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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JANUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,759.600000000 USD
INTENT DATE: 01/20/2026 DELIVERY DATE: 01/22/2026
FIRM ORG FIRM NAME ISSUED STOPPED
118 H MACQUARIE FUTURES US 44
332 H STANDARD CHARTERED B 33
435 H SCOTIA CAPITAL (USA) 26
624 H BOFA SECURITIES 12
661 C JP MORGAN SECURITIES 37 54
709 C BARCLAYS 7
737 C ADVANTAGE FUTURES 1
905 C ADM 2
TOTAL: 108 108
MONTH TO DATE: 8,836
JPMORGAN STOPPED 54/108
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 108 CONTRACTs NOTICES FOR 10,800 OZ or 0.3359 TONNES
total notices so far: 8836 contracts for 883600 OR 27.484 tonnes)
SILVER NOTICES: 243 NOTICE(S) FILED FOR 1.215 MILLION OZ OZ/
total number of notices filed so far this month : 8521CONTRACTS (NOTICES) for 42.655 million oz
NO CHANGES:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S HUGE 1.015 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 43.195 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 43.295 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: 104.995 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 1.015 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 43.195 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 43.295 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 0.3203 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 21.5099TONNES //NEW TOTAL QUEUE JUMPS 21.5099//NORMAL DELIVERY OF GOLD ADVANCES TO 28.027 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 41.207 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 41.024 TONNES OF GOLD
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 117.558 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 MEGA MEGA HUGE SIZED 4151 CONTRACTS OI TO 152,020 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 1872 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 1872 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 5589 CONTRACTS AND ADD TO THE 1872 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUGE SIZED GAIN OF 6023 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $5.09 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 30.215MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $5.09
2.ASIAN AFFAIRS JAN 16/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 3.29 PTS OR 0.08%
//Hang Seng CLOSED UP 97.55 PTS OR 0.37%
// Nikkei CLOSED DOWN 216.46 PTS OR 0.41%
//Australia’s all ordinaries CLOSED DOWN .41%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9639
/ OFFSHORE CLOSED DOWN AT 6.9565 Oil UP TO 60.54 dollars per barrel for WTI and BRENT UP TO 64.99 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING DOWN TO 6.9639 OFFSHORE YUAN TRADING DOWN TO 6.9565 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A HUGE SIZED 16,529 CONTRACTS TO 528,004 OI WITH OUR GAIN IN PRICE OF $142.90 WITH RESPECT TO TUESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3775). WE HAD ZERO T.A.S. LIQUIDATION TUESDAY. 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 528,004 AND NOW AMPLE ENOUGH FOR AN ATTEMPTED RAID BY OUR BANKERS. FROM CHINA WE LEARN THAT THE GOLD LEASE RATE IS NOW AROUND TWO TO 3 %
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 20,304 CONTRACTS (OR 63/153TONNES). 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 MEGA HUMONGOUS SIZED GAIN ON OUR TWO EXCHANGES OF 20,304 CONTRACTS WITH OUR HUGE GAIN 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 FAIR SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 1939 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 0.3203TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 21.189 TONNES //NEW TOTAL QUEUE JUMPS 21.5099 //NORMAL DELIVERY OF GOLD ADVANCES TO 28.027 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 41.024 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 STRONG SIZED 3775 EFP CONTRACT WAS ISSUED: : /FEB 3775 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3775 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 :
- ZERO 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 NEXT WEEK
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 TUESDAY NIGHT/WEDNESDAY MORNING WAS A FAIR SIZED 1939 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 TUESDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING HUGE SIZED GAIN OF COMEX OI AND A FAIR EXCHANGE FOR PHYSICAL ISSUANCE..
.
THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 6 MONTHS WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
- TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
- TO BE FOLLOWED BY OCTOBER’S 6 ISSUANCES FOR 14.553 TONNES
- TO BE FOLLOWED BY NOVEMBER’S TWO ISSUANCES FOR 4.5575 TONNES
- AND NOW FOLLOWED BY DECEMBER’S 3 ISSANCES FOR 12.997 TONNES
- THE LONDON BANKING AUDITORS DID REFUSE TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/HOWEVER THEY DID GIVE THEIR OK NOV 30.
- FRBNY BORROWS ANOTHER 24 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.C ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 54+ TONNES OF GOLD.
- MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI//RECORD 33,000 CONTRACTS REMOVED FRIDAY NOV 21//
- MASSIVE T.A.S. CONTRACTS ISSUED FOR 5 CONSECUTIVE DAYS/SIGNALLING A MASSIVE RAID TO BE!
- MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OTHER DAY LAST WEEK
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
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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 0.3203 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 21.1896 TONNES //NEW TOTAL QUEUE JUMPS OF 21.5099//NORMAL DELIVERY OF GOLD ADVANCES TO 28.027 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 41.024TONNES.
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
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COMEX GOLD TRADING BEGINNING JANUARY,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $142.90)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL TUESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR JANUARY IN AN OFF MONTH. THE COMEX IS ONE BIG MESS!!
TUESDAY NIGHT//WEDNESDAY 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 TUESDAY EVENING/WEDNESDAY 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 0.3203 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 21.1896TONNES //NEW TOTAL QUEUE: 21.5099 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 28.027 TONNES TO WHICH WE ADD OUR 3 EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 41.024TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $142.90
WE HAD A HUGE 4188 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 21
JAN 2026 CONTRACT MONTH
GOLD
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 i) Manfra 7846.773 oz total deposit 7846.773 oz xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 108 notice(s) 10,800 OZ 0.3359 TONNES OF GOLD |
| No of oz to be served (notices) | 175 contracts 17,500 OZ 0.544 TONNES |
| Total monthly oz gold served (contracts) so far this month | 8836 notices 883,600 oz 27.484TONNES |
| 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: 1
i) Into Stonex 199,716.902.610 oz
total dealer deposit 199,716.610 oz
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DEPOSITS/CUSTOMER
i) Manfra 7846.773 oz
total deposit 7846.773 oz
customer withdrawals:
2 ENTRIES
i) Out of Brinks 771.624 oz (24 kilobares)
ii) Out of Loomis 96.453 oz (3 kilobars)
total withdrawal: 868.167 oz
they are draining the comex of gold
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ADJUSTMENTs 0//
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 283 CONTRACTS FOR A LOSS OF 109 CONTRACTS.
WE HAD 212 NOTICES FILED ON TUESDAY, SO WE GAINED 103 CONTRACTS OR 10,300 OZ OF A QUEUE JUMP (0.3203 TONNES)
FEB LOST 825 CONTRACTS UP TO 242,728 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A WHOPPER OF A DELIVERY MONTH!!! VERY LITTLE ROLLING TO THE NEXT DELIVERY MONTH
MARCH GAINED 309 CONTRACTS UP TO 3235
We had 108 contracts filed for today representing 10,800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 37 notices issued from their client or customer account. The total of all issuance by all participants equate to 108 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 54 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 (8836) to which we add the difference between the open interest for the front month of JAN ( 283 CONTRACTS) minus the number of notices served upon today (108 x 100 oz per contract) equals 901,100 OZ OR (28.027Tonnes of gold) to which we add our exchange for risk in January of 12.997 tonnes//new standing advances to 41.024 Tonnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (8836 x 100 oz +we add the difference for front month of JAN (283 OI} minus the number of notices served upon today (108x 100 oz) which equals 901,100 OR 28.027 TONNES plus our 3 exchange for risk of 12.997 tonnes//new standing advances to 41.024 tonnes
new total of gold standing in JANUARY is 41.024 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY 41.024 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume TUESDAY confirmed 492,565 strong over 4 days//
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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: 1,925.999.502oz 59.90 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,142,879.824 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 16,938,397 oz ((REG GOLD- PLEDGED GOLD)=
526.855 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
JAN 21 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | i) Out of Brinks 319,018.874 oz ii0 Out of CNT 637,385.330 oz iii) Out of Delaware 72,988.670 oz iv) Out of HSBC 4646.900 oz v) 1990,670.981 oz jpm vi) Loomis 1802,123.740 oz vii) manfra 690,624.960 oz total: 5,513,459.524 oz the comex is being drained of silver |
| Deposits to the Dealer Inventory | i) Into Stonex 199,716.902.610 oz total dealer deposit 199,716.610 oz |
| Deposits to the Customer Inventory | 2 ENTRIES i) Into Asahi: 118,125.700 oz ii0 Into HSBC 1032,776.970 oz total deposit: 1,150,902.670 oz |
| No of oz served today (contracts) | 243 CONTRACT(S) ( 1.215million OZ |
| No of oz to be served (notices) | 108ontracts (0.540MILLION oz) |
| Total monthly oz silver served (contracts) | 8531contracts 42.655 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
1 ENTRY
i) Into Stonex 199,716.902.610 oz
total dealer deposit 199,716.610 oz
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 ENTRIES
i) Into Asahi: 118,125.700 oz
ii0 Into HSBC 1032,776.970 oz
total deposit: 1,150,902.670 oz
2 ENTRIES
withdrawals: customer side/eligible
7 entries
i) Out of Brinks 319,018.874 oz
ii0 Out of CNT 637,385.330 oz
iii) Out of Delaware 72,988.670 oz
iv) Out of HSBC 4646.900 oz
v) 1990,670.981 oz jpm
vi) Loomis 1802,123.740 oz
vii) manfra 690,624.960 oz
total: 5,513,459.524 oz
total withdrawal: 3,423,033.715 oz
the comex is being drained of silver
adjustments: / / 4 all dealer to customer
i) Out of Asahi 3,530,314.600 oz
ii) Out of Brinks 25,195.890 oz
iii) Out of CNT 145,552.940 oz
iv0 Out of Manfra: 14,759.000 oz
total adjusted out of the dealer: 3.715 million oz
total adjusted out of reg. to eligible: 3.175 million oz
TOTAL REGISTERED SILVER: 116.026MILLION OZ//.TOTAL REG + ELIGIBLE. 422.213 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: 351 OPEN INTEREST CONTRACTS FOR A LOSS OF 142 CONTRACTS. WE HAD 345 NOTICES FILED ON TUESDAY SO WE GAINED 203 CONTRACTS OR A STRONG QUEUE JUMP OF 1.015MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB LOST ONLY 126 CONTRACTS DOWN TO 2235 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A STRONG DELIVERY MONTH FOR FEBRUARY,
MARCH GAINED 1925 CONTRACTS UP TO 100,827
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 243 or 1.215 MILLION oz
CONFIRMED volume; ON TUESDAY 232,720 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 8531 X5,000 oz = 42.655MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (351) AND the number of notices served upon today (243)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (8531)Notices served so far) x 5000 oz + OI for the front month of JAN(XXX) minus number of notices served upon today (243)x 5000 oz equals silver standing for the JANUARY.contract month equating to 43.195MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR 20 CONTRACTS OR 0.100 MILLION OZ//NEW TOTAL STANDING FOR DELIVERY: 43.295 MILLION OZ.
NEW STANDING: 43.295 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 43.295 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 116.026 million oz of registered silver
JPMorgan as a percentage of total silver: 175.652/422.313.million: 41.58%
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 21/2026/WITH GOLD UP $74.30 TODAY/NO CHANGES IN GOLD AT THE GLD:/// ///INVENTORY RESTS AT 1081.66 TONNES
JAN 20/2026/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 21 WITH SILVER DOWN $1.44 NO CHANGES IN SILVER AT THE SLV://. ./ :INVENTORY RESTS AT 521.564MILLION OZ /
JAN 20 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..
extremely important!!
Japan triggers a dollar crisis
The Japanese government’s reflation plans are driving JGB yields significantly higher, likely disrupting US Treasury financing, and bursting the equity bubble.
| Alasdair MacleodJan 21∙Paid |
Both the chart above and risk analysis assessments point to far higher US bond yields after the current pause completes. Put another way, something has to scare off foreign and domestic institutions from buying US treaty debt. The Japanese government is creating such a scare.
The new Prime Minister, Sanae Takaichi, is set on cutting taxes without reducing spending. It looks like a Liz Truss rerun, which drove UK gilt yields higher creating a liability-dependent investment crisis, and requiring the Bank of England’s intervention. Truss was forced to resign, but Sanae Takaichi is forestalling her defenestration by calling a snap election.
Her bet is that the electorate will favour tax cuts. Consequently, JGB bond yields are soaring and will continue to do so, with the 10-year JGB yield currently at 2.295%.
The problem for Japanese institutions is that the yield differential between JGBs and US Treasuries is closing rapidly, leaving diminished returns to compensate for currency risk. For US hedge funds, the yield differential on the yen-based carry trade becomes threatened, if as seems increasingly likely, the Bank of Japan has to raise its short-term rates further. Consequently, government bond yields around the world are rising, with some such as Germany’s already breaking higher.
The risk for everyone is that the much predicted funding crisis for US Treasuries is next. The only foreign buyers of US treasuries are tame US trolls. Shortly, not even the carry trade enjoyed by Cayman Island US funds will work, and funds funnelled through London and Luxembourg will grind to a halt. For doubting Tomases, think through the implications of Japan’s Liz Truss.
Then there’s the problem of bubble valuations in equities, which have become totally unhinged from bond markets.
Forget brokers’ blandishments on the buying tack. This valuation extreme for the S&P is at record bubble levels, almost certainly surpassing late-1929 which led to the biggest market crash Wall Street had ever seen.
Now ask yourself how foreigners, let alone US institutions asleep at the wheel, will react. Foreign investors have over $40 trillion invested in dollars and underlying financial instruments. And that’s only onshore. Add in a president running the White House as a branch of diplomatic bedlam, and you have the makings of a very nasty, sudden market crisis.
I note that gold is up over $170 in Asian markets overnight at $4865, confirming fears for the dollar’s future. Given the dynamics of the current situation outlined above, this appears to be the start of an acceleration phase in the dollar’s decline.
end
MATHEW PIPENBURG/EGON VON GREYERZ
3.CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 255
5. COMMODITY REPORT//:silver
GOLD/SILVER
5B. COMMODITY REPORT//GOLD OR /SILVER LEASE RATES:/GOLD
GOLD LEASE RATES CLIMB TO AROUND 3.0 TO 4.0%
| Robert Lambourne | 7:56 AM (4 minutes ago) | ||
to me | |||
Harvey,
Interesting comment for you on gold from Chinese AI. Gold lease rates are ticking up in all markets, c3%/4% and inventories draining. Reportedly demand in Asia is strong, including Japan as confidence in bonds there is probably fraying. Possibly gold is slightly under the radar here because of silver.
I’ve no idea how Trump will handle his latest tariff threats re Greenland, but the situation seems quite unstable. Gold might well move strongly here.
No December 2025 BIS gold swap data yet. I’ve emailed Chris to suggest it might only appear right at the month end. This is no great surprise, but we can guess plausibly that the BIS will be under some pressure to end the gold swaps. Whatever you think about Jerome Powell, his influence is already reduced and this will also apply to any successor when they attend the BIS meetings.
Regards,
Bob
GOLD/SILVER
$5,000 Gold, $100 Silver INCOMING as Fiat Experiment Collapses Globally
by ITM Trading
Tuesday, Jan 20, 2026 – 17:52
Gold isn’t spiking because of hype. It’s spiking because trust is collapsing. The fiat currency experiment is cracking under the pressure of debt, de-dollarization, and bond market chaos. Japan, the US’s largest creditor, is quietly retreating. The Treasury is staring down a nine trillion dollar wall of refinancing.
This isn’t a market event. It’s a systemic reset in real time.
Smart money isn’t watching charts… it’s executing physical gold and silver strategies now. Because when liquidity floods the system again, prices won’t wait.
Watch the full breakdown above.
About ITM Trading:
ITM Trading has spent nearly 30 years helping clients prepare for monetary resets, inflation, and systemic risk using physical gold and silver. We focus on education, historical context, and strategies designed to protect wealth when trust in the system breaks down. Schedule Your Free Strategy Call Now
2.ASIAN AFFAIRS JAN 21/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 3.29 PTS OR 0.08%
//Hang Seng CLOSED UP 97.55 PTS OR 0.37%
// Nikkei CLOSED DOWN 216.46 PTS OR 0.41%
//Australia’s all ordinaries CLOSED DOWN .41%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9639
/ OFFSHORE CLOSED DOWN AT 6.9565 Oil UP TO 60.54 dollars per barrel for WTI and BRENT UP TO 64.99 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING DOWN TO 6.9639 OFFSHORE YUAN TRADING DOWN TO 6.9565 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.9639
OFFSHORE YUAN: UP TO 6.9565
HANG SENG CLOSED UP 97.55PTS OR 0.37%
2. Nikkei closed DOWN 216.46 PTS OR 0.41%
WEST TEXAS INTERMEDIATE OIL UP 60.54
BRENT; 64.99
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 98.25 /// EURO RISES TO 1.1724 DOWN 3 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.296/ DOWN 8 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.93… 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: 3.722 DOWN 19 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: DOWN OFFSHORE: DOWN
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 +2.8723 Italian 10 Yr bond yield UP to 3.485 SPAIN 10 YR BOND YIELD UP TO 3.270
3i Greek 10 year bond yield UP TO 3.415
3j Gold at $4758.60 Silver at: 94.17 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 43/100 roubles/dollar; ROUBLE AT 77.61
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 157.93 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.296% DOWN 8 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.722 DOWN 19 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7890 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9258 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: 4.290 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.924 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 3.580 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.30 DOWN 9 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.454 DOWN 1 PTS
30 YR UK BOND YIELD: 5.213 DOWN 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.428 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.942 UP 0 BASIS PTS.
1a New York OPENING REPORT
Futures Slide To Session Low As Bounce Fizzles With All Eyes On Trump In Davos
Wednesday, Jan 21, 2026 – 08:29 AM
Futures have reversed modest overnight gains and are trading near session lows while small caps continue to outperform (for a record 12th day in a row) even as Japanese and global bond yields stabilize and the market awaits today’s major catalysts including Trump’s speech in Davos due within the hour after flight had to be changed due to mechanical issues, while the Supreme Court will consider whether Trump can fire the Fed’s Cook.Selling pressure initially eased after Trump struck a more conciliatory tone ahead of his departure for the World Economic Forum, even as he continued to insist the US should take control of the Danish territory. As of 8:00am, S&P futures are down 0.1%, while Nasdaq futures drop 0.3% with Mag7 names mixed in premarket trading, semis are bid; discretionary leading Staples; energy / mats seeing significant outperformance. Bond yields are 1-2bp lower and USD is once again lower on the day. Commodities are seeing strength in ags, natgas and precious, with gold approaching a record high at 4,900 The macro focus today is Davos and housing related data.
