher in the unemployment rate, whilst the wage components remained elevated. A knee-jerk lower was seen in the Pound, but this pared almost immediately, given the narrative around a summer-cut has not really shifted for the BoE.
FIXED INCOME
- Fixed on the backfoot as yields climb in catch-up to Monday’s US holiday and with Japan at record levels.
- JGBs down to a 130.66 base, c. 80 ticks below the close on Monday. Pressure driven by the Takaichi trade being in force into the formal election announcement on Friday, and then the polls on 8th February. Pressure that appears to be driven by scrutiny of the fiscal plans of both the government and the combined opposition, as they outline plans to postpone/remove various tax measures.
- Action that has driven Japanese yields to highs. The 40yr above 4.23% (+40bps), the 30yr above 3.90% (+41bps), 20y to 3.48% (+32bps), 10yr to 2.38% (+20bps). With the curve markedly steeper.
- Macquarie’s Berry wrote, “if the selloff continues, and especially if it spreads globally, then we should see the BoJ dust it [bond buying tool] off and put it to work – maybe as early as tomorrow morning’s daily operations”.
- Evidently, we have seen the selloff spread globally. USTs are pressured down by around 9 ticks, and currently resides at the bottom end of the day’s range; Gilts (-70 ticks) and Bunds (-45 ticks) also follow suit. The latter took a leg lower on the region’s ZEW metrics, whereby the Expectations figure topped expectations and improved from the prior.
- Japan sold JPY 800bln 20-year JGBs; b/c 3.19x (prev. 4.10x, 12-month avg. 3.44x), average yield 3.2510% (prev. 2.916%). Tail 25bps (prev. 3bps).
COMMODITIES
- Crude on the backfoot but only marginally so. Spent the APAC session in a narrow range with complex-specific newsflow somewhat light as the market focus remains on Greenland and the tariffs stemming from it. Early morning trade saw some mild selling in the complex, but this has since reversed to trade towards highs of USD 59.59/bbl and USD 64.27/bbl.
- Spot gold at highs, printed another ATH of USD 4737/oz given the risk tone and despite the morning’s significant yield strength.
- Base peers in the red. 3M LME Copper down to USD 12.8k/T, within reach of Friday’s USD 12.7k/T base and back towards opening levels from early-January.
- China announces plans to expand high-level opening of nonferrous metals future markets by steadily including eligible futures and options in foreign access.
- China raises both gas and diesel prices by CNY 85 per tonne from the 21st January.
- Venezuela’s Acting President said plans to boost gold and iron output in 2026, and attract metals investment for FX.
- China’s Shanghai Futures Exchange to adjust margin requirements and daily price limits for selected copper, aluminium, gold and silver futures contracts from the 22nd of January settlements.
TRADE/TARIFFS
- US President Trump: “I will impose 200% tariff on French wines and champagne, and President Macron will join the Board of Peace”.
- China said they hit its US soy purchase target of 12mln tonnes, Bloomberg reported citing traders.
- Taiwan’s Vice President said we will balance the trade deficit between Taiwan and the US.
- South Korea is reportedly to hold off on USD 20bln worth of US trade investment, due to KRW impact.
NOTABLE EUROPEAN HEADLINES
- US Treasury Secretary Bessent said the US is experiencing a capex boom, which always leads to an employment boom. The narrative of EU nations discussing selling USTs is false; there is no talk of this, it is mis-reporting. On trade:. said the worst thing countries can do is heighten trade tension with the US. The narrative of EU nations discussing selling USTs is false. There is no talk of this, it is mis-reporting. Swiss-US agreement is well along the road. On EU-US relations, said there is no need to jump to the worst case scenario at this point. Reminds that trade ties have been strained before, and it worked out. Is confident that leaders will not escalate and that it will work out. On Economy:. Expects economic growth to be strong this year, at around 4-5% real GDP growth. They will see substantial refunds of up to USD 1000 per worker in Q1.
- Citi downgrades Continental Europe to Neutral from Overweight; rising tensions and tariff uncertainties undermine the short-term outlook for European equities.
NOTABLE EUROPEAN DATA RECAP
- German ZEW Current Conditions (Jan) -72.7 vs. Exp. -75.5 (Prev. -81.0); Expectations (Jan) 59.6 vs. Exp. 50.0 (prev. 45.8)
- German PPI MoM (Dec) M/M -0.2% vs. Exp. -0.2% (Prev. 0.0%).
- German PPI YoY (Dec) Y/Y -2.5% vs. Exp. -2.4% (Prev. -2.3%).
- EU ZEW Expectations (Jan) 40.8 vs Exp. 36.7 (prev. 33.7)
- UK HMRC Payrolls Change (Dec) -43K (Prev. -38K).
- UK Unemployment Rate (Nov) 5.1% vs. Exp. 5% (Prev. 5.1%). ONS “the number of employees on payroll has fallen again…” and “Meanwhile unemployment remains at the rate reported last month, up on the quarter and the year”.
- UK Employment Change (Nov) 82K vs. Exp. 27K (Prev. -16K).
- UK Average Earnings incl. Bonus (3Mo/Yr) (Nov) 4.7% vs. Exp. 4.6% (Prev. 4.8%, Rev. 4.7%).
- UK Claimant Count Change (Dec) 17.9K vs. Exp. 15.6K (Prev. -3.3K, Rev. 20.1K).
- UK Average Earnings excl. Bonus (3Mo/Yr) (Nov) 4.5% vs. Exp. 4.5% (Prev. 4.6%).
- EU Current Account (Nov) 12.6B (Prev. 33B, Rev. 32B).
- Swiss Producer & Import Prices YoY (Dec) Y/Y -1.8% (Prev. -1.6%).
- Swiss Producer & Import Prices MoM (Dec) M/M -0.2% vs. Exp. 0.2% (Prev. -0.5%).
CENTRAL BANKS
- US Treasury Secretary Bessent on new Fed chair said they have four excellent candidates and that an announcement could come as imminent as next week.
NOTABLE US HEADLINES
- US President Trump: “I know who I want to be Fed Chair, will announce sometime”.
- US President Trump is to deliver a special address at Davos at 13:30GMT / 08:30EST on Wednesday 21st.
GEOPOLITICS
RUSSIA-UKRAINE
- Ukrainian President Zelensky might go to Davos if he has a bilateral meeting with Trump to sign “prosperity deal”.
- Russia’s Lavrov said they yet to receive documents following recent US and European talks on Ukraine.
- Russia’s Lavrov said they are ready for contact with the US on Balkans.
OTHERS
- European Commission President von der Leyen says the bloc’s response will be united, proportional and unflinching. The territorial integrity of Greenland is non-negotiable and they will be working on wider Arctic security measures.
- UK Government, in response to Trump’s remarks on Diegeo Garcia, said “the deal secures the operations of the joint US-UK base on Diego Garcia…” and “It has been publicly welcomed by the US…”.
- US President Trump posted “Thank you to Mark Rutte, the Secretary General of NATO!”.
- US President Trump posted “the United Kingdom, is currently planning to give away the Island of Diego Garcia…” adds that this “is another in a very long line of National Security reasons why Greenland has to be acquired.”.
- US President Trump, on Truth Social, said he had a good phone call with NATO Secretary General Rutte about Greenland, and have agreed to meet various parties in Davos.
- US President Trump said he will talk about Greenland in Davos, does not think the EU will push back too much on Greenland.
- US President Trump conceded in a weekend phone call with UK PM Starmer that he was given bad information regarding troop deployments from European countries to Greenland, CNN reported citing senior UK official.
CRYPTO
- Bitcoin extends losses below USD 91k, with Ethereum also pressured and eyes USD 3k.
APAC TRADE
- APAC stocks traded mostly in the red, except the KOSPI, as the tech sector led the declines.
- ASX 200 continued to fall away from its 2026 peak of 8915, despite the positivity seen in the metals space as BHP upgraded its FY26 copper production guidance.
- Nikkei 225 neared 53,000, falling from its ATH of 54,522, as traders assess the policies put forward by the LDP and Centrist Reform Alliance going into the February 8th elections.
- KOSPI was set to snap its 5-day winning streak, falling from its ATH at 4924, as the tech sector weighs on sentiment. Samsung Electronics and SK Hynix briefly led losses, with shares down as much as 3% each before price gradually rebounded but remained in the red.
- Hang Seng and Shanghai Comp traded with modest losses, and little follow-through from the PBoC unsurprisingly holding LPRs steady. Global equities continue to price in the re-escalation of tariffs between the US and EU.
NOTABLE ASIA-PAC HEADLINES
- Citi sees the potential of 3 rate hikes in 2026 by the BoJ if JPY weakness continues.
NOTABLE APAC DATA RECAP
- New Zealand Composite NZ PCI (Dec) 53.7 vs. Exp. 49.6 (Prev. 48.8).
- New Zealand Services NZ PSI (Dec) 51.5 vs. Exp. 48 (Prev. 46.9).
- 1
1 c Asian opening report:
Trump threatens France with a 200% tariff on French wines and Champagne; European equity futures are lower – Newsquawk European Opening News
Tuesday, Jan 20, 2026 – 01:49 AM
- US President Trump threatened to impose 200% tariffs on French wines and Champagne following France’s intention to decline the invitation to join his ‘Board of Peace’.
- US President Trump said he had a good phone call with NATO Secretary General Rutte about Greenland, and has agreed to meet various parties in Davos.
- Spot XAU extended beyond USD 4700/oz, and DXY eventually dipped below 99.00 amid a continuation of weakness.
- European equity futures are indicative of a modestly weaker open, with the Euro Stoxx 50 future down 0.1% after cash closed down 1.8% on Monday.
- Looking ahead, highlights include UK Unemployment Rate & Average Earnings (Nov), Swiss Producer Prices (Dec), German ZEW (Jan), speakers include Japanese Economy Minister Akazawa, Finance Minister Katayama, China Vice-Premier He Lifeng, ECBʼs Nagel, SNBʼs Schlegel, BoE’s Bailey, Ramsden and earnings from Netflix.
SNAPSHOT
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US TRADE
EQUITIES
- US cash indices were closed on Monday due to MLK Jr. Day, but equity futures saw weakness, with NQ & RTY underperforming as geopolitical tensions with the US over Greenland weighed on sentiment.
- Markets have had a tumultuous start to 2026, with renewed uncertainty driven by Trump’s continued push for Greenland and his threats to impose tariffs on eight European countries. In response, EU nations have unsurprisingly been outspoken about how they do not deem the tariff threats acceptable, while the UK PM distanced himself from retaliatory measures.
- Click here for a detailed summary.
TRADE/TARIFFS
- US President Trump said he will impose a 200% tariff on French wines and champagne, and then President Macron will join the Board of Peace.
- China’s December rare earth magnet exports -3.2% M/M; rare earth exports to Japan -8% M/M; rare earth exports to the US -3% M/M.
- China said it hit its US soy purchase target of 12mln tonnes, Bloomberg reported citing traders.
- Taiwan’s Vice President said Taiwan will balance the trade deficit between Taiwan and the US.
NOTABLE HEADLINES
- US President Trump is to deliver a special address at Davos at 13:30GMT / 08:30EST on Wednesday 21st.
- China deepens probe into PDD (PDD) after physical altercations with regulators, Bloomberg reported.
CENTRAL BANKS
- US President Trump said he knows who he wants to be Fed Chair, and that will be announced sometime.
- Fed Chair Powell to attend Supreme Court hearing on Trump’s attempted firing of Lisa Cook, AP reports.
- Eurogroup picks Croatia’s Vujcic to be next ECB VP.
APAC TRADE
EQUITIES
- APAC stocks traded mostly in the red, except the KOSPI, as the tech sector led the declines.
- ASX 200 continued to fall away from its 2026 peak of 8915, despite the positivity seen in the metals space as BHP upgraded its FY26 copper production guidance.
- Nikkei 225 neared 53,000, falling from its ATH of 54,522, as traders assess the policies put forward by the LDP and Centrist Reform Alliance going into the February 8th elections.
- KOSPI was set to snap its 5-day winning streak, falling from its ATH at 4924, as the tech sector weighs on sentiment. Samsung Electronics and SK Hynix briefly led losses, with shares down as much as 3% each before price gradually rebounded but remained in the red.
- Hang Seng and Shanghai Comp traded with modest losses, and little follow-through from the PBoC unsurprisingly holding LPRs steady. Global equities continue to price in the re-escalation of tariffs between the US and EU.
- US equity futures held onto Monday’s equity futures losses (ES -1%, NQ -1.1%).
- European equity futures are indicative of a modestly weaker open with the Euro Stoxx 50 future down 0.2% after cash closed lower by 1.8% on Monday.
FX
- DXY continued to hover around 99.00 but off last week’s peak of 99.479 as investors moved into havens amid re-emerging trade tensions.
- EUR/USD pulled back slightly, following Monday’s bid, to a trough of 1.1633 before the pair extended above 1.1650.
- GBP/USD oscillated around the U/C mark for the majority of the Asia-Pac session before lifting towards 1.3440 ahead of key UK employment data.
- USD/JPY traded choppy around the 158.00 handle despite the absence of news and amid the continued rise in JGB yields.
- Antipodeans outperformed their G7 counterparts, especially the Kiwi, despite no clear driver.
- USD/CNH briefly strengthened to a trough of 6.9522 at the PBoC’s Yuan fix.
- PBoC set USD/CNY midpoint at 7.0006 vs exp. 6.9576 (prev. 7.0064).
FIXED INCOME
- 10yr UST futures held onto losses seen in Monday’s futures session amid the absence of cash trade.
- Bund futures completely reversed the haven-bid seen in Monday’s session, as the OAT-Bund spread continued to tighten following the use of Article 49.3 by French PM Lecornu to push through the budget. The 10-year German debt hit the 128.00 handle as price broke Friday’s low.
- 10yr JGB futures briefly dipped below the 131.00 handle, as 40-year JGB yields hit their highest point since its debut in 2007. JGBs bounced going into the 20-year auction before falling back towards 131 as the bond sale saw weak demand.
- Japan sold JPY 800bln 20-year JGBs; b/c 3.19x (prev. 4.10x, 12-month avg. 3.44x), average yield 3.2510% (prev. 2.916%). Tail 25bps (prev. 3bps).
COMMODITIES
- Crude futures oscillated in a tight c. USD 0.30/bbl range amid a lack of geopolitical updates, as tensions in Iran ease momentarily.
- Spot gold initially hovered below USD 4680/oz before extending to a fresh ATH of USD 4700/oz amid a lack of newsflow.
- Copper futures reversed the slight upside seen in Monday’s session, with 3M LME copper trading below USD 12.95k/t. This came despite BHP slightly raising its FY26 copper production guidance to 1.9-2.0mln tons (prev. 1.8-2.0mln tons) and positive commentary by the CEO stating “China’s commodity demand remains resilient, supported by policy measures and solid exports.”
- Venezuela’s Acting President said it plans to boost gold and iron output in 2026 and attract metals investment for FX.
CRYPTO
- Bitcoin continued to trade below USD 93,000 as risk tone remained sour.
NOTABLE ASIA-PAC HEADLINES
- China’s MOF extended personal consumption loan interest subsidies until the end of 2026. MOF is to expand the interest subsidies to tech re-lending, with the policy to run until the end of 2026. To add, the MOF announced it will give support to target NEVs, industrial machinery, pharmaceuticals and emerging fields, including AI. Will inject CNY 5bln into the government guarantee fund.
- China’s NDRC Official Wang said China is to step up regulation on industrial capacity. Services become key to boosting domestic demand. More targeted support policies to be rolled out this year.
- China’s NDRC Deputy Head said it plans to advance key high-tech projects under the 15th Five-Year Plan, alongside research and implementation of a 2026–2030 domestic demand expansion strategy. Authorities aim to address industrial bottlenecks through innovation and are studying the creation of a national-level M&A fund to accelerate the development of so-called “new quality productive forces”. The government will step up efforts to curb disorderly low-price competition and strengthen price supervision in key industries, while refining local investment attraction rules and promoting a market order focused on quality and branding. China will also standardise nationwide subsidies for vehicle scrappage, trade-ins and home appliance upgrades. Policymakers said China will pursue a more proactive fiscal stance and a moderately loose monetary policy, with restoring prices identified as a core objective.
- Japan’s DPP Chief Tamaki said there is no need for sales tax if real wage growth is achieved and is closely watching the situation now. Adds that a consumption tax cut can stimulate the economy when there is a gap between supply and demand.
