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EXCHANGE: COMEX
JPMORGAN STOPPED 54/108
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 1651 CONTRACTs NOTICES FOR 165,100 OZ or 5.135 TONNES
total notices so far: 10,437 contracts for 1,043,700 OR 32.619 tonnes)
SILVER NOTICES: 30 NOTICE(S) FILED FOR 0.150 MILLION OZ OZ/
total number of notices filed so far this month : 8561 CONTRACTS (NOTICES) for 42.825 million oz
NO CHANGES:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 0.810 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 44.105 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: 106/830 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 0.810 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 44.005 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 44.105 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 5.058 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 21.8302TONNES //NEW TOTAL QUEUE JUMPS 26.888//NORMAL DELIVERY OF GOLD ADVANCES TO 33.086 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 46/083 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 46.083 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: 126/83 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 HUGE SIZED 1291 CONTRACTS OI TO 153,311 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 375 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 375 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 1291 CONTRACTS AND ADD TO THE 375 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUGE SIZED GAIN OF 1666 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $1.44 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 8.330MILLION PAPER OZ
OCCURRED DESPITE OUR LOSS IN PRICE.OF $1.44
2.ASIAN AFFAIRS JAN 16/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 5.64 PTS OR 0.14%
//Hang Seng CLOSED UP 44.90 PTS OR 0.17%
// Nikkei CLOSED UP 926/36 PTS OR 1.76%
//Australia’s all ordinaries CLOSED DOWN .21%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9655
/ OFFSHORE CLOSED UP AT 6.9535 Oil DOWN TO 60.08 dollars per barrel for WTI and BRENT UP TO 64.60 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 6.9654 OFFSHORE YUAN TRADING UP TO 6.9535 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 4132 CONTRACTS TO 532,136 OI WITH OUR GAIN IN PRICE OF $74.30 WITH RESPECT TO WEDNESDAY’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 (3983). 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 532,136 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 11,847 CONTRACTS (OR 36.833TONNES). 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 VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7115 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 STRONG SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 2777 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 5.058TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 21.8130 TONNES //NEW TOTAL QUEUE JUMPS 26.888 //NORMAL DELIVERY OF GOLD ADVANCES TO 33.086 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 46.083 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 STRONG SIZED EXCHANGE FOR PHYSICAL OF 1150 CONTRACTS.
THAT IS A STRONG SIZED 2983 EFP CONTRACT WAS ISSUED: : /FEB 2983 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2983 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 WEDNESDAY NIGHT/THURSDAY MORNING WAS A STRONG SIZED 2777 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP WEDNESDAY’S 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 5.058 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 21.8302 TONNES //NEW TOTAL QUEUE JUMPS OF 26/888//NORMAL DELIVERY OF GOLD ADVANCES TO 33/086 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 46/083TONNES.
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 $74.30)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION WEDNESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL WEDNESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR JANUARY IN AN OFF MONTH. THE COMEX IS ONE BIG MESS!!
WEDNESDAY NIGHT//THURSDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. NOW JANUARY:
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR HUGE QUEUE JUMP OF 5.058 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 21.8302TONNES //NEW TOTAL QUEUE: 26.888 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 33.086 TONNES TO WHICH WE ADD OUR 3 EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 46.083TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $74.30
WE HAD A HUGE 4727 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 22
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 | 1- ENTRIES i) Into Brinks dealer: 1400.000 oz total deposit 1400.000 oz |
| 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 | 1651 notice(s) 165100 OZ 5.135 TONNES OF GOLD |
| No of oz to be served (notices) | 150 contracts 15,000 OZ 0.4665 TONNES |
| Total monthly oz gold served (contracts) so far this month | 10,487 notices 1,048,700 oz 32.619TONNES |
| 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 Brinks dealer: 1400.000 oz
total deposit 1400.000 oz
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
i) Manfra 7846.773 oz
total deposit 7846.773 oz
customer withdrawals:
0 ENTRIES
they are draining the comex of gold
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ADJUSTMENTs 2// dealer to customer
i) Brinks 5690.727 oz
ii) JPMorgan; 14.,039,682. oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 1801 CONTRACTS FOR A GAIN OF 1518 CONTRACTS.
WE HAD 108 NOTICES FILED ON WEDNESDAY, SO WE GAINED 1626 CONTRACTS OR 162,600 OZ OF A QUEUE JUMP (5.058 TONNES)
FEB LOST 17,878 CONTRACTS DOWN TO 224.850 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A WHOPPER OF A DELIVERY MONTH!!! LITTLE ROLLING TO THE NEXT DELIVERY MONTH WE HAVE ONLY 6 MORE READING DAYS BEFORE FIRST DAY NOTICE
MARCH GAINED 114 CONTRACTS UP TO 3347
We had 1651 contracts filed for today representing 165,100 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 78 notices issued from their client or customer account. The total of all issuance by all participants equate to 1651 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 121 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 (10,487) to which we add the difference between the open interest for the front month of JAN ( 1801 CONTRACTS) minus the number of notices served upon today (1651 x 100 oz per contract) equals 1,063,700 OZ OR (33.086Tonnes of gold) to which we add our exchange for risk in January of 12.997 tonnes//new standing advances to 46.083 Tonnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (10,487 x 100 oz +we add the difference for front month of JAN (18001 OI} minus the number of notices served upon today (1651x 100 oz) which equals 1063,700 OR 33.086 TONNES plus our 3 exchange for risk of 12.997 tonnes//new standing advances to 46.083 tonnes
new total of gold standing in JANUARY is 46.083 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY 46.083 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume WEDNESDAY confirmed 500,520 huge//
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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: 1,911,959.820oz 59.46 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,144,279.824 oz
TOTAL REGISTERED GOLD 18,846,066.229 or 586.19 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,298,213.595 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 16,934,107 oz ((REG GOLD- PLEDGED GOLD)=
526.72 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
JAN 22 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4 entries i) Out of Asahi 604,247.000 oz ii) JPMoorgan 1281,272.600 oz iii) Out of Looms 649,675.810 oz iv0 Out of Manfra 1614,759.250 oz total: 4,151,954.650 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) | 30 CONTRACT(S) ( 0.150 million OZ |
| No of oz to be served (notices) | 108ontracts (0.540MILLION oz) |
| Total monthly oz silver served (contracts) | 8561 contracts 42.805 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
0 ENTRIES
withdrawals: customer side/eligible
4 entries
i) Out of Asahi 604,247.000 oz
ii) JPMoorgan 1281,272.600 oz
iii) Out of Looms 649,675.810 oz
iv0 Out of Manfra 1614,759.250 oz
total: 4,151,954.650 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 8 all dealer to customer
i) Out of Asahi 606,258.650 oz
ii) Out of Brinks 313,390.350 oz
iii) Out of CNT 140,349.289 oz
iv) Out of Delaware 36,812.629 oz
v Out of HSBC: 5299.450 oz
vi) Out of JPMorgan: 534,474.500 oz
vii Out of Loomis 54,405.800 oz
viii) Out of Stonex: 85,201.900 oz
total adjusted out of the dealer: 1.763 million oz
total adjusted out of reg. to eligible: 3.175 million oz
TOTAL REGISTERED SILVER: 114.262MILLION OZ//.TOTAL REG + ELIGIBLE. 418.161 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: 270 OPEN INTEREST CONTRACTS FOR A LOSS OF 81 CONTRACTS. WE HAD 243 NOTICES FILED ON WEDNESDAY SO WE GAINED 162 CONTRACTS OR A STRONG QUEUE JUMP OF 0.810MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB LOST ONLY 36 CONTRACTS DOWN TO 2199 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A STRONG DELIVERY MONTH FOR FEBRUARY, (PROBABLY AROUND 10 MILLION OZ)
MARCH GAINED 108 CONTRACTS UP TO 100,935
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 30 or 0.150 MILLION oz
CONFIRMED volume; ON WEDNESDAY 143,091 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 8561 X5,000 oz = 42.805 MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (270) AND the number of notices served upon today (30)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (8561)Notices served so far) x 5000 oz + OI for the front month of JAN(270) minus number of notices served upon today (30)x 5000 oz equals silver standing for the JANUARY.contract month equating to 44.005MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR 20 CONTRACTS OR 0.100 MILLION OZ//NEW TOTAL STANDING FOR DELIVERY: 44.105 MILLION OZ.
NEW STANDING: 44.105 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 44.105 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 114.262 million oz of registered silver
JPMorgan as a percentage of total silver: 174.363/418.161.million: 41.62%
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 22/2026/WITH GOLD UP $75.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT WITHDRAWAL OF 4.000 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1077.66 TONNES
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: 1077.66 TONNES, TONIGHTS TOTAL
SILVER
JAN 22 WITH SILVER UP $3.20 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 1.812 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 519.752 MILLION OZ /
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 519,752 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
ALASDAIR MACLEOD..
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
Michael Oliver: T-Bond Nuclear Panic Will Send Silver VIOLENTLY to $300–$500 | Gold to $8,000
by ITM Trading
Wednesday, Jan 21, 2026 – 13:16
In a rare, no-spin interview with Daniela Cambone, veteran market technician Michael Oliver dropped a warning few are prepared to hear. This is not a bull market—it’s a regime shift. After four decades in the trenches and a prescient call ahead of the 1987 crash, Oliver says the system has crossed a critical threshold. The tell? November’s violent breakout in silver versus gold, snapping a multi-year ceiling. History shows what comes next: vertical repricing lasting quarters, not years. Oliver’s momentum models point to chaos in paper markets—and eye-watering targets ahead: silver at $300–$500, gold at $8,000. Buckle up.
Follow Daniela on X: Daniela Cambone
About ITM Trading: ITM Trading has been a trusted leader in precious metals for over 28 years, helping clients protect and grow their wealth with custom gold and silver strategies designed for economic downturns and currency resets.
Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.