In premarket trading, Magnificent Seven stocks are mostly lower (Nvidia +0.1%, Meta +0.01%, Tesla -0.2%, Amazon -0.3%, Microsoft -0.3%, Alphabet -0.9%, Apple -0.2%)
- Biohaven (BHVN) rises 3% after RBC upgraded the drugmaker to outperform, citing recent supportive data that reduces risk.
- Halliburton (HAL) climbs 2% after the fracking company reported fourth-quarter adjusted earnings per share that beat the average analyst estimate.
- Johnson & Johnson (JNJ) falls 1% after posting fourth-quarter sales.
- Kraft Heinz (KHC) declines 5% as Berkshire Hathaway may soon sell some or all of its stake in the company, just months after the cheese and ketchup maker announced plans to split into two.
- Nathan’s Famous (NATH) rises 8% as Smithfield Foods agreed to buy the company for $102 a share.
- Netflix (NFLX) falls 7% after the streaming giant forecast first-quarter earnings below the average analyst estimate. The company also plans to pause its share buybacks in an effort to accumulate cash to fund the pending acquisition of Warner Bros.
- Progress Software (PRGS) rises 6% after the company’s 2026 revenue forecast exceeded Wall Street expectations.
- United Airlines (UAL) rises 3% after the carrier beat Wall Street estimates for the fourth quarter and anticipates a strong 2026, driven by demand from high-spending domestic passengers and international travelers.
In corporate news, Qatar’s sovereign wealth fund is said to have considered separating its overseas holdings from its domestic portfolio. Kraft Heinz is lower in premarket trading after registering up to 325 million shares held by Berkshire Hathaway for potential sale.
The market’s mood remains extremely shaky (and even more illiquid with top of book collapsing 60% overnight according to Goldman) with gold continuing to hit new highs. JPMorgan AM CIO Bob Michele said Tuesday’s market selloff should be a message to Trump to take action to restore calm. Still, the moves weren’t nearly as dramatic as April’s selloff, leaving the TACO trade with a problem: If TACO means investors don’t need to panic, then there are no market collapses violent enough to spook Trump into backing down.
Meanwhile, Trump expressed confidence that the EU would continue to invest in the US even if he imposed new tariffs related to his quest to annex Greenland. He is due to speak in Davos at 8:30 a.m. New York time, though his travel was delayed after an electrical issue with Air Force One. His threat of tariffs in pursuit of Greenland, and refusal to rule out military options, are giving the equity bull run its biggest test since the trade turmoil of April, even as investor optimism remains elevated amid a broadening rally. Sill, selling pressure initially eased after Trump struck a more conciliatory tone ahead of his departure for the World Economic Forum, even as he continued to insist the US should take control of the Danish territory.
In other newsflow out of Davos, Bessent said Powell is “politicizing” the Fed and cautioning European nations against ramping up their military presence on Greenland. That followed news of France requesting that NATO carry out a military exercise. And there’s also drama over a Deutsche Bank analyst note that suggested European investors may dump US assets.
A sharp rebound in long-dated Japanese bonds offered a lift to global debt markets, with the yield on 30-year US Treasuries holding steady as shorter-term rates eased. Precious metals remained the haven of choice as gold closed in on $4,900 an ounce. The dollar’s slide extended to a fourth day.
“Despite all the geopolitical noise, we’re in a purely technical correction in equity markets, not a widespread risk-off episode,” said Roberto Scholtes, head of strategy at Singular Bank. “Conciliatory remarks by Trump would surely improve the mood in markets but, in my view, wouldn’t trigger a strong rally unless yield curves come down.”
Rotation continues, with the Russell 2000 now outperforming the Mag 7 by more than 10% year-to-date. Tesla closed below its 100-DMA for the first time since July, while Netflix’s disappointing guidance will do little to help tech in the short-term. Today’s Taking Stock highlights strategists seeing a buying opportunity — they reckon risk assets have long looked past geopolitics, except when unrest causes oil prices to spike.
While Trump earlier played down the likelihood that the standoff over Greenland would jeopardize his trade deal with the European Union, Treasury Secretary Scott Bessent kept up the administration’s offensive on Wednesday. Speaking in Davos, Bessent dismissed concerns about Denmark and other nations pulling out of Treasuries, saying Danish investment in US bonds was “irrelevant.” He also cautioned European nations against ramping up their military presence in Greenland.
JPMorgan Asset Management’s Bob Michele said the selloff in markets was a message to the White House to restore calm. “Things are a bit chaotic and the markets do feel a bit panicked,” Michele, chief investment officer and global head of fixed income, told Bloomberg TV. “The market had a fit in April and then they backed off of a lot of things and then calm ensued. We need to hear some of the same kinds of things.”
Investors will also follow arguments in the US Supreme Court over whether Trump can fire Federal Reserve Governor Lisa Cook. The hearing coincides with a Justice Department criminal investigation into Fed Chair Jerome Powell, together serving as tests of the central bank’s independence.
Elsewhere, as earnings season kicks into full swing, strategists said a sustained upswing in stocks will depend on strong forecasts and signs that capital investments in big tech are starting to pay off. “We’ve overstretched in many different assets over the past two weeks, which meant that you’ve got to overbought territories and so you had to have a bit of a healthy correction,” said Georges Debbas, head of European equity and derivatives strategy at BNP Paribas.
European stocks have also drifted lower throughout the morning with markets tentative ahead of President Donald Trump’s Davos appearance. The Stoxx 600 falls 0.6%, weighed down by financials and tech. Materials and luxury names outperform. Here are the biggest movers Wednesday:
- European mining stocks are leading gains on the Stoxx 600 benchmark
- Rio Tinto rallied as much as 5.2% in London, to its highest intraday level since May 2021 after copper and iron ore production topped analyst estimates
- Burberry shares jump as much as 6.6%, after a third-quarter sales update that was perceived positively by analysts who see it as another sign that the UK fashion brand’s turnaround strategy is paying off
- Barry Callebaut shares surge as much as 7.9%, the most in a month, after the Swiss bulk chocolate maker reported sales that beat estimates and replaced its chief executive officer
- Quilter shares rise as much as 4.9%, the most in three months, as the UK wealth manager reports a record quarter for net inflows
- JD Sports shares climb as much as 3.2% after the sportswear retailer’s results reveal
- Danone falls as much as 12% before trimming the decline. Traders point to broker commentary around an announcement by the Singapore Food Agency recalling additional infant formula products
- DocMorris shares drop as much as 8.3% in Zurich, after the online pharmacy provided a trading update, with Barclays analysts noting “some disappointment” around the limited prescription growth in Germany in 4Q
- JD Wetherspoon shares fall as much as 8.5%, marking the biggest drop since March, as the pub chain tempered profit expectations for this year after warning costs have increased more than anticipated
- Apotea falls as much as 18%, the most since its 2024 IPO, after the Swedish online pharmacy issued a profit warning for the fourth quarter on Friday evening
Earlier in the session, Asian stocks dropped but were off the worst level of the session: mainland China indexes gain ground, while those in Japan move off worst levels and Kospi flips to a modest advance. The ChiNext index outshines regional peers with an almost 1% rally.
In FX, the Bloomberg Dollar Spot Index is down 0.1% with the greenback mixed versus peers. The kiwi and krone are top of the leaderboard, while the franc and pound are at the bottom. The latter saw little immediate reaction to a larger-than-expected uptick in headline inflation, with the increase expected to be temporary.
In rates, treasuries are up a few ticks with yields across the curve down 1-2bps as the yield curve continuing to steepen. The initial bid in bunds that was triggered by a recovery in JGBs overnight has fizzled out. A sharp rebound in long-dated Japanese bonds during Asia session provided support, however S&P 500 futures have erased their rebound following 2.1% cash-market slump. US front-end yields are about 2bp richer on the day with 5s30s spread steeper by about 2bp. 10-year near 4.28% is about 1bp lower, outperforming German counterpart by about 2bp. UK 10-year yield is also marginally lower on the day following December inflation data. JGB market saw calmness restored after political leader Tamaki suggested debt buybacks and reducing 40-year bond issuance as next steps.Treasury auctions resume Wednesday with $13 billion 20-year bond reopening. WI 20-year yield near 4.875% is ~8bp cheaper than last month’s auction, which stopped through by 0.1bp. A $21 billion 10-year TIPS auction follows on Thursday. Focal points of Wednesday’s US session include a 20-year bond auction and US President Trump speech in Davos at 2:30pm local time (8:30am in New York).
In commodities, the rally in precious metals has continued with spot gold and silver higher by 2.2% and 0.2% respectively – the former hit another all-time-high and is just over $100 away from the $5,000/oz mark. Crude has turned positive. Bitcoin is down 0.7%. Natural gas futures surged as much as 27% as weather forecasts call for a deep freeze to grip much of the country during the weeks ahead. The IEA increased its forecast for global oil demand growth in 2026 for a third consecutive month, trimming a projected supply glut.
The US economic calendar includes October construction spending and December pending home sales (10am). Fed officials are in communications blackout ahead of the Jan. 28 policy decision
Market Snapshot
- S&P 500 mini +0.2%
- Nasdaq 100 mini +0.2%
- Russell 2000 mini +0.3%
- Stoxx Europe 600 -0.4%
- DAX -0.7%
- CAC 40 -0.2%
- 10-year Treasury yield -2 basis points at 4.28%
- VIX -0.5 points at 19.62
- Bloomberg Dollar Index little changed at 1205.65
- euro -0.2% at $1.1705
- WTI crude -0.6% at $60.01/barrel
Top Overnight News
- President Donald Trump arrived in Switzerland to attend the World Economic Forum and is set to deliver his speech at its scheduled time despite his flight being delayed by a mechanical issue.Trump arrived on a smaller Boeing 757 plane typically used by the US vice president and other Cabinet members, in lieu of the 747 aircraft he initially planned to use for the transatlantic trip. Among other things, Trump’s speech will touch on Venezuela and Greenland: BBG
- A Supreme Court hearing starts today over Trump’s effort to oust Lisa Cook from the Fed over mortgage-fraud allegations that she denies. BI gives her a 60% chance of winning given the justices’ previous signal of a higher bar for removing Fed governors. BBG
- After pulling back from strikes on Iran last week, President Trump is still pressing aides for what he terms “decisive” military options, U.S. officials said, as Iran appears to have tightened its control of the country and targets protesters through a crackdown that has killed thousands. WSJ
- Japanese bonds rebounded after Finance Minister Satsuki Katayama called for calm after a rout had pushed super-long yields to record highs. BBG
- Germany has joined France in saying it will ask the Commission to explore unleashing the Anti-Coercion Instrument at the emergency EU leaders’ summit in Brussels on Thursday evening if Trump doesn’t walk back his Greenland threats. Politico
- Japanese Prime Minister Sanae Takaichi may struggle to calm a bond market jolted by her vow to cut the consumption tax rate. The BOJ could intervene in markets and adjust its taper or conduct buying operations, but the central bank “has a very high bar” for such actions. RTRS
- China is expanding its lead over the US in power generation, adding 7x more new capacity in 2025 to help keep electricity costs down as Beijing seeks to overcome the American lead in AI based on chip performance. Nikkei
- Nvidia CEO Jensen Huang said the infrastructure around AI will need trillions of dollars in additional investment over the coming years on a global basis, and the industry will create jobs. BBG
- Inflation in the U.K. rose a little more than expected in December, as BoE policymakers mull when next to cut their key interest rate. Britain’s annual rate of consumer-price inflation was 3.4% in December, up from 3.2% in November in the first increase since July. WSJ
- US natural gas futures jumped more than 22% on a freezing weather outlook. The IEA raised its 2026 oil demand growth forecast for a third month. Oil fell. BBG
- Air Force One carrying US President Trump has turned back to Joint Base Andrews due to a ‘minor electrical issue’ on the aircraft, Axios reported; Trump will board another plane and continue towards Davos.
- The White House releases President Trump’s executive order to restrict Wall Street firms from buying single-family homes.
Trade/Tariffs
- USTR Greer said EU trade agreement focuses on trade rather than national security; however, relationship with EU negotiator remains great. Are in a good spot with China. It is important to talk with Congress on export controls.
- US Treasury Secretary Bessent said there are no US-UK talks scheduled at the moment.
- US Treasury Secretary Bessent speaking at Davos said free trade should be fair trade.
- US President Trump said tariff revenue replacing income tax is an option.
- South Korean President Lee said he is not worried about the current talks on US chip tariffs, could accelerate US inflation.
- USTR Greer and US Treasury Secretary Bessent are highly likely to meet their Chinese counterparts before April, Fox News reported.
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks traded mixed, with initial downside paring back as the session continued. ASX 200 held onto earlier losses, with downside in IT and Financials counteracting the gains seen in miners following the rise in metals. Nikkei 225 continued its recent weakness for a fifth straight session, weighed on by banks and exporters, as worries over Japan’s fiscal sustainability hit Japanese markets. KOSPI chopped throughout the session, as the South Korean market traded on either side of the unchanged mark. Hang Seng and Shanghai Comp. traded with slight gains, albeit very modestly, but limited with a lack of catalysts
Top Asian News
- New Zealand’s PM Luxon called for the General Election to be held on November 7th.
European bourses (STOXX 600 -0.2%) are mostly trading lower as uncertainty over trade tensions, sparked by developments surrounding Greenland, continues to weigh on sentiment. European sectors are mixed. Leading are Basic Resources (+3.1%), Automobiles & Parts (+0.9%) and Chemicals (+0.9%). Basic Resources is the clear outperformer, supported by stronger metal prices, with gold hitting a fresh all-time high during the APAC session and copper rebounding. Movers in the early morning trade include Burberry (+4.8%) after the Co. announced a strong Q3 trading update.
Top European News
- UK CPI YoY (Dec) Y/Y 3.4% vs. Exp. 3.3% (Prev. 3.2%); All Services 4.5% (prev. 4.4%). ONS. “Inflation ticked up a little in December, driven partly by higher tobacco prices, following recently introduced excise duty increases.”. “Airfares also contributed to the increase with prices rising more than a year ago, likely because of the timing of return flights over the Christmas and New Year period.”. “… partially offset by a fall in rents inflation and lower prices for a range of recreational and cultural purchases.”.
FX
- DXY is essentially flat this morning, with the Dollar attempting to stabilise following selling pressure in the prior session; currently holding within a narrow 98.45 to 98.64 range, sitting below its 100 DMA at 98.69. Focus remains centred on President Trump and his speeches in Davos. The Greenland situation remains tense, with EU leaders pushing back on the recently imposed US tariffs. As it stands, the subject matter of Trump’s speech is unknown, but could touch on a multitude of different factors, including Ukraine/Russia, Greenland, trade/tariffs, Fed independence, defence spending and credit card caps. Trump is pencilled in to speak at 13:30 GMT, but could be subject to change as Trump’s plane to Davos was delayed by around 3 hours.
- G10s broadly are mixed vs the Dollar, with mild outperformance in the Antipodeans (AUD +0.3%, NZD +0.3%), whilst the CHF (-0.3%) lags vs peers. Nothing behind the pressure in the Swiss Franc, but perhaps some paring of the outperformance seen in the prior session as the risk tone attempts to improve today. That aside, SNB’s Schlegel said they could have negative inflation this year, though it is not a problem in the short-term. Elsewhere, attention this week has been on the JPY – which is currently posting very mild gains vs the USD. Stabilisation in the JPY comes as the recent JGB weakness subsided overnight.
- GBP is currently flat vs the USD. Earlier, a mixed inflation report will do little to shift the dial at the BoE in the near-term. Headline topped expectations, but was subject to caveats, whilst the Core Y/Y metrics printed either in line or cooler-than-expected. ING opines that despite the uptick in the headline figure, UK inflation should still fall to 2% in April, and see cuts in both March and June. Cable currently trades within a 1.3414 to 1.3456 range.
Fixed Income
- A firmer start for fixed benchmarks. A move that is largely a rebound from the significant selling pressure seen on Tuesday. Once again, JGBs in focus with overnight commentary helping the benchmark pare yesterday’s downside and is back to the 131.45 region. However, in recent trade global paper dipped off best levels, but lacked a clear driver.
- USTs in the green, posting gains of six ticks at most, but have slipped off best levels in recent trade. The docket for the US is firmly focused on Davos, where President Trump will be speaking. However, due to a flight issue, he is around three hours delayed; the original schedule had him down for 13:30GMT/08:30ET. Hit 111-19 at best, firmer but well within yesterday’s 111-09 to 111-30+ band. Trump aside, today’s docket also turns to the SCOTUS, where arguments in Fed Governor Cook’s case will be heard. Furthermore, we could get an opinion on the tariff matter, though, as usual, this is not known in advance.
- Bunds following suit, as high as 128.25, which marginally took the benchmark above Tuesday’s 128.19 peak, but unsurprisingly still someway shy of the week’s 128.32 opening level. Though the broader complex took a hit, which took Bunds to a session low of 127.94. The German auction thereafter, was mixed, but ultimately spurred little action in the benchmark.
- Gilts gapped higher by 26 ticks before extending to just above the 92.00 mark, hitting a 92.03 peak with gains of 45 ticks at most. Though, as above, this is still shy of Monday’s 92.50 opening mark. A move driven by Gilts catching up to the relative recovery seen in benchmarks overnight. Additionally, impetus may have been derived from the morning’s CPI series as, while the headline was above consensus, that is caveated by fiscal/one-off related impacts, while the Services and Core figures were in-line or cooler-than-expected, depending on the provider. Overall the report will not shift much for the BoE in the near term.
- Japan’s SMFG (8316 JT) plans big JGB purchases after selloff, Bloomberg reported.
Commodities
- Crude curtailed by a pickup in the USD and after the geopolitical remarks re. Ukraine on Tuesday. US Envoy Witkoff, on Tuesday, said that discussions with Russian counterpart Dmitriev were “very positive”. A remark that seemingly sparked a bout of pressure in Crude, causing the benchmarks to drift into the early APAC session before stabilising and then dipping once again to troughs of USD 59.22/bbl and USD 63.61/bbl for WTI and Brent, respectively. Currently, the complex holds around USD 0.60/bbl off those lows, but remains in the red by around USD 0.50/bbl on the session.
- A familiar story for spot gold, at another ATH of USD 4888/oz. The narrative for the yellow metal is much the same as in recent sessions.