- Japan’s Economy Minister Kiuchi said we will consider the impact of food sales tax cuts on yields and FX. On tax cuts, will discuss when Japan can realistically implement tax cuts, and that non-tax revenue can be a source for sales tax cut. Kiuchi adds that they will be mindful of fiscal discipline for sales tax cuts and that funding through reviewing excess subsidies is also an option. On markets, Kiuchi comments that yields are determined by the market, reflecting many factors, that it is vital for stocks and FX to move stably and will monitor market moves with a high sense of urgency.
- Banks in China are said to offer cheaper loans on a structural rate cut and also offer higher limits and longer loan tenors.
DATA RECAP
- Chinese Loan Prime Rate 1Y (Jan) 3.0% vs. Exp. 3.0% (Prev. 3.0%).
- Chinese Loan Prime Rate 5Y (Jan) 3.5% vs. Exp. 3.5% (Prev. 3.5%).
- New Zealand Composite NZ PCI (Dec) 53.7 vs. Exp. 49.6 (Prev. 48.8).
- New Zealand Services NZ PSI (Dec) 51.5 vs. Exp. 48 (Prev. 46.9).
GEOPOLITICS
EU-US
- US President Trump, on Truth Social, said he had a good phone call with NATO Secretary General Rutte about Greenland, and have agreed to meet various parties in Davos.
- US President Trump said he will talk about Greenland in Davos, does not think the EU will push back too much on Greenland.
- US President Trump conceded in a weekend phone call with UK PM Starmer that he was given bad information regarding troop deployments from European countries to Greenland, CNN reported citing a senior UK official.
- Finnish President said the EU has several tools that can lead to US threats on tariffs being withdrawn.
- Denmark’s Defence Minister said we have had a good meeting with NATO’s Rutte; have discussed a NATO mission in Greenland and in the Arctic.
2b. JAPAN
Japanese Yields Soar To All Time High After PM Takaichi Calls Snap Election Seeking More Spending, Less Taxes
Monday, Jan 19, 2026 – 12:35 PM
In the rapidly approaching endgame for Japan’s monetary experiment, overnight Japanese bond yields hit new record highs, with the long end surging as much as 10bps…
… which in turn helped send gold to fresh record highs above $4,600 (as we discussed previously)…
… after Prime Minister Sanae Takaichi said she will call a national election on February 8 to seek voter backing for everything that guarantees a bond market collapse, namely increased spending, tax cuts and a new security strategy that is expected to accelerate a defence build-up.
According to Reuters, Takaichi plans to dissolve parliament on Friday ahead of the snap vote for all 465 seats in the lower house of parliament, in her first electoral test since becoming Japan’s first female premier in October.
“I am staking my own political future as prime minister on this election,” Takaichi told a press conference on Monday. “I want the public to judge directly whether they will entrust me with the management of the nation.”
Of course, that’s not the story at all: she is promising more spending and less taxes, so of course she will get what she wants from the free shit army. The question is what happens when Japanese bond yields rise so high the country can no longer pretend it isn’t facing the biggest bond crisis in history.
Takaichi has promised a two-year halt to a consumption tax of 8% on food, adding that her spending plans would create jobs, boost household spending and increase other tax revenues. And all for the low, low price of another 10-20% in debt/GDP.
Sure enough, the prospect of such a tax cut, which the government estimates would reduce its revenue by 5 trillion yen ($32 billion) a year, sent the yield on Japan’s 10-year government bonds to a 27-year high earlier on Monday.
Calling an early election allows Takaichi to cement her political role and capitalize on strong public support to tighten her grip on the ruling Liberal Democratic Party and shore up her coalition’s fragile majority. The election will test voter appetite for higher spending – i.e., more handouts – at a time when the rising cost of living is the public’s top concern. Then again, Takaichi can just blame the BOJ for not raising rates enough.
Having dealt with deflation for nearly 40 years, runaway prices are a new concept for Japan, yet that’s precisely where the country is right now: prices are the main worry of 45% of the respondents in a poll released by public broadcaster NHK last week, followed by diplomacy and national security at 16%.
Making sure inflation rises even more, Takaichi’s administration plans a new national security strategy this year after deciding to hasten a military build-up that will lift defence spending to 2% of GDP, a sharp break from decades in which Japan capped such outlays at around 1%. Translation: even more spending and even more debt monetization by the BOJ.
Takaichi has not set a new spending target beyond that level, but rising tension with China over Taiwan and disputed islands in the East China Sea, coupled with U.S. pressure for allies to spend more, are likely to push defence outlays higher. Last week, China banned exports of items destined for Japan’s military that have civilian and military uses, including some critical minerals.
“China has conducted military exercises around Taiwan, and economic coercion is increasingly being used through control of key supply-chain materials,” she said. “The international security environment is becoming more severe.”
The LDP and Ishin go into the Feb 8 election, which coincides with a planned national election in Thailand, with a combined 233 seats. Takaichi said her target was for the coalition to retain its majority in the lower chamber.
Her main challenger will be the Centrist Reform Alliance, a new political party combining the largest opposition group, the Constitutional Democratic Party of Japan and Komeito, which ended its 26-year coalition with the LDP after Takaichi, a right-wing lawmaker, took over at the LDP. Together the parties hold 172 seats.
That new political group could propose to permanently abolish the 8% sales tax on food, a party official said earlier in the day.
“Now may be the best chance she has at taking advantage of this extraordinary popularity,” said Jeffrey Hall, a lecturer in Japanese studies at Kanda University of International Studies. But with opposition parties joining forces to oppose her, victory might not be straightforward, he added.
In any case, don’t expect any major changes in Japan’s political facade. Meanwhile the yen is trading near an all time low against the USD, and against that other export-focused currency, China’s yuan…
… which in turn is keeping Japan’s economy afloat, by pushing the price of its exports artificially lower. Still, at some point the BOJ will have to make a choice: contain inflation (and send the yen surging), or watch the world’s second largest bond market (of which 60% of is held by the BOJ), disintegrate.
end
JAPAN/GOLD
JGBs Implode, Gold Soars: The Trade CNBC Ridiculed Is Crushing Everything
Tuesday, Jan 20, 2026 – 07:20 AM
Submitted by QTR’s Fringe Finance
As I first noted back in 2023, my disdain, distrust and general disgust for financial media reached a peak in 2016 when CNBC’s Fast Money invited Bill Fleckenstein on the air to offer up his take on the economy and why the Fed-fueled market was “un-shortable”.
Bill is a well-known advocate for the Austrian school of economics and has been highly critical of the Fed and central banking policies for decades.
In this interview, he made two key points: 1) he thought Japan would probably be the first bond market to blow up and 2) he was buying gold and miners and thought the broader market was “un-shortable”. Fleckenstein told the hosts:
“Probably the first bond market to crack up will be in Japan but maybe it won’t. Maybe it’ll be here. I don’t really care if I miss the first break because they’re gonna come with QE4. The trade I want to catch is when people wake up to the fact that these Central Bank strategies are failures. They are the arsonists that create the fire, they’re not the firemen that put it out, even though they claim to be the latter.”
Seymour responded:
“But Bill, it sounds like you missed a lot. I mean, you’ve been on the show a number of times where you’ve been licking your chops and saying it’s about to happen, and it’s two, three years going on doing this, and a lot of this sounds kind of pathetic.”
Fleckenstein responded that’s he’s long gold and miners, prompting Seymour to take sarcastic shots at him, stating:
“Is gold going to $2,000 an ounce? Is it? I bet you bought gold at the bottom.”
To which Fleckenstein, rightfully pissed off, responds:
“I happened to catch the lows, but that does not mean anything. I’m not here to brag. I don’t ask to come on this show — you guys ask me. So don’t get in my face because I’m not joining the party you want me to.”
You can watch the full interview free here.
As I wrote back in 2023, “timing these assholes is everything” and today, here we are, about 9 years since that interview on an evening where it looks damn close to exactly what Bill Fleckenstein was ridiculed for on national television is happening. Japanese bonds are in a “full blown melt-down”, as Zero Hedge described it tonight:
It’s a move that Peter Schiff predicts “could force the Japanese government to sell Treasuries to service its debt.”
“It’s the Takaichi trade in motion. The combination of rising JGB yields in Japan and concerns over renewed US-European tariffs could lead to further rises in global bond yields, ” Mansoor Mohi-Uddin, chief macro strategist at Bank of Singapore told Bloomberg overnight.
Other strategists like Tadashi Matsukawa, head of bond investments at PineBridge Investments Japan are predicting MOF bond buying: “With interest rates rising this much, calls for the BOJ to conduct emergency operations and the Ministry of Finance to implement buybacks are likely to intensify.”
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And while the Japanese bond market is imploding, gold is exploding even further to the upside, as it has been doing basically non-stop since dickhead Tim Seymour decided to make a snide comment about it in 2016.
Gold spot broke over $4,700/oz. tonight, extending what can only be described as a biblical move higher since the Seymour 10 Year Bottom™.
In the same vein, CNBC staple Josh Brown made a post in 2019 stating that “Permabears Are Ridiculous People” for celebrating small drawdowns in an otherwise rising nominal price stock market. I agree with Brown’s point on markets, but not that permabears are ridiculous — in fact, I find them to be the only people who see the market clearly.
And while both the Japanese bond and gold markets continue to make Tim Seymour look like even more of a turbo-douche than he made himself look back in 2016, gold has also humilated the above “yeah but the market hasn’t crashed, bro” argument that many perma-bulls use to try and disarm perma-bears (read: skeptics with common sense).
Because since Seymour’s shit fit, the price of gold has also beaten the holiest of holies, the S&P 500 average, rising about 300% versus the S&P’s 267% over the last 10 years.
And in the last year, the contrast is even more stark and the trade has accelerated, with gold beating the S&P by about 54%.
So what did we learn? That being early is indistinguishable from being wrong if your referee is a CNBC talking head whose entire job depends on never admitting structural failure. Financial media doesn’t analyze risk: it mocks it, belittles it, and shames it until it goes away or blows up. And when it finally blows up, they pretend it was unforeseeable and complex instead of the obvious consequence of policies they cheered for a decade straight.
Tim Seymour didn’t just miss the trade — he missed the point. The point was never timing the top tick or calling the crash date like a carnival psychic. The point was recognizing that a system built on permanent intervention, debt monetization, and asset inflation eventually eats itself.
Gold wasn’t a “pathetic” trade; it was an insurance policy against institutional dishonesty. Japanese bonds weren’t a fringe worry; they were the logical pressure point in a world where yield suppression became national policy. Bill Fleckenstein didn’t “miss a lot” — he refused to play musical chairs with a blindfold on.
And that’s why this matters. Because the people who were mocked, sidelined, and shouted down weren’t permabears — they were adults. They understood cycles, incentives, and consequences in a market that hasn’t allowed consequences for far too long. Today, as Japanese bonds convulse and gold rips faces off, the only thing more inflated than asset prices over the last decade was the confidence of the people paid to sneer at those warning you it couldn’t last forever.
The Seymour interview is what inspired me to start a podcast and, eventually, a Substack. I knew then Bill was on to something that mainstream financial newsmedia would never understand. Today, the price of the market, gold and Japanese bond yields confirm both Bill and I were dead on balls accurate.
END
3. CHINA/
CHINA/USA
UBS: Will There Be Chinese EVs In America?
Tuesday, Jan 20, 2026 – 05:45 AM
UBS analyst Joseph Spak asked clients on Sunday: Will there be Chinese cars in the US?
Spak pointed to comments from President Trump last week at the Detroit Economic Club, in which he said, “If they want to come in and build a plant and hire you and hire your friends and your neighbors, that’s great. I love that. Let China come in, let Japan come in. They are. And they’ll be building plants, but they’re using our labor.”
Trump’s comments come after Chinese automaker Geely stated at CES in Las Vegas that it could make a major announcement about a U.S. expansion within the next 24 to 36 months.
“The big question for us is when and where we will go to the U.S.A.,” Ash Sutcliffe, Geely’s global communications chief, said in an interview last week at the Autoline Network at CES.
This also follows Canada’s decision last week to allow up to 49,000 Chinese EVs per year at a low tariff rate. U.S. Trade Representative Jamieson Greer said the decision is “problematic for Canada.”
“There’s a reason why we don’t sell a lot of Chinese cars in the United States. It’s because we have tariffs to protect American auto workers and Americans from those vehicles,” Greer told CNBC on Friday.
But Trump’s comments suggest that if Geely or BYD Motors were to announce new manufacturing plants in the US, their products would avoid tariffs and be competitively priced with domestic car brands.
UBS analyst Spak offered his team’s thoughts on Chinese EVs in the US market:
- Currently, there is a 100% tariff on Chinese EV imports. But of course, this wouldn’t be an issue if vehicles are built here. The bigger issue, in our view, is that the US bans Chinese software in vehicles starting in 2027, and then hardware in 2029. We believe that even for Chinese vehicles built in the US, they would want to leverage their software and hardware development.
- Investors point to the recent rapid rise of Chinese vehicles in Europe, with their December share hitting 18% in the UK and 12% in Spain. For the year, Chinese share in the UK was up to 9.7% (aided by China owned MG brand which has UK heritage) from 4.8% in 2024, Italy 8.1% from 4.7%, Germany remains lower at 2.5%. But of course, this large inflection was aided by imports. And China exports grew meaningfully in 2025, to >1mm units, as they looked for global growth especially as domestic demand slowed and amid high domestic competition. In the US, the Chinese don’t have the ability to test the waters or see early gains given exports to the US are tougher.
- Building factories, supplier parks, dealerships, distribution networks, and service would take some time (though many dealers we have spoken to have indicated they would welcome selling them). Rental/fleet seems like a way the Chinese OEMs could first start to get a foothold in the US and test out the market.
- So, as has been our belief for a while (we wrote this in 2023), it is likely only a matter of time before the Chinese automakers are in the US, a sentiment others such as Ford CEO Jim Farley have echoed. From Ford’s 2Q25 earnings call: “We really see not the global OEMs as a competitive set for our next generation of EVs. We see the Chinese, companies like Geely and BYD.”
- However, because of policy, the US OEMs likely still have a protected window for a number of years. Moreover, in our view, if/when the Chinese come, they are less likely to compete with the D3 bread and butter (and major profit driver) of large pickup trucks and SUVs. These segments have very brand loyal customers and also, for now, are less likely to be electric. Thus, smaller cars and small/midsize CUVs are more likely at risk. These are already competitive segments but also areas where Japanese/Korean brands tend to be more successful as F/GM have pulled out of many of these areas. Chinese autos in the US would also be a headwind for TSLA, RIVN. Further, China seems to be a topic US voters are more aligned on than not, so we wouldn’t expect the administration to move much on China auto investment before the mid-term elections.
- And of course, there are still the political considerations as China remains a hot button topic. For instance, in response to a WSJ article which said Ford could buy batteries from BYD for hybrids for Ford factories outside the US, White House trade adviser Peter Navarro posted on X, “So @ford wants to simultaneously prop up a Chinese competitor’s supply chain and make it more vulnerable…?” Recall, Waymo recently changed the branding of their Zeekr based robo-taxi to Ojai (“ohhi”).
- What about the US “back doors”? Canada just struck a deal with China to allow up to 49k Chinese EVs at a 6.1% tariff (had been a 100% tariff), and Canadian PM Carney indicated he expected the agreement would drive considerable Chinese investment into Canada’s auto sector. This is likely to draw scrutiny from the US as they review/renegotiate USMCA, where rhetoric has become more adversarial. During President Trump’s recent visit to Detroit, he called USMCA “irrelevant” and that Canada wants it but the US doesn’t need it. However, given the complexity of current supply chains, this would cause challenges for the US auto industry. We also believe that as part of the US discussions with Mexico, the US is seeking ways to limit Chinese auto investment in Mexico. That said, we believe this administration may be thinking one way to close the back doors is to eventually open the front door.
- Also, we found this article that the first “dark” factory could open by 2030 (our understanding is that the Xiaomi factory is already very highly automated) interesting, since if the Chinese do come to the US, it may also be a headwind to President Trump’s stance that they will use “our labor” (though we believe US OEMs are also highly likely to continue to automate their facilities).
- Key to the future of GM and F is what they do with strong profits during this period. We highlight F is still investing in their UEV platform, and GM CEO Mary Barra recently said EVs are still the end game.
- Finally for suppliers, while they may claim this is an opportunity for new business, at a steady state, we believe this is at best case a neutral outcome (win with Chinese OEM replaces win with existing customer) with risk skewed to the downside as it could be a share loss, the win with the Chinese OEM could be lower content, and Chinese suppliers could also invest in the US (again political issues, but we are assuming a case where the Chinese OEMs come). That said, they may also have more time if we are right that initial Chinese vehicles in the US take share from Asian OEMs where the NA supply base tends to have less exposure.