END
GOLD/
HUGE STORY!! WHERE ARE THEY GOING TO GET THIS HUGE AMOUNT OF GOLD!!
Poland to Buy 150 Tons More Gold, Approves up to 36.6% Held
by VBL
Wednesday, Jan 21, 2026 – 9:30
GFN – WARSAW Poland’s central bank has approved a plan to purchase up to 150 tons of gold, reinforcing its position as the world’s largest reported sovereign buyer and accelerating a reserve strategy that could place the country among the top ten gold-holding nations globally.
The National Bank of Poland said Tuesday the new purchases would significantly expand its bullion holdings, which already reached 550 tons at the end of 2025 following a record 100-ton accumulation last year, the largest declared central-bank purchase reported to the International Monetary Fund. At current market prices, the new buying program would be worth nearly $23 billion and exceed the total gold reserves of several large economies, including Brazil and Mexico.
“This will place Poland among the elite 10 countries with the largest gold reserves in the world.” –Bloomberg
Central-bank gold accumulation has been a major driver of the metal’s rally, which has doubled prices over the past 18 months. Buying accelerated sharply in 2022 after Russia’s foreign-exchange reserves were immobilized, highlighting bullion’s role as a reserve asset that cannot be frozen by foreign authorities.
Governor Adam Glapiński said last week that he intends to raise the ceiling for Poland’s gold holdings to 700 tons, up from the current 550-ton level. Until now, the central bank was permitted to allocate up to 30 percent of its total reserve assets to gold. He added that there is no fixed timeline for reaching the new target.
The latest decision confirms Poland’s long-running shift toward bullion as a strategic reserve anchor, positioning the country alongside long-established gold holders in Europe and reinforcing gold’s growing role in sovereign reserve management amid rising geopolitical and financial fragmentation.
Poland currently holds approximately 550 tons of gold within total reserve assets of about $271 billion. At a gold price of $5,000 per ounce, those existing holdings equate to roughly $88 billion in value. If the National Bank of Poland completes its planned 150-ton purchase, total gold holdings would rise to 700 tons, valued near $112.5 billion, lifting Poland’s total reserves to approximately $295 billion on a mark-to-market basis. Under that framework, gold would represent about 38 percent of Poland’s total reserve assets, positioning the country among the most gold-concentrated reserve portfolios in the developed world.
Appendix: Data Box
Using the latest end-December 2025 NBP reserve total ($271.1bn) and the reported end-2025 gold stock (~550 tonnes) worth about $76.5bn :
- Current gold share (end-2025): $76.5bn / $271.1bn ≈ 28.2%
- Implied value per tonne: $76.5bn / 550t ≈ $139.1m per tonne
- Value of +150t (at same implied valuation): 150t × $139.1m ≈ $20.9bn
- New gold value: $76.5bn + $20.9bn ≈ $97.4bn
- New total reserves (no selling of anything else): $271.1bn + $20.9bn ≈ $292.0bn
- Gold as % of total reserves after +150t: $97.4bn / $292.0bn ≈ 33.3%
So under that price assumption, Poland would move from ~28% gold to about 33% gold of total reserves.
At $5,000 gold, with 700 tonnes and no asset sales, Poland’s gold would represent approximately 36.6% of total central-bank reserves.
end
COCOA
Cocoa Prices Set For Worst Monthly Drop On Record As Demand Craters
Thursday, Jan 22, 2026 – 05:45 AM
Cocoa futures in New York tumbled to two-year lows as fresh grinding data confirmed that consumers are balking at high chocolate prices.
Contracts are now down more than 28.5% on the month, and if the decline holds through the end of next week, January would register the largest monthly percentage drop on record, with Bloomberg data going back to 1970.
The great cocoa panic of 2023-24, which sent prices from $2,190 a ton to as high as $13,000 a ton by December 2024, has now retraced nearly the entire bull move to the 76.4% Fibonacci level. This latest downward pressure comes as new grinding data in Europe, cited by Bloomberg, shows clear demand deterioration:
- Demand is deteriorating: European cocoa grindings fell to the lowest quarterly level since 2013, Asia also declined, while North America was roughly flat.
- Reduced grindings have hit processors hard: Barry Callebaut AG reported a 22% drop in cocoa division volumes and nearly 10% lower overall sales volumes.
Goldman analyst Natasha de la Grense provided clients with more color on Barry Callebaut’s earnings, which showed negative market demand for chocolate:
Barry Callebaut – Q1 volumes in line (-9.9%) with a better outcome in Gourmet (-3.6% vs -5.5%) and Food Manufacturers (-7.4% vs -8.0%) offset by worse volumes in Cocoa Products (-22% vs -16.5%). The miss at the latter was impacted by negative market demand notably in AMEA and the prioritisation of volume towards higher return segments. Pricing was +19% YoY (vs +40% last quarter) so sequentially improving and now passed its peak. They say that global chocolate volumes were -6.8%. No change to FY26 outlook but they note lower bean prices are encouraging for chocolate market stabilisation. With this release, a new CEO has been announced which is a bit of a surprise (and Mr Feld is leaving almost immediately). However, the newly appointed Mr Schumacher is former CEO of Unilever and well-liked by investors. On the call, the Chairman suggested there will be no major change in strategy or need for reinvestment under new management. Note that BC also said it is committed to its integrated business model which should pour cold water on speculation around a split.
Barry Callebaut CFO Peter Vanneste told investors on an earnings call, “We believe consumers will adapt and adjust to these new price levels and ultimately continue to buy chocolate given the high engagement of the category.”
We told readers in December that sliding cocoa prices would produce “Tailwinds” for the badly beaten-down Hershey stock …
Read the note here.
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
2.ASIAN AFFAIRS JAN 22/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 5.64 PTS OR 0.14%
//Hang Seng CLOSED UP 44.90 PTS OR 0.17%
// Nikkei CLOSED UP 926/36 PTS OR 1.76%
//Australia’s all ordinaries CLOSED DOWN .21%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9655
/ OFFSHORE CLOSED UP AT 6.9535 Oil DOWN TO 60.08 dollars per barrel for WTI and BRENT UP TO 64.60 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 6.9654 OFFSHORE YUAN TRADING UP TO 6.9535 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9655
OFFSHORE YUAN: UP TO 6.9535
HANG SENG CLOSED UP 44.90PTS OR 0.17%
2. Nikkei closed UP 926.36 PTS OR 1.76%
WEST TEXAS INTERMEDIATE OIL DOWN 60.08
BRENT; 64.60
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 99.56 /// EURO RISES TO 1.1653 UP 21 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.250/ DOWN 4 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: 3.677 DOWN 2 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
6.25 VS 64.79
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.8650 Italian 10 Yr bond yield UP to 3.501 SPAIN 10 YR BOND YIELD DOWN TO 3.250
3i Greek 10 year bond yield UP TO 3.464
3j Gold at $4825/00 Silver at: 93.70 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 1 AND 24/100 roubles/dollar; ROUBLE AT 75.75
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 0.7934 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9277 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: 4.235 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.851 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.591 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.30 DOWN 0 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.422 DOWN 4 PTS
30 YR UK BOND YIELD: 5.161 DOWN 5 BASIS PTS
10 YR CANADA BOND YIELD: 3.416 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.951 UP 1 BASIS PTS.
1a New York OPENING REPORT
US Futures, Global Markets Rally After Trump Greenland Pivot
Thursday, Jan 22, 2026 – 08:30 AM
US equity futures and global stocks are sharply higher as the S&P again marches toward a new ATH while the latest vol spike subsides, after Trump’s tariff pivot eased geopolitical fears, though Greenland and other flashpoints mean the optimistic mood is laced with some caution. As of 8:00am ET, S&P 500 futures rose 0.5% after the benchmark’s biggest advance since November as a relief rally over President Donald Trump’s pivot on Greenland continued, with a flurry of activity in the artificial-intelligence space adding support to tech stocks: Nasdaq 100 futures climbed 0.8% as names linked to the build-out of AI-infrastructure outperformed in premarket trading, while all Mag 7 members advanced in premarket trading with Fins/Industrials also standout performers as Staples are mostly lower. The 10-year is flat 4.24%, dollar similar DYX $99 and Bitcoin same place as yesterday $89.8k. Commodities are mixed: nat gas surges for a third day of follow through up 14% prompt to $5.56 – highest level since late 2022 – on bruising cold across the US, while crude, copper, gold all taking a breather this morning as WTI may fall below $60/bbl. Today’s macro data gives an update on Q3 metrics, November spending / PCE, and new jobless claims.
In premarket trading, Mag 7 stocks are rallying alongside index futures (Alphabet +2%, Tesla +1%, Microsoft +0.8%, Amazon +1%, Nvidia +0.9%, Apple +0.5%, Meta +1.9%)
- Venture Global Inc. (VG) is up 10% after the company won a dispute with Spain’s Repsol SA involving the sale of liquefied natural gas shipments from its export plant in Louisiana.
- Abbott (ABT) falls 4% after posting fourth quarter results.
- Axogen (AXGN) is down 7% after the health care firm said it will offer $85 million of shares of its common stock.
- Knight-Swift (KNX) falls 2% after the freight transportation company posted fourth quarter earnings that fell short of expectations.
- Mobileye (MBLY) drops 6% after the maker of software and hardware technology for automobiles provided revenue guidance for 2026 missed the average analyst estimate.
- Procter & Gamble Co. (PG) slips 1.6% as growth in a key sales metric stagnated in the latest quarter while volume slipped, showing that US consumers spent cautiously in the final months of the year.
- Rocket Lab (RKLB) falls 2% after the company said qualification testing of the Stage 1 tank resulted in a rupture during a hydrostatic pressure trial.
- Sphere Entertainment (SPHR) rises 3% as BTIG upgrades the live entertainment and media company to buy, citing multiple catalysts driving the stock’s upside potential.