- Base peers in the green, 3M LME Copper firmer by over 1%. Action spurred by the stabilisation of the risk tone seen in some regions overnight and amid gains in China, though the region’s strength lacked a specific fundamental driver.
- Chevron (CVX) aims to finalise the sale of its oil assets in Singapore in Q1.
- IEA OMR: raises 2026 average oil demand growth forecast to 930k bpd (prev. forecast 860k bpd). Sees total world oil supply 3.69mln bpd higher than demand in 2026 in monthly report (prev. report 3.84mln bpd). Estimates OPEC+ supply growth at 1.3 mln b/d in 2025. Further decline in global oil supply in December continued to narrow surplus.
- Thai’s Central Bank Chief said they will introduce a daily cap on gold trading at 50mln or 100mln Baht from the 29th of January.
- US Southern Command announced and published footage of its seventh boarding and seizure of a sanctioned crude oil tanker, reportedly the Liberian-flagged, in the Caribbean Sea.
Geopolitics: Ukraine
- A planned announcement of an USD 800bln ‘prosperity plan’ between Ukraine, Europe and the US has been delayed due to Europe’s opposition from President Trump to acquire Greenland, the FT reported citing officials.
- US special envoy Witkoff reports significance progress on Ukraine and Russia in recent weeks. Adds that land deal remains the sticking point. Scheduled to meet Putin on Thursday. On the Middle East: Hamas is receptive to the idea of demilitarisation. Not negotiating with Iran right now but says its hard to tell if Iran is still killing protestors.
Geopolitics: Middle East
- Iran’s Foreign Minister warns Washington that any all-out confrontation with Iran would be fierce and engulf the entire region, Sky News Arabia reported.
- US President Trump said Iran will be “wiped off the face of the Earth” if Iran attempts to carry out an assassination threat against him, NewsNation reported.
- US President Trump is still pressing aides for “decisive” military options on Iran, WSJ reported citing officials.
Geopolitics: Other
- NATO’s Rutte said the allies must defend the Arctic region amid rising Chinese and Russian activity.
- EU’s von der Leyen said the EU is fully prepared to act over Greenland if necessary.
- France and Germany reportedly appear to agree on placing the ACI on the table, though not necessarily activating it, Politico reported citing sources; a shift as Germany is now reportedly willing to at least explore the concept of using the ACI.
- The French Presidency announces it has requested NATO exercise in Greenland and said it is ready to participate.
- US President Trump said having Greenland makes a much more effective golden dome, will probably be able to work something out with Europe at Davos.
- The US is to pull 200 military personnel from NATO and its advisory groups amid escalating EU-US tensions, the FT reported citing sources.
- US Interior Secretary Burgum said that markets have it wrong today about Greenland; the US would build up Greenland in a similar fashion to Alaska if it was owned.
- US reportedly plans to reduce involvement in some NATO advisory groups, WaPo reported.
US Event Calendar
- 7:00 am: United States Jan 16 MBA Mortgage Applications, prior 28.5%
- 10:00 am: United States Oct Construction Spending MoM, est. 0.1%
- 10:00 am: United States Dec Pending Home Sales MoM, est. -0.25%, prior 3.3%
1b European report
Markets stabilise following recent losses, but with trade tentative ahead of Trump at Davos – Newsquawk US Opening News
Wednesday, Jan 21, 2026 – 06:03 AM
- US President Trump said Iran will be “wiped off the face of the Earth” if Iran attempts to carry out an assassination threat against him, NewsNation reported.
- US President Trump said having Greenland makes a much more effective golden dome, will probably be able to work something out with Europe at Davos.
- European bourses are broadly in the red whilst US equity futures attempt to stabilise following significant losses in the prior session.
- DXY is flat awaiting the delayed arrival of US President Trump, G10s mixed with Antipodeans leading whilst CHF lags.
- Fixed benchmarks initially firmer in a recovery from Tuesday’s JGB driven pressure; complex has slipped off best levels in recent trade, with Bunds now flat.
- Crude on the backfoot as attention returns to Ukraine, XAU at another ATH beyond USD 4.8k/oz.
- Looking ahead, US Atlanta Fed GDP, Japanese Trade Balance (Dec), SCOTUS US President Trump vs Fed’s Cook. Speakers include ECB’s Nagel; US President Trump. Supply from the US. Earnings from Kinder Morgan, Johnson & Johnson, Ally Financial and Charles Schwab.
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EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.2%) are mostly trading lower as uncertainty over trade tensions, sparked by developments surrounding Greenland, continues to weigh on sentiment.
- European sectors are mixed. Leading are Basic Resources (+3.1%), Automobiles & Parts (+0.9%) and Chemicals (+0.9%). Basic Resources is the clear outperformer, supported by stronger metal prices, with gold hitting a fresh all-time high during the APAC session and copper rebounding. Movers in the early morning trade include Burberry (+4.8%) after the Co. announced a strong Q3 trading update.
- US equity futures are mildly firmer, and attempting to stabilise following significant pressure seen in the prior session. Pre-market movers today include Netflix (-5.6%) which slips following metrics which featured a tepid outlook and after it paused buybacks amid its deal with Warner Bros Discovery.
- OpenAI has started to offer its new chatbot ads to dozens of advertisers and will charge based on ad views, The Information reported.
- Netflix (NFLX) Q4 2025 (USD): EPS 0.56 (exp. 0.55), Revenue 12.05bln (exp. 11.97bln); to pause buybacks to fund pending Warner Bros. (WBD) deal.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is essentially flat this morning, with the Dollar attempting to stabilise following selling pressure in the prior session; currently holding within a narrow 98.45 to 98.64 range, sitting below its 100 DMA at 98.69. Focus remains centred on President Trump and his speeches in Davos. The Greenland situation remains tense, with EU leaders pushing back on the recently imposed US tariffs. As it stands, the subject matter of Trump’s speech is unknown, but could touch on a multitude of different factors, including Ukraine/Russia, Greenland, trade/tariffs, Fed independence, defence spending and credit card caps. Trump is pencilled in to speak at 13:30 GMT, but could be subject to change as Trump’s plane to Davos was delayed by around 3 hours.
- G10s broadly are mixed vs the Dollar, with mild outperformance in the Antipodeans (AUD +0.3%, NZD +0.3%), whilst the CHF (-0.3%) lags vs peers. Nothing behind the pressure in the Swiss Franc, but perhaps some paring of the outperformance seen in the prior session as the risk tone attempts to improve today. That aside, SNB’s Schlegel said they could have negative inflation this year, though it is not a problem in the short-term. Elsewhere, attention this week has been on the JPY – which is currently posting very mild gains vs the USD. Stabilisation in the JPY comes as the recent JGB weakness subsided overnight.
- GBP is currently flat vs the USD. Earlier, a mixed inflation report will do little to shift the dial at the BoE in the near-term. Headline topped expectations, but was subject to caveats, whilst the Core Y/Y metrics printed either in line or cooler-than-expected. ING opines that despite the uptick in the headline figure, UK inflation should still fall to 2% in April, and see cuts in both March and June. Cable currently trades within a 1.3414 to 1.3456 range.
FIXED INCOME
- A firmer start for fixed benchmarks. A move that is largely a rebound from the significant selling pressure seen on Tuesday. Once again, JGBs in focus with overnight commentary helping the benchmark pare yesterday’s downside and is back to the 131.45 region. However, in recent trade global paper dipped off best levels, but lacked a clear driver.
- USTs in the green, posting gains of six ticks at most, but have slipped off best levels in recent trade. The docket for the US is firmly focused on Davos, where President Trump will be speaking. However, due to a flight issue, he is around three hours delayed; the original schedule had him down for 13:30GMT/08:30ET. Hit 111-19 at best, firmer but well within yesterday’s 111-09 to 111-30+ band. Trump aside, today’s docket also turns to the SCOTUS, where arguments in Fed Governor Cook’s case will be heard. Furthermore, we could get an opinion on the tariff matter, though, as usual, this is not known in advance.
- Bunds following suit, as high as 128.25, which marginally took the benchmark above Tuesday’s 128.19 peak, but unsurprisingly still someway shy of the week’s 128.32 opening level. Though the broader complex took a hit, which took Bunds to a session low of 127.94. The German auction thereafter, was mixed, but ultimately spurred little action in the benchmark.
- Gilts gapped higher by 26 ticks before extending to just above the 92.00 mark, hitting a 92.03 peak with gains of 45 ticks at most. Though, as above, this is still shy of Monday’s 92.50 opening mark. A move driven by Gilts catching up to the relative recovery seen in benchmarks overnight. Additionally, impetus may have been derived from the morning’s CPI series as, while the headline was above consensus, that is caveated by fiscal/one-off related impacts, while the Services and Core figures were in-line or cooler-than-expected, depending on the provider. Overall the report will not shift much for the BoE in the near term.
- Japan’s SMFG (8316 JT) plans big JGB purchases after selloff, Bloomberg reported.
- Germany sells EUR 0.776bln vs exp. EUR 1.0bln 2.90% 2056 & EUR 0.786bln vs exp. EUR 1.0bln 2.60% 2041.
COMMODITIES
- Crude curtailed by a pickup in the USD and after the geopolitical remarks re. Ukraine on Tuesday. US Envoy Witkoff, on Tuesday, said that discussions with Russian counterpart Dmitriev were “very positive”. A remark that seemingly sparked a bout of pressure in Crude, causing the benchmarks to drift into the early APAC session before stabilising and then dipping once again to troughs of USD 59.22/bbl and USD 63.61/bbl for WTI and Brent, respectively. Currently, the complex holds around USD 0.60/bbl off those lows, but remains in the red by around USD 0.50/bbl on the session.
- A familiar story for spot gold, at another ATH of USD 4888/oz. The narrative for the yellow metal is much the same as in recent sessions.
- Base peers in the green, 3M LME Copper firmer by over 1%. Action spurred by the stabilisation of the risk tone seen in some regions overnight and amid gains in China, though the region’s strength lacked a specific fundamental driver.
- Chevron (CVX) aims to finalise the sale of its oil assets in Singapore in Q1.
- IEA OMR: raises 2026 average oil demand growth forecast to 930k bpd (prev. forecast 860k bpd). Sees total world oil supply 3.69mln bpd higher than demand in 2026 in monthly report (prev. report 3.84mln bpd). Estimates OPEC+ supply growth at 1.3 mln b/d in 2025. Further decline in global oil supply in December continued to narrow surplus.
- Thai’s Central Bank Chief said they will introduce a daily cap on gold trading at 50mln or 100mln Baht from the 29th of January.
- US Southern Command announced and published footage of its seventh boarding and seizure of a sanctioned crude oil tanker, reportedly the Liberian-flagged, in the Caribbean Sea.
TRADE/TARIFFS
- USTR Greer said EU trade agreement focuses on trade rather than national security; however, relationship with EU negotiator remains great. Are in a good spot with China. It is important to talk with Congress on export controls.
- US Treasury Secretary Bessent said there are no US-UK talks scheduled at the moment.
- US Treasury Secretary Bessent speaking at Davos said free trade should be fair trade.
- US President Trump said tariff revenue replacing income tax is an option.
- South Korean President Lee said he is not worried about the current talks on US chip tariffs, could accelerate US inflation.
- USTR Greer and US Treasury Secretary Bessent are highly likely to meet their Chinese counterparts before April, Fox News reported.
NOTABLE EUROPEAN DATA RECAP
- UK CPI YoY (Dec) Y/Y 3.4% vs. Exp. 3.3% (Prev. 3.2%); All Services 4.5% (prev. 4.4%). ONS. “Inflation ticked up a little in December, driven partly by higher tobacco prices, following recently introduced excise duty increases.”. “Airfares also contributed to the increase with prices rising more than a year ago, likely because of the timing of return flights over the Christmas and New Year period.”. “… partially offset by a fall in rents inflation and lower prices for a range of recreational and cultural purchases.”.
- UK Services CPI (Dec) Y/Y 4.5% vs. Exp. 4.6% (prev. 4.4%).
- UK Core CPI YoY (Dec) Y/Y 3.2% vs. Exp. 3.2% (Prev. 3.2%, Low. 3.1%, High. 3.4%).
- UK Core CPI MoM (Dec) M/M 0.3% vs. Exp. 0.3% (Prev. -0.2%, Low. 0.2%, High. 0.5%).
- UK CPI MoM (Dec) M/M 0.4% vs. Exp. 0.4% (Prev. -0.2%, Low. 0.1%, High. 0.6%).
- UK PPI Output MoM (Dec) M/M 0% vs. Exp. 0.1% (Prev. 0.1%).
- UK PPI Input YoY (Dec) Y/Y 0.8% (Prev. 1.1%).
- UK PPI Input MoM (Dec) M/M -0.2% vs. Exp. -0.1% (Prev. 0.5%, Rev. From 0.3%).
- UK PPI Core Output MoM (Dec) M/M -0.1% (Prev. 0.1%, Rev. From 0%).
- UK PPI Core Output YoY (Dec) Y/Y 3.2% (Prev. 3.6%, Rev. From 3.5%).
- UK PPI Output YoY (Dec) Y/Y 3.4% (Prev. 3.4%).
- UK Retail Price Index YoY (Dec) Y/Y 4.2% vs. Exp. 4% (Prev. 3.8%, Low. 3.9%, High. 4.4%).
- UK Retail Price Index MoM (Dec) M/M 0.7% vs. Exp. 0.5% (Prev. -0.4%, Low. 0.4%, High. 0.9%).
- UK November ONS House Price Index 2.5% Y/Y (prev. 1.7% Y/Y).
OTHER
- South African Inflation Rate MoM (Dec) M/M 0.2% (Prev. -0.1%).
- South African Core Inflation Rate MoM (Dec) M/M 0.1% (Prev. 0.1%).
- South African Core Inflation Rate YoY (Dec) Y/Y 3.3% (Prev. 3.2%).
- South African Inflation Rate YoY (Dec) Y/Y 3.6% vs. Exp. 3.6% (Prev. 3.5%).
CENTRAL BANKS
- Mizhou (8411 JT) CEO said they see the next opportunity for the BoJ to hike is in April; sees the terminal rate at 1.50%.
- ECB’s Kocher said using trade policy threats as a tool for political pressures increases risk to the global economy for all parties involved in the medium and long term.
- ECB’s Lagarde said monetary policy is in a “good place”. Europe would be stronger if non-tariff barriers were removed within the region.
- SNB Chairman Schlegel said that they could have negative inflation this year, which is not a problem in the short term, however geopolitical tension remains a risk. Adds that the CHF has been stable over the last few months.
NOTABLE US HEADLINES
- US Treasury Secretary Bessent said his understanding is that President Trump will be delayed by around three hours.
- Air Force One carrying US President Trump has turned back to Joint Base Andrews due to a ‘minor electrical issue’ on the aircraft, Axios reported; Trump will board another plane and continue towards Davos.
- US President Trump will be interviewed on NewsNation at 22:00 EST / 03:00GMT.
- US President Trump said he thinks it will be a successful trip to Davos.
- The White House releases President Trump’s executive order to restrict Wall Street firms from buying single-family homes.
GEOPOLITICS
RUSSIA-UKRAINE
- A planned announcement of an USD 800bln ‘prosperity plan’ between Ukraine, Europe and the US has been delayed due to Europe’s opposition from President Trump to acquire Greenland, the FT reported citing officials.
- US special envoy Witkoff reports significance progress on Ukraine and Russia in recent weeks. Adds that land deal remains the sticking point. Scheduled to meet Putin on Thursday. On the Middle East: Hamas is receptive to the idea of demilitarisation. Not negotiating with Iran right now but says its hard to tell if Iran is still killing protestors.
MIDDLE EAST
- Iran’s Foreign Minister warns Washington that any all-out confrontation with Iran would be fierce and engulf the entire region, Sky News Arabia reported.
- US President Trump said Iran will be “wiped off the face of the Earth” if Iran attempts to carry out an assassination threat against him, NewsNation reported.
- US President Trump is still pressing aides for “decisive” military options on Iran, WSJ reported citing officials.
OTHERS
- NATO’s Rutte said the allies must defend the Arctic region amid rising Chinese and Russian activity.
- EU’s von der Leyen said the EU is fully prepared to act over Greenland if necessary.
- France and Germany reportedly appear to agree on placing the ACI on the table, though not necessarily activating it, Politico reported citing sources; a shift as Germany is now reportedly willing to at least explore the concept of using the ACI.
- The French Presidency announces it has requested NATO exercise in Greenland and said it is ready to participate.
- US President Trump said having Greenland makes a much more effective golden dome, will probably be able to work something out with Europe at Davos.
- The US is to pull 200 military personnel from NATO and its advisory groups amid escalating EU-US tensions, the FT reported citing sources.
- US Interior Secretary Burgum said that markets have it wrong today about Greenland; the US would build up Greenland in a similar fashion to Alaska if it was owned.
- US reportedly plans to reduce involvement in some NATO advisory groups, WaPo reported.
CRYPTO
- Bitcoin is on the backfoot and trades around USD 89k; Ethereum underperforms and slips towards USD 2.95k.
APAC TRADE
- Asia-Pac stocks traded mixed, with initial downside paring back as the session continued.
- ASX 200 held onto earlier losses, with downside in IT and Financials counteracting the gains seen in miners following the rise in metals.
- Nikkei 225 continued its recent weakness for a fifth straight session, weighed on by banks and exporters, as worries over Japan’s fiscal sustainability hit Japanese markets.
- KOSPI chopped throughout the session, as the South Korean market traded on either side of the unchanged mark.
- Hang Seng and Shanghai Comp. traded with slight gains, albeit very modestly, but limited with a lack of catalysts.
NOTABLE ASIA-PAC HEADLINES
- New Zealand’s PM Luxon called for the General Election to be held on November 7th.
NOTABLE APAC DATA RECAP
- Australian Westpac Leading Index MoM (Dec) M/M 0.1% (Prev. 0%).
1c Asian opening rpeort
European equity futures continue to lag on market uncertainty, Trump to speak at Davos later – Newsquawk European Opening News
Wednesday, Jan 21, 2026 – 01:29 AM
- US President Trump said Iran will be “wiped off the face of the Earth” if Iran attempts to carry out an assassination threat against him, NewsNation reported.
- US President Trump said having Greenland makes a much more effective golden dome, will probably be able to work something out with Europe at Davos.
- JGBs rebounded slightly, with the 40-year yield falling below 4% as Japan’s Finance Minister called on investors to calm down; USD/JPY chopped around 158.
- European equity futures are indicative of a slightly weaker open with the Euro Stoxx 50 future down 0.1% after cash closed -0.5% on Tuesday.