To sum up, with Chinese EVs rapidly gaining market share in Europe and beginning to appear on roads in Canada and Mexico, it is likely only a matter of time before they reach the US. Trump suggested that building factories in the US could be their pathway to US consumers, a development that would pressure Tesla, Rivian, Lucid, and other domestic EV companies. It is likely Elon Musk would talk with Trump if there were any threat of a flood of Chinese EV imports.
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
GERMANY
(KOLBE)
‘Childish Media Games: How The SPD’s “Germany Food Basket” Masks State-Driven Inflation
Tuesday, Jan 20, 2026 – 03:30 AM
Submitted By Thomas Kolbe
Party politics today is essentially a mélange of media strategy, personality cult, and the constant struggle to expand one’s own sphere of power. At the Willy Brandt House, the Social Democrats’ command center, a two-track media strategy appears to have been agreed upon for this year: taking and giving.
From the wealthy, the party intends to take—by expanding inheritance taxes on corporate assets—what, according to the Social Democrats’ moral code, never truly belonged to them. To the citizen, meanwhile, they want to give a basket of cheap groceries. After years of steadily rising food prices, SPD strategists believe they have discovered the perfect marketing instrument—and behold: suddenly it’s about the purchasing power of “ordinary people.”
Of “Ordinary People” and the Emotionally Unstable
Yes, you heard that correctly. The ordinary man—that obscene phrase of left-wing salon arrogance, barely concealing its deep-seated contempt for real lives—is once again being invoked in a fight for survival. Lars Klingbeil and the self-appointed champions of social justice signal a return to their roots. After years spent cultivating the woke, emotionally unstable segment of society, attention now shifts back to the core voter: the worker.
Have the Social Democrats finally struck bedrock in their deep search for a solution to inflation and the impoverishment of the lower classes? Their idea: persuade major discount chains and food retailers, on a “voluntary” basis, to include a predefined basket of basic groceries at low and stable prices. It sounds childish—and it is.
Adding patriotic undertones to this piece of neo-feudal arrogance only makes the “Germany Basket” smell unmistakably like a product pulled straight from the SPD marketing kitchen.
Imagine its creation in practice: Lars Klingbeil, himself no stranger to calorie-dense cuisine, sits one weekend with his working group—“Germany Basket: The Ordinary Man Eats Healthy”—in front of the party’s position paper. With a mid-range Chianti and a juicy Pizza Tricolore (three-pack, Mediterranean Week) from the premium section of a well-stocked discounter, young socialists, union officials, and party grandees work their way, bite by bite, toward defining the basic provisions of the archetypal precarious household.
They are informed. They listen to the people. They are always close to the pulse of the times. Why not also at the breakfast table? Didn’t Germany’s minister of the heart, Robert Habeck, run his last campaign exactly this way—approachable, in a hemp sweater, sipping mate tea at kitchen tables across the republic? Perhaps the finance minister senses that elections are won as long as the pan is hot, the pizza is in the oven, and a cold beer doesn’t cut too deeply into the weekly budget.
One kilo of floury potatoes, gluten-free pasta for allergy sufferers, of course a non-alcoholic beer—sugary drinks excluded—a bit of greenery on top, maybe some long-life milk, plain yogurt, and a nostalgic nod to good old junk food, naturally soy-based. Thus it may soon take shape: the socially just, functionary-approved food basket, complete with the finance minister’s seal of approval.
Attention to Detail Required
Fine-tuning the Germany Basket forces the working group into excursions—reenacting life at the front lines of daily economic struggle, venturing into that terra incognita of the ordinary consumer’s harsh reality. They will advance to the places where elections are decided: the meat counters, the vegetable aisles with their astonishing variety, the endless freezer sections filled with goods from all corners of the world.
It would be instructive to attach to every product its pre-COVID price. Such an existential shock might spoil the soup for one or two party officials.
Everyone can participate in the Germany Basket—from the finance minister and the labor minister to union secretaries and representatives of food NGOs. After years of disagreement, a common denominator is quickly found—and lies just a few steps away, possibly already in the freezer of the SPD canteen.
Inflation and the World of Fables
How bewildering rising prices must seem in these circles, where inflation is imagined to be nothing more than the result of entrepreneurial greed and excessive profit-seeking.
That inflation might stem from an ever-growing state apparatus financing itself to a significant extent through the printing press would never occur to them. And that Germany’s energy crisis—the ban on importing cheap Russian gas, the nuclear phase-out, and the entire climate-regulation catalogue—might negatively affect agriculture and generate immense price pressure is likewise relegated to the realm of fairy tales.
Yet the surge in prices has been massive. Since before the lockdowns, food prices in Germany have risen by nearly 40 percent. Few households have been able to offset this increase through income gains. The problems cut deeply into household budgets. At the same time, open-border policies clog the housing market while regulation and rent controls systematically prevent new construction—creating an economic situation from which fewer and fewer households can escape.
In economics, one principle is well known: the cure for high prices is high prices. They signal investors to deploy capital and eliminate scarcity. That this does not happen is also the work of these culinary-minded Social Democrats. They cling desperately to price controls like rent caps and to the regulatory machinery of the climate complex. In the bureaucracy thus created—in a dictated framework that now extends even to the refrigerator—they find their power base.
Within SPD circles, they believe they have discovered yet another trump card in the attention economy. The Germany Basket is merely another media-political low point: tasteless, undignified, ineffective. The SPD is finished.
END
GERMANY
KOLBE
Much Defiance, No Strategy: Germany’s Outrage At Trump’s Greenland Policy
Tuesday, Jan 20, 2026 – 02:00 AM
Submitted by Thomas Kolbe
The defiant reaction of Germany’s business and political elite to Donald Trump’s tariff measures in the Greenland conflict reveals a remarkable denial of reality. It is increasingly clear that Brussels and Berlin are more willing to accept significant collateral damage in a dispute with the United States than to pursue rational solutions. It is high time to acknowledge their own weaknesses.
In the end, the dispute over Greenland’s strategic future unfolded as expected. In response to the deployment of a tiny contingent of European troops to the Danish-administered island, Washington wielded a substantial lever: trade tariffs. This now well-established tool is aimed at the eight nations participating in the action – including Germany, which contributed a mere 13 soldiers to this peculiar measure.
Starting February 1, an additional 10 percent tariff will take effect. If the situation remains unchanged, it will rise to 25 percent on June 1. Should the Greenland dispute escalate into a trade casus belli, it will directly impact the overall economy. Export-heavy economies like Germany could see up to 0.3 percent of their GDP wiped out.
Shipping Routes and Resources
What is this conflict really about? Donald Trump’s interest in Greenland’s strategic control is twofold. On one hand, Greenland’s rich natural resources – particularly rare earths – are crucial. On the other, it’s about controlling key Arctic shipping routes. Washington’s focus is on dominating the Northeast Passage along Russia and the Northwest Passage along Canada. These routes linking Europe, Asia, and North America could become strategically vital in the future. The Davis Strait between Greenland and Canada also plays a key role in the U.S. power game, providing access to significant resource zones. The North Atlantic region is generally considered essential for the U.S. government’s military security.
In recent days, Trump repeatedly emphasized that neither NATO nor the European Union had taken substantive political action in response to China’s and Russia’s growing influence in the region.
This raises the inevitable question: why is Europe suddenly so interested in Greenland? A clean resolution would undoubtedly be a referendum on the partially autonomous island. How this process will develop remains to be seen.
Defiance Instead of Strategy
Germany’s business and political responses indicate a willingness to escalate rhetorically. Representatives of German trade associations speak of a “U-turn” in U.S. policy. VDMA President Bertram Kawlath criticized the tariffs as politically motivated, calling the new demands absurd. Similarly, DIW President Marcel Fratzscher warned that Germany and Europe should no longer allow themselves to be extorted in the trade dispute with the U.S.
BGA President Dirk Jandura and VDA President Hildegard Müller labeled the announced tariffs grotesque. They would place an enormous burden on an already heavily affected European industry. Both called on Brussels to act decisively and strategically.
Notably, Fratzscher’s call for closer cooperation with China stands out. Yet only weeks ago, the rare earth supply dispute with Beijing nearly escalated – a player that enforces its interests just as ruthlessly using its resource leverage.
There is agreement that Brussels must now pick up the gauntlet thrown by the U.S. EU Commission President Ursula von der Leyen announced negotiations for a retaliatory tariff package, which could hit U.S. businesses in Europe with up to €93 billion. The signs point to a storm, but it remains unclear whether the U.S. administration will be impressed.
From a European perspective, two main options emerge: first, the long-discussed model of heavily taxing American tech companies – the so-called digital tax – could finally be implemented. Second, EU-proposed counter-tariffs could be used to apply pressure in upcoming negotiations with the U.S. administration.
The crucial question: how far can the EU play this power game before the economic costs become unbearable? Brussels has shown a tendency in conflicts like the Ukraine war to stick to maximalist demands while accepting significant collateral damage. The same dynamic now threatens in the trade dispute with the U.S.: European rhetoric is strong, but economic substance is vulnerable.
Much like in its standoff with Russia, the EU faces a visible power asymmetry against the U.S. economy, which grew at an annualized 5.5 percent in the last quarter while unemployment fell to 4.4 percent. Growth is driven primarily by private investment and a massive gain in productivity – the true measure of sustainable economic success.
By contrast, the EU – and Germany’s industrial heartlands in particular – are bleeding. Despite massive borrowing and extensive government stimulus programs, private investment and productivity gains remain elusive.
Power Asymmetry
Over the slowly escalating trade conflict hangs the Damocles sword of the Ukraine conflict and Germany’s associated energy crisis. The missed opportunity months ago to resolve a Gordian knot with U.S. mediation now exacts its toll. Step by step, the United States could adjust its security guarantees for Europe, exposing the EU’s economic and military vulnerabilities.
Washington’s new security strategy, released in December, makes it clear that the EU is no longer regarded as a strategic ally. Instead, the U.S. is prepared to pursue its own interests with an iron hand if necessary.
There is no denying it: under the current administration, realpolitik is back in the EU-U.S. relationship. Europe must recognize these new realities and approach them with a realistic assessment of its own position. And the current economic situation is anything but rosy.
Moral posturing over the supposed “Wild West methods” of the Americans is hypocritical. Was it not the EU Commission that, over many years, forced trade partners – most recently the Mercosur countries – under its climate-protectionist regime? Is it not at least equally problematic to drive one’s own population into economic hardship to enforce climate-socialist power fantasies and expand political control?
END
FRANCE
Trump Threatens 200% Champagne Tariff After Macron Rejects ‘Board Of Peace’
Tuesday, Jan 20, 2026 – 08:05 AM
President Trump told reporters that French leader Emmanuel Macron’s refusal to back the proposed “Board of Peace” for the Gaza Strip could result in a 200% tariff on French champagne and wine. Trump mocked Macron’s political future and suggested the tariff threat would force France to join.
Earlier, a reporter asked President Trump about Macron’s refusal to back the proposed Board of Peace.
Trump responded:
Oh, did he say that? Well, nobody wants him because he’s going to be out of office very soon. So you know, that’s alright. What I’ll do is if they feel hostile, I’ll put a 200% tariff on his wines and champagnes and he’ll join. But he doesn’t have to join. If he said that, you’re probably giving it to me a little bit differently. But if he actually did say that, but as you know, he’s gonna be out of office in a few months.
Details about the proposed Board of Peace surfaced over the weekend, with a Bloomberg report describing it as a concept that U.S. allies and regional partners have already been briefed on as part of broader diplomatic efforts to influence and reshape Gaza’s future after the Israel-Hamas conflict.
Trump’s comments about Macron came as he heads to the World Economic Forum in Davos to discuss Greenland.
Trump posted what appears to be a private message from Macron on Truth Social, in which the French president wrote, “We are totally in line on Syria. We can do great things on Iran. I do not understand what you are doing on Greenland.”
Europeans talk a big game but will likely bend the knee in the Trump era, as the U.S. is highly motivated to secure the Western Hemisphere, and in doing so, will acquire Greenland.
END
UK
the British must get rid of their Prime Minister really fast
(zerohedge)
Trump Calls UK Chagos Deal “Great Stupidity” – Demonstrates Greenland Must Be Taken
Tuesday, Jan 20, 2026 – 11:00 AM
Venezuela, Cuba, Greenland, Canada… and now President Trump sets his sights on ‘defending’ America’s influence over the tiny but strategically important Indian Ocean island of Diego Garcia and the Chagos islands.
Early Tuesday the US president on social media blasted the UK government led by Prime Minister Keir Starmer, branding Britain’s prior agreement to hand sovereignty over the Chagos Archipelago to Mauritius as an act of “great stupidity” and “total weakness.”
Washington had backed the arrangement last year under the Joe Biden administration, which transfers the Indian Ocean territory to Mauritius while allowing the UK to retain access to the Diego Garcia air base under a 99-year lease. He has claimed the deal means the UK is planning to “give away the island of Diego Garcia”.
In his Truth Social post, Trump took aim at the deal under which London would surrender sovereignty while leasing back the strategically critical military base on the islands, including Diego Garcia – where US forces also have a base. He took the opportunity to say the move underscored exactly why he wants the United States to take control of Greenland.
“The UK giving away extremely important land is an act of GREAT STUPIDITY, and is another in a very long line of National Security reasons why Greenland has to be acquired. Denmark and its European Allies have to DO THE RIGHT THING,” Trump wrote as his concluding sentence in the message.
Despite that Diego Garcia lies some 1,000 miles from the nearest continent (that’s how far the southern tip of India is), it hosts a highly secretive UK-US military base – and has since the 1970s.
At this point its inhabitants are all military personnel and contractors, after over 900 Chagossian inhabitants were forcibly removed to make way for the military base in the 1960s.
The remote airbase has at times been used by the United States to attack targets in the Middle East. For example, typically just ahead of any potential or threatened Iran strike, the US begins building up aerial assets and forces at Diego Garcia.
For further background: “The U.K. purchased the islands for the equivalent of around $4 million, CBS News partner BBC News reported, but Mauritius had long argued that it was forced to give the islands away in order to achieve its independence in 1968. The U.K. invited the U.S. to build a military base on the island of Diego Garcia, and it has become a cornerstone of American defense infrastructure in the vast Indian Ocean region.”
EUROPE
Europe immigration
Immigration reversing course!!
https://youtu.be/baP-7_O_Fn8?si=CuvSyJQpo_XO0UgZ
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
tbn israel last 24 hrs…
ISRAEL VS HAMAS UPDATE
SYRIA/KURDS
Kurds Withdraw From Syria’s Largest Oil Field As Jolani Forces Move In
Monday, Jan 19, 2026 – 07:20 AM
Kurdish-led forces pulled out on Sunday from Syria’s largest oil field as government troops expanded their control across large parts of the country’s north and east.
Government troops drove Kurdish forces from two Aleppo neighborhoods following clashes last week, and on Saturday announced they had captured an area east of the city, as well as Tabqa, in Raqqa province, on the southwestern bank of the Euphrates.
At dawn on Sunday, the Kurdish-led Syrian Democratic Forces (SDF) withdrew “from all areas under its control in the eastern Deir Ezzor countryside, including the al-Omar and Tanak oil fields”, the Syrian Observatory for Human Rights reported.
Al-Omar is the country’s largest oil field, and was home to the biggest US base in Syria.
The Kurds’ reported withdrawal there follows the government’s announcement that it had retaken two other oil fields, Safyan and Al-Tharwa, in Raqqa province.
The government’s advance has so far taken in predominantly Arab areas that fell under Kurdish control during the fight against the Islamic State group.
Clashes erupted after a deal for Kurdish forces to withdraw from areas near Aleppo to the east of the Euphrates collapsed, with both sides reporting casualties.
Each side blamed the other for breaching the agreement.
On Sunday, the Kurdish administration accused government forces of attacking its fighters on multiple fronts, while the army said the SDF had failed to honor a commitment to “fully withdraw” east of the river.
Kurdish authorities imposed a curfew in the Raqqa province after the army declared a stretch of land southwest of the Euphrates a “closed military zone”.
The government advances came as President Ahmed al-Sharaa issued a decree granting the Kurds official recognition in an apparent a goodwill gesture, as his government seeks to assert authority across Syria.
The Kurds’ de facto autonomous administration, which controls large parts of the northeast, has said the announcement fell short, and the implementation of a deal to integrate Kurdish forces into the state has been stalled for months.
IRAN TODAY
Iranian official says verified deaths in Iran protests reaches at least 5,000
By Reuters
January 19, 20262:19 AM ESTUpdated 6 hours ago
Jan 18 (Reuters) – An Iranian official in the region said on Sunday the authorities had verified at least 5,000 people had been killed in protests in Iran, including about 500 security personnel, blaming “terrorists and armed rioters” for killing “innocent Iranians”.