In corporate news, Lululemon’s founder lashed out over the company’s latest product flop, calling it a “total operational failure” that he blamed on the company’s board of directors. GameStop CEO disclosed the purchase of 500,000 shares of the gaming retailer, sending the stock higher in premarket trading.
The rebound in stocks followed Trump’s announcement of a framework agreement with NATO to end a days-long standoff over Greenland. The rally gained momentum on Thursday as NATO’s chief said the breakthrough didn’t involve discussion of the territory’s sovereignty, easing concerns over a key sticking point, focusing rather on the broader issue of security.
This week’s events have rewarded TACO trade dip buyers, while also serving as a reminder that volatility is never far away. Fundamentals for 2026 still look excellent, according to Tikehau Capital’s Raphael Thuin. There’s “a rare alignment of stars” going on, with double-digit earnings expected, good economic growth and possible rate cuts.
“Despite a very positive market narrative about 2026, geopolitical crisis and US tariffs can fuel volatility spikes at any time,” said Raphael Thuin, head of capital markets strategies at Tikehau Capital in Paris. “The fast-changing AI industry, like last year, also represents both a big upward potential as much as a potential downward risk.”
Sentiment was also lifted after Japanese bonds rebounded for a second straight session.
Small-cap stocks look set to continue their strong run after outperforming the S&P 500 for 13 straight sessions, with contracts on the Russell 2000 broadly tracking those on the S&P 500 on Thursday.
Meanwhile, the AI narrative is back, with Asian chip stocks surging after Wednesday’s bullish comments on AI spending from Nvidia’s Jensen Huang. The theme is getting more juice from news that Anthropic’s revenue run rate is said to have more than doubled since last summer. News that Alibaba Group Holding Ltd. is preparing to list its chipmaking arm added to a series of upbeat moves in tech after bullish comments from Nvidia Corp. Details emerged that Anthropic PBC’s revenue run rate has more than doubled since last summer, while OpenAI was locked in talks about a fresh funding round at a marked-up valuation.
In geopolitics, NATO’s chief said a breakthrough over Greenland was secured without discussing the territory’s sovereignty with Trump, focusing rather on the broader issue of security. Ukraine’s Zelenskiy arrived in Davos to meet with Trump. Speakers at the event today include Elon Musk and Larry Fink. Amid renewed speculation that foreigners may sell US assets, JPMorgan strategists said there’s been little sign of foreign investors shunning US assets amid the Greenland tensions.
In other assets, Goldman raised its December 2026 gold price forecast by more than 10% to $5,400 an ounce, on the assumption that investors who bought gold as a hedge will maintain positions. Global natural gas prices continue to soar amid freezing weather. A sweeping crypto market bill is likely to be delayed by several weeks as key lawmakers shift their focus to potential housing legislation in support of Trump’s affordability push.
Out of the 52 S&P 500 companies that have reported so far in the earnings season, 83% have managed to beat analyst forecasts, while 12% have missed.
PCE data for October and November will likely corroborate evidence that tariff pass-through is fading. That could support the case for rate cuts later in the year. Trump suggested that’s he’s down to just one choice for next Fed chair, and said Rick Rieder and Kevin Warsh are good options.
In Europe, the Stoxx 600 is up 0.9% after four days of declines, with telecoms, construction and auto sectors leading the gains. Here are the biggest movers Thursday:
- Orsted rallied as much as 5.5% after Oddo BHF upgraded to outperform from neutral, citing a “structural change of regime at the Danish offshore wind developer
- Volkswagen shares rise as much as 6.1% after the German carmaker delivered a positive surprise on free cash flow in its automotive division, driven by improvements in working capital and lower investment spend
- AB Foods climbs as much as 1.5% after the conglomerate reported first-quarter constant currency sales which Shore Capital analyst Clive Black (hold) said were “a bit better” than the group guided for earlier this month
- Aryzta shares jump as much as 14%, the most in more than three years, as analysts see the Swiss baker’s 2025 performance and outlook for the coming year as a first step to regain investor trust
- Baltic Classifieds Group shares rise as much as 6.9% after Morgan Stanley initiates the online classifieds company at overweight, citing its regional leadership position across verticals and a favorable macro backdrop
- Basic resources is the worst-performing sector in Europe on Thursday after copper declined to its lowest intraday level in almost two weeks, weighing on miners
- Essity drops as much as 5.3%, with a miss on sales overshadowing an adjusted Ebita beat by the Swedish personal care products producer
- Bankinter shares decline as much as 2.9%, the only lender declining on the Stoxx 600 Banks Index, after the Spanish bank reported earnings in line with analysts expectations
- Wickes shares climb as much as 2.2% after the home improvement products retailer reported “solid” second-half results, with analysts encouraged by evidence of market share gains
Earlier in the session, Asian stocks advanced, poised to snap a three-day losing streak, after US President Donald Trump retreated from his tariff threat on European nations and investors returned to tech stocks. The MSCI Asia Pacific Index gained 0.7%, boosted by tech shares — including TSMC and Samsung Electronics — after Nvidia CEO Jensen Huang’s comment about AI spending fueled optimism for the sector. South Korea’s stock benchmark Kospi briefly crossed the 5,000-level, a threshold targeted by the country’s president during his campaign last year.
In FX we saw muted moves with the dollar little changed. The pound was little changed.
In rates, treasuries are little changed, lagging most European bond markets but outperforming gilts, hit by potential UK leadership challenge to Prime Minister Starmer. Focal points of US session include weekly jobless claims and November personal income and spending data — which embeds PCE price indexes — and $21 billion 10-year TIPS auction. US 10-year yield near 4.24% is within 1bp of Wednesday’s closing level with UK counterpart about 2bp cheaper on the day and Germany’s richer by about 1.5bp. Gilts underperformed European peers after a pathway for a potential leadership challenge against Prime Minister Keir Starmer emerged.
In commodities, gold erases an earlier decline, trading little changed around $4,830/oz. Oil prices falling, with Brent slipping toward $64/barrel and extending after Trump comments on potential talks with Iran. Gas surged 14% to $5.56, its third day of gains, on freezing cold.
US economic calendar includes third estimate of 3Q GDP and jobless claims (8:30am), November personal income and spending (10am) and January Kansas City Fed manufacturing activity (11am)
Market Wrap
- S&P 500 mini +0.6%
- Nasdaq 100 mini +0.8%
- Russell 2000 mini +0.5%
- Stoxx Europe 600 +1.3%
- DAX +1.4%
- CAC 40 +1.3%
- 10-year Treasury yield little changed at 4.24%
- VIX -0.8 points at 16.07
- Bloomberg Dollar Index little changed at 1205.89
- euro little changed at $1.1687
- WTI crude -1.1% at $59.93/barrel
Top Overnight News
- NATO Secretary General Mark Rutte said Greenland’s sovereignty wasn’t discussed with Trump but that talks centered on Arctic security in a “practical sense.” BBG
- Emboldened by the U.S. ouster of Venezuelan President Nicolás Maduro, the Trump administration is searching for Cuban government insiders who can help cut a deal to push out the Communist regime by the end of the year. WSJ
- US House GOP leaders are struggling to strike a deal with Republican hard-liners tonight that would allow the final government funding package to advance. “The Rules Committee recessed Wednesday evening without a solution. Senior Rs hope to reconvene the panel by 9 pm”: Politico
- Volodymyr Zelenskiy is traveling to Davos to meet with Trump, a person familiar said. US envoys Steve Witkoff and Jared Kushner will go to Russia for talks with Vladimir Putin. BBG
- It took just $280 million of trading to push Japan’s government bond market into meltdown, with a $41 billion wipeout across the Japanese curve. The disconnect between the size of the wipeout and the amount that actually traded shows how Japan’s sometimes illiquid bond market has become a weak spot in the global financial system. BBG
- For the first time since the start of the private-credit boom, large numbers of individual investors are trying to get their money out. Several of the biggest funds eligible to wealthy individuals received requests from about 5% of shareholders to cash out at the end of last year, well above the normal volume, according to SEC filings. WSJ
- South Korea isn’t delaying the first $20 billion tranche of its US investment pledge, Finance Minister Koo Yun Cheol said. Project selection is ongoing, making execution unlikely in the first half. BBG
- Japan’s exports rose a less-than-expected 5.1% in December. South Korea’s economy unexpectedly shrank last quarter. The Malaysian central bank kept its policy rate at 2.75% as expected. BBG
- US natural gas surged to the highest since 2022, jumping more than 70% in three days as brutal cold lifts demand amid short covering. A storm is set to hit starting tomorrow, plunging Texas into a deep freeze that may also disrupt production. BBG
- The Fed will finally get core PCE data for October and November today. Both headline and core inflation are expected to rise year on year, but the monthly figures will probably indicate that tariff pass-through is fading. BBG
Trade/Tariffs
- Switzerland’s Parmelin via X said he had a very constructive talks with USTR Greer.
- UK Business Secretary Kyle said the European customs unions is not currently on the radar of the UK government.
- China’s Commerce Ministry said China is concerned with the EU excluding some of Chinese tech suppliers.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded entirely in the green, tracking the rebound on Wall Street after President Trump withdrew plans for additional tariffs on EU countries. ASX 200 opened around +0.8%, lifted by the improved global tone after US tariff removal, though the index later dipped following a hotter-than-expected Australian jobs report. Nikkei 225 posted firm gains of nearly 2%, snapping a five-day losing streak as chipmakers and financials advanced and JGBs stabilised. Hang Seng and Shanghai Comp the laggards, despite a brief recovery tech and easing trade-tension concerns after the US rollback of tariffs.
Top Asian News
- Australia’s Nationals Leader said coalition can no longer continue.
European equities (STOXX 600 +1.3%) are firmer across the board. Sentiment has tracked tailwinds from APAC and Wall St which traded higher after market sentiment was kept at ease following Trump’s Davos speech where he vowed to not use military action against NATO allies and later withdrew tariff plans on some European countries. European sectors are all in the green. Autos takes the top spot, boosted by gains in Volkswagen (+5%) and Michelin (+3.3%) after providing positive trading updates.