- Looking ahead, highlights include UK CPI (Dec), US Atlanta Fed GDP, Japanese Trade Balance (Dec), IEA OMR, US Private Crude Inventory, SCOTUS US President Trump vs Fed’s Cook. Speakers include ECB President Lagarde, Villeroy, Nagel; NVIDIA CEO Huang; US President Trump. Supply from the UK, Germany and the US. Earnings from Kinder Morgan, Johnson & Johnson, Ally Financial and Charles Schwab.
- Click for the Newsquawk Week Ahead.
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1. Subscribe to the free premarket movers reports
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US TRADE
EQUITIES
- US indices saw losses as participants returned from the US market holiday, with sentiment hit by the growing EU-US tensions and Trump’s stance on Greenland.
- All sectors, aside from Staples, were in the red, with mega-cap sectors Tech, Discretionary and Communications the laggards, and all Mag-7 names lower.
- SPX -2.06% at 6,797, NDX -2.12% at 24,988, DJI -1.76% at 48,489, RUT -1.21% at 2,645.
- Click here for a detailed summary.
TRADE/TARIFFS
- US President Trump said tariff revenue replacing income tax is an option.
- South Korean President Lee said he is not worried about current talks on US chip tariffs and warned they could accelerate inflation in the US.
- USTR Greer and US Treasury Secretary Bessent are highly likely to meet their Chinese counterparts before April, Fox News reported.
- US President Trump said he gets along with the leaders of the UK and France; both countries have two problems: immigration and energy.
NOTABLE HEADLINES
- Air Force One carrying US President Trump turned back to Joint Base Andrews due to a ‘minor electrical issue’ on the aircraft, Axios reported; the report added that Trump will board another plane and continue towards Davos.
- US President Trump said he thinks it will be a successful trip to Davos.
- The White House released President Trump’s executive order to restrict Wall Street firms from buying single-family homes.
CENTRAL BANKS
- Two Democratic senators are demanding that Trump administration officials turn over records related to the DoJ’s criminal probe of Fed Chair Powell, WSJ reported.
- ECB’s Nagel said the German government was right to launch a large fiscal package and that it is close to the price stability target.
NOTABLE US EQUITY HEADLINES
- OpenAI has started to offer its new chatbot ads to dozens of advertisers and will charge based on ad views, The Information reported.
- Netflix (NFLX) Q4 2025 (USD): EPS 0.56 (exp. 0.55), Revenue 12.05bln (exp. 11.97bln); to pause buybacks to fund pending Warner Bros. (WBD) deal. Key Metrics: FCF 1.87bln (exp. 1.46bln). Q1 Guidance: Revenue 12.16bln (exp. 12.17bln). EPS 0.76 (exp. 0.81). Op. income 3.91bln (exp. 4.18bln). Op. margin 32.1% (exp. 34.4%). FY26 Guidance: Revenue 50.7-51.7bln (exp. 50.96bln). Op. margin 31.5% (exp. 32.4%). FCF 11bln (exp. 11.93bln). Commentary: H2 ’26 op. income growth to exceed H1. Sees ’26 ad revenue about doubling vs. ’25.
- United Airlines (UAL) Q4 2025 (USD): Adj. EPS 3.10 (exp. 2.93), Revenue 15.4bln (exp. 15.37bln). Guidance: 2026 adj. EPS 12-14 (exp. 13.04).
- Interactive Brokers Group Inc. Class A (IBKR) Q4 2025: EPS 0.63 (exp. 0.59), Revenue 1.64bln (exp. 1.64bln).
APAC TRADE
EQUITIES
- Asia-Pac stocks traded mixed, with initial downside paring back as the session continued.
- ASX 200 held onto earlier losses, with downside in IT and Financials counteracting the gains seen in miners following the rise in metals.
- Nikkei 225 continued its recent weakness for a fifth straight session, weighed on by banks and exporters, as worries over Japan’s fiscal sustainability hit Japanese markets.
- KOSPI chopped throughout the session, as the South Korean market traded on either side of the unchanged mark.
- Hang Seng and Shanghai Comp. traded with slight gains, albeit very modestly, but limited with a lack of catalysts.
- US equity futures slightly rebounded from Tuesday’s selloff (ES +0.3%, NQ +0.3%), as tech aided the modest upside.
- European equity futures are indicative of a slightly weaker open with the Euro Stoxx 50 future down 0.2% after cash closed -0.5% on Tuesday.
FX
- DXY initially sold off at the start of the APAC session but rebounded back above 98.50 as EU-US tensions remain at the forefront of traders’ minds.
- EUR/USD fluctuated in a tight range following its outperformance in Tuesday’s session, despite a lack of drivers for the Euro overnight.
- GBP/USD oscillated around 1.3440 ahead of the UK inflation report. The ONS released its employment report in Tuesday’s session, which saw the initial upside in cable unwind throughout the session.
- USD/JPY chopped around the 158.00 handle as the recent turmoil in JGBs briefly calmed.
- Antipodeans were muted, as the Kiwi consolidates following recent gains.
- CNH weakened.
FIXED INCOME
- 10yr UST futures rebounded slightly following Tuesday’s selloff, which was led primarily by JGBs as worries over fiscal sustainability grew. Despite the worries of risk, the US 10-year yield remained below 4.3%.
- Bund futures returned above the 128 handle as global markets calmed following the turmoil in JGBs.
- 10yr JGB futures clawed back some losses following the recent selloff that saw 40-year yields reach levels not seen since their debut. Japan’s Finance Minister Katayama called on investors to calm down, stating that the fiscal policy has been responsible and sustainable, not expansionary. US Treasury Secretary Bessent also commented on the recent JGB slump, as USTs were also hit as a result.
- Japan’s SMFG (8316 JT) plans big JGB purchases after selloff, Bloomberg reports.
- Fitch Ratings said the US credit outlook is broadly benign entering 2026, supported by AI-led capex, easing monetary policy and strong fiscal support.
COMMODITIES
- Crude futures ground higher, but remained far from Tuesday’s settlement price, amid a lack of geopolitical updates.
- Spot gold continued to reach new heights, with the yellow metal extending to an ATH of USD 4878/oz as geopolitics and fiscal worries support the metals complex.
- Copper futures rose in the early hours of the APAC session, as 3M LME copper rebounded from Tuesday’s trough of USD 12.69k/t.
- US Southern Command announced and published footage of its seventh boarding and seizure of a sanctioned crude oil tanker, reportedly the Liberian-flagged, in the Caribbean Sea.
- Venezuelan Assembly is likely to discuss the oil law on Thursday.
CRYPTO
- Bitcoin fell below 90k as risk sentiment continued to wane.
NOTABLE ASIA-PAC HEADLINES
- Japan’s Rengo labour union chair sees favourable environment for upcoming wage negotiations; closely monitoring foreign exchange moves; weak JPY contributes to rising inflation in Japan.
- China’s MIIT official said they aim for tech breakthrough in chips for AI training.
- Japan’s DPP Leader Tamaki said the BoJ should hike rates if SMEs sustain wage growth of around 5%; shouldn’t rule out FX intervention if Gov’t measures to limit long-term rates lead to weakening JPY. Government should consider bond buybacks, reducing 40-year JGB issuance, while BoJ slows tapering pace.
- South Korean President Lee said the USD-KRW is showing alignment with JPY movement, will work to stabilise the FX market, sees USD/KRW near 1400 in 1-2 months.
- South Korea’s PM will visit the US from January 22nd.
- New Zealand’s PM Luxon called for the General Election to be held on November 7th.
DATA RECAP
- Australian Westpac Leading Index MoM (Dec) M/M 0.1% (Prev. 0%).
- South Korean Imports YoY (Jan) 4.2% (prev. 0.7%).
- South Korean Exports YoY (Jan) 14.9% (prev. 6.8%).
NOTABLE APAC EQUITY HEADLINES
- Toyoto Motor (7203 JT) is to raise prices for parts suppliers, Kyodo reports.
- Alibaba (9988 HK/BABA) has set up a CNY 250mln JV with China National Nuclear Power (601985 CN) to help secure the power needed to run AI data centres.
- Mitsubishi Motor (7211 JT) President Kato is to become CEO, effective April 1st, Nikkei reported.
- China Vanke (2202 HK) plans to publicly issue special corporate bonds for housing leasing.
GEOPOLITICS
RUSSIA-UKRAINE
- A planned announcement of an USD 800bln ‘prosperity plan’ between Ukraine, Europe and the US has been delayed due to Europe’s opposition from President Trump to acquire Greenland, the FT reports citing officials.
- US President Trump, on the Ukraine-Russia war, said when Ukraine is ready, Russia is not; when Russia is ready, Ukraine is not.
- Russian envoy Dmitriev said dialogue was constructive with US envoys, and more and more people understand the fairness of the Russian position.
- US Envoy Witkoff said talks with Russian Envoy Dmitriev were “very positive”, RIA Novosti reported.
- Envoys for US President Trump and Russian President Putin enter the “USA House” at Davos.
MIDDLE EAST
- Iran’s Foreign Minister warns Washington that any all-out confrontation with Iran would be fierce and engulf the entire region, Sky News Arabia reports.
- US President Trump said Iran will be “wiped off the face of the Earth” if Iran attempts to carry out an assassination threat against him, NewsNation reported.
- US President Trump is still pressing aides for “decisive” military options on Iran, WSJ reported citing officials.
OTHERS
- The French Presidency announces it has requested NATO exercise in Greenland and says it is ready to participate.
- US President Trump said having Greenland makes a much more effective golden dome, will probably be able to work something out with Europe at Davos.
- The US is to pull 200 military personnel from NATO and its advisory groups amid escalating EU-US tensions, the FT reported citing sources.
- US Interior Secretary Burgum said that markets have it wrong today about Greenland; the US would build up Greenland in a similar fashion to Alaska if it was owned.
- US President Trump said we have lot of meetings scheduled on Greenland; thinks it will work out well; on EU-Greenland tariffs, doubts EU investments are at risk. Wouldn’t go to G7 meeting in Paris. Thinks NATO will be very happy with the Greenland outcome. If NATO doesn’t have the US, NATO is not very strong.
- US President Trump, when asked how far he is willing to go to acquire Greenland, said “you’ll find out”.
- US President Trump said going to be very shortly hitting drugs coming in by land.
2b. JAPAN
Japan Just Pulled the Pin as Global Debt Bomb is About to Explode
by ITM Trading
Tuesday, Nov 25, 2025 – 14:54
Japan holds $1.2 trillion in U.S. Treasuries. But that anchor may be slipping.
With a 250% debt-to-GDP ratio, Japan has long defied gravity by keeping yields near zero. That era just ended. Yields on 20- and 30-year Japanese bonds are breaking records. Inflation is rising. The yen is falling. And Tokyo is about to flood the market with more debt.
The result? A no-win scenario for the Bank of Japan: print more yen and crash the currency, or step back and let rates spiral. Either choice risks triggering a global debt shock.
Japan’s capital is already moving home. U.S. debt markets could lose their largest foreign buyer just as Washington is paying over $1 trillion annually in interest.
Worse, the yen carry trade… a multi-trillion-dollar global liquidity engine is breaking down. One false move, and the unwind could hammer treasuries, stocks, even real estate.
This is not theoretical. It almost broke in August 2024. The next shock may not pass so quietly.
Watch the full breakdown to understand how this could hit your savings, your mortgage, and your retirement. The signs are flashing red—you need to see this.
About ITM Trading: ITM Trading has spent nearly 30 years helping clients prepare for monetary resets, inflation, and systemic risk using physical gold and silver. We focus on education, historical context, and strategies designed to protect wealth when trust in the system breaks down.
3. CHINA
4./EUROPEAN AFFAIRS
LATVIA/EUROPE/RUSSIA
“Naive To Think We’re Not At War”: Latvia’s Central Banker Warns Europe On Russia
Wednesday, Jan 21, 2026 – 02:45 AM
Latvia’s central bank governor, Martins Kazaks, has warned European leaders against downplaying the danger posed by Russia, describing in a fresh interview the European Union is already “at war” with Moscow and must be ready for further escalation, particularly in its financial systems.
This is raising eyebrows at the Kremlin, but many Russian officials might actually agree with this grim assessment: “It’s naive to think that we are not at war” with Russia, Kazaks told the Financial Times.
He cited as examples of an active war situation the ongoing cyberattacks on Europe, alleged acts of sabotage targeting infrastructure in the Baltic Sea, as well as drone violations of Danish and other EU airspace – the latter which has involved plenty of speculation and accusations leveled among EU officials, but no final or clear proof of links to Russia or its intelligence services.
Kazaks acknowledged that as of yet, the conflict connected to Ukraine is not being fought directly on EU soil, but he stressed “we need to be resilient to deal with that.”
In response, Latvia’s central bank has intensified contingency planning in recent years, prioritizing uninterrupted access to cash and digital payments during emergencies and the ability to carry out offline card transactions for essential purchases. On this Kazāks emphasized, “We are in many cases best in the class.”
He further cautioned that an armed conflict involving a eurozone member could trigger “financial stability issues” – but ironically he claimed that more and constant European/NATO support to Kiev would make these risks “marginal”, also as the EU has newly sought to greatly bolster its own defensive capabilities.
This is in line with his own government’s consistently hawkish anti-Moscow stance, along with the other tiny (but loud) Baltic and former Soviet satellite states.
We can say at the very least that Russia-NATO proxy war has been in full swing for quite a while now. As a reminder, the world just reached the following tragic milestone:
Russia’s full-fledged war against Ukraine has already lasted longer than the Soviet fight against Nazi Germany in World War II—as discussed in Steve Gutterman’s RFE/RL. “None of the conditions for a final resolution of the conflict are in place,” Ruth Deyermond of King’s College London told Gutterman for his analysis entitled “Will Russia’s War Against Ukraine End In 2026?” Deyermond believes neither Ukraine nor Russia are “in a position to achieve a conclusive victory on the battlefield” or to collapse under pressure. According to Deyermond, the main obstacle to peace is Moscow’s stance: “Russia… seems to have no interest in an end to the fighting, let alone the war,” she says, while CSIS analyst Mark Cancian argues the Russians’ “stated goals are totally unacceptable” and their intransigence “stems from their belief that they are winning.” At best, a cease-fire or “temporarily frozen conflict” is possible so long as Putin’s presidency remains tied to the war, according to Crisis Group’s Olga Oliker.
But the above doesn’t address the other pressing question: can Ukraine and its dwindling and fatigued armed forces last? While the West believes it is weakening Russia, there is little doubt that Ukraine is being fast drained and weakened to the brink of collapse. It is being propped up by the Western powers, financially, militarily, and really on almost every level.
For example, on the pressing issue of the country’s collapsing power infrastructure, regional media warns amid rolling blackouts, power outages could begin to last over 16 hours a day under newly proposed emergency schedules. The country can’t get parts fast enough to replace damaged substations, and this is an area where no amount of external support can keep up, ultimately.
END
SLOVAKIA
he is one of a few sane leaders in Europe: Fico of Slovakia. The other is Orban of Hungary!
(zerohedge)
After Trump Meeting, Slovak PM Fico Says ‘EU Is Not Taken Seriously’ By World Leaders
Wednesday, Jan 21, 2026 – 07:45 AM
Authored by Thomas Brooke via Remix News,
Slovak Prime Minister Robert Fico said the European Union is “not taken completely seriously” by world leaders because of its “suicidal migration policy” and “nonsense climate goals,” after a phone call on Monday with German Federal Chancellor Friedrich Merz.
According to the government’s press office, cited by the TASR news agency, Fico told Merz that he would send an open letter on Tuesday to European Commission President Ursula von der Leyen and circulate it to all EU prime ministers and heads of state, in which he would express concerns relayed to him following a meeting with U.S. President Trump at the weekend and offer solutions.
“I have proposed several solutions to the Federal Chancellor, and I hope that he will visit Slovakia soon, as he promised. We have something to talk about,” Fico said. He added that several hundred German companies operate in Slovakia and that the Slovak economy is particularly dependent on German economic development because of the high concentration of car production.
Fico said he and Merz discussed the current “serious international situation,” including the escalating transatlantic tensions over the future of Greenland, and the ongoing conflict in Ukraine. He told the German chancellor about his conversation over the weekend with U.S. President Donald Trump and U.S. Secretary of State Marco Rubio at Trump’s Mar-a-Lago estate in Palm Beach, Florida.
“The U.S. president is clearly pursuing the nation-state interests of the U.S. If the EU had acted this way, we would be in a completely different place than we are now,” Fico said, again arguing that the European Union is not taken seriously on the world stage.
The Slovak government described the Fico-Trump meeting as informal and a sign of respect and trust. The talks covered the war in Ukraine, the European Union, and bilateral relations, and were attended by U.S. and Slovak foreign ministers Marco Rubio and Juraj Blanár.
On Ukraine, Fico said he reiterated his long-held positions to the American president. “All my positions are well-known, and I repeat them in the same wording at every meeting,” he said, declaring “Slovakia’s peaceful position and the opinion that diplomacy and mutual listening must take precedence over military solutions.”
According to Fico, he and Trump shared the view of the European Union as “an institution in deep crisis” in relation to its competitiveness as well as its energy and migration policies. They also discussed an intergovernmental agreement on cooperation in nuclear energy, ceremonially signed in Washington before the Florida meeting. “Both countries are fully aware that solving serious energy challenges is not possible through wind turbines or photovoltaics, but that the basis for the future is the rapid development of nuclear energy,” Fico said.
Fico also said he presented Trump with a Slovak postage stamp depicting a U.S. Marine Corps soldier of Slovak origin, Michal Strank, noting that a photograph of Strank raising the American flag on Iwo Jima in February 1945 later became the model for a major military monument at Arlington National Cemetery.
“The trip to the USA was our next success, as was the case with visits to Russia, China, and many other countries. We make many decisions prematurely… Luck favors the brave, sovereign, and proud. The trip to the USA, from which we are now returning, was a sovereign, self-confident, and useful representation of our homeland,” the prime minister concluded.
END
STRASBOURG FRANCE
Police Use Tear Gas, Stun Grenades Against Farmers Protesting Mercosur Trade Agreement At EU Parliament In Strasbourg
Wednesday, Jan 21, 2026 – 09:05 AM
During the farmers’ protest in Strasbourg, ahead of the European Parliament’s vote on the Mercosur trade deal, police used tear gas against demonstrators seeking an appeal to block the agreement.
Officers reportedly were forced to throw stun grenades at the protesters as they tried to enter the parliament building.