The official, who declined to be named due to the sensitivity of the issue, also told Reuters some of the heaviest clashes and highest number of deaths were in the Iranian Kurdish areas in northwest Iran, a region where Kurdish separatists have been active and where flare-ups have been among the most violent in past periods of unrest.
“The final toll is not expected to increase sharply,” the official said, adding that “Israel and armed groups abroad” had supported and equipped those taking to the streets.
The Iranian authorities regularly blame unrest on foreign enemies, including Israel, an arch foe of the Islamic Republic which launched military strikes on Iran in June.
The U.S.-based HRANA rights group said on Saturday the death toll had reached 3,308, with another 4,382 cases under review. The group said it had confirmed more than 24,000 arrests.
The Iranian Kurdish rights group Hengaw, based in Norway, has said that among regions where there were heavy security measures during protests in late December were Kurdish areas in the northwest.
USA/IRAN/ISRAEL
IRAN/CHIAN
SPECIAL THANKS TO ROBERT H FOR THIS;
Madness on display
RUSSIA VS UKRAINE UPDATES
China has stepped up and sent at least sixteen (16) Military Cargo Planes to Iran over the past 56 Hours. Clearly a signal to America. Proxies always fight the war before main combatants. It is how all wars begin. Iran is an important clog in the wheel to China.
This is the largest increase of Chinese military cargo aircraft to Iran, in such a short time, ever.
It is not yet explicitly known what cargo these planes are carrying into Iran; likely air defense systems. Aircraft have already been provided. The question is who is flying them? As time has been short for training. China is not above testing the mettle of its’ pilots against American ones.
China has previously (and repeatedly) warned the U.S. against using military force against Iran. Meanwhile Russia is destroying NATO forces in Ukraine now on a daily basis. The next strike upon Ukraine in several days will prove most unpleasant. It is why the Major of Kiev keeps telling people to leave. Electricity is becoming very scarce throughout Ukraine in the middle of winter. Everyone knows more Ukrainians will be leaving soon. Even Canada now is offering expedited citizenship to Ukrainians.
Meanwhile Norway has advised its citizens that personal property will be used in a time of war.
And rumor is that Canada is no longer seen as a friendly like it once was.
War is not peace nor is tranquility, it is chaos on steroids affecting everyone.
The world is going bananas! What a mess to see unfolding.
RUSSIA
this long war is hurting Russia to no end!
(zerohedge)
Russia Restores Mothballed Soviet-Era Jets As Plane Shortage Worsens
Tuesday, Jan 20, 2026 – 04:15 AM
Russia has throughout nearly four years of its ‘special military operation’ in Ukraine been largely successful in weathering constantly expanding US and EU sanctions. While isolated, its economy has stayed afloat, but it has been forced into desperate measures as sanctions take a toll on some key sectors.
Russian newspaper Izvestia reports that Russia’s commercial airline industry is having to call back aging, decommissioned planes in an effort to sustain passenger traffic. Soviet-made planes which are several decades old are being restored to service.
“The plan involves nine Tupolev Tu-204/214 jets, one Antonov An-148 and two Ilyushin Il-96 widebody planes delivered to carriers including Red Wings,” The Moscow Times says of the Russian media reports.
“Ten of the 12 aircraft, which are reportedly up to 30 years old, have already been returned to service, Rostec told Izvestia,” the report continues.
Out of a national fleet of over 1,100 airliners, nearly 70% are foreign-made aircraft. In 2022 soon after the Ukraine war kicked off, authorities launched a program to begin replacing foreign planes with domestically produced models.
But regional media says that the plan has failed over the past years in meeting its ambitious goals, which called for over 120 aircraft of different types to be produced between 2023 and 2025. Instead a little over a dozen have been produced.
Western sanctions have not only impacted the ability to replace parts and keep maintenance up to date, but entire factories and machines have had to retool and be revived to make up for the lack in foreign parts.
But the industry is about to find itself under even more pressure and strain, as Moscow takes drastic action in the face of isolation from the West:
In 2026, Moscow plans to slash federal aircraft and helicopter production spending by 1.6 times, from 139.6 billion rubles ($1.7 billion) to 85.7 billion rubles ($1 billion), according to Russian media citing the draft federal budget for 2026-28.
Subsidies for airlines to renew their domestic fleets will be eliminated entirely, down from 1.3 billion rubles ($16 million) in 2025. Support for aircraft maintenance is set to drop from 6.1 billion rubles ($75 million) to 3.6 billion ($44 million). Only the MC-21 medium-haul jet will see increased funding, with subsidies rising 25% in 2026.
In the meantime aviation accidents have been growing increasingly common in Russia, particularly in the recent years of the Ukraine war. While not every incident can necessarily be linked directly to sanctions, it is the case that these increasingly involve very old planes with subpar maintenance and mechanics upgrades.
Ukrainian officials have of late also pointed to cross-border drone attacks as successfully disrupting Russian oil and fuel…
Like with most Western sanctions on ‘rogue’ states abroad, it is the common people who suffer most.
The same trend has been seen in Iran, which over the last decade has witnessed horrific aviation accidents, including the loss of a sitting president when his military helicopter crashed near Azerbaijan.
END
RUSSIA/UKRAINE
KIEV…
Zelensky Skips Davos As Kiev Plunged Into Worst Power & Water Crisis Of War
Tuesday, Jan 20, 2026 – 01:40 PM
Ukraine’s energy crisis continues, not only with nationwide rolling blackouts, but with fresh overnight Russian strikes on the capital having plunged nearly 6,000 of the city’s buildings into darkness amid subzero temperatures.
President Volodymyr Zelensky has announced Tuesday he is skipping the Davos World Economic Forum (WEF) summit given his country’s energy emergency is his top priority. “For now, I am choosing Ukraine, not an economic forum,” Zelensky said, but noted the situation could change quickly and that he’s urging immediate support from outside partners.
KyivPost reports that “According to the mayor, 5,635 high-rise buildings were left without heating following the strike, nearly 80% of which had only recently had heat restored after outages on Jan. 9.” Kiev is experiencing -14C temperatures on Tuesday, or 7 degrees Fahrenheit.
Already, authorities had declared a power emergency, and planned further rolling blackouts to keep the national grid functioning as parts get urgently replaced and emergency repairs are underway. But even water outages have hit Kiev too:
Power and water outages were recorded on Kyiv’s Left Bank, where social infrastructure facilities were switched to autonomous power supplies.
At least one woman was wounded in the overnight strikes, which also involved drones. This month has ranked as the worst for the capital after nearly four years of war in terms of keeping the lights on:
“Municipal and energy services are working to restore heating, water and electricity at homes throughout the city,” the mayor said.
Russia’s latest air attacks come several days after the worst strikes on Ukraine’s energy grid since the full-scale invasion in February 2022. Half of Kyiv had lost electricity and heating as a result of those strikes, which took place on Jan. 9.
Local Ukrainians have expressed extreme frustration, given massive repairs all across the city have just been completely undone:
Mayor Vitalii Klitschko said almost 80% of those buildings had just had their heating restored following the large-scale attack on 9 January, which knocked out power for much of the city. Since then, relentless efforts by technicians had managed to reinstate electricity and gas for thousands – only for that work to be undone overnight.
“I have no electricity and no water,” Oleksandr Palii, a 29-year-old veteran, told the BBC. “I didn’t sleep until 3am because of the strikes either – there were explosions all night.”
Some officials are reportedly advising citizens of the capital region who are in freezing conditions to leave until to the situation is stabilized. Some other parts of Ukraine currently have more access to heating and water.
Still, the overnight drone and missile attack impacted other areas and cities, which has become a nightly occurrence:
- Kyiv’s air force reported Russia fired some 339 long-range combat drones and 34 missiles, while DTEK energy company said over 335,000 residents lost electricity after the strikes.
- Sheltering in metro stations, Kyiv residents faced school closures until February as municipal and energy services and repair crews worked to restore heating, water, and electricity.
- The International Criminal Court has issued arrest warrants over strikes on Ukraine’s energy grid, and Ursula von der Leyen announced a €78bn loan to support basic services.
Meanwhile, some anti-Russia outlets worry that Trump’s threat to take Greenland will ‘distract’ from the Ukraine war at Davos. “President Donald Trump’s threats to annex Greenland and impose punitive tariffs on European countries who oppose him are set to dominate the annual World Economic Forum meeting this week,” the Amsterdam-based Moscow Times writes.
Ukraine is still expected to be high on the WEF agenda, but all eyes will be on Trump and his interactions with European allies over the pressing Greenland issue. “Europe was anxious when Trump was elected. It’s even more anxious now, largely because of Greenland,” a diplomat has been cited as saying.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
School lockdown, closings: legacy and savagery of the fraud PCR-created fake COVID non-pandemic & the deadly OWS response e.g. caused many US children to commit suicide: “School Closings and Violent
Youth: A Potential Link By Paul Elias Alexander May 25, 2022, Brownstone; see paper I wrote and published on the impact of OWS school closures & the link to mass shootings by our youth in USA
| Dr. Paul AlexanderJan 18 |
“Our greatest fears have now seemed to materialize. The school closures, social dislocation, the two years of isolation, the lockdown psychosis, plus dehumanizing masking and the resulting anxiety, depression, and despair, may have unleashed and may have enhanced depraved and murderous behavior.
Two major incidents have been in the news but the trend is larger. The FBI reports that deaths from active shooter incidents have soared. In 2021, the number of deaths reported as a result of active shootings (103 total) was a 171% increase from 2020. The relationship to lockdown policies should be apparent to any objective observer.
NEWSWIZE
| UST IN: Feds Arrest Latin Kings Gang Member For Theft Of FBI Rifle During Minneapolis UnrestFederal authorities have arrested a Latin Kings gang member in connection with the theft of an FBI rifle from a federal vehicle during unrest in Minneapolis on Wednesday night The unrest erupted after a federal immigration agent shot a Venezuelan man in the leg during an enforcement operation. U.S. Immigration and Customs Enforcement (ICE) agents attempted to stop the man’s …READ THE FULL REPORT |
| JUST IN: Feds Arrest Latin Kings Gang Member For Theft Of FBI Rifle During Minneapolis UnrestFederal authorities have arrested a Latin Kings gang member in connection with the theft of an FBI rifle from a federal vehicle during unrest in Minneapolis on Wednesday night The unrest erupted after a federal immigration agent shot a Venezuelan man in the leg during an enforcement operation. U.S. Immigration and Customs Enforcement (ICE) agents attempted to stop the man’s …READ THE FULL REPORT |
| JUST IN: Feds Arrest Latin Kings Gang Member For Theft Of FBI Rifle During Minneapolis UnrestFederal authorities have arrested a Latin Kings gang member in connection with the theft of an FBI rifle from a federal vehicle during unrest in Minneapolis on Wednesday night The unrest erupted after a federal immigration agent shot a Venezuelan man in the leg during an enforcement operation. U.S. Immigration and Customs Enforcement (ICE) agents attempted to stop the man’s …READ THE FULL REPORT |
| JUST IN: Feds Arrest Latin Kings Gang Member For Theft Of FBI Rifle During Minneapolis UnrestFederal authorities have arrested a Latin Kings gang member in connection with the theft of an FBI rifle from a federal vehicle during unrest in Minneapolis on Wednesday night The unrest erupted after a federal immigration agent shot a Venezuelan man in the leg during an enforcement operation. U.S. Immigration and Customs Enforcement (ICE) agents attempted to stop the man’s …READ THE FULL REPORT |
| REPORT: U.S. Dispatches Aircraft Carrier To Middle East Amid Iran TensionsThe Pentagon is moving a carrier strike group from the South China Sea to the U.S. Central Command area of responsibility, which includes the Middle East, amid escalating tensions with Iran. According to a report from NewsNation a strike group centered around at least one aircraft carrier, several other vessels and at least one attack submarine is set to arrive …READ THE FULL REPORT |
| LATEST REPORTS FOR NEWS JUNKIES |
| DOJ Nukes Walz as Prison LoomsUh oh.READ THE FULL REPORT |
| Americans’ Favorite Vacation Spots Turn DeadlyYou must read this.READ THE FULL REPORT |
| NYC Sounds Alarm Amid Major ChaosIt’s Gotham City now.READ THE FULL REPORT |
| Chilling Vance Bombshell ShocksHorrific.READ THE FULL REPORT |
| Mamdani Suffers Brutal EmbarrassmentThank you for making us laugh, mayor.READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
Greenland Is Very Nice…
Monday, Jan 19, 2026 – 10:30 AM
By Benjamin Picton, senior markets strategist at Rabobank
If Mighty Ducks 2 taught me anything it’s that “Greenland is covered with ice, and Iceland is very nice.” While that might be a handy geographic mnemonic, for the purposes of US national security policy it is, in fact, Greenland that is very nice..
Over the weekend President Trump announced additional tariffs of 10% from February 1st – rising to 25% from the 1st of June – for eight European countries resisting US efforts to acquire Greenland. The affected countries are Denmark, France, Germany, the UK, the Netherlands, Sweden, Norway and Finland. Trump said via Truth social that the tariffs would remain in place until a deal for the sale of Greenland to the United States is concluded. Consequently, gold is hitting fresh record highs, long yields are rising, equity futures point negative and both Cable and EURUSD have opened the Asian session well bid. Japanese long yields are surging for idiosyncratic reasons, but should be getting high enough to worry even the most sedate money managers.
One can probably imagine the reaction in European capitals. The Financial Times is reporting that the EU is preparing €93bn in retaliatory tariffs to give European leaders “leverage” in negotiations with Trump at the World Economic Forum in Davos this week. Emmanuel Macron was quick out of the gates with a representative of his office saying that the French President will be arguing for the EU to deploy its much-vaunted ‘trade bazooka’ (known less sensationally as the anti-coercion instrument) while Politico quotes former French diplomat Jeremie Gallon as saying “I am convinced that we must not give in… Resisting a new attempt at humiliation and vassalization is the only way Europe can finally assert itself as a geopolitical actor.”
Resistance is all well and good, but effective resistance requires the means to resist – and Europe does not have it. An ECB report released in February of last year noted that 61% of all card payments in Europe are processed by international (read: US) card schemes while thirteen EU countries are solely reliant on international schemes like Visa, Mastercard and ApplePay for electronic payment processing.
Likewise, since the start of the war in Ukraine Europe has become dependent on American energy as it attempts wean itself off Russian supplies. Before the war it was already dependent on the Eurodollar market for capital and on the American consumer for export earnings as deflation and state mercantilism in China diminished that alternative.
Over the weekend German Chancellor Merz conceded that Germany’s shutdown of its nuclear energy industry was a “serious strategic mistake” that has left the country with insufficient energy generation capacity. As a consequence of cumulative strategic mistakes, European industry is now being squeezed between the pincers of loss of input sovereignty and loss export markets. Loss of domestic industry is another way of saying loss of industrial sovereignty (for more on that, see Sky News’s excellent exposé on the parlous state of UK industry) – and industrial sovereignty is requisite for dreams of strategic autonomy.
Furthermore – and though it hardly bears saying – the EU under NATO remains a US garrison state with major US bases in the Netherlands, Germany, Spain, Italy, Poland, Belgium, Portugal, Greece and Norway. Without the US security umbrella, the EU nuclear deterrent collapses into internecine politicking over France’s willingness to play guarantor for other member states who – once upon a time – France was sceptical about admitting to the EU in the first place. This is important in a context where – as ECB’s Kazaks pointed out overnight – Europe is already at war with Russia.
Herein lies the Achilles Heel for Europe in seeking genuine strategic autonomy: the lack of political union makes it all too easy for great powers like the United States or China play member states off against each other to get what they want. Already we can see Italy’s Georgia Meloni taking the opposite approach to Macron by striking a much more conciliatory tone towards the Americans, framing recent deployments of European troops to the territory as a ‘misunderstanding’ and seeking to de-escalate. In this respect, Europe is the new Balkans that risks becoming the plaything of empires.
Perhaps Canada offers an example of an alternative approach? Mark Carney just made the first visit to China by a Canadian Prime Minister in almost a decade. Canada’s name has been mud in Beijing for years after the former Trudeau government complied with a US warrant for the arrest of Huawei executive Meng Wanzhou in 2019. Trudeau then placed substantial tariffs on imports of Chinese steel, aluminium and electric vehicles – where duties were set at 100% for the latter.
Carney has now signed a deal with China to lower EV tariffs to 6.1% up to an annual quota of 49,000 vehicles. In return China will drop tariffs on Canadian canola to 15%. Having previously described China as the greatest threat to Canada’s national security, Carney is now saying that the relations with the Middle Kingdom are more predictable than relations with the United States, and is making a show of cozying up to Beijing.