Top European News
- German Chancellor Merz said there needs to be significant defence investment.
FX
- DXY is currently flat and trades within a narrow 98.72 to 98.82 range; the low for the day coincides with its 200 DMA. Some further pressure in the index could see the test of its 100 DMA (98.69).
- Focus this morning has been solely on US President Trump, who provided updates on both Greenland and the Fed. Starting with the former, Trump mentioned that he had a very productive meeting with NATO’s Rutte, and they have formed a framework for a future deal. Notably, Trump announced that the scheduled tariffs on eight European countries would not go ahead – leading to a familiar “TACO” trade to take place across markets. Elsewhere, on the Fed, Trump said he would like to keep NEC Director Hassett when he is, and now has two or three left in mind for the Chair role. This follows familiar commentary from last Friday, which spurred some strength in the Dollar as markets come to terms with a potentially less dovish appointment; Polymarket odds show Warsh (44%) as the favourite, Rieder (31%) and then Waller (14%).
- G10s are broadly firmer against the Dollar; Antipodeans lead with clear outperformance in the AUD after a hotter-than-expected jobs report. Elsewhere, the JPY is the G10 underperformer this morning, and trades within a 158.17 to 158.89 range; high for the day marks a WTD peak, though still shy of its YTD high at 159.45. Overnight pressure in the JPY was attributed to December exports/trade balance missing expectations. Since, the JPY was mildly strengthened on reports that Japan now forecasts the primary balance to be in a deficit (prev. forecast surplus) in FY26. At face value, a negative, but perhaps given the relatively small deficit amount, eases recent fiscal-related fears.
- Finally, Norges Bank kept rates steady at its January meeting and largely reiterated the commentary/guidance from the December confab. As such, there was little reaction in EUR/NOK.
Fixed Income
- A relatively contained start for fixed income after a tumultuous first few sessions of the week.
- As it stands, the complex is awaiting geopolitical updates from the numerous meetings and briefings scheduled for today, the first of which is due now at the Peace Board signing with President Trump. From these, we look for clarity that the TACO narrative around Greenland is correct, and if the reporting around a deal like the one the UK has with Cyprus is correct.
- For fixed, this leaves USTs and Bunds firmer with gains of three and 13 ticks respectively. Just eclipsing Wednesday’s 111-22 best for USTs, while Bunds have a little way to go to first recoup the 128.00 figure and then get to Wednesday’s 128.25 high.
- Gilts outperform, on the back of a smaller-than-expected level of UK borrowing in December. The latest PSNB figure of GBP 11.6bln was around GBP 2.5bln below consensus. Despite the elevated level and still precarious state of UK finances, the December print has been enough to lift Gilts by 39 ticks at best to a 92.12 peak, eclipsing Wednesday’s 92.04 best but still shy of the 92.51 WTD peak from Monday.
Commodities
- Crude is on the backfoot, as the TACO trade takes the sting out of a near-term escalation on Greenland. However, we still wait to see details on how the deal will be done and exactly what the US will walk away with and demand; initial reporting suggests it will be similar to the UK-Cyprus arrangement. Further pressure also stemming from the Private inventory report, which posted a larger-than-expected headline crude build. WTI and Brent down to USD 60/bbl and USD 64.57/bbl, lower by c. USD 0.60/bbl.
- European gas is on the back foot, lower by around a EUR/MWh for Dutch TTF. However, this comes after the benchmark extended to a EUR 41.92/MWh peak early doors, a move driven by US NatGas settling higher by some 25% on Wednesday, alongside continued focus on the European & APAC cold spell.
- Spot gold has been tarnished by the removal of near-term risk premia by Trump’s tariff U-turn. However, the numerous geopolitical meetings and opportunities for commentary today mean a return of premia is a real possibility. As it stands, XAU is holding at USD 4822/oz, having recovered from the USD 4772/oz overnight low but pushed lower once again in recent trade after the PBoC commentary that they will be increasing their supervision of the gold market.
- US Energy Secretary Wright said global oil production would need to more than double to meet rising demand and prevent energy poverty.
- US President Trump is reportedly personally controlling the release of funds generated from Venezuela’s oil, Semafor reported citing an official.
- PBoC to reportedly strengthen supervision of the gold market, via Xinhua.
- Japanese copper smelters reportedly remain in discussions over charges for 2026 with miners.
- China’s UBS SDIC silver futures fund will be suspended form market open until 10:30 am local time (2:30am GM) on the 23rd January.
- MMG (1208 HK) reported Q4 copper production of 108.6k/T of output, -7% Y/Y.
- Goldman Sachs raises its year-end gold price target to USD 5,400/oz (prev. USD 4,900/oz).
- US Private Inventory Data (bbls): Crude +3.0mln (exp. +1.8mln), Distillate -0.03mln (exp. -0.2mln), Gasoline +6.2mln (exp. +2.5mln), Cushing +1.2mln.
Geopolitics: Ukraine
- Russia’s Kremlin said meeting between US envoy Witkoff and Russian President Putin will be after 7-8pm Moscow time.
- US President Trump and Ukrainian President Zelensky are set to meet at 12:00 GMT, via a Spokesman.
- US envoy Witkoff said a lot of progress has been made on Ukraine, getting to the end. Believes tariff free zone would be a gamechanger.
- Ukraine’s top negotiator Umerov said he met with US envoys Witkoff and Kushner, discussed security guarantees and post-war reconstruction.
Geopolitics: Middle East
- A Palestinian source said there is an understanding between Hamas and the US administration that the organization will hand over its weapons and tunnel maps in exchange for recognition as a political organisation, via Sky news.
- US ambassador said all options are on the table [on Iran] and President Trump will keep his promise.
- Israeli military source quoted by local press: “The US military is mobilizing large capabilities in the region in preparation for the possibility of a large-scale confrontation with Iran”, Sky News Arabia reported. “Concern in Tel Aviv that Washington will strike Iran hard at first and then withdraw its forces quickly and leave Israel facing a new reality on the ground”. “Tel Aviv doubts the ability of the United States to find a real alternative to the Iranian regime in the event of its overthrow”.
Geopolitics: Others
- The Trump administration is actively seeking regime change in Cuba by the end of 2026, the WSJ reported citing sources; the administration assess Cuba’s economy as weak following the capture of Venezuela’s Maduro.
- The proposal by NATO’s Rutte does not include the transfer of overall sovereignty, Axios reported citing sources; the plan includes the increase of security in Greenland and NATO activity in the Arctic.
- NATO’s Secretary General Rutte said the issue of Greenland remaining with Denmark did not come up in his conversation with President Trump.
- NATO’s Rutte said there is still a lot of work to be done for the Greenland deal, AFP reported.
- US President Trump’s deal for Greenland is said to involve small pockets of land, according to NYT.
- Greenland deal is reportedly to involve small pockets of land, the NYT reported.
- German Finance Minister, on US President Trump’s Greenland deal, said have to wait and not get hopes up too soon.
US Event Calendar
- 8:30 am: 3Q T GDP Annualized QoQ, est. 4.3%, prior 4.3%
- 8:30 am: 3Q T Personal Consumption, est. 3.5%, prior 3.5%
- 8:30 am: 3Q T GDP Price Index, est. 3.8%, prior 3.8%
- 8:30 am: 3Q T Core PCE Price Index QoQ, est. 2.9%, prior 2.9%
- 8:30 am: Jan 17 Initial Jobless Claims, est. 209k, prior 198k
- 8:30 am: Jan 10 Continuing Claims, est. 1890k, prior 1884k
- 10:00 am: Nov Personal Income, est. 0.4%
- 10:00 am: Nov Personal Spending, est. 0.5%
- 10:00 am: Nov Real Personal Spending, est. 0.3%
- 10:00 am: Nov PCE Price Index MoM, est. 0.2%
- 10:00 am: Nov PCE Price Index YoY, est. 2.79%
- 10:00 am: Nov Core PCE Price Index MoM, est. 0.2%
- 10:00 am: Nov Core PCE Price Index YoY, est. 2.8%
DB’s Jim Reid concludes the overnight wrap
Now where were we before the weekend news? We’ve seen a big recovery over the last 18 hours after Mr Trump has seemingly agreed a deal on Greenland with the tariff threat for February 1st being withdrawn.
Indeed, the lows for the week came pretty much just before Mr Trump spoke at Davos. The first sense of relief for markets came after Trump’s suggestion that the US wouldn’t use force to acquire Greenland. This then strengthened after the European close, as Trump posted that he would not be imposing the threatened tariffs starting February 1st, citing agreement on “the framework of a future deal with respect to Greenland”. So that led to a big relief rally as investors priced out escalatory scenarios, with financial stress easing across multiple asset classes. The S&P (+1.16%) rose, and the return to US assets meant 10yr Treasury yields rallied by -5.0bps, and US HY spreads (-7bps) also tightened. That said, gold prices (+1.43%) hit another record of $4,832/oz, taking its YTD gain up to +11.86% already, even as they briefly fell to flat on the day after Trump’s post.
The framework deal over Greenland was apparently reached in Trump’s meeting with NATO Secretary General Rutte. Trump did not offer specific details but called the deal “a little bit complex” in a CNBC interview, suggesting that it would cover issues like mineral rights and the planned Golden Dome missile-defence shield and would last “forever”. The New York Times reported that a compromise option discussed within NATO earlier in the day would see the US taking control over small pockets of Greenland for military bases, with Axios reporting that the proposal will respect Denmark’s overall sovereignty over the island. So, while it’s not yet clear exactly what concessions the US will be getting, these appear to have been markedly scaled back compared to Trump’s recent demands for “complete and total control” of Greenland.