“Farmers are trying to get into the European Parliament. The police used tear gas,” wrote MEP Maciej Wąsik of the Law and Justice party (PiS) on social media.
Remix News reported yesterday that around 4,000 farmers from across the European Union, including Italy, Belgium, and Germany, were expected to descend on Strasbourg, with French farmers forming the majority.
Actual numbers were cited as high as 4,500, with the protesters are demanding that the Mercosur trade agreement signed by Ursula von der Leyen be blocked.
“Even if some countries support Mercosur, within those countries there are MEPs who have serious doubts, and it could come down to just a few votes, so we need to keep up the pressure,” said Hervé Lapie, secretary general of the National Federation of Farmers’ Unions (FNSEA).
The European Parliament is scheduled to vote on a possible appeal to the European Court of Justice, but this seems unlikely. The parliament’s main political group, the EPP (which includes the Civic Coalition and the Polish People’s Party), has announced that it will not support such a motion, paving the way for an easy ratification vote today.
The Mercosur agreement is intended to boost EU exports of cars, machinery, wines and spirits to Latin America, while facilitating imports into Europe of South American beef, sugar, rice, honey and soybeans. Farmers’ organizations, however, warn that the deal will destabilize European agriculture by exposing it to cheaper imports that do not necessarily comply with EU production standards, citing what they describe as insufficient controls.
The Mercosur deal has also revealed that the EU’s concerns about climate change are flimsy at best. The deal will see cheap and dangerous agricultural goods pour into Europe from halfway across the world. The EU’s “farm-to-table” programs also appear to have been blown up by the new deal. Of course, there is nothing about “eat local” when food is being shipped from the other side of the world.
Brazil alone allows the use of as many as 3,669 pesticides and has cleared away millions of acres of rainforest to create monoculture mega farms. The destruction of the rain forest will only accelerate with this new deal.
One Brazilian state, Mato Grosso, eatures the most “agrotoxicity” in the world. Soon, Europeans will be eating this food.
“This Brazilian state is the kingdom of the agricultural industry. Cotton, rice, sugarcane, corn, massive production of transgenic soybeans, and record pesticide use. Mato Grosso wins every global competition in the field of agrotoxicity. That’s the term used by those who condemn the chemical empire. Brazil allows the use of 3,669 pesticides. It’s a veritable El Dorado for corporations, primarily European ones. Products banned on the Old Continent are sold here,” stated the French-German documentary “Pesticides: Europe’s Hypocrisy.”
END
EU/TRUMP
Markets Shrug After EU Freezes US Trade Deal Approval (Over Greenland Threat)
Wednesday, Jan 21, 2026 – 10:44 AM
US equity markets are testing the highs of the day, completely ignoring the headlines coming from Europe that the European Parliament decided to freeze a ratification vote in response to President Donald Trump’s escalating threats to seize Greenland.
Despite President Trump walking back his most vociferous rhetoric during his lengthy speech at Davos…
Trump began the Greenland portion of his speech by calling for “immediate negotiations” to acquire the Arctic territory, mocking Denmark for losing it “in six hours” during World War II.
But he also signaled it was time for de-escalation with NATO, dismissing fears that the U.S. military would attack its own allies.
Trump said that if the U.S. decided to take Greenland by force it would be “unstoppable,” but “I don’t want to use force. I won’t use force. All the United States is asking for is a place called Greenland.”
…the EU Parliament’s trade committee postponed the vote indefinitely on Wednesday, casting doubt on whether the pact will ever get across the finish line.
“By threatening the territorial integrity and sovereignty of an EU member state and by using tariffs as a coercive instrument, the US is undermining the stability and predictability of EU-US trade relations,” said Bernd Lange, chair of Parliament’s trade committee, in a statement.
“We have been left with no alternative but to suspend work” on the trade deal, Lange added, “until the US decides to reengage on a path of cooperation rather than confrontation.”
Trump’s actions (and now Europe’s) have pushed the trade policy uncertainty index up dramatically (but well off Liberation Day highs)…
…and stocks could not care less (with Small Caps having now erased all the Greenland drama losses)…
Certainly seems that the market’s focus was on the possibility of kinetic action and not just a ‘disagreement’ over Greenland per se.
Wednesday’s decision was expected after senior lawmakers from Parliament’s largest political groups proposed a delay on Saturday, following Trump’s tariff announcement.
Manfred Weber, leader of Parliament’s largest group, the center-right European People’s Party, said on Wednesday that “for us as EPP, and I think for all parliamentarians, it’s clear there will be no ratification, no zero percentage tariffs access to the EU for US products until we have clarified the question of reliability.”
“Europe prefers dialogue and solutions — but we are fully prepared to act, if necessary, with unity, urgency and determination,” European Commission President Ursula von der Leyen, the EU’s top executive, told EU lawmakers on Wednesday morning.
Additionally, Politico confirms earlier reports that Germany has joined France in saying it will ask the Commission to explore unleashing the Anti-Coercion Instrument at the emergency EU leaders’ summit in Brussels on Thursday evening if Trump doesn’t walk back his Greenland threats (which he just did?).
Much to the Europeans’ chagrin (who appear to have taken their decision before Trump’s speech de-escalated the very things that they feared), we suspect Trump will not take any action to appease them to get the trade deal done unless and until the market ‘demands’ it.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
tbn israel last 24 hrs…
IRAN
RUSSIA VS UKRAINE UPDATES
Ukraine Is Defending Itself With Money Europe Doesn’t Have
Wednesday, Jan 21, 2026 – 02:00 AM
Authored by Ian Proud,
The ugly truth is that an end of the Ukraine war may have as devastating economic and political consequences for Europe as its continuance…
Ukraine already faces a $63 billion U.S. dollar funding shortfall in 2026 and I would be surprised if this figure doesn’t increase if the war continues. Ukraine’s massive fiscal splurge is driven by two factors
- The enormous cost of maintaining a standing army of almost one million people;
- The vast expense of importing weapons from the west to fight the war.
Weapon purchases are not sources of productive investment as they are literally burned in the heat of battle.
The same, of course, is true for Russia.
Both countries saw reducing economic growth in 2025, with Ukraine’s at 2.1% and 1.5%.
And, western pundits would point to this as evidence that Ukraine’s economy is performing better.
But the opposite is true.
Russia’s economy is around twelve times larger than Ukraine’s nominally and just over ten times larger when you look at GDP using purchasing power parity.
You can see this in the defence spending numbers.
Russia spent a record $143 billion on defence in 2025 compared to around $60 billion for Ukraine, so around 2.3 times higher. Yet, Russian defence spending amounted to just 6.3% of its GDP whereas for Ukraine it was 31.7%. So, massive spending on defence is a much less pivotal issue for Russia in terms of its economic fortunes.
Defence spending represents a far smaller proportion of total economic activity than it does for Ukraine. And Russia can afford to pay for its defence needs with its own finances, while Ukraine is entirely dependent on money from western donors to keep the war going.
Despite the massive cost of war, Russia ran a fiscal deficit of just 1.7% of GDP in 2025.
That is still well below the EU fiscal rule of 3% of GDP with some countries like France and Poland having deficits at or more than double that figure.
Ukraine’s fiscal deficit on the other hand was around 20% of GDP.
That gap had to be filled by foreign funding as it has debt of 107% of GDP and is cut off from foreign lending.
So, hence the EU stepping up with a loan of 90 billion Euros, two thirds of which is earmarked for defence.
Russia on the other hand has debt of around 15% of GDP and doesn’t really need to borrow heavily to keep its war effort afloat. By the way, 15% of GDP is far lower than the U.S. or any European nation, many of which, like Ukraine, have debt levels of over 100% of GDP.
Ukraine is defending itself with money Europe doesn’t have.
Despite the shock of sanctions, Russia doesn’t have to break the bank nor boost its lending significantly.
This also means that when the war eventually ends, Russia will be able to make the economic transition back to peace in a less painless way.
Russia will be under no pressure to impose massive cuts to defence spending to live within its means and can instead do so gradually.
Ukraine on the other hand faces a massive financial cliff edge when the war ends.
Ukrainian economic growth according to the OECD is set to fall further to 1.7% in 2027 if the war continues.
And that assumes continued large injections of capital from outside countries. In 2025, Ukrainian defence spending made up 31.1% of Ukrainian GDP, and two thirds of state budgetary expenditure. None of that spending goes into improving Ukraine’s weak economy.
With all of the support that it receives, Ukraine’s GDP in 2025 amounted to just under $210 billion according to the IMF.
Bear in mind here that Ukraine received $52.4 billion in external financing in 2025, or around one quarter of its GDP at the end of the year.
Take away foreign funding and Ukraine suddenly sees its economy shrink by over 20%.
Or, put it another way, take away the war and Ukraine sees its economy shrink by over 20%.
Russia simply does not face the same problem.
Rather, an end to the war may help Russia to get inflation – perhaps its biggest economic challenge – under control as economic activity returns to its normal rhythm.
But still the question arises, how come Ukraine has grown so little when it received so much foreign funding?
One big reason is that Ukraine recorded a trade deficit of $30 billion over the same period, a record according to the National Bank of Ukraine.
So, $52 billion in foreign money came into Ukraine during the year and $30 billion went straight back out again.
Because Ukraine’s massive trade deficit is fuelled by two things.
- First, a huge increase in the import of weapons from western suppliers which have doubled since 2022, not least as they are no longer being provided free of charge.
- Second, Ukraine has increased its imports of natural resources, in particular a massive increase in gas imports, because domestic production has been hit hard by the war. Coal is another area, as Russia has swallowed up important coal mines in the Donbas.
Not all of that deficit in trade will be recoverable even after the war ends, even if Ukraine was able to reduce the overall size of its trade deficit.
By comparison, Russia’s surplus of trade in goods was already at over $100 billion by October 2025, although the overall trade picture is narrower, at around $36 billion because of a significant deficit in services trade, including from large numbers of Russians who have moved overseas since the war started.
An end to the war, if anything, may allow Russia’s trade surpluses to grow further. A future relaxation on the import of natural resources into Europe could mean that Russia benefited from already increased trade with Asia and renewed trade with Europe.
In any case, the consistent surpluses that Russia pulls in both help shore up economic growth and foreign exchange reserves, which in 2025 grew by over $135 billion to a whopping $734 billion.
And just to be clear, Russia put their reserve funds almost completely into gold which now stand at over $310 billion.
One big reason for Russia storing its reserves in gold is to keep them clear of the stealing hands of western bureaucrats, who froze around $300 billion in reserves at the start of the war.
This means that Russia has a surplus of $434 billion in foreign exchange reserves which is almost completely insulated from western expropriation. The $10 billion rise in foreign currency reserves in 2025 was undoubtedly caused by an accumulation of reserves in non-dollar, Euro and sterling currencies, suggesting the move to greater trade in Chinese Yuan and Indian rupees.
An end to the war may at some point lead to the unfreezing of immobilised Russian assets in the U.S., Europe and Japan.
Ukraine’s reserve position is also comparatively strong, at $57.3 billion at the start of 2026, a record figure. However, that rise is completely down to inflows of foreign capital to fund the war effort. An end to the war would likely shrink Ukraine’s reserves as its stubborn trade deficit was not being offset by foreign inflows of funds as they had been during war.
But it’s the sudden and shocking loss of foreign funding that accompanies an end to the war which will cause Ukraine’s economy to shrink dramatically.
But fear not, Europe is determined that Ukraine maintain an army of 800,000 personnel when the war ends. However, this seems more about economic survival than about security.
Ukraine would not be able to pay for such as large army with its own money, as it doesn’t have any money. So, once again, Europe will be forced to step in to meet Ukraine’s financing needs to pay the salaries of soldiers who are no longer in war fighting mode.
This will lead to debt and taxes rising in Europe, according to a recent Kiel Institute study. But it will also lead to a loss of business for European defence firms. Because peace time will inevitably mean a sharp drop in the munitions and military material being burned on a daily basis in the fog of war.
Two thirds of the EU’s recently 90 billion Euro loan to Ukraine will be spent on military support, including weaponry. That has sparked an argument between Germany and France over a proposed ‘buy European’ clause, with France wanting to prevent Ukrainian purchases of U.S. equipment. Perhaps with one eye on the future, the French in typical fashion, are trying to ensure that their firms get a decent share of what could amount to dwindling Ukrainian orders for weapons.
A bit like the French army, Europe is reversing itself inevitably into economic defeat when the war ends.
Obligated to keep an economically failed Ukraine on life support.
Having to increase its debt and taxes to support bad foreign policy decisions it has been taking since 2014.
Trying to boost its defence industrial complex but losing business with the end of war.
For the mainstream political parties in Europe, this adds to the trend of them heading towards electoral Armageddon when they start putting themselves to the polls from 2027 onward.
Until then, they are stuck, knowing that continuing the war will kill them electorally, and knowing that ending the war will too.
To quote my old British soldier dad, they are like the mythical oozlum bird, continually going round in circles until they disappear up their own backsides.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
Fauci & Collins Brushed Off ‘Impressive’ Data For COVID Natural Immunity
Tuesday, Jan 20, 2026 – 07:40 PM
Newly released emails reveal that senior Biden administration health officials privately grappling with research suggesting recovery from Covid-19 infection provided stronger protection than vaccination alone – at the very moment the federal government was preparing sweeping vaccine mandates in 2021.
The correspondence, released under the Freedom of Information Act to the watchdog group Protect the Public’s Trust and shared with the Daily Caller News Foundation, offers the clearest documentary evidence to date that top officials recognized scientific uncertainties around one-size-fits-all vaccination policies, even as they publicly dismissed the value of natural immunity.
At the center of the internal debate was a massive Israeli study of nearly 800,000 people that found prior infection conferred substantially stronger protection against reinfection than two doses of the Pfizer-BioNTech vaccine. In private emails, Dr. Anthony Fauci described the findings as “rather impressive,” acknowledging both the scale and rigor of the research, which had received prominent coverage in Science.
“The data [in the Israeli study] as reported in the news article look rather impressive . . . . but I would imagine that it is more complicated than we think . . . . [I]t is conceivable and possibly likely that those who have had a serious systemic infection develop a high level of immunity that even surpasses that of full vaccination,” Fauci wrote in an Aug. 27, 2021 email with the subject line “RE: Post infection protection vs vaccine immunity.”
Yet the same emails reveal officials’ concern that such findings could undermine the administration’s push for universal vaccination – and later, mandates – by complicating public messaging.
The documents lend new weight to claims made over the past four years by critics inside and outside government that federal agencies sidelined natural immunity not because of weak evidence, but because it was administratively inconvenient. Verifying prior infection, several officials suggested, would make policy enforcement harder and public guidance less uniform.
Acknowledging the Evidence – Privately
In exchanges with colleagues that included the surgeon general, the NIH director, and the CDC director, Fauci weighed the Israeli data against a far smaller CDC study of a few hundred Kentuckians. That CDC analysis, published in the agency’s Morbidity and Mortality Weekly Report, suggested vaccination after infection reduced reinfection risk more than infection alone. As Just the News points out, “The Biden administration often used MMWR, also not peer-reviewed, to push weak research that justified its policies.”
The contrast was stark. The Israeli research – though a preprint at the time – showed natural immunity was many times more protective against reinfection and symptomatic disease. Fauci conceded the Israeli work was compelling, even while noting its retrospective design and voluntary testing.
He also speculated that the strength of natural immunity likely varied with illness severity, suggesting that recovery from “serious systemic infection” might offer better protection than vaccination – an assessment that ran counter to the administration’s public insistence that vaccination was superior across the board.
Bureaucracy Over Nuance
The emails echo statements later made by Paul Offit, a pediatrician and longtime FDA vaccine adviser, who admitted on a podcast four years ago that senior officials discussed – but ultimately rejected – recognizing natural immunity as a basis for exemption from vaccine mandates. According to Offit, the group broadly agreed that prior infection mattered immunologically. The obstacle, he said, was bureaucratic: how to document it.
Offit has since criticized aspects of the administration’s Covid vaccine strategy, including booster recommendations for low-risk groups and what he described as selective data-sharing with advisory committees. His term on a key FDA vaccine panel was not extended in 2022.
While the pediatrician and vaccine inventor told Just the News the meeting’s importance had been exaggerated, Offit elaborated after the 2024 election on the 2021 meeting’s details, telling the same podcast “we all basically agreed” on an exemption but “the question was, bureaucratically,” how to verify natural immunity.
He also said Dr. Anthony Fauci, then-director of the National Institute of Allergy and Infectious Diseases, told him at a 2023 meeting that the feds didn’t target “high-risk groups” for vaccination because that was too “nuanced” and some at high risk wouldn’t get jabbed unless everyone was told to do it. -Just the News
The newly released records also show senior officials struggling to reconcile conflicting data while preparing talking points to counter claims that vaccines were unnecessary for those already infected. In one email, CDC Covid response medical officer John Brooks summarized the state of the science: both infection and vaccination induce immunity; infection-derived protection appeared more durable; but infection carried higher risks and vaccination was “safe.”
Still, Brooks acknowledged that some of the data supporting boosters were thin – one cited study involved only four subjects – and that the CDC lacked a comprehensive meta-analysis comparing infection- and vaccine-induced immunity.
Messaging vs. Evidence
Francis Collins, then director of the NIH, privately described the Israeli natural-immunity findings as “somewhat puzzling,” precisely because the study appeared well designed. He asked colleagues whether the CDC had synthesized all available evidence, noting that officials had repeatedly told the public vaccines provided better protection.
“Does CDC have a ready meta-analysis of all of the studies that have compared the immunity from natural infection to vaccination?” Collins asked. “Most of us have been saying up until now that vaccines are actually better for providing immunity – what does the overall synthesis of the data now say?“
As JTN notes further, those private doubts contrasted sharply with Collins’s earlier public posture, particularly his aggressive dismissal of the Great Barrington Declaration, whose authors argued for focused protection rather than universal restrictions and mandates. In the emails, Collins appeared far more circumspect, seeking nuance rather than certainty.
Protect the Public’s Trust has accused the CDC of misrepresenting its own Kentucky study, noting that agency press materials blurred the distinction between vaccination after infection and vaccination versus infection alone. The group filed a formal scientific-integrity complaint with the Department of Health and Human Services over what it called misleading public claims.
Michael Chamberlain, the organization’s director, told the Daily Caller that the emails show officials attempting to “bury what didn’t fit their preferred narrative,” even as Americans relied on foreign research for answers to basic questions about Covid immunity.