As one observer puts it on X, Carney’s pivot is a “vintage Gaullist move.” Carney is attempting to leverage Trump by signing deals with Beijing and even flirting with the idea of sending Canadian troops to Greenland. With Chinese influence having been ejected unceremoniously from Venezuela, and under pressure in the Panama Canal, the last thing the Trump administration would want is for Canada to offer China another geopolitical toehold in the Western hemisphere. Carney offering that toehold in the Arctic, directly adjacent to Greenland, must be particularly ‘de-Gaulling’ for Trump, who is so far calling the bluff by shrugging his shoulders.
However, this strategy is incredibly high risk. Not only does Carney’s backdown on Chinese EVs threaten Canada’s own auto industry (see criticism from Ontario Premier Doug Ford here), but there is always the chance that poking the (US) bear might actually elicit a response from the bear.
Canada sends ~75% of its goods exports to the United States while the United States is by far the largest supplier of armaments to Canada. Consequently, Carney will be hoping that Trump’s response is to offer him a better deal than Xi Jinping is willing to give. However, with the USMCA trade agreement up for renegotiation and the US back in a Great Power frame of mind, Carney runs the risk that Donald Trump might instead decide that Canada is also very nice…
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
.8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/USA
Carney’s Beijing Gambit Triggers Trump Warning In The Form Of A Big Beautiful Map
Tuesday, Jan 20, 2026 – 08:45 AM
After over the weekend warning that he would impose a 10% tariff on imports from several European countries in response to their opposition to his Greenland takeover plan, later threatening the tariff could be raised to 25% within weeks if those governments fail to fall in line – President Trump has once again escalated, this time with an overnight Truth Social post of a map showing not just Greenland as part of the US but Canada too.
The image features President Trump addressing European leaders in the Oval Office. In the background is a map with Canada, Greenland, Venezuela and Cuba shown them as part of the United States, draped over by American flag colors.
The image is actually an edited version of a real photograph from when various leaders including French President Emmanuel Macron, British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen – were in Washington, DC in August 2025, for talks focused on Ukraine peace.
A separate AI-generated image Trump put out overnight depicts the president alongside Vice President JD Vance and Secretary of State Marco Rubio in Greenland. They are driving an American flag into the ground beside a sign reading, “Greenland-US Territory. Est. 2026.”
Trump is now also clearly putting Canada on notice as the next to potentially feel his wrath and repercussions for joining European countries in resisting his Greenland policy.
Among the latest Greenland Truth Social Posts by President Trump below. He also asserted separately “There can be no going back”…
An unnamed US official told NBC, “Trump is really worried about the U.S. continuing to drift in the Western Hemisphere and is focused on this.” This means America’s longtime northern neighbor is about to feel the pressure to cooperate:
As Trump’s advisers work toward his goal of acquiring Greenland, the president has privately grown more exercised about what he sees as Canada’s similar inability to defend its borders against any encroachment from Russia or China, specifically arguing Canada needs to spend more on defense, the officials said. They said his push has accelerated internal discussions about a broader Arctic strategy and potentially reaching an agreement with Canada this year to fortify its northern border.
NBC observes further, “The current U.S. officials said there is not discussion of stationing American troops on the ground along Canada’s northern border. And unlike with Greenland, Trump is not seeking to purchase Canada or saying he might take it by U.S. military force, the senior administration official and current and former U.S. officials said.”
Canada is actually weighing joining the Europeans with a small troop deployment to Greenland. But as we previewed earlier, while no final decision has been made on a Canadian deployment, such an act would remain largely symbolic in nature – but Canadian leadership under the Carney government is likely very worried about needlessly provoking Trump’s wrath. But too late, it seems.
Prime Minister Mark Carney has said that Canada is “concerned” about what he has called US “escalation” – but again this is a bad moment for Canada to get ‘noticed’ by Trump for joining European ‘defiance’ of this future plans for Greenland. Domestic pressure in Canada is rising for the Carney government to ‘stand up’ to Trump:
As NATO allies send small deployments to Greenland for joint exercises, Prime Minister Mark Carney is mulling sending Canadian troops to join them. Retired Royal Canadian Air Force general and former chief of the defense staff Thomas Lawson says the deployments signal that NATO countries — apart from the U.S. — are unified behind Denmark and Greenland.
—NATO exercises in Greenland a ‘rebuke’ to Trump that Canada should join: retired general
Meanwhile some big, unexpected things are happening between Canada and China, along the lines of a ‘reset’…
Canadian Prime Minister Mark Carney is pitching Canada as a pillar of a reshaped global trade order, leaning into closer ties with China and a patchwork of smaller trade agreements, even as the northern neighbor remains deeply tethered to the US economy – and despite years of bad relations with Beijing triggered largely by the Huawei affair.
Last week, Carney went further than many of his European counterparts by striking a deal with Beijing, signaling an effort for Canada to get ahead in a post-American-centric trade system after President Donald Trump’s tariffs have deeply strained long-standing commercial relationships nearly to breaking point.
Fresh commentary from Rabobank unpacks this theme further in the following…
* * *
Canada offers an example of an alternative approach? Mark Carney just made the first visit to China by a Canadian Prime Minister in almost a decade. Canada’s name has been mud in Beijing for years after the former Trudeau government complied with a US warrant for the arrest of Huawei executive Meng Wanzhou in 2019. Trudeau then placed substantial tariffs on imports of Chinese steel, aluminium and electric vehicles – where duties were set at 100% for the latter.
Carney has now signed a deal with China to lower EV tariffs to 6.1% up to an annual quota of 49,000 vehicles. In return China will drop tariffs on Canadian canola to 15%. Having previously described China as the greatest threat to Canada’s national security, Carney is now saying that the relations with the Middle Kingdom are more predictable than relations with the United States, and is making a show of cozying up to Beijing. As one observer puts it on X, Carney’s pivot is a “vintage Gaullist move.”
Carney is attempting to leverage Trump by signing deals with Beijing and even flirting with the idea of sending Canadian troops to Greenland. With Chinese influence having been ejected unceremoniously from Venezuela, and under pressure in the Panama Canal, the last thing the Trump administration would want is for Canada to offer China another geopolitical toehold in the Western hemisphere. Carney offering that toehold in the Arctic, directly adjacent to Greenland, must be particularly ‘de-Gaulling’ for Trump, who is so far calling the bluff by shrugging his shoulders. However, this strategy is incredibly high risk.
Not only does Carney’s backdown on Chinese EVs threaten Canada’s own auto industry (see criticism from Ontario Premier Doug Ford here), but there is always the chance that poking the (US) bear might actually elicit a response from the bear. Canada sends ~75% of its goods exports to the United States while the United States is by far the largest supplier of armaments to Canada. Consequently, Carney will be hoping that Trump’s response is to offer him a better deal than Xi Jinping is willing to give. However, with the USMCA trade agreement up for renegotiation and the US back in a Great Power frame of mind, Carney runs the risk that Donald Trump might instead decide that Canada is also very nice..
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1722 UP 0.0083 PTS OR 83 BASIS POINTS/WITH STOCKS IN EUROPE ALL RED
USA/ YEN 157.99 UP 0.330 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 1.3451 UP 0.0033 OR 33 BASIS PTS
USA/CAN DOLLAR: 1.3833 DOWN 0.0042 CDN DOLLAR UP 42 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 0.63pts or 0.01%
Hang Seng CLOSED DOWN 76.39PTS OR 0.29%
AUSTRALIA CLOSED DOWN 0.63%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 76.39 PTS OR 0.29%
/SHANGHAI CLOSED DOWN 0.63 PTS or 0.01%
AUSTRALIA BOURSE CLOSED DOWN 0.63%
(Nikkei (Japan) CLOSED DOWN 592.42 PTS OR 1.11%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4730.00.
silver:$94.23
USA DOLLAR VS TRY: 43.39
USA DOLLAR VS RUSSIAN ROUBLE: 77.57 ROUBLE// DOWN 38 BASIS PTS
UK 10 YR BOND YIELD: 4.4690 UP 5 BASIS PTS
UK 30: 5.227 UP 6 BASIS PTS
CDN 10 YR BOND YIELD: 3.423 UP 3 BASIS PTS
CDN 5 YR BOND YIELD; 2.936 UP 3 BASIS PTS
USA dollar index early TUESDAY morning: 98.34 DOWN 86 BASIS POINTS FROM FRIDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.254% UP 3 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.346% UP 8 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.945 UP 31 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.260 UP 4 in basis points yield
ITALIAN 10 YR BOND YIELD 3.466 UP 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.8539 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1722 UP 0.0083 OR 83 basis points
USA/Japan: 157.99 DOWN 0.169 OR YEN IS UP 17 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4690 UP 5 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.227 UP 6 BASIS POINTS.
Canadian dollar UP 42 BASIS pts to 1.3833
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The USA/Yuan CNY UP AT 6.9618ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.9563
TURKISH LIRA: 43.39 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +2.346 UP 8 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.945 UP 31 basis pts//YEN CARRY TRADE COMPLETELY BLOWS UP
Your closing 10 yr US bond yield UP 6 in basis points from FRIDAY at 4.291% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.923 UP 6 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.588 UP 1 BASIS PTS.
GOLD AT 10;00 AM 4730.00.00
SILVER AT 10;00: 94.23
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:TUESDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 68.57 PTS OR 0.67%
GERMAN DAX: CLOSED DOWN 49.44 OR 0.61%
FRANCE: CLOSED DOWN 253.94 PTS OR 1.03%
Spain IBEX CLOSED DOWN 236.20 PTS OR 1.34%
Italian MIB: CLOSED DOWN 482.43 PTS OR 1.07%
WTI Oil price 60.25 10.00 EST/
Brent Oil: 64.79 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 77.67 ROUBLE DOWN 0 AND 39 / 100
CDN 10 YEAR RATE: 3.420 UP 3 BASIS PTS.
CDN 5 YEAR RATE: 2.936 UP 3 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1713 UP 0.0083 OR 83 BASIS POINTS//
British Pound: 1.3437 UP 0.0018 OR 18 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.4570 UP 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.224 UP 2 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.376 UP 12 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.914 UP 31 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 158.13 DOWN 0.034 OR YEN UP 3 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3828 DOWN 0.0044 PTS// CDN DOLLAR UP 44 BASIS PTS
West Texas intermediate oil: 60.31
Brent OIL: 64.85
USA 10 yr bond yield UP 5 BASIS pts to 4.2860
USA 30 yr bond yield UP 7 PTS to 4.9130%
USA 2 YR BOND 3.591 UP 0 PTS
CDN 10 YR RATE 3.413 UP 4 BASIS PTS
CDN 5 YEAR RATE: 2.936 UP 1 BASIS PTS
USA dollar index: 98.36 DOWN 84 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.28 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 78.05 DOWN 0 AND 55/100 roubles //
GOLD $4,762….50.70 3:30 PM)
SILVER: 94.59 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 870.74OR 1.76%
NASDAQ 100 DOWN 561.06 PTS OR 2.39%
VOLATILITY INDEX 20.09 UP 1.25PTS OR 6.65%
GLD: $ 437.23 UP 15.94 PTS OR 3.78%
SLV/ $85.39 UP 4.37 PTS OR OR 5.39%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 340.68 PTS OR 1.03%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Gold Thrives as Japan’s Bonds Break — Geopolitics Add Fuel
WRAP UP
Stocks sell off on renewed US/EU trade tensions – Newsquawk US Market Wrap
Tuesday, Jan 20, 2026 – 04:14 PM
- SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar down, Gold up.
- REAR VIEW: Trump threatens France with 200% tariffs on wine/champagne; JGBs hit on Japanese fiscal concerns; UK jobs report sends mixed signals; Germany’s ZEW shows better-than-expected improvement; Danish pension fund to exit the US; Kazakhstan oil field sees temporary suspension of production; Weekly ADP eases from prior reading; Russian press reports US Envoy Witkoff said talks with Russian Envoy Dmitriev were “very positive”.
- COMING UP: Data: UK CPI (Dec), US Atlanta Fed GDP, Japanese Trade Balance (Dec). Events: IEA OMR; SCOTUS US President Trump vs Fed’s Cook (Voter, Neutral). Speakers: ECB President Lagarde, Villeroy, Nagel; NVIDIA CEO Huang; US President Trump. Supply: UK, Germany, US. Earnings: Kinder Morgan, Johnson & Johnson, Ally Financial, Charles Schwab.
- 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.
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MARKET WRAP
US indices saw losses as participants returned from the US market holiday, with sentiment continuing to be hit by the ever-growing EU-US tensions, and how Trump wants Greenland. Today, Trump threatened to impose 200% tariffs on French wines and Champagne following France’s intention to decline the invitation to join his ‘Board of Peace’. Further, a White House official said the President will not travel to Paris for the emergency G7 summit in Paris. Davos is currently ongoing with highlights on Wednesday, including several Trump appearances and NVIDIA CEO Huang. All sectors, aside from Staples, were in the red with mega-cap sectors Tech, Discretionary, and Communications the laggards, and all Mag-7 names in the red. Micron (MU) (+0.8%) was one of the sole points of green and seemingly buoyed by a couple of PT upgrades. There was no Fed speak due to blackout and a lack of tier 1 US data, although the weekly ADP printed 8k (prev. 11.75k). In FX, the Dollar is pressured to the benefit of G10 peers, with the haven Swissy the outperformer, and the Yen the relative laggard given the ongoing domestic political woes. Treasuries saw losses across the curve and saw knee-jerk weakness as Danish pension fund Akademikerpension is set to exit the US, although they later claimed the decision to divest US Treasuries is rooted in poor US government finances, not directly related to the ongoing rift between the US and Europe. Before that, global fixed income was already in the red, and taking lead from notable pressure in JGBs on fiscal concerns driving JPY action. The crude complex was firmer and saw tailwinds from the temporary suspension of output at Kazakhstan’s oil fields, as Chevron’s Tengizchevroil cancelled loading of five CPC blend oil cargoes scheduled for January to February, with oil production reportedly remaining shut for an additional 7-10 days amid the supply issues. Away from the EU/US, the Russian press reported that US Envoy Witkoff remarked talks with Russian Envoy Dmitriev were “very positive” at Davos, and Dmitriev echoed this, noting dialogue was constructive with US envoys, and more and more people understand the fairness of the Russian position. Precious metals saw gains with spot gold printing another ATH and surpassing USD 4.7k/oz.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 10+ TICKS LOWER AT 111-13+
T-Notes steepen as US-EU conflict worsens and JGB downside hits global debt. At settlement, 2-year +1.3bps at 3.599%, 3-year +2.2bps at 3.678%, 5-year +4.8bps at 3.859%, 7-year +5.8bps at 4.073%, 10-year +7.6bps at 4.295%, 20-year +8.5bps at 4.878%, 30-year +8.5bps at 4.920%.
THE DAY: US yields across the mid- and long-end were pressured in APAC and EU trade, with the global fixed downside led in JBGs. Driving JGB downside was the increasing belief of unsustainable fiscal policy, which may be enlarged given the fiscal commentary from political parties, as well as the upcoming snap election in the lower house. T-Note downside on the long end continued after concerns of decreased EU investment in US-assets grew after the Danish pension fund Akademikerpension was reported to exit the US. That said, the fund-led downside was short-lived, likely due to its relatively small holdings of US Treasuries, as well as the fund later noting the decision was due to poor US government finances, not the ongoing trade dispute between the US and the EU. T-Notes hit lows of 111-09 on the initial report before swiftly paring to then trade sideways into settlement. Many trade updates came amid a day without tier 1 US data and Fedspeak. Ultimately, the conflict has increased since the start of the week, with Trump now threatening 200% tariffs on French champagne/wine over its refusal to join the Gaza peace board. Fitch Ratings on US credit, said the outlook is broadly benign entering 2026, supported by AI-led capex, easing monetary policy and strong fiscal support
SUPPLY
Bills
- US sold USD 86bln of 3-month bills at high-rate 3.590%, B/C 2.84x; sold USD 77bln of 6-month bills at high-rate 3.520%, B/C 2.95x
- US sold USD 85bln of 6-week bills at a high rate of 3.63%, B/C 2.42x; sold USD 50bln 52-week bills at a high rate of 3.39%, B/C 3.42x
- US to sell USD 69bln of 17-wk bills on January 21st; to sell USD 105bln of 4-wk bills and USD 95bln of 8-wk bills on January 22nd; all to settle on January 27th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: January 0bps (prev. 0bps), March 4.5bps (prev. 3.3bps), April 9.3bps (prev. 8.2bps), December 45.7bps (prev. 47.4bps)
- NY Fed RRP op demand at USD 3.506bln (prev. 1.222bln) across 16 counterparties (prev. 6)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 84bln (prev. 91bln) on January 16th
- SOFR at 3.65% (prev. 3.66%), volumes at USD 3.163tln (prev. 3.201tln) on January 16th
CRUDE
WTI (H6) SETTLED USD 0.90 HIGHER AT 60.34/BBL; BRENT (H6) SETTLED USD 0.98 HIGHER AT 64.92/BBL
The crude complex was firmer and saw tailwinds from the temporary suspension of output at Kazakhstan’s oil fields. Kazakh oil producer Tengizchevroil said on Monday it had temporarily halted production at the Tengiz and Korolev oilfields after an issue. Further to that, and aiding oil upside today, was an update that Chevron’s Tengizchevroil cancelled loading of five CPC blend oil cargoes scheduled for January to February, with oil production reportedly remaining shut for an additional 7-10 days amid the supply issues. As such, WTI and Brent saw swift upside and inched higher throughout the duration of the session and hovered around peaks until settlement. Of course, and despite having little sway on the crude complex today, geopolitics and the continued US-Europe fallout continue to be front and centre of newsflow, albeit with little new development on Greenland on Tuesday. Meanwhile, a White House official said Trump will not travel to Paris for the emergency G7 summit in Paris. On the US/Russia footing, Russian press reported that US Envoy Witkoff remarked talks with Russian Envoy Dmitriev were “very positive” at Davos. The weekly private inventory figures are due after-hours, whereby current expectations are (bbls): Crude +1.8mln, Distillate -0.2mln, Gasoline +2.5mln. For the record, WTI traded between USD 58.53-60.51/bbl and Brent USD 63.38-65.15/bbl.