Earlier in the session, markets had rallied after Trump said in his Davos speech that “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”, which eased fears about a military escalation. However, there was still lingering uncertainty as Trump also said he was “seeking immediate negotiations to once again, discuss the acquisition of Greenland by the United States”. Indeed, markets gave up much of their initial gain after Denmark’s foreign minister Lars Lokke Rasmussen said “We will not enter into any negotiations on the basis of giving up fundamental principles. That is something we will never do”. His tone changed after Trump’s announcement of a framework deal, with Rasmussen saying “The day is ending on a better note than it began”.
Risk assets similarly breathed a big sigh of relief after Trump’s post, with the S&P 500 rising by as much as +1.67% intra-day before closing +1.16%. This was a broad rally with all 11 of the index’s sector groups higher on the day, with tariff-sensitive sectors outperforming. Indeed, the Philadelphia Semiconductor Index (+3.18%) hit an all-time high, while the pharma & biotech industry group (+2.34%) was one of the biggest advancers in the S&P 500. Still, the relief rally left the S&P nearly one percent below Friday’s close. Another US asset that struggled to fully recover was the dollar. The greenback rose +0.34% against the euro, erasing about a third of its decline since Friday.
Whilst the Greenland news was main the driver boosting markets, another supportive factor was the start of the Supreme Court case into Lisa Cook’s removal from the Fed’s Board of Governors. We don’t have a verdict yet, but the start of arguments showed that some of the conservative justices were questioning some of the Trump administration’s arguments. For example, Justice Brett Kavanaugh said that it would “weaken if not shatter the independence of the Federal Reserve.” So that was viewed as favouring the chances the court would rule against Cook’s removal, which in turn would make it harder for Trump to refashion the Board with his own appointees.
Together with the Greenland news, this helped drive a bull flattening in Treasuries. At the long-end of the curve, which has been most sensitive to concerns around Fed independence, 30yr yields were down -5.7bps on the day to 4.86%, whilst the 10yr yield fell -5.0bps to 4.24%. By contrast, 2yr yields fell by a marginal -1.1bps on the day, having been down -3bps intra-day shortly before Trump spoke in Davos. Yields are flat to a basis point higher across the curve this morning.
Over in Europe, markets had a relatively weaker performance, with bonds and equities struggling to gain traction but rallying from the day’s lows after the Trump speech with futures higher this morning. The STOXX 600 (-0.02%) was basically flat on the day, with losses for Germany’s DAX (-0.58%) set against gains for the UK’s FTSE 100 (+0.11%) and France’s CAC 40 (+0.08%). Notably, we also saw European defence stocks underperform as fears eased about a military escalation, with Rheinmetall down -2.91%. However, Stoxx (+1.17%) and Dax (+1.27%) futures are higher this morning.
Then for sovereign bonds, there was also a fresh bout of losses, with yields on 10yr bunds (+2.4bps), OATs (+1.7bps) and BTPs (+2.8bps) all moving higher. That comes as concerns around energy inflation have continued to gain traction, with European natural gas futures touching €40/MWh for the first time since June amid recent cold weather and declining gas storage.
Here in the UK, 10yr gilts (0.0bps) were a relative outperformer after the latest inflation print for December. It showed headline CPI picking up a bit more than expected to +3.4% (vs. +3.3% expected), but core CPI surprised on the downside at +3.2% (vs. +3.3% expected) which helped to offset the headline beat.
In Asia, the Nikkei (+2.01%) is leading the gains driven by bank stocks with the KOSPI (+0.87%) supported by chipmakers and autos. The S&P/ASX 200 (+0.75%) is also firm following unexpectedly robust jobs data for December (details below). Conversely, Chinese stocks are flattish. S&P 500 (+0.20%) and Nasdaq (+0.30%) futures are edging up further. 10 and 30yr JGB yields are -4.0bps and -5.0bps lower respectively.
Returning to Australia, the unemployment rate has decreased to a seven-month low of 4.1% from 4.3% in November, better than market expectations of 4.4%. Net employment surged by 65,200 in December compared to November, which saw a revised drop of 28,700. This figure significantly exceeded market forecasts of a 27,000 increase, while full-time employment rebounded by 54,800, in contrast to a decline of 56,500 in the preceding month. Against this background, the Australian dollar (+0.62%) is appreciating, trading at 0.6804 against the US dollar, marking its highest level in 15 months, while three-year government bond yields (+7.6bps) have reached a more than two-year high of 4.25% as we go to print. Meanwhile, markets are anticipating a 61% probability of a rate hike from the RBA on February 3rd, an increase from 26% prior to the data release.
Separately, exports in Japan increased for the fourth month in a row, rising by +5.1% year-on-year in December. This marks a decrease from the +6.1% increase observed in November and fell short of the median prediction of a +6.1% gain. Meanwhile, imports grew +5.3% year-on-year, surpassing the anticipated rise of +3.6%. This indicates stronger domestic demand and elevated input costs. Consequently, Japan reported a trade surplus of ¥105.7 billion, which is considerably less than the expected surplus of approximately ¥360.0 billion.
Looking at the day ahead, US data releases include the weekly initial jobless claims, the updated estimate of Q3 GDP and PCE inflation for November. In the Euro Area, we’ll also get the European Commission’s preliminary consumer confidence indicator for January. From central banks, we’ll get the ECB’s account of their December meeting. Finally, today’s earnings include Intel, General Electric, and Procter & Gamble.
1b European opening report
1c) Asian opening report
Tension eases after Trump withdrew tariff plans on Europe; European equity futures firmer – Newsquawk European Opening News
Thursday, Jan 22, 2026 – 01:41 AM
- US President Trump said he had a very productive meeting with NATO’s Rutte, and they have formed a framework of a future deal; will not be imposing the tariffs that were scheduled to go into effect on February 1st.
- The proposal by NATO’s Rutte does not include the transfer of overall sovereignty, Axios reported citing sources; the plan includes the increase of security in Greenland and NATO activity in the Arctic.
- US President Trump said he likes keeping NEC Director Hassett where he is; down to two or three for Fed Chair; “probably down to one in my mind.”
- DXY consolidated after Wednesday’s gains; AUD outperformed following a hot jobs report.
- European equity futures point to a strong open, with the Euro Stoxx 50 future up 1% after Wednesday’s cash close of -0.4%.
- Highlights include 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), ECB Minutes (Dec), Norges Bank Policy Announcement, CBRT Policy Announcement, Norges Bank’s Bache, US President Trump, Supply from France, US.
- Earnings: Intel, Procter & Gamble, Freeport McMoRan, Ge Aerospace, Abbott, LVMH
- Click for the Newsquawk Week Ahead.
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US TRADE
EQUITIES
- US stocks rose on Wednesday after President Trump ruled out military action to acquire 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.
- SPX +1.16% at 6,876, NDX +1.36% at 25,327, DJI +1.21% at 49,077, RUT +2.00% at 2,698.
- Click here for a detailed summary.
NOTABLE HEADLINES
- US House GOP leaders are struggling to strike a deal with Republican hard-liners tonight that would allow the final government funding package to advance, Politico reported. “The Rules Committee recessed Wednesday evening without a solution. Senior Rs hope to reconvene the panel by 9 pm”.
- Supreme Court appears wary of Trump bid to fire Fed’s Cook.
NOTABLE US EQUITY HEADLINES
- Apple (AAPL) China is to launch a Lunar New Year promotion, offering up to CNY 1,000 off select products, excluding the iPhone 17 series.
- Paramount Skydance (PKSY) is reportedly extending the January 21st deadline for shareholders of Warner Bros (WBD) to accept the offer, but is not raising the USD 30/shr price, NYT reported citing sources.
TRADE/TARIFFS
- US President Trump said he had a very productive meeting with NATO’s Rutte, we have formed the framework of a future deal; will not be imposing the tariffs that were scheduled to go into effect on February 1st.
- Denmark Foreign Minister said the day ends better than it started, positive that US President Trump said he will end his trade war; If what is happening today means we can return to more normal channels than Truth Social, then that is good.
- European Council said it will hold an informal meeting on Thursday; EU leaders to discuss developments in Transatlantic relations.
APAC TRADE
EQUITIES
- APAC stocks traded entirely in the green, tracking the rebound on Wall Street after President Trump withdrew plans for additional tariffs on EU countries.
- ASX 200 opened around +0.8%, lifted by the improved global tone after US tariff removal, though the index later dipped following a hotter-than-expected Australian jobs report.
- Nikkei 225 posted firm gains of nearly 2%, snapping a five-day losing streak as chipmakers and financials advanced and JGBs stabilised.
- Hang Seng and Shanghai Comp the laggards, despite a brief recovery tech and easing trade-tension concerns after the US rollback of tariffs.
- US equity futures extended their rebound from Wednesday.
- European equity futures point to a strong open, with the Euro Stoxx 50 future up 1.1% after Wednesday’s cash close at -0.4%.
FX
- DXY consolidated after Wednesday’s gains, oscillating around 98.75 as concerns mounted that a Greenland agreement remained far off, with NATO’s Rutte warning that “a lot of work” still needs to be done.
- EUR/USD edged toward the 1.1700 handle after bouncing from a 1.1670 early-session low, supported by the softer dollar tone.
- GBP/USD hovered around 1.3430 as markets navigated another heavy UK data week, with PSNB due later today and retail sales on Friday.
- USD/JPY traded within a narrow 158.18–158.50 band before extending beyond 158.70, in line with the pullback in JGB yields. The JPY initially softened after December exports and the trade balance missed forecasts, though losses were later pared.
- Antipodeans outperformed the G7 complex, led by AUD strength after a robust jobs report showed unemployment falling to 4.1% (exp. 4.4%). AUD/USD traded beyond the 0.68 handle, marking a 15-month high.
- PBoC set USD/CNY mid-point at 7.0019 vs exp. 6.9697 (prev. 7.0014).