GLOBAL ISSUES
MARK CRISPIN MILLER
NASA brings back ISS crew months early due to “serious medical issue”; Big Time Rush cancels U.S. tour; Saints’ Chris Olove has blood clot in lung; UK: Morrissey cancels first show in 2026
CA: comic Colin Mochrie has emergency eye surgery; NZ: “world champion mountain biker Sammie Maxwell (24) to take a year off to focus on her well-being”
| Mark Crispin MillerJan 21 |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
Cancelations
UNITED STATES
Astronaut medical issue on ISS forces early return for space station crew
January 9, 2026
A “serious medical condition” with a crew member aboard the International Space Station has led NASA to bring the astronaut and three crewmates back to Earth months earlier than planned, the first such emergency return in the orbiting laboratory’s 25-year history, senior space agency officials said. NASA Administrator Jared Isaacman told reporters on Thursday in a short-notice press conference in Washington that he and medical officials made the decision to return the astronaut, whom he did not identify, because “the capability to diagnose and treat this properly does not live on the International Space Station.” The NASA officials did not identify which of the Crew-11 mission’s four astronauts was experiencing the medical issue or describe its nature, citing the crew member’s privacy.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Fans ‘Heartbroken’ as Beloved Band Cancels Tour Due to ‘Prolonged Illness and Injuries’
January 2, 2026
Fans of Big Time Rush are reacting with disappointment and concern after the group announced the cancellation of a stretch of upcoming U.S. tour dates, citing health issues following an intense year on the road. In a statement shared on social media, the band explained that touring extensively across the United States and Europe has taken a serious toll. “The tour has taken a toll, and on doctor’s orders, we need to pause to focus on our overall health as we’ve all sustained some form of prolonged illness and injuries.” As a result, Big Time Rush confirmed they are canceling their January 24 through February 13, 2026, U.S. college tour dates, which were part of their ongoing In Real Life Worldwide Tour. The group added that they hope to reschedule the affected shows in the future and that the tour is currently set to resume on February 17 in Mexico.
Saints star wide receiver hospitalized after blood clot was found in his lung: report
January 1, 2026
New Orleans Saints star wide receiver Chris Olave will not play in Week 18 after a blood clot was reportedly found in his lung. The blood clot was caught early, and Olave was expected to be discharged from a hospital Thursday, according to Saints reporter Nick Underhill. Olave has no prior history of blood clots and is expected to be sidelined for about a month, according to ESPN. Olave, 25, a former Ohio State star, caught 100 passes for 1,163 yards and nine touchdowns in 16 games.
CANADA
Fans Praying For Comedian Colin Mochrie As He Undergoes Emergency Surgery
January 3, 2026
Beloved comedian Colin Mochrie [68] has postponed several performances after being diagnosed with a serious eye condition that requires emergency surgery. A joint statement sharedFriday, January 2, by Mochrie, hypnotist Asad Mecci, and the official HYPROV account confirmed that Mochrie has been diagnosed with a detached retina and will undergo emergency eye surgery. His medical team is said to be optimistic about a full recovery, though he has been advised to rest and heal before returning to the stage.
UNITED KINGDOM
Iconic ‘80s Rocker Cancels First 2026 Concert After Harrowing Heath Scare
January 3, 2026
Morrissey’s 2026 touring plans are off to a rocky start. The 66-year-old singer was forced to cancel his first scheduled concert of the new year after experiencing a medical issue tied to prescription medication. The former Smiths frontman was set to perform Saturday, January 3, in Rancho Mirage, California, but a statement posted Friday on his website confirmed the show would be postponed due to “an adverse reaction to a prescription medication.”
NEW ZEALAND
World champion mountain biker Sammie Maxwell to take a year off to focus on well-being
January 9, 2025
Auckland – Kiwi world champion mountain biker Sammie Maxwell is taking a year off to focus on her well-being. The 24-year-old is coming off a breakthrough year, when she became the first New Zealander to win a UCI World Series title, and was named a finalist for Halberg sportswoman of the year. However, the sabbatical means she won’t be defending the mountain bike world series cross country title she clinched in October.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or
DR PAUL ALEXANDER
Europe unifies against Trump’s tariff threat if European nations do not support the Greenland takeover; what is your opinion? UK: “Starmer joins European allies warning of ‘dangerous downward spiral’
in Nato after Trump’s ‘gangster’ threat of trade war unless he gets Greenland; A joint statement from Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the UK said they stood
| Dr. Paul AlexanderJan 20 |
‘firmly behind’ the ‘principles of sovereignty and territorial integrity’.
Is Pathocracy a ‘real’ thing? This term is being bandied around to describe people in COVID, doctors, leaders etc.
‘Mr Trump has insisted the US needs to acquire Greenland for national security reasons and has not ruled out using military force. He has claimed it is vital for his planned missile defense shield known as the Golden Dome.’
At the same time folk like Stamer must focus too on his own UK with crisis after crisis such as the sex assaults, rapes, rape gangs, stabbings, men in women’s toilets etc. plagued with radical islamist jihadists allowed in by Merkel et al.
‘Mr Trump has insisted the US needs to acquire Greenland for national security reasons and has not ruled out using military force. He has claimed it is vital for his planned missile defence shield known as the Golden Dome.
However, critics claim his interest is linked to Greenland’s untapped mineral wealth rather than defence. The island possesses at least 25 of the 34 raw materials considered ‘critical’ by the EU.’
The president has shocked the military alliance by warning that opponents of an American takeover of the Danish territory will be hit with punitive tariffs from February 1.’
All this while Trump asks the DoD Pentagon to draw up military steps plans as to Greenland.
European leaders have condemned the tariff threat.
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
.8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/et al
“A Rupture, Not A Transition”: Canada’s Carney Says “Rules-Based Order Is Fading” Ahead Of Trump’s Address In Davos
Wednesday, Jan 21, 2026 – 07:20 AM
President Trump’s trip to the World Economic Forum in Davos was briefly delayed after Air Force One returned to Joint Base Andrews, Maryland, shortly after departure due to a minor electrical issue identified on the 747. Flight crews did not declare an emergency or squawk 7700, indicating the situation was precautionary.
Real-time aircraft tracking platform AirNav Radar showed the flight path of AF1 as it departed Joint Base Andrews for Davos, Switzerland, in the overnight hours. While paralleling the coast of Long Island, pilots appeared to decide to return to Joint Base Andrews due to a “minor electrical issue.”
AF1 landed safely at Andrews around 2300 ET, after about an hour and 20 minutes in the air, according to AirNav Radar.
Trump and the delegation traveling with him quickly boarded a Boeing 757, typically used by the Vice President or other cabinet members, and took off around midnight en route to Davos.
Despite the brief travel delay, Trump has arrived in Switzerland. He is expected to address the Davos elites at 0830 ET.
The focus of Trump’s speech is likely on the domestic agenda, particularly housing, according to Goldman’s Delta One desk-head, Rich Privorotsky, who noted that overnight headlines floated executive action aimed at curbing institutional home purchases, though legal scope looks narrow.
Expectations are also building around incremental flexibility in 401k usage as part of a broader affordability push.
Late chatter about tariff rebate checks feels legally doubtful without Congressional backing.
Polling on affordability remains weak, and foreign adventurism…Greenland in particular…has not helped approval ratings.
This speech has been framed as both a reset toward domestic priorities and given the relative outperformance of domestic stocks could be an important catalyst
But, earlier, at the Davos podium, Canadian Prime Minister Mark Carney delivered a historic rebuke to the U.S. under President Trump, declaring the rules-based order led by America “a pleasant fiction” (reiterating his recent remarks on the shifting world order)
“I will talk today about the breaking of the world order, the end of a pleasant fiction and the beginning of a brutal reality where the geopolitics of the great powers is not subject to any constraint,” said Mr. Carney.
“Every day we’re reminded that we live in an era of great-power rivalry,” he said.
“That the rules-based order is fading. That the strong can do what they can, and the weak must suffer what they must.”
He added, “Let me be direct: We are in the midst of a rupture, not a transition.”
“This bargain no longer works.”
In his speech Mr. Carney called on medium-size countries like Canada to band together to offset the power of the United States, China and Russia.
“The middle powers must act together because if we’re not at the table, we’re on the menu,” he said. “Great powers can afford for now to go it alone.”
Carney, who received a standing ovation, spoke not long after Mr. Trump posted an A.I. image on social media that included a map of American flags superimposed over both Canada and the United States.
While the address has been front-run as being about domestic ‘affordability’, we suspect the President will diverge from the teleprompter a little and use this as an excuse to discuss his various recent escapades around the world (and take a shot at Carney and Macron).
JPMorgan may have summed it up best: “We thought the president was going to Davos to talk about housing and credit card affordability. Suddenly now it’s become about Greenland affordability.”
The President is due to speak at 0830ET.
end
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1724 DOWN 0.0013 PTS OR 13 BASIS POINTS/WITH STOCKS IN EUROPE ALL RED
USA/ YEN 157.93 DOWN 0.219 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 1.3414 DOWN 0.0025 OR 25 BASIS PTS
USA/CAN DOLLAR: 1.3812 DOWN 0.0012 CDN DOLLAR UP 12 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 3.29pts or 0.08%
Hang Seng CLOSED UP 97.55PTS OR 0.37%
AUSTRALIA CLOSED DOWN 0.41%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 97.55 PTS OR 0.37%
/SHANGHAI CLOSED UP 3.29 PTS or 0.08%
AUSTRALIA BOURSE CLOSED DOWN 0.41%
(Nikkei (Japan) CLOSED DOWN 216.46 PTS OR 0.41%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4862.00.
silver:$94.23
USA DOLLAR VS TRY: 94.30
USA DOLLAR VS RUSSIAN ROUBLE: 77.61 ROUBLE// UP 38 BASIS PTS
UK 10 YR BOND YIELD: 4.4540 DOWN 1 BASIS PTS
UK 30 YR BOND YIELD: 5.213 DOWN 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.428 UP 0 BASIS PTS
CDN 5 YR BOND YIELD; 2.942 UP 0 BASIS PTS
USA dollar index early WEDNESDAY morning: 98.28 DOWN 16 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.259% UP 1/2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.295% DOWN 8 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.371 DOWN 18 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.269 UP 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.481 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.8773 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1725 UP 0.0002 OR 2 basis points
USA/Japan: 158.08 DOWN 0.068 OR YEN IS UP 7 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4520 DOWN 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.205 DOWN 2 BASIS POINTS.
Canadian dollar UP 42 BASIS pts to 1.3833
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 6.9639 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.9573
TURKISH LIRA: 43.29 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +2.295 DOWN 8 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.3711 DOWN 18 basis pts//YEN CARRY TRADE COMPLETELY BLOWS UP
Your closing 10 yr US bond yield DOWN 1 in basis points from TUESDAY at 4.287% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.912 DOWN 1 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.589 UP 0 BASIS PTS.
GOLD AT 10;00 AM 4863.50
SILVER AT 10;00: 94.10
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:WEDNESDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 11.31 PTS OR 0.11%
GERMAN DAX: CLOSED DOWN 142.14 OR 0.51%
FRANCE: CLOSED DOWN 6.59. PTS OR 0.08%
Spain IBEX CLOSED up 10.40 PTS OR 0.50%
Italian MIB: CLOSED DOWN 225.10 PTS OR 0.50%
WTI Oil price 60.35 10.00 EST/
Brent Oil: 64.77 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 76.77 ROUBLE UP 1 AND 27 / 100
CDN 10 YEAR RATE: 3.435 UP 1 BASIS PTS.
CDN 5 YEAR RATE: 2.951 UP 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1687 DOWN 0.0038 OR 38 BASIS POINTS//
British Pound: 1.3425 DOWN 0.0015 OR 15 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.4510 DOWN 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.206 DOWN 1 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.288 DOWN 9 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.696 DOWN 22 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 158.34 UP 0.183 OR YEN DOWN 18 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3829 DOWN 0.0004 PTS// CDN DOLLAR UP 4 BASIS PTS
West Texas intermediate oil: 60.66
Brent OIL: 65,26
USA 10 yr bond yield DOWN 4 BASIS pts to 4.2560
USA 30 yr bond yield DOWN 5 PTS to 4.8769%
USA 2 YR BOND 3.593 UP 0 PTS
CDN 10 YR RATE 3.422 UP 1 BASIS PTS
CDN 5 YEAR RATE: 2.953 UP 1 BASIS PTS
USA dollar index: 98.83 DOWN 1 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.29 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 76.23 UP 1 AND 70/100 roubles //
GOLD $4,827,10 3:30 PM)
SILVER: 92.61 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 588.64 OR 1.21%
NASDAQ 100 UP 270..60 PTS OR 0.48%
VOLATILITY INDEX 17.12 DOWN 2.97PTS OR 14.78%
GLD: $ 443.60 UP 6.37 PTS OR 1.46%
SLV/ $83.97 DOWN 1.42 PTS OR OR 1.66%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 107.73 PTS OR 0.33%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
WRAP UP
US assets bid after Trump walks back EU tariff threat – Newsquawk US Market Wrap
Wednesday, Jan 21, 2026 – 03:57 PM
- SNAPSHOT: Equities up, Treasuries up, Crude up, Dollar up, Gold up
- REAR VIEW: Trump to not impose February 1st tariffs on EU after “very productive” meeting with NATO’s Rutte, both reached a framework of a future deal; Denmark rejects Trump’s proposal to negotiate an acquisition of Greenland; Trump threatens Iran if it attempts a Trump assassination; SCOTUS seemingly likely to rule in favour of Fed’s Cook against Trump; Kazakhstan’s TengizChevroil declares a force majeure on Tengiz; US pending home sales unexpectedly sink; NFLX guidance disappoints.
- COMING UP: Data: Australian Employment (Dec), UK PSNB (Dec), US GDP/PCE Final (Q3), Jobless Claims (w/e 17th Jan), New Zealand CPI (Q4), Japanese CPI (Dec), EZ Consumer Confidence Flash (Jan). Events: ECB Minutes (Dec), Norges Bank Policy Announcement, CBRT Policy Announcement. Speakers: Norges Bank Bache; US President Trump. Supply: France, US. Earnings: Intel, Procter & Gamble, Freeport McMoRan, Ge Aerospace, Abbott, LVMH.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
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MARKET WRAP
US stocks rose on Wednesday after President Trump ruled out military action over Greenland, easing market fears, though gains were capped after Denmark rejected Trump’s demand to negotiate a US takeover of the island. Later, Trump said that after meeting NATO Secretary General Rutte, a framework for a future deal on Greenland had been formed and that he would therefore not impose tariffs scheduled to take effect on 1st February. Traders are still awaiting details regarding the ‘deal’. An EU spokesperson said that the bloc’s emergency meeting will still take place on Thursday, with traders eying potential retaliatory measures. Trump’s update lifted stocks and the USD further but weighed on gold. The USD gained as easing safe-haven demand pressured the EUR and CHF, while USDJPY ticked up on the back of USD strength as well as continued concerns over Japan’s fiscal trajectory. Gold hit fresh record highs around USD 4,888/oz early on, but surrendered most gains as immediate geopolitical tensions eased, traders took profits, and prices were later hit by Trump’s tariff update. T-Note futures edged higher; the Treasury’s sale of USD 13bln of 20yr bonds drew strong demand, stopping 1bps through the screens, with a near-record 2.86x cover, as direct buyers took a record share and left dealers with a minimal amount. Earlier, Swedish pension fund Alecta said it had sold most of its US Treasury holdings, citing increased risk and unpredictability in US politics. Crude prices rose early, driven by temporary shutdowns at major Kazakh fields, including fire-related force majeure at Tengiz and drone damage to loading buoys that sharply cut output. Prices settled slightly higher, with gains said to have been capped by anticipated inventory builds in this week’s reports, and traders also noted the return of Canadian oil export bottlenecks amid a production surge, with Enbridge rationing space on its Mainline system for February and shippers facing cuts of more than 20%, the highest apportionment since the Trans Mountain expansion launched.
US
PENDING HOME SALES: Pending home sales for December tumbled 9.3% M/M (exp. -0.3%), with declines in all four regions. In the release, NAR Chief Economist Lawrence Yun noted that after several months of encouraging signs in pending contracts and closed sales, this report dampened the short-term outlook, and the housing sector is not out of the woods yet. Ahead, Yun added they’ll be watching the data in the coming months to determine whether the soft contract signings were a one-month aberration or the start of an underlying trend. As a result, the Chief Economist added the decline [in pending home sales] could be a result of dampened consumer enthusiasm about buying a home when there are so few options listed for sale, as in December there were only 1.18mln homes on the market – matching the lowest inventory level of 2025.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 7+ TICKS HIGHER AT 111-21
T-Notes gain as US-EU tensions ease after Trump walks back tariff threat on the EU. At settlement, 2-year -0.8bps at 3.597%, 3-year -2.0bps at 3.664%, 5-year -2.5bps at 3.833%, 7-year -3.7bps at 4.039%, 10-year -4.4bps at 4.255%, 20-year -5.2bps at 4.829%, 30-year -4.4bps at 4.872%.
THE DAY: T-Notes spent overnight and European trade in fairly contained ranges with participants lacking conviction on either direction. Despite the rebound in US equities at the open after US President Trump downplayed “force against NATO”, USTs failed to hold onto any sizable rally until later in the session. The US 20yr bond auction was encouraging, given concerns surrounding reliance on debt funded by the RoW. Indirect bids little changed while direct’s stepped up their bid proportion, leaving dealers with 6.2% of the bid, beneath the six-auction average. The focus was and still is Greenland, with the absence of US data and Fedspeak doing little to change the current theme. Equities rebound was later pressured by Denmark’s rejection of Trump’s demand to negotiate the takeover of Greenland – T-notes chopped eventually resuming higher. Later, Trump U-turned on his tariff threat on EU nations over Greenland, citing a very productive meeting with NATO’s Secretary General Rutte, which led to the formation of a framework for a future deal – T-notes extended higher, hitting highs of 111-22. Arguments were heard from Fed’s Cook and Trump’s team at the US Supreme Court, with reporting siding with Cook, as SCOTUS seems likely to rule in the Governor’s favour; USTs were unfazed by the reports. Tier 1 data returns on Thursday, PCE (Nov), GDP Final (Q3), and claims will be watched.
SUPPLY
Bonds
- Overall, a strong auction, highlighted by all internals. The stop-through of 1bps was both larger than the prior 0.1bps and the six-auction average of 0.5bps. B/C rose to 2.86x from 2.67x. The bid breakdown saw a drop in dealer take to 6.2% from 12.6%, beneath the 10.9% average. This came as a result of a rise in direct demand to 29.1% from 22.2%, now above the 25.7% average. Meanwhile, indirect take was little changed at 64.7%, down from the 65.2% prior, but still above the 63.5% average.