EQUITIES
CLOSES: SPX -2.06% at 6,797, NDX -2.12% at 24,988, DJI -1.76% at 48,489, RUT -1.21% at 2,645.
SECTORS: Technology -2.94%, Consumer Discretionary -2.82%, Financials -2.23%, Communication Services -2.05%, Industrials -1.99%, Real Estate -1.95%, Utilities -1.03%, Materials -0.78%, Health -0.20%, Energy -0.16%, Consumer Staples +0.12%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.52% at 5,895, Dax 40 -1.08% at 24,690, FTSE 100 -0.67% at 10,127, CAC 40 -0.61% at 8,063, FTSE MIB -1.07% at 44,713, IBEX 35 -1.34% at 17,429, PSI -1.14% at 8,464, SMI -0.68% at 13,174, AEX -0.16% at 991
STOCK SPECIFICS:
- China expanded an investigation into PDD Holdings (PDD) after clashes between its employees & regulators.
- 3M (MMM): FY EPS guidance light.
- D.R. Horton (DHI): EPS & revenue topped, but Q2 revenue guidance fell short.
- Fastenal (FAST): Sales missed.
- Netflix (NFLX) amended offer to acquire Warner Bros. Discovery (WBD) to an all-cash transaction.
- Enphase Energy (ENPH) was upgraded at Goldman Sachs.
- Fifth Third (FITB): Profit surpassed expectations.
- US judge allows injunction against prediction market Kalshi from offering sports-event contracts in Massachusetts
- Qiagen (QGEN) is said to weigh strategic options amid fresh interest.
FX
Dollar weakness persisted as tensions grew between US President Trump and EU leaders. This time, Trump threatened France with 200% tariffs on its wine/champagne after French President Macron refused to join Trump’s Gaza peace board. The move highlights the unpredictable nature of US trade policy, and as such, participants have continued to look for alternatives via USD selling or USD hedges. At the top of the pile, CHF and EUR were favoured while JPY still experienced relative underperformance amid its own political uncertainty. Davos is the main topic this week, with the conversation shifting from Ukraine to Greenland. Trump is expected to speak tomorrow a couple of times, where any escalation or TACO intimations will be watched ahead of the February 1st deadline for the Greenland-motivated tariffs to go ahead on several European nations. DXY slightly bounced off 98.246 lows to around 98.59 at the time of writing.
As mentioned, CHF and EUR were preferred liquidity alternatives to USD, with little domestic updates to report. A better-than-expected ZEW reading in Germany had little bearing on EUR/USD, but did see some pressure in Bunds. In the UK, GBP was only slightly firmer amid broad USD weakness, likely with the November jobs report limiting strength. The Unemployment Rate unexpectedly remained at 5.1% (exp. 5.0%), but was accompanied by better-than-expected job growth (act: 82k vs exp. 27k) and slightly hotter-than expected wages (act: 4.7% vs exp. 4.6%). The data is likely to keep the narrative alive of further BoE easing in 2026; Cable now resides ~1.3432.
JPY again underperformed G10 currencies despite trade uncertainty diminishing USD attractiveness. Concerns grew over fiscal sustainability as participants prepared for the upcoming snap election and commentary surrounding fiscal plans. The move was most present in JGBs, which were slammed. USD/JPY hovers around 158.20.
USA DATA RELEASES
USA ECONOMIC COMMENTARIES
Hegseth Takes “Sledgehammer” To Nation’s Largest DEI Program
Saturday, Jan 17, 2026 – 03:45 PM
The Small Business Administration’s crackdown on Washington’s oldest DEI program, otherwise known as the 8(a) program for “socially disadvantaged” businesses, which has largely amounted to a major vector for fraud, pass-through schemes, and artificially inflated contract costs, has expanded to the Department of War.
Secretary of War Pete Hegseth revealed late Friday on X that his team is “taking a sledgehammer to THE OLDEST DEI program in federal government…a program few people outside of Washington have ever heard about! It is called the 8(a) program.”
“Providing these small businesses with opportunities is a laudable goal but over decades as it happens the 8(a) program has morphed into swamp code words for DEI race based contracting. And here’s the worst part – in many, many instances these socially disadvantaged businesses don’t even do the work!” Hegseth said, adding, “They take a 10%, 20% sometimes 50 percent fee off the top and then pass the contract to giant consulting firms commonly known as Beltway Bandits. For decades this is what they’ve been doing…for years now. This program, 8(a) has been a breeding ground for fraud. And this administration is finally doing something about it.”
Hegseth revealed that the DoW will begin an audit of every small-business sole-source contract over $20 million. He noted that the DoW accounts for the largest share of 8(a) spending by far, roughly 10 times that of any other agency. As a result, the cleanup, he said, will be more complex but will still accomplish the mission because “We have no room in our budget for wasteful DEI contracts that don’t help us win wars. Period. Full stop. Second, we’re doing away with these pass-through schemes.”
Late last year, journalist James O’Keefe blew the lid off 8(a), DC’s best-kept secret. O’Keefe went undercover and captured video of an individual linked to ATI Government Solutions bragging about keeping $65 million of a $100 million contract while subcontracting out the work.
Then O’Keefe’s reporting was picked up by Peter Schweizer, president of the Government Accountability Institute and the investigative journalist who broke the Clinton Cash corruption story, who correctly called months ago about how to end the 8(a) waste, fraud, and abuse once and for all:
- Congress needs to investigate the program and subpoena ALL contractors suspected of fraud
- Every agency that has 8(a) contracts needs to audit those contracts (start with the Pentagon!
- The rules need to be rewritten to get rid of DEI focus, level the playing field, and close the “pass-through” loophole
Related and excellent reporting by RealClear Investigations’ Benjamin Weingarten:
More here:
- SBA Investigating $1.2 Trillion On Payments As Part Of Fraud Probe: Loeffler
- “Widespread Misconduct”: Trump Admin Orders All Beneficiaries Of Nation’s Largest DEI Program To Surrender Financial Records
Ending the swamp’s corruption will transform business around the DC-VA-MD area and provide new opportunities for legitimate small and medium-sized businesses based on merit and cost, rather than DEI-driven corruption.
We’ll end with Peter Schweizer’s lead researcher, Seamus Bruner, who recently told Morning Wire that the 8(a) corruption his team uncovered was just the tip of the iceberg and that “the Pentagon is where a lot of these billions will be hiding out.”
What’s happening is a major, urgent reset of the federal procurement landscape that needs to happen across every agency.
END
They’re “Playing A Very Dangerous Game”: Trump Slaps 10% Tariff On 8 European Countries Opposing Greenland Deal
Saturday, Jan 17, 2026 – 01:25 PM
“These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable,” warned President Trump as he escalated his quest to acquire Greenland, threatening multiple European nations with tariffs of up to 25 percent until his purchase of the Danish territory is achieved.
A 10% tariff “on any and all goods sent to the United States of America” will impact Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland starting Feb. 1, according to a Truth Social post on Jan. 17. .
On June 1st, 2026, the Tariff will be increased to 25%.
The countries are all NATO members.
“This Tariff will be due and payable until such time as a Deal is reached for the Complete and Total purchase of Greenland,” Trump wrote.
Trump has repeatedly claimed that the United States needs Greenland for US “national security.”
“We have subsidized Denmark, and all of the Countries of the European Union, and others, for many years by not charging them Tariffs, or any other forms of remuneration.
Now, after Centuries, it is time for Denmark to give back — World Peace is at stake!
China and Russia want Greenland, and there is not a thing that Denmark can do about it. They currently have two dogsleds as protection, one added recently. Only the United States of America, under PRESIDENT DONALD J. TRUMP, can play in this game, and very successfully, at that! Nobody will touch this sacred piece of Land, especially since the National Security of the United States, and the World at large, is at stake. “
Trump warned the NATO members that they are playing “a very dangerous game”:
“On top of everything else, Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland have journeyed to Greenland, for purposes unknown.
This is a very dangerous situation for the Safety, Security, and Survival of our Planet. These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable.
Therefore, it is imperative that, in order to protect Global Peace and Security, strong measures be taken so that this potentially perilous situation end quickly, and without question. “
Meanwhile in Nuuk, the capital of Greenland, thousands of people, including the territory’s prime minister, Jens-Frederik Nielsen, waved Greenlandic flags, chanted slogans and sang traditional Inuit songs under light rain.
Many wore caps with the words “Make America Go Away” – a riff on Trump’s “Make America Great Again” slogan.
President Trump is unmoved by the small protests, noting the timeliness of getting a deal done now:
“The United States has been trying to do this transaction for over 150 years. Many Presidents have tried, and for good reason, but Denmark has always refused.
Now, because of The Golden Dome, and Modern Day Weapons Systems, both Offensive and Defensive, the need to ACQUIRE is especially important.”
He went on to reiterate the specifics of why Greenland is so crucial for national security:
“Hundreds of Billions of Dollars are currently being spent on Security Programs having to do with “The Dome,” including for the possible protection of Canada, and this very brilliant, but highly complex system can only work at its maximum potential and efficiency, because of angles, metes, and bounds, if this Land is included in it.
The United States of America is immediately open to negotiation with Denmark and/or any of these Countries that have put so much at risk, despite all that we have done for them, including maximum protection, over so many decades.”
The remarks came as a bipartisan Congressional delegation (led by Chris Coons, a Democratic senator from Delaware) arrived in Denmark to try and de-escalate the situation.
Stephen Miller, an influential presidential adviser, said the president had been “clear” he wanted America to control the island and rejected suggestions it should simply increase its military presence there in response to what Trump claims is a growing military threat from Russia and China.
“They want us to spend hundreds of billions of dollars defending a territory for them that is 25 per cent bigger than Alaska at 100 per cent American expense, but they say while we do this, it belongs 100 per cent to Denmark,” Miller said on Fox News.
end
USA/GREENLAND..EUROPE//SCANDANAVIA COUNTRIES
Trump is going to get Greenland one may or another.
(zerohedge)
Trump To Norway: No Nobel, No Greenland? The Letter That Has Shocked Europe
Monday, Jan 19, 2026 – 08:25 AM
As news began breaking very early Monday of President Trump’s scathing letter to Norway over the country’s failure to award him the Nobel Peace Prize, some pundits and journalists immediately questioned whether it is real.
But confirmation came soon after. In the letter addressed to Norwegian Prime Minister Jonas Gahr Store, Trump explained that he no longer feels obligated to focus exclusively on peace, while repeating his intent for US control over Greenland. In essence he lays out that no Nobel might turn into no Greenland for Europe (as Denmark exercises control over the resource-rich autonomous territory).
“Dear Jonas: Since your country decided not to give me the Nobel Peace Prize for stopping 8 wars PLUS, I no longer feel an obligation to think purely of peace, although it will always be dominant, but can now think about what is good and proper for the United States,” the US President wrote.
Such is an example of kind of over the top and trolling-style rhetoric in the letter which has given people pause, questioning its authenticity.
“Denmark cannot protect this land from Russia or China… The world is not secure unless we have complete and total control of Greenland,” he added.
As for whether Trump indeed wrote it, and concerning the bombastic letter’s authenticity, Forbes has noted that “According to PBS Newshour’s Nick Schifrin, who first reported on the matter, the letter has been forwarded by the National Security Council staff to multiple European ambassadors in Washington.”
The President also in the letter takes the opportunity to bash Denmark, saying it cannot protect Greenland from Russia or China, and again questioned its legal rights to Greenland: “There are no written documents; it’s only that a boat landed there hundreds of years ago, but we had boats landing there, also.”
The message in full, as first reported by a PBS correspondent:
Norway’s PM Store has since explained that letter came in response to a joint message he had earlier sent to Trump together with Finnish President Alexander Stubb, rejecting White House plans to impose higher tariffs on Scandinavian countries. Other leading EU countries have also complained and are pushing back publicly:
MERZ: GERMANY, EU ALLIES DETERMINED TO AVOID TARIFF ESCALATION
“We pointed out the need to de-escalate the exchange and requested a phone call between President Trump, President Stubb and myself,” Store said, and reiterated Norway’s stance on Greenland is unchanged.
END
USA ET AL
Bessent Says MSM Causing “Hysteria” Over Greenland, Downplays Treasury Dumping Threat
Tuesday, Jan 20, 2026 – 06:55 AM
Asian and European stocks, along with US equity index futures, are deeply in the red this morning as tensions between President Trump and Europe intensify over Greenland.
At the annual World Economic Forum in Davos earlier, Treasury Secretary Scott Bessent urged calm on the Greenland issue. He also said the next Federal Reserve chair could be announced as early as next week.
“I am confident that the leaders will not escalate, and that this will work out in a manner that ends up in a very good place,” Bessent told reporters at a press conference.
Bessent called the uproar over Greenland “hysteria” that was very similar to the narrative chaos produced by corporate media headlines in April of last year, surrounding President Trump’s tit-for-tat trade war with top trading partners.
“This is the same kind of hysteria that we heard on April 2,” Bessent said. “There was a panic. And what I’m urging everyone here to do is sit back, take a deep breath, and let things play out.”
Asked about Europe dumping US treasuries, a potential economic weapon used by Brussels to combat Trump, Bessent dismissed that speculation as a “false narrative.”
Bessent said the US Treasury market is “the best-performing market in the world” and the “most liquid” debt market in the world. He expected Europeans to hold their current exposure, not offload it.
“There’s a completely false narrative there,” he said. “I think everyone needs to take a deep breath. Do not listen to the media, who are hysterical,” adding, “It defies any logic, and I could not disagree more strongly on that.”
Over the weekend, President Trump said that Britain, Denmark, Finland, France, Germany, the Netherlands, Norway, and Sweden would be subject to a 10% tariff on all goods shipped to the US until Denmark agrees to cede Greenland.
Swissquote analyst Ipek Ozkardeskaya pointed out, “Europeans hold roughly $10 trillion in US assets: around $6 trillion in US equities and roughly $4 trillion in Treasuries and other bonds. Selling those assets would pull the rug from under US markets.”
In markets, UBS analyst Justinus Steinhorst said, “Sell America Trade is re-accelerating; week to date the dollar index is 85bp lower whilst Gold has added 2.7%. The US 10y has broken out above its 200DMA for the first time in months.”
Simon Penn from UBS also said, “Sell America is back on – all of US equities, Treasuries, and the dollar are under downward pressure.”
Penn noted:
Until last April’s initial tariff threats, that had never happened before. The S&P Emini is down 1.4% since Friday’s close, the US 10y yield has added 4bp, and the DXY down 0.4% from Friday’s close. Not only because of the latest tariff threats related to Greenland, but also because one of the pillars of this year’s US economic outlook – more cuts from the Fed, is now being questioned by the markets on chair uncertainty. Note that the 10y yield has added 13bp in the last three trading sessions – a greater range that it had experienced in the prior eight weeks. It’s back to where it was in the middle of last August.
“What President Trump is threatening on Greenland is very different than the other trade deals, so I would urge all countries to stick with their trade deals. We have agreed on them, and it does provide great certainty,” Bessent noted. He reaffirmed the US commitment to NATO, saying that US membership in the security bloc was “unquestioned.” “That does not mean we cannot have disagreements on the future of Greenland,” he concluded.