FIXED INCOME
- 10yr UST futures edged slightly lower from Wednesday’s highs but hovered near unchanged ahead of weekly claims and the Core PCE index, the Fed’s preferred inflation gauge.
- Bund futures traded muted amid a lack of fresh European catalysts, following Wednesday’s underperformance as German paper diverged from USTs with the re-emergence of the “buy America” trade after EU-US trade tensions eased.
- 10yr JGB futures continued to rebound from the early-week selloff and outperformed both Bunds and USTs ahead of Friday’s BoJ decision, where markets expect the Bank to leave policy on hold.
- US sold USD 13bln of 20yr bonds; stops through 1bps. WI 4.856%. High Yield: 4.846% (prev. 4.798%, six-auction avg. 4.739%). Tail: -1bps (prev. -0.1bps, six-auction avg. -0.5bps). Bid-to-Cover: 2.86x (prev. 2.67x, six-auction avg. 2.65x). Dealers: 6.2% (prev. 12.6%, six-auction avg. 10.9%). Directs: 29.1% (prev. 22.2%, six-auction avg. 25.7%). Indirects: 64.7% (prev. 65.2%, six-auction avg. 63.5%).
COMMODITIES
- Crude futures oscillated in tight ranges, with the early APAC bid fading as geopolitical tensions cooled. Broader supply dynamics remained the dominant longer-term driver, keeping WTI and Brent steady but directionless.
- Spot gold stayed weak amid the risk-on, “buy America” tone following President Trump’s retreat from tariff escalation on the EU and his dismissal of military action over Greenland. XAU briefly slipped below USD 4,800/oz before rebounding, while spot silver chopped around USD 92/oz.
- Copper futures posted modest gains as global risk sentiment improved, with 3M LME copper reclaiming levels above USD 12.8k/t as concerns over market tightness resurfaced.
- Goldman Sachs raised its year-end gold price target to USD 5400/oz (prev. USD 4900/oz).
- US Private Inventory Data (bbls): Crude +3.0mln (exp. +1.8mln), Distillate -0.03mln (exp. -0.2mln), Gasoline +6.2mln (exp. +2.5mln), Cushing +1.2mln.
CRYPTO
- Bitcoin posted modest gains in line with the broader risk tone, trading on either side of the USD 90k mark.
- US Senate Agriculture Chair John Boozman (R-Ark.) is preparing to release a new draft of landmark cryptocurrency legislation on Wednesday that does not currently have sign-off from Democrats on the committee, Politico reported.
- US crypto market bill is likely to be delayed by at least several weeks as key lawmakers shift their focus to potential housing legislation in support of President Trump’s affordability push, Bloomberg reported citing sources.
CENTRAL BANKS
- US President Trump said he likes keeping NEC Director Hassett where he is; down to two or three for Fed Chair; probably down to one in my mind. Wants a Fed chief like Greenspan in the 1990s. Treasury Secretary Bessent wants to stay where he is. Will see how it all works out about Chair Powell staying at the Fed after his term as Chair ends. Reider and Warsh all good for the next Fed chair.
- Fed’s Cook (voter) said as long as she is at the Fed, she will uphold the independence of the central bank.
- Atlanta Fed GDPNow (Q4) GDP: 5.4% (prev. 5.3%).
NOTABLE ASIA-PAC HEADLINES
- Australia’s Nationals Leader said coalition can no longer continue.
- 6.1 magnitude earthquake strikes Volcano Islands, Japan region, USGS reported.
- NEC Director Hassett does not think they are pushing allies closer to China – Bloomberg TV.
DATA RECAP
- Australian Employment Change (Dec) 65.2K vs. Exp. 30K (Prev. -21.3K).
- Australian Unemployment Rate (Dec) 4.1% vs. Exp. 4.4% (Prev. 4.3%).
- Australian Full Time Employment Change (Dec) 54.8K (Prev. -56.5K).
- Australian Part Time Employment Chg (Dec) 10.4K (Prev. 35.2K).
- Australian Participation Rate (Dec) 66.7% vs. Exp. 66.8% (Prev. 66.7%).
- Japanese Imports YoY (Dec) Y/Y 5.3% vs. Exp. 3.6% (Prev. 1.3%).
- Japanese Exports YoY (Dec) Y/Y 5.1% vs. Exp. 6.1% (Prev. 6.1%).
- Japanese Balance of Trade (Dec) 105.7B vs. Exp. 357B (Prev. 316.7B).
- Japanese Stock Investment by Foreigners (Jan/17) 874.0B (Prev. 1141.6B).
- Japanese Foreign Bond Investment (Jan/17) -361.4B (Prev. 91.2B).
- South Korean GDP Growth Rate QoQ Adv (Q4) Q/Q -0.3% vs. Exp. 0.1% (Prev. 1.3%).
- South Korean GDP Growth Rate YoY Adv (Q4) Y/Y 1.5% vs. Exp. 1.9% (Prev. 1.8%).
- New Zealand Electronic Retail Card Spending MoM (Dec) M/M -0.1% (Prev. 1.2%).
- New Zealand Electronic Retail Card Spending YoY (Dec) Y/Y -1% (Prev. 1.6%).
- New Zealand Visitor Arrivals YoY (Nov) Y/Y 8.20% (Prev. 9.40%, Rev. From 9.4%).
NOTABLE APAC EQUITY HEADLINES
- Baidu (9888 HK / BIDU) releases its official Ernie 5.0 large language model.
- CK Hutchison (0001 HK) said they are aware of the media reported related to possible separate listing of health and beauty units, adds there is no certainty any transactions will happen.
- Samsung SDS (018260 KS) – Q4 2025 (KRW): Revenue 3.54tln (exp. 3.64tln), Operating Profit 226.1bln (exp. 240.1bln), Net Income 182.3bln (exp. 203.1bln).
GEOPOLITICS
RUSSIA-UKRAINE
- Ukraine’s top negotiator Umerov said he met with US envoys Witkoff and Kushner, discussed security guarantees and post-war reconstruction.
- Russia President Putin said he is willing to provide USD 1bln for the Board of Peace from frozen Russian assets.
- Russia’s President Putin said he plans contact with US Envoys Witkoff and Kushner on Thursday; will discuss issue of possible use of frozen Russian assets with US envoys with Palestinian Authority President Abbas.
- US President Trump said we’re getting close on the Ukraine War.
MIDDLE EAST
- US ambassador said all options are on the table [on Iran] and President Trump will keep his promise.
- Israeli military source quoted by local press: “The US military is mobilizing large capabilities in the region in preparation for the possibility of a large-scale confrontation with Iran”, Sky News Arabia reports. Concern in Tel Aviv that Washington will strike Iran hard at first and then withdraw its forces quickly and leave Israel facing a new reality on the ground. Tel Aviv doubts the ability of the United States to find a real alternative to the Iranian regime in the event of its overthrow.
- US President Trump said he hopes there will be no further action on Iran.
- Israeli army raises its readiness for a possible US attack on Iran, according to local media.
GREENLAND
- US President Trump said it looks like we have concept of a deal; great deal for everybody; outlines of Greenland deal are everything we wanted. It’s a deal that everyone is happy with. said the framework is a long-term deal.
- The proposal by NATO’s Rutte does not include the transfer of overall sovereignty, Axios reported citing sources; the plan includes the increase of security in Greenland and NATO activity in the Arctic.
- US President Trump said military is not on the table in Greenland; that will not be necessary; people will use their best judgement on Greenland.
- NATO’s Secretary General Rutte said the issue of Greenland remaining with Denmark did not come up in his conversation with President Trump.
- NATO’s Rutte said there is still a lot of work to be done for the Greenland deal, AFP reported.
- US President Trump’s deal for Greenland is said to involve small pockets of land, according to NYT.
- German Finance Minister, on US President Trump’s Greenland deal, said have to wait and not get hopes up too soon.
- NATO’s Spokesperson said NATO’s Rutte had a very productive meeting with President Trump focusing on the importance of Arctic region security for allies. Talks among NATO allies will focus on ensuring Arctic security through the collective efforts of allies, especially the seven Arctic allies. Denmark, Greenland and the US will go forward,aiming to ensure that Russia and China will never gain a foothold in Greenland.
- Denmark Foreign Minister said US President Trump saying he won’t use force is a good signal, but is still unclear that Trump has an ambition we can’t accommodate. Hopes to open talks with the Trump team, seeking to address US concerns.
- US President Trump on Greenland said we will explain deal down the line; deal will last forever; assume Denmark has weighed in possible deal involving Greenland. Putin has accepted to join the peace board. The US will be involved in Greenland mineral rights.
- Emergency EU leaders summit will go ahead as planned on Thursday.
- US President Trump said Denmark must tell me “to my face” on Greenland; I don’t like getting it secondhand”.
- US President Trump on Greenland, said could see price that could be reasonable; NATO’s Rutte statement was nice, but the US still needs Greenland.
- Denmark rejects US President Trump’s demand to negotiate takeover of Greenland.
LATAM
- The Trump administration is actively seeking regime change in Cuba by the end of 2026, the WSJ reported citing sources; the administration assess Cuba’s economy as weak following the capture of Venezuela’s Maduro.
- Valero (VLO) is reportedly buying Venezuelan oil as part of the US deal with Venezuela, Reuters report citing sources.
- US President Trump said they will sell Venezuelan oil at market prices and keep some.
- END
3. CHINA
CHINA/USA
US Lawmakers Push $2.5B Plan To Break China’s Grip On Critical Minerals
Thursday, Jan 22, 2026 – 04:15 AM
A bipartisan group of lawmakers has proposed creating a new $2.5 billion agency to accelerate U.S. production of rare earths and other critical minerals, according to AP and MSN.
The effort comes as the Trump administration has already taken aggressive steps to weaken China’s control over materials vital to high-tech products, electric vehicles, and advanced weapons systems.