Bills
- US sold 17-week bills at a high rate of 3.580%, B/C 2.99x
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: January 0bps (prev. 0bps), March 3.3bps (prev. 4.5bps), April 7.7bps (prev. 9.3bps), December 44.9bps (prev. 45.7bps)
- NY Fed RRP op demand at 3.34bln (prev. 3.51bln) across 12 counterparties (prev. 16)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 83bln (prev. 84bln) on January 20th
- SOFR at 3.64% (prev. 3.65%), volumes at USD 3.162tln (prev. 3.163tln) on January 20th
CRUDE
WTI (H6) SETTLED USD 0.26 HIGHER AT 60.62/BBL; BRENT (H6) SETTLED USD 0.32 HIGHER AT USD 65.24
The crude complex was flat in a choppy session as Trump’s Davos appearances dominated the slate. Overnight benchmarks saw pressure, before grinding higher through the EU morning, albeit on no particular headline driver. Despite saying that, NewsNation reports that Trump remarked Iran will be “wiped off the face of the Earth” if Iran attempts to carry out an assassination threat against him, which may have provided some tailwinds. Thereafter, slight pressure was seen in the complex amid reports that India’s Reliance is to get Russian oil in February after a one-month pause. No move was seen in the oil space during Trump’s address at Davos, but broader risk-on sentiment was seen as he said he would not use force against NATO when speaking about the possible acquisition of Greenland. Risk appetite increased following Trump’s cancellation of the February 1st tariffs on European nations after a productive meeting with NATO’s Rutte. Regarding Tengizchevroil, they declared a force majeure on the Tengiz oil project, and they are unable to state how long it will last. For the record, WTI traded between USD 59.22-60.89/bbl and Brent USD 63.61-65.41/bbl.
EQUITIES
CLOSES: SPX +1.16% at 6,876, NDX +1.36% at 25,327, DJI +1.21% at 49,077, RUT +2.00% at 2,698
SECTORS: Utilities +0.20%, Consumer Staples +0.25%, Real Estate +0.38%, Financials +0.42%, Technology +0.99%, Communication Services +1.44%, Consumer Discretionary +1.60%, Industrials +1.71%, Health +1.80%, Materials +1.87%, Energy +2.38%.
EUROPEAN CLOSES: European Closes: Euro Stoxx 50 -0.36% at 5,871, Dax 40 -0.51% at 24,578, FTSE 100 +0.11% at 10,138, CAC 40 +0.08% at 8,069, FTSE MIB -0.50% at 44,488, IBEX 35 +0.06% at 17,440, PSI -0.04% at 8,460, SMI -0.29% at 13,132, AEX +0.28% at 994
STOCK SPECIFICS
- Netflix (NFLX): Despite modest earnings beat, as investor focus shifted to the costly & uncertain bidding war for WBD; Light Q1 profit view & paused share buybacks
- Progress Software (PRGS): EPS & revenue beat with strong next quarter & FY guidance.
- Kraft Heinz (KHC): Disclosed that Berkshire Hathaway may sell its 27.5% stake, valued at ~USD 7.7bln
- United Airlines (UAL): Top & bottom line beat with a solid outlook.
- NVIDIA (NVDA): CEO Huang plans to travel to China in late Jan. to reopen the AI chip market.
- Johnson & Johnson (JNJ): Profit missed.
- Truist Financial (TFC): Earnings & revenue fell short of expectations.
- Halliburton (HAL): EPS & revenue topped Wall St. consensus.
- Travelers (TRV): Profit & revenue. impressed, authorised additional $5bln share buybacks & remain highly confident in the outlook.
- Culper Research short T1 Energy (TE).
- Apple (AAPL) reportedly to revamp Siri in H2; Apple is poised to unveil chatbot in June for a September release; Apple mulls running chatbot directly on Google Cloud and TPU chips.
- Kerrisdale Capital short on Affirm (AFRM).
- Anthropic’s revenue run rate topped USD 9bln at the end of 2025.
FX
The Dollar strengthened on US President Trump announcing he has reached a framework for a deal on Greenland with NATO’s Rutte, which led to him cancelling the 1st February tariffs on the EU. The dollar started to reverse morning weakness after Trump disregarded military action against NATO to acquire Greenland, resulting in some faith being restored in Transatlantic relations. EUR and CHF, the best performers thus far this week on elevated geopolitical risks, walked back some of their gains. That said, Denmark has rejected Trump’s proposal of negotiations, which leaves uncertainty still at large, given that the talks didn’t include Denmark. Nonetheless, the dollar continued its move off lows after Trump’s initial placatory remark, hitting highs of 98.868. Outside of geopolitics, newsflow was generally light. Reporting of Trump vs Fed’s Cook indicates that the Supreme Court is likely to rule in Cook’s favour; DXY was unfazed. Attention will also be on the US data on Thursday, where GDP Final (Q3), PCE (Nov), and claims are due.
AUD and NZD led G10 gains despite the turnaround in metal gains as geopolitical risks eased in the short term. CAD was flat while JPY and GBP saw modest losses. Cable was briefly weighed by the CPI December report as the slight acceleration in Services Y/Y may have been less than some had expected. The headline print ran hot, but it was subject to elevated airfares over the Christmas period and tobacco changes from the latest budget. GBP sits around 1.3420 at the time of writing.
USA DATA RELEASES
US Pending Home Sales Crash Most Since COVID, Back Near Record Lows
Wednesday, Jan 21, 2026 – 10:08 AM
After four straight months of increases, US pending home sales crashed in December (-9.3% MoM vs -0.3% MoM exp), dragging sales down 1.27% YoY in 2025…
Source: Bloomberg
This is the biggest monthly decline since COVID.
“The housing sector is not out of the woods yet,” NAR Chief Economist Lawrence Yun said in a statement.
“After several months of encouraging signs in pending contracts and closed sales, the December new contract figures have dampened the short-term outlook.”
December’s collapse crashed the US Pending Home Sales Index back near record lows (from 33 month highs)…
Source: Bloomberg
Housing activity typically slows in winter months and picks up more in the spring selling season. While NAR adjusts the data for these patterns, the drop was still the largest for any December in data back to 2001.
Yun said it’s unclear whether the figure was a one-off or the start of a worsening trend.
Activity may pick up soon as mortgage rates have kicked off the new year at some of the lowest levels since 2022, and home prices are growing at a much slower pace than last year. However, much of the outlook also depends on available inventory, which has struggled to recover to pre-pandemic levels.
Pending-homes sales tend to be a leading indicator for previously owned homes, as houses typically go under contract a month or two before they’re sold.
Meanwhile, addressing affordability concerns, President Trump just laid out a slate of proposals aimed at the housing market including an executive order targeting institutional investors.
USA ECONOMIC COMMENTARIES
MARYLAND
“Out Of Touch”: Marylanders Fume As Gov. Moore Prioritizes Building Energy-Hungry ‘Sphere’ Amid Power Bill Crisis
Tuesday, Jan 20, 2026 – 08:30 PM
Marylanders are raging at left-wing Governor Wes Moore, accusing him of fast-tracking a massively power-hungry Sphere entertainment venue near Washington, DC, while working-class households across the central part of the state are drowning under crushing electricity bills.
“So this Governor spends money he doesn’t even have yet. 200 million dollars of the cost for the Sphere at National Harbor will come from the State of Maryland’s 2027 budget. He is so out of touch with what MD residents need and doesn’t care as long as his name is in the headlines every day,” Maryland resident Amy Milberger Seaman wrote in a Facebook group called “BGE Victims,” which has nearly 15,000 residents upset about exploding power bills.
Local media outlet WBAL-TV reported Monday that Sphere Entertainment plans to build its second U.S. Sphere venue in National Harbor, in Prince George’s County.
The Sphere will be slightly smaller than the one in Las Vegas, seating 6,000. Gov. Moore called the project the largest economic development project in the county’s history. The venue is expected to be funded through a mix of public and private financing, including $200 million in incentives from the state.
The venue will include an exosphere exterior LED display and a 16K x 16K interior screen, the highest-resolution LED display in the world.
Residents are furious about the new Sphere because at peak power, it uses around 28 megawatts (MW), enough to power roughly 21,000 homes. Adding more demand to an already tight power grid because of just bad policies, after years of backfiring’ climate crisis’ policies stripped reliable fossil fuel spare capacity.
Here’s what others in the Facebook group are saying about Moore:
“He is an Obama want-a-be. He loves being a celebrity. Loves having his picture taken. So much so he has at least 3 photographers. Maybe more. He is a liar, clueless about budgets. Overspends our hard earned tax dollars. He needs to go,” resident Cheryl Gaigler Utz said.
Resident Toby Allred said, “Wasteful spending!!! That’s what Democratic politicians love to do with OUR money!!”
Others said, “Build a natural gas and Power Plants First!!!“
Maryland Democrats really dropped the ball on power grid management. They put a fake climate crisis first, retired fossil fuel power generators early, and denied any new reliable fossil fuel power generation capacity on the grid, all while pushing unreliable solar and wind. The end result of bad stewardship is bankrupting the working class in the central part of the state with exploding power bills.
Maryland is a one-party rule of Democratic kings and queens. Prioritizing the Sphere over working-class folks comes as no surprise.
END
Stephen Miller: Feds Have Begun Work Of ‘Identifying, Disrupting And Dismantling The Insurgent Networks’ In Minnesota
Wednesday, Jan 14, 2026 – 09:30 PM
Authored by Debra Heine via American Greatness,
Stephen Miller, a top White House official, said Tuesday evening that federal law enforcement now has the resources to protect its officers and begin the work of “identifying, disrupting and dismantling the insurgent networks” hampering Immigration and Customs Enforcement (ICE) operations in Minnesota.
Miller’s message came after President Trump released a statement on Truth Social earlier Tuesday, saying: “FEAR NOT, GREAT PEOPLE OF MINNESOTA, THE DAY OF RECKONING & RETRIBUTION IS COMING!”
The Department of Homeland Security (DHS) launched a large-scale deployment of federal agents to Minneapolis and St. Paul in early January 2026, deploying approximately 2,000 federal agents from ICE, Customs and Border Protection (CBP), and Homeland Security Investigations (HSI) under an operation dubbed “Operation Metro Surge.”
President Trump ordered an additional 1,000 CBP agents to deploy to the Twin cities, potentially bringing the total to approximately 3,000 federal personnel there to conduct immigration enforcement operations amidst the violent left-wing insurgency.
Miller delivered an encouraging message to these federal officers during an appearance on Fox News’ Will Cain Show, Tuesday evening:
“You have federal immunity in the conduct of your duties. Anybody who lays a hand on you or tries to stop you or tries to obstruct you is committing a felony, he stated. “You have immunity to perform your duties, and no one—no city official, no state official, no illegal alien, no leftist agitator or domestic insurrectionist—can prevent you from fulfilling your legal obligations and duties. The Department of Justice has made clear that if officials cross that line into obstruction, into criminal conspiracy against the United States or against ICE officers, then they will face justice.”
During a later appearance on Fox News’ Ingraham Angle, Miller described the ongoing anti-ICE riots in the Twin Cities as “a sophisticated insurgency,” and “domestic terrorism.”
“Mayor Jacob Frey, Governor Tim Walz, and Attorney General Keith Ellison have deliberately, willfully and purposefully incited this violent insurgency against Immigration and Customs Enforcement, and against Border Patrol, he said.
Miller blasted the state’s Democrat leaders for enabling the crazed chaos for partisan ends.
When you have mayors and state leaders say that they’re going to order federal law enforcement out of their city in order to maintain enclaves of criminal illegal aliens and criminal refugees who are looting and pillaging the state and the American people. When you have them effectively banning the city police and the state police from rendering life-saving aid to ICE officers, from rendering necessary protection and support to the federal government when it is under siege while carrying out these operations, that is a direct attack and assault on our federal government.
Miller pointed out that the insurgents are highly coordinated operators who attempt to free arrestees by tracking ICE operations through spotters and blocking their vehicles.
“Then they dox ICE officers. They follow them home, they follow them to where they sleep at night,” he said.
“It’s a sophisticated insurgency involving a large number of radicalized extremist, violent leftwing operators stoked by the Democrat party,” Miller continued.
According to the Washington Free Beacon, the insurgency is being organized by the Sunrise Movement, a far left political action organization that “has shifted from climate activism into anti-ICE agitation in Minneapolis-St. Paul.”
Sunrise operatives on the ground in the Twin Cities are circulating lists of hotels housing ICE agents and coordinating late-night disruption campaigns—often involving noisemakers—aimed at coercing hotels and other local businesses into refusing to serve ICE personnel.
Sunrise has received $2 million from Open Society since 2019, $150,000 from Ford in 2024 and $550,000 in 2025, and $250,000 from MacArthur in 2024, according to grant databases and tax filings.
Sunrise Twin Cities works alongside two other local groups—Unidos MN and Defend the 612—known for “rapid response” efforts in which activists are dispatched to the scene of ICE activity.
Both maintain ties to MN ICE Watch, a covertly maintained Instagram page that posts training slides calling on its followers—a group that reportedly included Renee Good’s wife—to block, push, and otherwise obstruct officers making an arrest.
Miller told Ingraham that resources and strategies are in place now to deal with the insurgents.
“There has already been, in the recent days, a huge increase in arrests of domestic insurgents, but those numbers are going to increase,” he said.
“Americans voted in a landslide to uphold the sovereignty of this country, he added. “Americans by overwhelming majorities oppose mass Somali fraud. Americans by overwhelming majorities oppose Somali refugee resettlement in principle, so the public is behind this.”
In his Truth Social post Tuesday morning, Trump said:
Do the people of Minnesota really want to live in a community in which there are thousands of already convicted murderers, drug dealers and addicts, rapists, violent released and escaped prisoners, dangerous people from foreign mental institutions and insane asylums, and other deadly criminals too dangerous to even mention. All the patriots of ICE want to do is remove them from your neighborhood and send them back to the prisons and mental institutions from where they came, most in foreign Countries who illegally entered the USA though Sleepy Joe Biden’s HORRIBLE Open Border’s Policy. Every place we go, crime comes down. In Chicago, despite a weak and incompetent Governor and Mayor fighting us all the way, a big improvement was made. Thousands of Criminals were removed! Minnesota Democrats love the unrest that anarchists and professional agitators are causing because it gets the spotlight off of the 19 Billion Dollars that was stolen by really bad and deranged people. FEAR NOT, GREAT PEOPLE OF MINNESOTA, THE DAY OF RECKONING & RETRIBUTION IS COMING!
Later Tuesday, Trump announced on Truth Social that the federal government will no longer fund states with sanctuary policies protecting illegal immigrants.
“EFFECTIVE FEBRUARY FIRST, NO MORE PAYMENTS WILL BE MADE BY THE FEDERAL GOVERNMENT TO STATES FOR THEIR CORRUPT CRIMINAL PROTECTION CENTERS KNOWN AS SANCTUARY CITIES. ALL THEY DO IS BREED CRIME AND VIOLENCE! If States want them, they will have to pay for them! MAKE AMERICA GREAT AGAIN!!!” he said.
END
TRUMP/GREENLAND /DAVOS CROWD:
this is creating a world nightmare!!
Trump: US ‘seeking immediate negotiations to discuss acquisition of Greenland’ at Davos WEF
During his remarks at Davos, Trump said that the United States would not use force to acquire Greenland. • “We want a piece of ice for world protection, and they won’t give it,” Trump said.
US President Donald Trump speaks during the 56th annual World Economic Forum (WEF), in Davos, Switzerland, January 21, 2026.(photo credit: REUTERS/JONATHAN ERNST)ByTOBIAS HOLCMAN, REUTERS, CORINNE BAUMJANUARY 21, 2026 07:38Updated: JANUARY 21, 2026 16:40
US President Donald Trump said that America is seeking talks to discuss the acquisition of Greenland, and ruled out the use of military force to take the country during his remarks at the Davos WEF on Wednesday.
“It’s the United States alone that can protect this giant mass of land, this giant piece of ice, develop it and improve it and make it so that it’s good for Europe and safe for Europe and good for us,” Trump said.
“And that’s the reason I’m seeking immediate negotiations to once again discuss the acquisition of Greenland by the United States, just as we have acquired many other territories throughout our history, as many of the European nations have.”
He downplayed the issue as a “small ask” over a “piece of ice,” and said an acquisition would pose no threat to the NATO alliance, which includes Denmark and the United States.
“This would not be a threat to NATO. This would greatly enhance the security of the entire alliance, the NATO alliance,” he said. “We want a piece of ice for world protection, and they won’t give it.”A man walks as Danish flag flutters next to Hans Egede Statue ahead of a March 11 general election in Nuuk, Greenland, March 9, 2025. (credit: REUTERS/MARKO DJURICA)
Trump rules out use of force to take over Greenland
The president then ruled out the excessive use of force to take Greenland.
“We probably won’t get anything unless I decide to use excessive strength and force, where we would be, frankly, unstoppable,” Trump said. “But I won’t do that. That’s probably the biggest statement I made, because people thought I would use force. I don’t have to use force. I don’t want to use force. I won’t use force.”
Notably, several European leaders expressed their concern that Trump’s desire to acquire Greenland would lead to war between the US and the European Union.
“All the United States is asking for is a place called Greenland,” Trump said, noting that he believes that would mean full US ownership of the currently autonomous region of Denmark.
“All we’re asking for is to get Greenland, including right title and ownership, because you need the ownership to defend it. You can’t defend it on a lease.”
Trump leaves for Denmark amid Greenland tensions
The president left the US on Tuesday for Davos, Switzerland, to attend the annual World Economic Forum, which begins this week.
Within the first hours of the flight, reports surfaced that his plane, Air Force One, had turned around, and the White House assured that this was due to a minor electrical issue.
Air Force One returns to base
“After takeoff, the AF1 crew identified a minor electrical issue. Out of an abundance of caution, AF1 is returning to Joint Base Andrews. The President and team will board a different aircraft and continue on to Switzerland,” the White House said through the Rapid Response account.
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According to a Reuters report, Trump and his team landed safely at Joint Base Andrews and switched planes to continue their journey to Davos.
Trump expected about three hours late to Davos, Bessent says
US President Donald Trump will likely arrive at the World Economic Forum in Davos about three hours late, U.S. Treasury Secretary Scott Bessent said on Wednesday.
“I believe President Trump is going to be about three hours late,” Bessent said in response to a question about a delay to Air Force One.