END
KING NEWS
| The King Report January 20, 2026 | Independent View of the News |
| During a WH presser on Friday, Trump told chief economic adviser Kevin Hassett, “I actually want to keep you where you are, if you want to know the truth…” The dollar rallied and stocks fell on Trump’s rejection of Hassett as Fed Chair – because ‘they’ quickly surmised that Trump would appoint Kevin Warsh as Fed Chair – and Hyperinflate Miran had been rejected. USHs dropped to a daily low of 115 17/32 (-25/32) but quickly rebounded to 115 30/32. Bonds reversed again and hit new session lows. The US 10-year hit 4.23%, its highest yield since 4.262 on September 2, 2025. More importantly, on a technical basis, the 10-year note yield is breaking out to the upside. Mr. Bond is taking Trump at this word that Team Trump intends to run the US economy as hot as ‘never been seen before.’ Possibly even more importantly, the bell weather 2-year note hit 3.6% and its yield threatening to breakout to the upside. The usual suspects epoxied themselves to the 2-year yield as being the single most important determinant of Fed Funds rates. Let’s see if what they say if the yield breaks out! Generic 2-year note yield – If the 2-year yield breaks above 3.63%, look out! The 2-year note is approaching the Fed Fund Upper Bound Target Rate of 3.75%. Be prepared! Poor Fed Gov Miran! He spent months sucking up to Trump and destroyed his reputation by braying for massive rate cuts while precious metals and stocks record highs AND record overvaluations! Trump reportedly will unveil a plan in Davos that allows 401(k) use for home down payments. @neilksethi: After the NAHB homebuilder Housing Market Index climbed for five months to an 8-month high in December, surprisingly (given the drop in mortgage rates and improved sales data we’ve seen the past two months) the index fell back to a 3-month low in Jan -2pts to 37, leaving it (well) below the 50 dividing line b/w poor/good conditions for a 21st month. The decline was also as the share of builders offering sales incentives edged back although the amounts increased (more details below). Looking at the components: sales expectations the next 6 mths fell -3pts to 49 (under 50 for the first time since Sept),.. affordability is still an issue… The avg price reduction though edged up to 6%, the joint highest since Oct 2024 (where it was for 15 of the 16 months at that time). It has otherwise been at 5% since then… https://t.co/nUM04hUEKl ESHs opened modestly higher on Thursday and trekked to a daily high of 707.00 at 3:02 ET. After an 11-handle retreat, ESHs stabilized and traded sideways until they broke lower after 6:46 ET. After falling to 6987.25 at 7:53 ET, the rally for the NYSE opening commenced. ESHs ran to 7002.25 at 9:31 ET. Selling appeared, ESHs sank to a daily low of 6960.50 at 10:41 ET. DJT’s apparent rejection of Weimar Miran as Fed Chair thwarted the zeal to manipulate stuff to game the January expiration on Friday. The expiration day manipulation then commenced. ESHs jumped to 6997.50 at 14:04 ET via and A-B-C rally. After a retreat to 6980.00 at 14:28 ET, ESHs rebounded modestly and went inert. ESHs fell to 6976.75 at 15:46 ET. The late manipulation for expiration boosted ESHs to 6985.25 at 15:51 ET. Alas, sellers again appeared; ESHs fell to 6975.00 at the NYSE close. @RapidResponse47: GOP@RepMikeLawler (At WH presser on Friday): “When you look at Obamacare, health insurance premiums have risen 96% since Obamacare took effect. insurance revenues — up 2,000% Mr. President, you are 100% correct that the insurance companies are the problem.” (Yet BLS has healthcare insurance premiums down 32% over the past few years!) https://t.co/Y5DeT2ekXG BBG: Trump is calling for an emergency wholesale electricity auction to forces tech companies to pay for new power for massive AI data centers… US Households Are Paying Record Power Prices… The Russell 2000 hit another all-time high on Friday. Nasdaq was modestly positive while other major indices were negative. As we noted a few missives ago, “The January Effect” is largely a small cap rally. @Hedgeye: Americans with four-year college degrees now account for a record 25.3% of U.S. unemployment. The percentage has doubled since 2008, leaving more than 1.9 million degree-holders age 25+ currently unemployed. This is the highest level since data collection began in 1992. https://x.com/Hedgeye/status/2012449564234563936 Positive aspects of previous session A robust equity rebound rally appeared via the 2nd-Hour Reversal. Negative aspects of previous session Equity indices declined modestly despite expiration and earnings season upward biases. USHs were -26/32 at the NYSE close. Ambiguous aspects of previous session Is Mr. Bond about to induce a “phase transition” on the equity market? 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]: 6944.13 Previous session S&P 500 Index High/Low: 6967.30; 6925.09 @KobeissiLetter: The average price of ground beef in the US is now up to a record $6.67 per pound. Prices have surged +72% since January 2020, when they stood at ~$3.88 per pound. Over the same period, chicken breast prices have risen +36%. Furthermore, coffee prices have surged +52% since January 2020. All while the “other food” category, which includes sugar, sweets, fats, oils, snacks, and prepared meals, has soared +31% over the same period. Food inflation remains far too high. Economists, Street barkers, and Fed academics focus too much on CPI component changes that impact few people instead of food and energy, which impacts all people and changes weekly. Rent, OER, insurance premiums, car prices, etc. do NOT change weekly or monthly for most people. The duplicitous ‘Core CPI’ concept was created in the ‘70s to disguise rampant inflation in food and energy. We’ve noted many times over the few decades that St. Louis Fed research shows that FOOD INLATION is the BEST predictor of overall inflation. Obviously, DJT & his yes men don’t know this. The Sunday Times (UK): Iran report says 16,500 dead in ‘genocide under digital darkness’ Iran’s supreme leader, Ayatollah Khamenei, admitted that “several thousands” have been killed since the protests began three weeks ago… The Sunday Times has obtained a new report from doctors on the ground, which says at least 16,500 protesters have died and 330,000 have been injured, most of them in two days of utter slaughter in the most brutal crackdown by the clerical regime in its 47-year existence. https://www.thetimes.com/world/middle-east/article/iran-young-protesters-news-nsdztp5t2 Reportedly Germany withdrew the 15 soldiers it sent to defend Greenland from the US. @Polymarket: 2 troops from Norway, 1 from Great Britain, 1 from the Netherlands, and 1 from Belgium remain ready to defend Greenland from invaders. Emails show Fauci, Collins plotting to circumvent ‘impressive’ data for COVID natural immunity https://justthenews.com/politics-policy/coronavirus/emails-show-fauci-collins-plotting-circumvent-impressive-data-covid @HansMahn>https://www.item.fraunhofer.de/en/press-and-media/press-releases/publication-covid-acetylsalicylicacid.html Salicylic acid for COVID-19 Salicylic acid has been reported as potentially beneficial for COVID-19 in the following studies… The results showed that 15 key ingredients such as quercetin in SG could affect overlapping targets such as RELA. Molecular docking results showed that key ingredients in SG, such as isoliquiritigenin, formononetin, shinpterocarpin, indirubin, naringenin, kaempferol, and 7-Methoxy-2-methylisoflavone, might bind to angiotensin-converting enzyme II (ACE2)—a critical receptor in the process of COVID-19 infection—thereby exerting antiviral effects… https://c19early.org/m/salicylic-acid.html We use(d) quercetin; it also reportedly inhibits cold & flu. Onions and garlic are rich in quercetin! @MaryBowdenMD: If I had vaccinated the 6,000 patients, I treated for Covid, I could have made $35,523,000. This hospital collects up to $5920.50 per shot. https://x.com/MaryBowdenMD/status/2012530950354117061 @RapidResponse47: REPORTER: “Why align with Delcy Rodríguez… and not with Machado?” @POTUS: “If you ever remember a place called Iraq, where everybody was fired — every single person, the police, the generals, everybody was fired — and they ended up being ISIS… I remember that.” https://x.com/RapidResponse47/status/2012228403739418816 Trump announces 10% tariffs on nations that send military forces to Greenland He added that the tariff rate would increase to 25% starting June 1 and would remain in place “until such time as a Deal is reached for the Complete and Total purchase of Greenland.”… https://justthenews.com/government/white-house/trump-announces-10-tariffs-nations-send-military-forces-greenland Trump: We have subsidized Denmark, and all of the Countries of the European Union, and others, for many years by not charging them Tariffs, or any other forms of remuneration. Now, after Centuries, it is time for Denmark to give back — World Peace is at stake! China and Russia want Greenland, and there is not a thing that Denmark can do about it. They currently have two dogsleds as protection, one added recently. Only the United States of America, under PRESIDENT DONALD J. TRUMP, can play in this game, and very successfully, at that!… This is a very dangerous situation for the Safety, Security, and Survival of our Planet… Starting on February 1st, 2026, all of the above mentioned Countries (Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland), will be charged a 10% Tariff on any and all goods sent to the United States of America. On June 1st, 2026, the Tariff will be increased to 25%. This Tariff will be due and payable until such time as a Deal is reached for the Complete and Total purchase of Greenland… Now, because of The Golden Dome, and Modern Day Weapons Systems, both Offensive and Defensive, the need to ACQUIRE is especially important. Hundreds of Billions of Dollars are currently being spent on Security Programs having to do with “The Dome,” including for the possible protection of Canada, and this very brilliant, but highly complex system can only work at its maximum potential and efficiency, because of angles, metes, and bounds, if this Land is included in it… https://truthsocial.com/@realDonaldTrump/posts/115911344443637897 Reuters: Trump links Greenland threat to Nobel Peace Prize snub, EU eyes trade retaliation In a written message to Norway’s Prime Minister Jonas Gahr Stoere that was seen by Reuters, Trump said: “Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace, although it will always be predominant, but can now think about what is good and proper for the United States of America.”… “… and why do they have a ‘right of ownership’ anyway?” he wrote, adding: “The World is not secure unless we have Complete and Total Control of Greenland.” (Petty, self-absorbed, and counterproductive) https://www.reuters.com/world/europe/trump-tells-norway-he-no-longer-feels-obligation-think-only-peace-2026-01-19/ DJT letter to Norway PM Stoere at: https://x.com/KobeissiLetter/status/2013246726560174205/photo/1 Markets on Monday Nikkei -0.65%, CSI 300 +0.05%, Hang Seng -1.05%, Shanghai Comp +0.29%, Shenzhen Comp +0.50% Euro Stoxx 50 -1.72%, FTSE -0.39%, CAC 40 -1.78%, DAX -1.34%, IBEX 35 -0.26%, MIB -1.32%, OMX -1.79% Due to reports of a Japanese food tax cut, the Japanese 40-year hit a record high 4.0% yield. The 30-year hit a record high 3.65%. The 2-year hit 2.26%. Gold and silver hit new highs. The FT: Nvidia suppliers halt H200 output after China blocks chip shipments NVDA expected over 1 million chip orders from China. Does China fear imbed snooping? Today – Traders want to play for the Monday Rally on Tuesday. However, DJT’s latest tariff tirade against the EU felled European bourses on Monday. This latest drama is a big negative for the markets. ‘Tis why ESHs are -64.75; NQHs are -290.50; Feb AU is +81.80; and USHs are -19/32 at 20:30 ET. For the past few months, when geopolitical angst has crushed equity futures at night, the usual suspects have aggressively bought after a morning flush. The key will be the longevity & strength of the bounce. Expected Earnings: USB 1.19, DHI 1.93, MMM 1.80, NFLX .55, UAL 1.95, FAST .26 Expected Economic Data: ADP Employment Change for January, prior 11.75k S&P Index 50-day MA: 6830; 100-day MA: 6742; 150-day MA: 6587; 200-day MA: 6356 DJIA 50-day MA: 47,977; 100-day MA: 47,138; 150-day MA: 46,146; 200-day MA: 44,902 (Green is positive slope; Red is negative slope) S&P 500 Index (6940.01 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 6430.77 triggers a sell signal Daily: Trender and MACD are positive – a close below 6897.28 triggers a sell signal Hourly: Trender and MACD are negative – a close above 6965.43 triggers a buy signal Justice Department probing Minnesota Gov. Walz, Minneapolis Mayor Frey for obstructing ICE It is likely that Walz and Frey would get grand jury subpoenas soon in an investigation that is looking at obstruction, as well as whether Walz turned a blind eye to a massive fraud scheme in his state… https://justthenews.com/government/federal-agencies/justice-department-investigates-walz-minneapolis-mayor-news-report @Rightanglenews: Anti ICE agitators, led by failed CNN host Don Lemon, stormed a Minneapolis church this morning, halting services and holding members hostage because they believed the pastor was ICE affiliated. “The whole point of it is to disrupt and make people uncomfortable.” https://x.com/Rightanglenews/status/2012977084440731734 Mob storms Minnesota church during worship to target pastor they say has ICE ties https://trib.al/QytBIyx Fox’s @MattFinnFNC: DoJ @HarmeetKDhillon says the activists who marched into the peaceful St. Paul church yesterday and confronted churchgoers will be probed for possible violations of the FACE Act, Klan Act and face interstate/conspiracy charges. Also, a racial element could be at play since at least one protestor inside screamed at church goers that they are ‘comfortable white people.’ @nettermike: Border Commander Greg Bovino Confirms Police “Stand-Down” Order A massive scandal is unfolding in the Twin Cities as Border Commander Greg Bovino has confirmed that Minneapolis Police were issued a “stand-down” order, leaving federal agents to face “insurrectionists” and violent agitators completely alone. “Even in Illinois, under Governor Pritzker, they still allowed state locals to come in and work with the federal government to make that Broadview Facility safer.” “That’s all we ask here at the Whipple Facility here in Minnesota, is we want safety, so we can continue to conduct these Title VIII immigration operations!”… Pentagon readies 1,500 troops to possibly deploy to Minnesota: report The soldiers subject to deployment specialize in cold-weather operations and are assigned to two US Army infantry battalions under the 11th Airborne Division, which is based in Alaska, the Washington Post and ABC News reported… https://trib.al/bRU7oKO @FoxNews: DSA MOBILIZES: New York’s Democratic Socialists of America plans to train 4,000 volunteers for ‘rapid response’ actions against ICE enforcement operations, using whistles and coordinated alerts to disrupt federal immigration enforcement across the city. @Lancegooden: Barack Obama bragged that deportations of illegal alien criminals were up 80% under his watch. He deported OVER 3 million people. Funny how Democrats only oppose deportations when President Trump does them. https://t.co/J2EBp6cJDh (Where were the professional protestors?) @elonmusk: Once the Dems realized that importing illegals who are dependent on government handouts would be a guaranteed path to power, they opened the floodgates and refused to deport even hardened criminals. Incentives explain outcomes. @realDonaldTrump: In Minnesota, the Troublemakers, Agitators, and Insurrectionists are, in many cases, highly paid professionals. The Governor and Mayor don’t know what to do, they have totally lost control, and our currently being rendered, USELESS! If, and when, I am forced to act, it will be solved, QUICKLY and EFFECTIVELY! President DJT Jan 16, 2026, 10:38 AM @AlphaNews: Feds make arrests in connection to anti-ICE riot that saw federal vehicles vandalized and looted – One of the suspects, Raul Gutierrez, is reported to be a confirmed Latin Kings gang member, according to Attorney General Pam Bondi. Additionally, the FBI said Thursday that Georgio James-Jones, of Minneapolis, had been arrested for allegedly destroying federal property and smashing windows while attempting to breach the federal courthouse last week. Here is a deceptive story: @zarathustra5150: Political scientists & data quants have been telling us this for half a decade. Women have moved *radically* leftward, at a scale & speed with no modern precedent, while men have, on the whole, remained largely steady & unchanged… (The graph shows young women abandoned the left at record speed: +29% near 2021 to +19 in 2023!) https://x.com/zarathustra5150/status/2011851505834352809 CNN: ‘The most feminist thing you can do for yourself is not take birth control’: The shifting politics of the pill – Some women, like Bocek, say their doctors rarely discuss the side effects of hormonal birth control, even as they are quick to prescribe it…women turning away from hormonal birth control around 2019, before an “exodus” these past few years as more women shared their stories of weight gain, low libido, mood changes and depression. Aversion to hormonal birth control was considered a “crunchy liberal” position at the time, Hugoboom said. But as more women, including celebrities, told their stories on social media, there was this “bonding over the shared experience of being dismissed — or even gaslighted — by their own doctors,” she said… She says she sees the growing suspicion about hormonal birth control as just one piece of a broader, across-the-board apprehension about prescription drugs… Although Hill cites studies linking hormonal birth control to anxiety and depression, she ultimately advocates for more research and choices… https://www.cnn.com/2026/01/14/politics/maha-birth-control-politics-of-the-pill Has anyone noticed how mental and emotion states are altered by menstrual cycles or menopause? You think fooling with import hormones and hormone levels can produce harmful side effects, including mental and emotional issues? You wonder why there is a mental healthcare crisis among the young? Due to the lies and deceit about the Covid Vax and vax trials, Americans increasingly doubt what Big Pharma is selling to them, including products, ‘studies,’ and advertisements. @robbystarbuck: 125 migrants were put in housing with 125 Dutch students, in hopes of integrating them faster. Instead Dutch kids got raped and beaten. One girl, said: “He wanted to learn Dutch, to get an education. I wanted to help him.” He raped her the first chance he got. This is how suicidal empathy plays out when you force in a backwards culture and people that largely hate you and your own culture. The leaders of Europe who planned this third world invasion should never hold power of any kind and honestly, they deserve to spend the rest of their days in prison or worse (legally of course). What they’ve done is pure evil. https://x.com/robbystarbuck/status/2012546892496842877 @Rightanglenews: The two Propel School Pittsburgh teachers who made a video in their classroom celebrating Iran’s threat to assassinate President Trump have been identified as Kate Patterson and Devin Hays. Give the school a ring and ask if this is a safe atmosphere for kids. (They’re suspended) https://x.com/Rightanglenews/status/2012334693941653573 Teachers regularly post highly inappropriate stuff on social media, and almost always are fired or suspended. Why do this? What in the Hades is wrong with people entrusted to guide and teach mostly children? Mental issues, cult psychology, or ideology uber alles? Top Chicago Dem & – Ex-Chicago Public Schools Chief Paul Vallas: The Radical Left’s Moral Inversion: From Class Politics to Identity Dogma Is a Trojan Horse with Dangerous Consequences In this worldview, white people become metaphors for every global injustice—colonialism, capitalism, border enforcement, policing… This identity-centered politics replaces outcomes with outrage. When policing is seen only as racial oppression, communities most desperate for safety bear the greatest cost. When academic rigor is dismissed as “white supremacy,” minority children suffer lowered expectations… A central pillar of this ideology equates Zionism with European colonialism… By casting Jews as “white colonizers,” this ideology justifies violence against civilians as “anti-colonial resistance.”