While it remains unclear how the legislation would align with White House policy, pressure is growing to cut U.S. dependence on China after Beijing used its dominance in the critical minerals market during the trade war. Presidents Donald Trump and Xi Jinping agreed last October to a one-year truce under which China would continue exports while the U.S. eased some technology restrictions.
The Pentagon has spent nearly $5 billion over the past year to secure access to these materials, highlighting how reliant the U.S. remains on China, which processes more than 90% of the world’s critical minerals. To counter that dominance, Washington has begun taking equity stakes in mining companies and, in some cases, guaranteeing prices—an approach more commonly associated with China’s industrial policy.
The Senate bill, introduced by Sens. Jeanne Shaheen of New Hampshire and Todd Young of Indiana, would establish an independent agency to build mineral stockpiles, stabilize prices, and encourage production in the U.S. and allied countries to support both national defense and the broader economy.
Shaheen called the legislation “a historic investment” to strengthen the U.S. economy against China’s leverage, while Young said the proposal is “a much-needed, aggressive step to protect our national and economic security.” Rep. Rob Wittman of Virginia introduced a companion bill in the House.
The AP report says that the urgency escalated after China imposed export restrictions last spring in response to U.S. tariffs, forcing Washington to seek a truce. Defense Secretary Pete Hegseth said the Pentagon has recently “deployed over $4.5 billion in capital commitments” to close deals that will “help free the United States from market manipulation.”
Those efforts include investments in domestic alumina, gallium, and rare earth production, as well as partnerships to strengthen the supply chain for rare earth magnets. Trump reinforced the strategy this week, declaring the U.S. is “too reliant” on foreign critical minerals and ordering negotiations for stronger supply terms.
“Reshoring manufacturing that’s critical to our national and economic security is a top priority for the Trump administration,” a White House spokesperson said.
Some analysts view the strategy as a shift toward state-backed industrial policy. “Despite the dangers of political interference, the strategic logic is compelling,” wrote Elly Rostoum, adding that it could be “a prudent way for the U.S. to ensure strategic autonomy and industrial sovereignty.”
Industry leaders have largely welcomed the approach. “He is playing three-dimensional chess on critical minerals like no previous president has done. It’s about time too, given the military and strategic vulnerability we face,” said Jim Sims of NioCorp.
Alongside domestic investment, the administration is also working with allies, including major mining agreements with Australia and coordinated discussions among G7 finance ministers on supply chain resilience.
4./EUROPEAN AFFAIRS
NETHERLANDS
Despite Rapes And Violence, Netherlands To Keep Migrant-Student Integration Project Alive
Thursday, Jan 22, 2026 – 03:30 AM
Despite sparking global news coverage documenting violence, sexual assaults, and drug-related crimes in the shared living integration project “Stek Oost,” the city of Amsterdam refuses to shut the project down.
According to public broadcaster BNNVARA, the municipality has rejected calls to shutter the facility early and plans to run the project until its scheduled end in April 2028.
The project, which launched in 2018, was the subject of a recent NPO 2 report where residents detailed an environment of frequent violence. Records indicate that the housing association responsible for the site, Stadgenoot, had requested an intervention plan from police and city officials as early as 2019 to address sexual abuse.
The news report highlighted serious cases and interviewed the victims in some instances, which has been translated by Remix News.
A Syrian resident was linked to a rape in 2019, but the case was initially closed due to insufficient evidence. However, the individual remained at the dormitory until March 2022, when a second sexual offense led to his expulsion and a subsequent prison sentence.
The former resident said that a Syrian raped her after she went to his room to watch a film and he would not let her leave.
He then raped her.
The woman, Amanda, said: “He wanted to learn Dutch, to get an education. I wanted to help him.”
In addition, students living in the shared spaces reported being threatened with kitchen knives. One student described a 20-centimeter-long blade.
Stadgenoot reportedly considered pulling out of the project in 2023 after its own employees faced threats.
“Stek Oost” was designed to foster social cohesion by housing asylum seekers and Dutch students together.
Initially, the 250 apartments were split in half between the two groups, so 125 places for each group. However, the ratio of asylum seekers was later reduced to 30 percent.
A “buddy system” was implemented to connect the groups and promote integration.
Despite the controversies, the City of Amsterdam has blocked attempts to close the project. District President Carolien de Heer (PvdA) defended the decision to the broadcaster, stating that “250 people could not be put on the streets at once.”
However, what he does not note is that the refugees could simply be removed to another facility, which would not total 250 people.
The project has long been a source of political friction. In 2022, Green Mayor Femke Halsema acknowledged she was aware of the ongoing problems. By 2024, parties including the VVD and JA21 called for the project’s termination.
A scheduled debate on the facility was recently removed from the Municipal Council’s agenda, despite a request for discussion from Anton van Schijndel of the nationalist FvD party (Forum for Democracy).
Now, there are potential political implications to closing the project early, which could be seen as a failure of integration, even when forced and facilitated by the state in a controlled environment.
END
GERMANY/TESLA
Tesla Cuts Berlin Gigafactory Workforce By 1,700 Employees
Thursday, Jan 22, 2026 – 02:45 AM
Tesla’s workforce at its Gigafactory near Berlin has fallen by about 1,700 employees, according to a report by Germany’s Handelsblatt.
An internal document cited by the paper shows the Gruenheide site—Tesla’s only European production hub—now employs 10,703 people, a decline of roughly 14% from staffing levels disclosed ahead of works council elections in 2024. The company did not immediately comment, according to Handelsblatt.
The reduction follows CEO Elon Musk’s April 2024 announcement that Tesla would cut more than 10% of its global workforce to curb costs and boost productivity.
The move also fits a broader pattern in early 2026, as manufacturers and technology firms continue to streamline operations amid slower demand growth, tighter financing conditions, and a push to protect margins after several years of aggressive expansion.
In 2025, Tesla spent much of the year shifting from rapid expansion to consolidation. Management emphasized cost control, factory efficiency, and cash preservation as aggressive price cuts and softer demand compressed automotive margins.
Even as its traditional auto operations lost momentum, Tesla’s stock has been relatively resilient. Investors have increasingly focused on the company’s longer-term ambitions in robotaxi services, autonomous driving software, and artificial intelligence, viewing these as potential high-margin growth engines.
That optimism has helped support the share price despite slowing vehicle sales and a wider backdrop of job cuts across manufacturing and technology in 2026, as companies adjust to weaker growth and higher financing costs.
END
ITALY
ITALY refuses to recognize a Palestinian state;
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
tbn israel last 24 hrs…
ISRAEL UPDATES
IRAN UPDATES
Iran Vows Prolonged All-Out War If Attacked As Trump Still Seeks ‘Options’
Wednesday, Jan 21, 2026 – 10:10 PM
Iranian Foreign Minister Abbas Araghchi penned an op-ed in The Wall Street Journal on Tuesday warning the United States that Tehran will be “firing back with everything we have if we come under renewed attack” – following President Trump reiterating threats against the Islamic Republic.
“Our powerful armed forces have no qualms about firing back with everything we have if we come under renewed attack,” he wrote in reference to the 12-day war of last June.
The top Iranian diplomat stated that this was not a “threat” but a “reality I feel I need to convey explicitly, because as a diplomat and a veteran, I abhor war.”
Araghchi said his country is ready for all-out war, describing that “an all-out confrontation will certainly be ferocious and drag on far, far longer than the fantasy timelines that Israel and its proxies are trying to peddle to the White House. It will certainly engulf the wider region and have an impact on ordinary people around the globe.”
What’s more is he described the most violent part of protests in Iran, which were met with vehement denunciations and warnings by Trump, in reality the result of an anti-Tehran conspiracy and effort by externally supported groups to sow chaos, destabilization, and to begin an insurgency:
As black-clad groups of masked terrorists used rifles and handguns to infiltrate protests and mow down innocent demonstrators on our streets, reports emerged in various media claiming that big cities in Iran had “fallen.” Other reports alleged the continuation of widespread armed violence. In reality, the violent phase of the unrest lasted less than 72 hours.
By many accounts, the ballistic and even hypersonic missiles which fell on Israel last June did significant damage, and put fear into Israeli leadership given just how many among the hundreds of projectiles sent, including drones, were able to evade Israel’s anti-air defenses.
Iran’s foreign ministry is issuing such forceful warnings given the crisis between Tehran and Washington doesn’t appear fully over, at a moment a US carrier group and additional military assets are headed to the Middle East region. WSJ notes that ‘options’ are still being weighed by the administration:
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.
Meanwhile the WSJ, along with others among the mainstream media, is questioning where Trump the hawk is and why he’s exercised restrained on the Iran question – in the typical fashion of the warmongering media. WSJ’s editorial board wrote:
Araghchi’s not-so-implicit threat of war if President Trump orders help for the protesters… This is a threat against Americans, an attempt to intimidate the Trump Administration. We wonder how President Trump sees this threat, especially since the regime so clearly crossed his “red line” against shooting protesters.
Regardless, the American public won’t stomach yet another drawn out forever war in the Middle East. Poll after poll shows Bush’s overthrow of Saddam Hussein is among the most deeply unpopular US military actions in history.
The dust has barely settled on 20+ year fruitless and deadly occupations in Iraq and Afghanistan, where the severe limitations of US empire were confirmed (also as the Taliban remains in Kabul, and Shia pro-Iran governance is stronger than ever in Baghdad), and yet already the armchair interventionist chickenhawks in the media are eyeing another regime change war.
Probably (or rather, hopefully) Trump senses this, and is seeking de-escalation, also perhaps knowing there will be other future Iran protests and ‘opportunities’ to pull the trigger against Tehran. But it won’t be some kind of easy in, easy out Venezuela scenario – and American troops might die.
END
IRAN
Evan prison blown up. Prisoners escape!!
Iran launches ballistic missiles at USA bases!! (above)
SYRIA/USA KURDS
Under The Bus You Go, Kurds
Wednesday, Jan 21, 2026 – 08:55 PM
Authored by Jason Ditz via AntiWar.com,
With the fighting continue to rage and north and northeast Syria between central government forces and the nation’s Kurdish minority, the US government appears to have decided that they are backing the former, and that US military support for the Syrian Kurds is over.