Trump is scheduled to address world leaders in Davos later in the day.
END
TRUMP EUROPE GREENLAND
TACO Strikes Again: Trump Postpones Tariff Threat, Has “Framework” For Greenland Deal
Wednesday, Jan 21, 2026 – 11:30 AM
Update (1430ET): Global markets are roiling once again following a post from President Trump on his social media feed that “based upon a very productive meeting” with the NATO SecGen Mark Rutte:
“we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region.
This solution, if consummated, will be a great one for the United States of America, and all NATO Nations.
Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.
Additional discussions are being held concerning The Golden Dome as it pertains to Greenland.
Further information will be made available as discussions progress.
Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations — They will report directly to me. “
Of course, there is nothing in this statement that mentions any discussions with Greenland itself… or EU nations.
Who could have seen this coming?
As JPM noted:
- The most likely outcome is a NEGOTIATED ARRANGEMENT that expands US security/eco presence in the territory and addresses US stated objectives – stronger Arctic security posture, enhanced early warning for missile defense and access to Greenland’s natural resources – while Denmark preserves sovereignty.
- A SALE is less likely because the US does not need formal territorial control to achieve the stated objectives, and it would seem had to get approval from both Denmark and Greenland.
- An INVASION is really a tail outcome for more than one reason: polls horribly with voters and, needless to say, it would melt NATO faster than Arctic ice…
And there we go… will Denmark start buying USTs again now… with all the cash they are going to get from Trump?
Anyone else getting ‘China Trade Truce’ deja vu feelings all over again?
- Oct 26, 2025: US reaches “framework of a potential trade deal” with China
- Jan 21, 2026: US reaches “framework of a future deal” on Greenland
- END
KING NEWS
| The King Report January 21, 2026 Issue 7663 | Independent View of the News |
| Japan’s bond and note carnage spilled into other country’s debt markets. The US 10-year note yield has broken out to the upside, hitting 4.291%. We warned this was possible last week. This is the highest yield since August 2025. The US 30-year hit 4.95%; the 2-year hit 3.629%. Danish Pension Fund Akademikerpension to Exit US Treasuries (to punish DJT) – BBG The insignificant Danish pension has only $100 million in US Treasuries (as of 12/31/2025)! Mr. Bond’s global tantrum chilled bullish urges for equities and propelled precious metals to the moon. Spot Silver hit 95.8857 at 5:59 ET. Physical Gold hit 4750.94 at 9:28 ET. Copper declined smartly. Oil and gasoline rallied sharply. US equities declined sharply. ESHs opened smartly lower on Monday night and proceeded to tumble to a low of 6848.75 (-130.00) at 4:47 ET. ESHs did a 5-wave rally to 6904.75 at 10:41 ET. Sellers returned; ESHs tumbled to a daily low of 6822.50 (-154.25) at 15:14 ET. The late manipulation pushed ESHs to 6840.50 at 15:14 ET. The WEF Conference at Davos began on Tuesday. Insufferable global elites from various endeavors got their annual chance to act more important and sagacious than they really are. @OliLondonTV: Danish MEP Anders Vistisen lashes out at Trump over Greenland; tells him to “f**k off.” “Let me put this in words you might understand Mr President, f*** off.” https://x.com/OliLondonTV/status/2013694802232066298 Hapless Canadian PM Carney took time off from kissing China’s a$$ to inveigh against Trump. @Breaking911: Canadian PM Carney: “We stand firmly with Greenland and Denmark and fully support their unique right to determine Greenland’s future.” https://x.com/Breaking911/status/2013647690475753728 @visegrad24: Canada’s Prime Minister Mark Carney in Davos: “It seems that every day we’re reminded that we live in an era of great power rivalry. That the rules-based order is fading. That the strong can do what they can, and the weak must suffer what they must.” https://x.com/visegrad24/status/2013648980144423068 @TheChiefNerd: Macron tells the World Economic Forum Trump’s tariffs are “fundamentally unacceptable.” https://x.com/TheChiefNerd/status/2013648103971213440 @clashreport: French President Macron: We need more Chinese direct investment in Europe in some key sectors. (And more 3rd World migration?) @nexta_tv: At Davos, Macron Says EU Should Choose “Respect Over Bullies” – French President Emmanuel Macron arrived at the Davos Congress Centre on January 20 to address the World Economic Forum. Speaking in Davos, Macron said the EU should not bend to “the law of the strongest,” calling it staggering that the bloc is even considering using its anti-coercion instrument against the United States. “We do prefer respect to bullies. We do prefer science to politicism. And we prefer rule of law to brutality,” Macron said, speaking in English and wearing sunglasses due to an eye problem. @Inevitablewest: Trump embarrasses Emmanuel Macron on the world stage: Reporter: “Can you respond to Macron saying he will not join the board of peace?” Trump: “Nobody wants him because he’ll be out of office very soon.” https://x.com/Inevitablewest/status/2013536822685483093 Yes, Virginia, the bloated Al Gore did his climate change Cassandra act at Davos. Trump: “I like the Hells Angels. They voted for me. They protected me actually believe it or not.” Yes, Virgina, DJT is verbally incontinent. Trump: “Signed an executive order to bring back mental institutions and insane asylums. We are going to have to bring them back. Hate to build those suckers but you’ve got to get the people off the streets.” https://x.com/TheInsiderPaper/status/2013698817112056136 @RapidResponse47: POTUS on his trip to Davos: “I think, more than anything else, what I’m going to be speaking about is the tremendous success that we’ve had in one year. I didn’t think we could do this fast… We have the most successful country in the world.” (I’m going to Davos for narcistic reasons, like most others at the soiree.) https://x.com/RapidResponse47/status/2013709487425696113 @EricLDaugh: Sec. Scott Bessent is calling out Europe to their faces, on their own turf in Davos. “Just to be clear, Europe is STILL buying Russian oil!” “Still. Still! 4 years later.” “They are financing the war against THEMSELVES.” https://x.com/EricLDaugh/status/2013662402189967645 Positive aspects of previous session A sizable chunk of Earth’s miscreants was assembled in one locale. Negative aspects of previous session Equities sank on global bond market carnage. Precious metals soared. Energy commodities rose sharply. The S&P 500 and Nas 100 declined 2%+. 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]: 6819.27 Previous session S&P 500 Index High/Low: 6871.17; 6789.05 @nettermike: People mocking the idea of the U.S. buying Greenland don’t know history. 1867 – Andrew Johnson: explored buying Greenland & Iceland (right after Alaska). WWII – FDR: U.S. took over Greenland’s defense while Denmark was occupied. 1946 – Truman: offered $100M in gold to buy it. Cold War – Eisenhower → Kennedy: nonstop negotiations for bases, radar, missiles. Post–Cold War – Clinton/Bush/Obama: expanded Arctic security & missile defense. 2019 – Trump: said publicly what presidents discussed privately for 150+ years. The U.S. didn’t “suddenly” want Greenland. It’s been defending it, negotiating it, and embedding there since the 1800s. Greenland = Arctic power, shipping lanes, missiles, minerals… @Geiger_Capital: In 1917, the US bought the Virgin Islands from Denmark for $25 million… Danish leaders resisted the sale, so Sec of State Lansing warned that if they didn’t sell, we would simply take them to prevent Germany from gaining a foothold in the Western hemisphere. They soon sold. https://x.com/Geiger_Capital/status/2013663792152895639 Wells Fargo becomes first major bank to relocate wealth operations headquarters to Florida https://www.foxbusiness.com/markets/wells-fargo-becomes-first-major-bank-relocate-wealth-operations-headquarters-florida Today – In yesterday’s missive we posted: Is Mr. Bond about to induce a “phase transition” on the equity market? This dynamic appeared on Tuesday. The S&P 500 index suffered severe technical damage on Tuesday. A Bloomberg Trender ‘sell’ signal was generated. The usual suspects will try to force stocks higher to prevent Big Mo selling and a change in the extremely bullish psychology. This is why ESHs are +19.00 and NQHs are +78.00 at 20:40 ET. Expected Earnings: PG 1.86, GE 1.4, FCX .29, ABT 1.50, COF 4.15, CSX .41, INTC .09 Expected Economic Dec Pending Home Sales -0.5% m/m; Fed in blackout period for 1/27-28 meeting. S&P Index 50-day MA: 6830; 100-day MA: 6745; 150-day MA: 6593; 200-day MA: 6361 DJIA 50-day MA: 48,000; 100-day MA: 47,169; 150-day MA: 46,188; 200-day MA: 44,931 (Green is positive slope; Red is negative slope) S&P 500 Index (6796.86 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 negative – a close above 6989.29 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6847.51 triggers a buy signal DOJ serves grand jury subpoenas to Minnesota Dems in investigation of ICE obstruction Sources told Fox News that the Department of Justice served grand jury subpoenas on Tuesday to five Minnesota government offices — including the Governor’s Office, the Attorney General’s office and the Minneapolis Mayor’s Office – as part of a federal investigation into alleged conspiracy to coerce or obstruct federal law enforcement during ongoing U.S. Immigration and Customs Enforcement (ICE) operations in Minnesota. The sources said the FBI served the subpoenas, seeking records and communications. https://www.foxnews.com/politics/doj-serves-grand-jury-subpoenas-minnesota-dems-investigation-ice-obstruction-sources @JCNSeverino: Things I didn’t have on my bingo card today: Justice Jackson defending the racist Black Codes as precedent for what we should consider constitutional. https://x.com/JCNSeverino/status/2013656844649009373 @redsteeze: I have reversed my stance on cameras at SCOTUS just to see Alito’s face every time this woman speaks. (She is a national disgrace and indictment of contemporary USA! @JCNSeverino: Must Listen: Justice Alito reveals the obvious irony of citing the Black Codes as justification for Hawaii’s 2023 firearm restriction law. “They wanted to disarm the Black population in order to help the Klan terrorize them…they wanted to put them at the mercy of racist law enforcement officers. So is it not the height of irony to cite a law that was enacted for exactly the purpose of preventing someone from exercising the Second Amendment right, to cite this as an example of what the Second Amendment protects.” https://x.com/JCNSeverino/status/2013713610518741208 @HansMahn https://x.com/TVNewsNow/status/2013376901683855563 @NickFondacaro: Pam Grier recalls her mom trying to protect her from seeing lynched bodies hanging to trees in Columbus, Ohio. She noted that white families would also be lynched for supporting black families: “My mom would go, ‘don’t look, don’t look, don’t look,’ and she would pull us away because there’s someone hanging from a tree. And they have a memorial for it now where you can see where people were and left. And it triggers me today to see that a voice can be silenced and if a white family supported a black, they’re going to get burned down or killed or lynched as well.” Community Notes: The last lynching in Ohio took place in 1911 while Pam Grier was born in 1949. House Oversight Chair @RepJamesComer: Facing contempt of Congress, the Clintons’ lawyers made an untenable offer: that I travel to New York for a conversation with President Clinton only. No official transcript would be recorded and other Members of Congress would be barred from participating. I have rejected the Clintons’ ridiculous offer. The Clintons’ latest demands make clear they believe their last name entitles them to special treatment. The House Oversight Committee’s bipartisan subpoenas require the Clintons to appear for depositions that are under oath and transcribed. Former President Clinton has a documented history of parsing language to evade questions, responded falsely under oath, and was impeached and suspended from the practice of law as a result. The absence of an official transcript is an indefensible demand that is insulting to the American people who demand answers about Epstein’s crimes. As part of our investigation, the House Oversight Committee has released transcripts of interviews with former U.S. Attorney General Bill Barr and former U.S. Secretary of Labor Alex Acosta, which has provided much needed transparency to the public. Without a formal record, Americans would be left to rely on competing accounts of what was said. Former Secretary Clinton’s on-the-record testimony is necessary for the Committee’s investigation given her knowledge from her time as Secretary of State of the federal government’s work to counter international sex-tracking rings, her personal knowledge of Ms. Maxwell, and her family’s relationship with Mr. Epstein. Contempt proceedings begin tomorrow. Dems and the media stridently proclaimed for years: “NO ONE IS ABOVE THE LAW!” | |
SWAMP STORIES FOR YOU TONIGHT
Trump Says ‘Agitators’ In Minnesota Church Should Be Jailed, Wants Broader Investigation
Tuesday, Jan 20, 2026 – 07:15 PM
Authored by Jack Phillips via The Epoch Times (emphasis ours),
President Donald Trump said that people who stormed a Minneapolis church over the past weekend should be jailed, while calling on the Department of Justice (DOJ) to investigate two local Democratic politicians.
“Just watched footage of the Church Raid in Minnesota by the agitators and insurrectionists. These people are professionals! No person acts the way they act,” Trump said in a Truth Social post on early Tuesday.
The individuals who appeared at the church “are highly trained to scream, rant, and rave, like lunatics, in a certain manner, just like they are doing. They are troublemakers who should be thrown in jail, or thrown out of the Country.”
A livestreamed video posted on the Facebook page of Black Lives Matter Minnesota, one of the protest’s organizers, shows a group of people interrupting services at the Cities Church in St. Paul by chanting “ICE out,” referring to Immigration and Customs Enforcement, and “Justice for Renee Good,” a protester who was shot in Minnesota by an ICE agent as she hit him with her car while trying to escape custody. The protesters allege that one of the church’s pastors also leads the local ICE field office overseeing some operations in the Twin Cities area.
Responding to the church incident, DOJ Assistant Attorney General Harmeet Dhillon said the department is investigating federal civil rights violations who she said were “desecrating a house of worship and interfering with Christian worshippers.”
“A house of worship is not a public forum for your protest! It is a space protected from exactly such acts by federal criminal and civil laws!” she wrote in a post on social media.
Dhillon said in an interview with the Daily Wire that DOJ prosecutors went to Minneapolis on Monday to investigate the church case, suggesting that the protesters were violating the rights of the church-goers.
“You can have your protest in a park, you can have a march, you can get a permit for a large gathering, but you can’t just go wherever you want and tear things up and disrupt,” she told the outlet. “And that’s what these people did. And so now, people are afraid to go to church. And that is an absolute disgrace in this country.”
Attorney General Pam Bondi has also written that any violations of federal law would be prosecuted by the department.
In his social media post, Trump also took aim at Minnesota Gov. Tim Walz, a Democrat, and Rep. Ilhan Omar (D-Minn.), calling on the DOJ to investigate both in response to the recent unrest in Minnesota.
Both Walz and Omar have been critical of the Trump administration’s operation targeting illegal immigration in Minnesota, with Omar saying last week that the Twin Cities area is “under attack” by the federal government.
“There is no modern precedent for this level of federal overreach, violence, and lawlessness carried out in the name of immigration enforcement,” she said.
Walz also said that he believes Trump is seeking “violence in the streets” with the federal operation, adding that “Minnesota will remain an island of decency, of justice, of community, and of peace.” He then said, “Don’t give him what he wants.”
The Epoch Times contacted Walz’s and Omar’s offices for comment on Tuesday.
The Associated Press contributed to this report.
GREG HUNTER…INTERVIEWING CRAIG HEMKE:
Trump Treasury & Fed Will Run it Hot in 2026 – Craig Hemke
By Greg Hunter On January 21, 2026 In Market Analysis, Political AnalysisNo Comments
By Greg Hunter’s USAWatchdog.com
Financial writer, market analyst and precious metals expert Craig Hemke predicted at the beginning of 2024 that the US would add a whopping $2 trillion in debt. It did. At the beginning of 2025, Hemke predicted the US dollar would take a big hit. It did, and record high gold and silver prices score Hemke another bullseye. At the beginning of 2026, Hemke is predicting the Trump Treasury and Fed are going to put the pedal to the metal in running the economy. Hemke explains, “Japan had yield curve control for years. They have taken it off, and interest rates have skyrocketed. This is where we are heading in the US. In May, Trump is going to appoint a ‘yes man’ to the Fed. He’s going to replace (Jay) Powell, who will work with Scott Bessent (Treasury Secretary) and do his bidding and meld operations together. Why would they need to do that? Because they are going to run it hot. Remember, it was austerity a year ago. DOGE was going to cut $2 trillion in spending. They were going to balance the budget and all that kind of stuff. They quickly figured out that dog was not going to hunt. Now, it’s all about growing our way out of this. Scott Bessent was on TV this weekend saying we are going to grow fast enough that the interest expense, which is around 6% of GDP, is going back down to 3% of GDP. They think they can grow GDP that fast. They are going to grow GDP that fast by Trump’s ‘yes man’ cutting the short end, and if interest rates on the long end start going higher because of the inflation that it’s going to cause, they are going to come back in with yield curve control here in the US. They have done this before after World War II, and they are going to do it again as soon as this year. That is the most bullish thing that can happen for gold and silver. This is also why gold and silver have been rallying so strongly in the last 24 months.”
Hemke predicts gold will hit at least $6,000 per ounce, and silver will easily hit $130 per ounce in 2026. The industrial demand for silver is not going to let up anytime soon.
Also, central bank demand is going to continue. Hemke contends, “Two weeks after the start of the Ukraine war, the US kicked Russia out of the SWIFT system and froze its foreign currency reserves. That sparked, at the same time, global central bank gold demand that has run record buying for four years in a row. It started in 2022. Countries looked around and said, ‘Wow, if we get sideways with the US, they will do the same thing to us.’ So, they started selling their Treasuries and dollar reserves and started buying gold. There were record amounts in 2022, 2023, 2024 and another big year in 2025 for physical gold buying by central banks. We just got news today that the Polish central bank is buying another 150 metric tons of gold. They are building their gold holding to 700 metric tons. So, this global central bank demand is underpinning gold.”
In closing, Hemke says, “The Fed is saying they are going to cap interest rates. The Fed is going to be a buyer of 10-year Treasury notes at let’s say 4%. . .. With locking in rates while inflation is up there, you will have negative real interest rates. The most bullish factor for gold prices are negative real interest rates. That’s the path, and that’s where the US is headed. It will be yield curve control.”
There is much more in the 39-minute interview.
Join Greg Hunter of USAWatchdog as he goes One-on-One with Craig Hemke of the popular website TFMetalsReport.com for 1.20.26.
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:https://usawatchdog.com/trump-treasury-fed-will-run-it-hot-in-2026-craig-hemke/
There is some free information on TFMetalsReport.com including Craig Hemke’s 2026 Macrocast called, “Scott Would Like To Say Something About It.”
If you want to subscribe, use the promo code “Hunter,” and get your first month for $10. This offer is for monthly TFMetalsReport.com subscriptions only.
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SEE YOU TOMORROW
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