… The “oppressor vs. oppressed” model also works to resuscitate discredited socialist and communist projects… The most striking act of moral inversion is the left’s accommodation of Islamist extremism within its “oppressed” coalition… The atrocities of jihadist groups—including Hamas’s October 7, 2023 massacre of Israeli civilians—are framed as “responses” to colonialism, while the Iranian regime’s brutality toward women and protesters is largely ignored… https://johnkassnews.com/the-radical-lefts-moral-inversion-from-class-politics-to-identity-dogma-is-a-trojan-horse-with-dangerous-consequences/ Nancy Pelosi mocked for looking ‘drunk’ during cringey performance at Grateful Dead guitarist Bob Weir’s memorial https://trib.al/g6miBSZ @ShiningScience: Research shows repeated complaining physically rewires your brain to prioritize stress and negativity. The way we speak about our daily challenges does more than just vent frustration; it physically alters the architecture of the brain. When we engage in chronic complaining, we repeatedly activate neural networks responsible for detecting threats and processing stress. Through the biological process of neuroplasticity, these circuits become stronger and more efficient every time they are used. Essentially, the brain learns to become more adept at finding things to be unhappy about, turning a temporary mood into a permanent biological predisposition toward negativity and fear-based thinking… https://x.com/ShiningScience/status/2013113758386987099 Chaos by Design – ICE isn’t creating chaos; politicians and activists are – by turning routine detentions into viral outrage, provoking mobs, escalating encounters, and manufacturing danger for political gain. When Democratic elected officials tell people that law enforcement officers are ‘kidnappers’ or ‘stormtroopers’, when they suggest citizens have a moral duty to interfere with federal agents, they are not encouraging peaceful protest—they are inciting confrontation. And when mobs take that cue and physically obstruct officers doing their jobs, the risk to everyone involved skyrockets. This is not complicated. What happens? Lawful orders are given. They’re ignored. Resistance follows. A crowd interferes. Officers are forced to manage a volatile situation that never needed to exist… What we’re witnessing is a dangerous feedback loop. Politicians inflame tensions with extreme language. Activists show up looking for confrontation. Law enforcement is placed in an impossible position. Then, when things escalate—as they predictably do—the very people who lit the fuse rush to the microphones to condemn the explosion… If Democrats truly cared about safety, about de-escalation, about justice, they would stop encouraging resistance and obstruction… https://amgreatness.com/2026/01/18/chaos-by-design/ | |
SWAMP STORIES FOR YOU TONIGHT
DOJ Probes Gov. Walz, Minneapolis Mayor Over Alleged Effort To Obstruct ICE
Saturday, Jan 17, 2026 – 12:15 PM
The Justice Department is investigating leftist Gov. Tim Walz and Minneapolis Mayor Jacob Frey over an alleged conspiracy to impede federal immigration agents during deportation operations, sources familiar with the matter told CBS News.
Sources say the probe centers on statements Walz and Frey have made about ICE and Border Patrol agents deployed to the sanctuary city in recent weeks. Subpoenas have not yet been issued, but sources said that could be nearing.
Details remain scant about the specific comments by Walz and Frey that DOJ investigators have focused on, but there is a recent interview in which the mayor acknowledges the existence of a network of left-wing nonprofits organizing pressure campaigns in the city. He stopped just short of identifying which nonprofits were involved.
end
Minneapolis Police Face Mass Exodus As New Paid Leave Program Hits Amid Riots
Monday, Jan 19, 2026 – 03:55 PM
Minneapolis faces a compounding crisis, as dozens of police officers are expected to tap into a new state paid leave program while the city grapples with anti-ICE riots and a staffing shortage that has stretched the department to its breaking point.
Between 60 and 100 officers from the Minneapolis Police Department have applied for or plan to apply for the Paid Family and Medical Leave (PFML) program, which took effect on January 1, according to multiple sources who spoke with Alpha News senior reporter Liz Collin and Crime Watch Minneapolis. The timing could hardly be worse for a city already reeling from violent protests following the shooting death of Renee Good, who was killed by an ICE agent after she attempted to run over a federal officer with her vehicle.
The PFML program was signed into law by Gov. Tim Walz in 2023, which he promoted as a way to give workers time off for family or medical reasons, including up to 20 weeks of paid leave funded with public money. Many had lined up to use the 20-week paid leave window as soon as it opened on January 1.
“The PFML program allows workers to take up to 12 weeks of medical leave or family leave per year. If someone decides to use a combination of family and medical leave, they can receive benefits for up to 20 weeks,” explains Alpha News. “During that leave, program recipients are paid between 55% and 90% of their regular wages. At present, weekly benefits cannot exceed $1,423 per week. The funding for the program comes from payroll taxes on employers and employees.”
The program also explicitly allows illegal immigrants to access the benefits that police officers use.
The news of MPD officers applying for the program also comes following the acknowledgement in an email last week to officers from the Police Officers Federation of Minneapolis that MPD morale is at an all-time low. The email detailed the “dangerously low” staffing levels causing stress and burnout, as well as political rhetoric and “inflammatory statements” from elected officials, which is emboldening hostility toward officers.
The department is already struggling daily to fill shifts, as was revealed this week in copies of emails obtained by Crime Watch showing shift sergeants desperately asking for officers to sign up for overtime to fill shifts.
Applications for the program surged quickly, with about 18,000 filed in the first week of the month and roughly 25,000 by last Monday. Initial projections estimated around 130,000 participants over the entire first year. Minneapolis declined to respond directly to Alpha News. Still, it acknowledged on social media that employees, including MPD officers, have requested leave, claiming most applicants were already on leave at the end of 2025 for reasons such as pregnancy, newborn bonding, or caring for a family member, while declining to dispute the reported number of officers involved.
A big problem with the program Walz created is that the statute sets no limit on how many employees from a single department, office, or employer can take leave at the same time, leaving entire units vulnerable to being depleted all at once with no built-in safeguard. Alpha News reports that officers planning to use PFML are required to give 30 days’ notice before going on leave, yet the clustering of applications from Minneapolis police as the program goes live raises serious questions about the timing. The department is now operating with roughly 600 officers, down about 300 from nearly 900 before the pandemic lockdowns and the death of George Floyd. Many officers retired or left the force after that disaster. This time, officers have effectively checked out by applying for paid leave under Walz’s program rather than resigning outright.
Between ongoing rioting, chronic understaffing, and a paid leave program with no guardrails against mass absences, Minneapolis is facing a perfect storm, and its political leaders are the ones to blame.
END
Exposed: Teachers Unions Funneling Millions To Soros-Linked Groups, Far-Left Agendas
by Tyler Durden
Tuesday, Jan 20, 2026 – 01:20 PM
Authored by Steve Watson via Modernity.news,
New Labor Department filings reveal the National Education Association (NEA), the nation’s largest teachers’ union, has been channeling millions in taxpayer dollars to far-left political outfits, including Soros-backed networks and shadowy activist groups.
Instead of bolstering education, these funds are propping up anti-American causes, from anti-Israel protests to rigging electoral maps.
The bombshell underscores the deep rot in union leadership, where public money meant for schools is weaponized against conservative values and national security.
The filings, obtained by Fox News Digital, paint a damning picture of misdirected priorities. “The NEA’s last fiscal year report showed it sent $300,000 to the 1630 Fund, the liberal dark money group Fox News has been reporting on extensively, and in most cases exclusively — Tens of thousands of dollars to the (George Soros’) Tides Foundation Network,” according to the report.
These aren’t voluntary donations from union members’ pockets—these are taxpayer dollars funneled through the system. The Tides Foundation has ties to anti-Israel activism, while the Sixteen Thirty Fund operates as a hub for progressive dark money, influencing elections without transparency.
The NEA didn’t stop there, the report notes, adding it “was also involved in several state issues. It backed a campaign to end standardized testing in Massachusetts and fight gerrymandering in Ohio, to the tune of half a million dollars for each of those and it sent hundreds of thousands of additional money to groups committed to racial and education justice movements.”
One of the biggest payouts was a whopping $3.5 million to Education International, a global teachers’ federation where NEA President Becky Pringle serves as vice president. Critics call it a cozy self-dealing arrangement, with American tax dollars flowing offshore to international agendas.
Panelist Emily Compagno expressed outrage over the lack of awareness: “This is absolutely frightening because I’ll bet you the amount of teachers that don’t know where that money is going, the parents know even less.”
She continued, “the thought that your child’s education and more appropriately the teacher in charge of it, the steward of your child while you are not with them in the public schools, that that is where their association is going? That’s where their influence and their persuasion, your hard money? This is a travesty.”
Legal expert Josh Ritter highlighted the betrayal: “Instead we’re finding out that it’s going towards programs and ideology adverse to parents even, adverse to their interests in understanding what their kids are going to be taught, the education that is going to be handed out to them. It’s really disturbing.”
Cheryl Casone pointed to a legal expert who noted “They’ve got a federal charter. That federal charter should be looked at and possibly revoked. Because obviously that charter says they’re supposed to promoting the cause of education in the United States, advance the entrance of the profession of teaching. So the teachers are not being served in what is happening.”
This exposure aligns with a broader pattern of leftist infiltration in education. As we highlighted earlier, two Pittsburgh kindergarten teachers have been placed on leave after filming themselves celebrating Iranian assassination threats against President Trump.
Such incidents reveal how radical ideologies seep into classrooms, turning educators into activists who prioritize hate over learning.
From unions bankrolling “social justice” over actual education to teachers applauding violence against a president fighting for America First policies, the system is rigged against patriotic families.
Reading levels plummet, math scores lag behind global competitors, yet millions vanish into the abyss of progressive activism.
During the COVID era, these same unions colluded with the CDC to keep kids locked out of schools, prioritizing politics over child welfare.
Now, with funds flowing to gerrymandering schemes and racial agitation, it’s clear: unions aren’t about teachers or students—they’re Democrat fundraising arms in disguise.
As Trump vows to eliminate the Department of Education and empower states, parents must demand accountability. Defund these corrupt entities, revoke their charters, and redirect every penny to real education—free from leftist indoctrination.
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
GREG HUNTER…..WESTON WARREN…
Black Star Detonates Earthquakes & Volcanoes Worldwide in 2026 – Weston Warren
By Greg Hunter On January 17, 2026 In Market Analysis, Political Analysis2 Comments
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Scientist and inventor Weston Warren is back again with an update about the so-called Black Star or electromagnetic anomaly that entered our solar system years ago. It’s slow moving, it’s an event that only happens about every 4,000 years, and it causes earth changes and destruction. USAW and Warren have been following the progression of the Black Star since April 2025 (here, here, here and here). This is the fifth update, and this time the Black Star will be the closest it has been to Earth in 4,000 years. It will not hit us, but that does not mean it will not detonate many earthquakes and volcanoes worldwide in 2026. Warren shows what’s happening on a 3D map of our solar system and explains, “In October, November and December 2025, we are far away from the Black Star. Plus, you have the sun in between. So, that’s a calmer period. When you get into March, summer and all the way to June 2026, there is an uptick because there is more energy hitting Earth’s (iron and nickel) core as we are getting closer.”
Warren contends in 2025, big earthquakes increased and says 602 earthquakes hit with a magnitude greater than 5.5. The biggest last year was in north east Russia with a stunning 7.8 magnitude event. 2026 is starting off with a bang here in the US. The west coast is shaking nearly constantly according to one report. There was a 6.0 magnitude event off the Oregon coast right through San Francisco to LA in the same time period. This has some reporters asking if there is a major event about to take place. Warren says major weather events are already happening, “There were 105 mph winds in Wyoming, 100 mph winds in Alaska. . .. An Ethiopian volcano became active after 12,000 years. So, we are seeing the Earth shifting and continental plates separating, and there is more volcanic activity on the ocean floors. . .. The Earth is being energized. This does not happen in just two weeks. This has been going on for more than 20 years. . .. We are going to have six years of activity happening, and we are going to face more than one big volcano like in Ethiopia. There will be multiple erupting at one time. It will get to a point that air traffic will be cancelled worldwide . . . because of the volcanic ash and what it does to aircraft engines and air intakes.”
Warren lays out what he sees coming for years to come, saying, “In the next six years, we will see greater and greater wind gusts. In Wyoming, Montana and Alaska in the last seven days, we have documented 100 mile per hour winds. These are not tornados, these are winds. . . increased winds that blow over trucks are going to affect transportation. This will affect your house, your roofing and your trees. Hail will be more intensified because jet streams are overactive. . .. When you have higher Jetstreams, you have updrafts for larger and larger hail stones. When it gets really bad, and to use the term Biblical proportions, it will get to a point where hail stones are softball size and soccer ball size hail stones. This will be devastating and will wipe out any building or aircraft. It will wipe out crops. If it’s not high winds, it will be hail destruction, and that will put farmers in a bind. What’s that going to do to food prices? So, we are going to have stresses on humanity all over the planet and not just in the United States. . .. We are heading to stresses on humanity other than what mankind can control or manipulate. This is coming from a non-human realm, and no news agency or YouTuber is going to pick up on this.”
Weston Warren has said from the beginning that the Black Star is more than just horrible weather and destruction of Biblical proportions. Last June, Warren said, “Are we already starting to see early phases of humanity losing it? They are no longer humane. They are acting more animal and beast-like. Scientifically, with the data we have collected, that is absolutely the case, and it’s going to get worse.”
Look no further than Minneapolis, where the National Guard has been called up to try to keep the peace and counter the paid rioters. Warren reminds us that your best protection against what is coming is to have a close relationship with Jehovah and Jesus. The Lying Legacy Media will never tell you this.
There is much more in the 60-min interview.
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There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm. You can get more information on Starlink at Starlink123.com and Sat Phones at Sat123.com and BeReady123.com. You can also call 855-980-5830 and talk to a real human. Same goes for EscapeZone.com where you can get Faraday bags big and small. You can also talk to a real human at EscapeZone.com by calling 702-825-0005.
Sat123.com will be offering a free faraday satellite sleeve for another week if customers call in to place their order.
Join Greg Hunter of USAWatchdog as he goes One-on-One with Weston Warren, scientist and inventor of the bipolar ionization technology. He will update us on the Black Star and damage of Biblical proportions it will cause in the new year for 1.17.26.
You can get more information on Starlink, satellite phones, solar charged battery backup and all sizes of Faraday bags by also calling 855-980-5830. You can talk to and place your order with a real human.
SEE YOU TOMORROW
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