US envoy Tom Barrack declared the Kurds to have a “great opportunity” to be taken over by the Islamist central government of Syria, led by the Hayat Tahrir al-Sham (HTS). He assured that the Kurds would definitely be offered “equal rights” under the law in this scenario.
n many ways, Barrack’s comments were less about why they are no longer backing the Kurds than why they did in the past, saying at one point in the fight against ISIS, the US didn’t consider the Assad government a “viable partner” so they backed the Kurds instead. Now, with the US seeing the HTS as aligned with their interest, that’s no longer the case, so they’ll be backing the HTS instead.
Syrian Kurdish officials and locals have expressed disappointment with this turn of events, saying that after more than a decade of being aligned with the US they are being effectively “abandoned” at the exact moment the HTS has begun launching military offensives against Kurdish-controlled territory that the US helped the Kurds gain in the first place.
Though the US has broadly supported the Kurds through the Syrian proxy war and after, it has not been uniform. In 2019, Turkey launched an offensive against the Syrian Kurds and the Trump Administration at the time similarly (and controversially) withdrew backing for the Kurds, with President Trump famously claiming it was because he had just learned that the Kurds were not present at the Normandy Invasion during WW2.
This move may similarly be controversial, even if Normandy isn’t invoked as a justification this time. Sen. Lindsey Graham (R – SC) had warned the HTS against continuing attacks on the Kurds and had warned that the US might reimpose sanctions against Syria if the attacks continued.
That position may have some support in the Senate, though it plainly does not within the White House, as President Trump has been loudly enamored with HTS leader and former al-Qaeda in Iraq figure Ahmed al-Sharaa, praising him as “young, attractive tough guy.” When push came to shove, it was perhaps unsurprising that the administration chose Sharaa over the Kurds when the two sides were at odds.
The US has been expressing annoyance with the Kurds for not quietly submitting to Sharaa’s rule for months now, with Barrack, as the representative of the US Federal Government, declaring that they had learned “federalism doesn’t work” and that the Kurds should abandon any hope of autonomy within Syria.
Sharaa, for his part, has given the Kurds a four-day ultimatum to accept his terms for integration into the Syrian state. Since Sharaa had previously denied the Kurds a single spot in his cabinet and postponed parliamentary elections in Kurdish parts of the country, what if any representation that will actually entail remains unclear.
Whatever it is, however, the US clearly views it as sufficient.
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
AMERICAN MADE IVERMECTIN AT A PRICE YOU CAN’T BEAT!
by The Wellness Company
Ivermectin, the hero of the pandemic, is having a moment again. Thanks to cutting edge research and a commitment to finding safe, affordable and effective medical treatments, Ivermectin is now being used to treat everything from skin diseases to parasite infections to pandemics and even has shown amazing potential as a cancer treatment!
That’s the good news; the bad news is that the overwhelming majority of Ivermectin being sold globally comes from Asia (75%). Even worse, 58% of Ivermectin sold globally comes from China!
Buying American-made products is always important, but when it comes to prescription drugs and supplements – buying American is more than just the right thing to do, it is imperative to insure you are getting only the safest and highest quality products.
We know the role that China played in unleashing the COVID-19 plandemic on the world and we know that China is flooding the United States with fentanyl that is responsible for killing tens of thousands of Americans every single year.
Where to Get American Made Ivermectin
We know Ivermectin works, but how can we guarantee that the Ivermectin you order is actually made here in the USA? That’s where The Wellness Company comes in!
The Wellness Company and its freedom-fighting medical experts – like Dr. Peter McCullough and Dr. Kelly victory – are the gold standard for providing safe, effective and affordable medical solutions. The Wellness Company’s doctors are the doctors who courageously told the truth during the pandemic and they continue to be the nation’s leading voices for putting the health and well-being of the American people above the greed and profits of big pharma and the medical establishment.
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- Convenient 6-Month Supply — Each order includes 84 capsules (18mg each), designed for four 21-day cleanse cycles with 14-day breaks in between. This structure supports effective parasite management with only two fills per year.
- Affordable & Trusted — A streamlined regimen at a lower price point than combination therapies, while maintaining a strong safety profile and decades of clinical use.
Ivermectin should be in every American’s medicine cabinet, and it should be Ivermectin made here in the USA from a company you can trust at the best price around.
END
NIH Lab Studying Deadly Pathogens Reported Biological Incident In November: Federal Records
by Tyler Durden
Wednesday, Jan 21, 2026 – 11:00 PM
The White Coat Waste Project – which you may remember for exposing Dr. Anthony Fauci’s sick experiments on beagles in 2024 – has obtained a document revealing that the National Institutes of Health’s (NIH) Rocky Mountain Laboratories (RML) in Hamilton, Montana reported a biological incident in November 2025.
RML, which operates BSL-2, BSL-3, and BSL-4 ‘full suit’ laboratories notably studies viral hemorrhagic fevers such as Ebola, Marburg and Lassa virus, as well as coronaviruses, dangerous bacteria, tuberculosis, tick-borne pathogens (Rocky Mountain spotted fever, for example), West Nile virus, Prion diseases, and others.
According to a November 2025 biosafety report obtained by WCWP, a ‘Form 3’ was reported to the Federal Select Agent Program on Nov. 13, 2025. Form 3 is a mandatory notification form used to alert the Federal Select Agent Program of any ‘theft, loss, or release’ involving select agents or toxins, Infowars’ Breanna Morello reports after interviewing WCWP’s Justin Goodman – who called Rocky Mountain Laboratories ‘one of the most dangerous biolabs in the country.‘
Watch:
Partial transcript below:
Morello: “You’ve recently obtained these documents over at the White Coat Waste Project, which detail specifically the threat that a bio agent, which apparently is classified as potentially posing a severe threat to public health, has been either stolen, lost, or released. What are some of the details behind this concerning story?”
Goodman: “Now, we recently—last week—exposed how Jay Bhattacharya, NIH director, just gave another $2 million to a bat lab being built at Colorado State University to provide animals for infection studies. Both the Colorado State and, as you mentioned, the Rocky Mountain Lab… Now, the Rocky Mountain Laboratory in Montana is run by Fauci’s former NIH division, the National Institute of Allergy and Infectious Diseases.
“It is very infamous. The Rocky Mountain Lab is where ticks were weaponized with NIH and DOD to spread Lyme and other diseases back to the 1960s and ’70s. More recently, White Coat Waste exposed how—a couple years prior to the pandemic—the Rocky Mountain Laboratory was cloning coronaviruses that Peter Daszak and the Wuhan lab were finding out in bat caves in Wuhan. They were cloning those viruses at Rocky Mountain Laboratory.”
“These are the same viruses that the Wuhan Lab was doing gain-of-function with, putting spike proteins around at around the same time. The Rocky Mountain Lab has a very sordid history doing the most dangerous experiments in this country—Ebola, plague, anthrax, lots of different hemorrhagic fevers that have no cure and 90-95% kill rates in people. So we’ve been following the money to the Rocky Mountain Lab because this new Colorado State bat lab is going to be supplying bats to these facilities.
“Now, what we just uncovered is that in November 2025—just a couple months ago—quietly, NIH posted a biosafety test to see if there’s any from Rocky Mountain Lab, indicating that a select agent… Now, select agents are very deadly pathogens—serious health concerns for both humans and livestock. These are things used as bioweapons, things like ricin, anthrax, Ebola, tularemia. The Rocky Mountain Lab report just has a very benign item—if you didn’t know what we were looking for—one of these pathogens was either accidentally released, lost, or stolen from this NIH-funded bioagent lab that participates in dangerous animal experiments with the military.
“So we don’t know exactly what that agent was and what happened, but we do know there’s a serious biosafety breach at one of the most dangerous biolabs in the country, run by the NIH. And we only know about this because we stumbled upon this document when we were digging into what’s currently happening at the Rocky Mountain Lab because of its tie to this very controversial bat lab project at Colorado State, which has gone viral—pun intended—over the last couple weeks.”
GLOBAL ISSUES
MARK CRISPIN MILLER
n memory of those who “died suddenly” in the United States and worldwide, January 12-20, 2026
Scott Adams (Dilbert); rapper and producer John Forté (The Fugees); footballer Terrance “Chet” Brooks (60, C); hoops coaches Bill Courtney, Whit Lesure; influencer Sarah’s stillborn son; & more
| Mark Crispin MillerJan 22 |
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.
UNITED STATES (51)
Scott Adams, whose comic strip ‘Dilbert’ ridiculed white-collar office life, dies at 68
January 13, 2026
Scott Adams, whose popular comic strip “Dilbert” captured the frustration of beleaguered, white-collar cubicle workers and satirized the ridiculousness of modern office culture until he was abruptly dropped from syndication in 2023 for racist remarks, has died. He was 68. His first ex-wife, Shelly Miles, announced the death Tuesday on a livestream posted on Adams’ social media accounts. “He’s not with us right anymore,” she said. Adams revealed in 2025 that he had prostate cancer that had spread to his bones. Miles had said he was in hospice care in his Northern California home on Monday. “I had an amazing life,” the statement said in part. “I gave it everything I had.” At its height, “Dilbert,” with its mouthless, bespectacled hero in a white short-sleeved shirt and a perpetually curled red tie, appeared in 2,000 newspapers worldwide in at least 70 countries and 25 languages.
Researcher’s note - Adams was “vaccinated” and came to regret it: On matters related to Covid, Adams proved himself overly credulous. He waited too long to join the dissidents on masking but eventually did. And when the shot came out, he agreed publicly to go along because he needed the vaccination to travel. He later agreed that they failed to stop transmission but maintained that they surely reduced severe injury. After his cancer diagnosis, he finally conceded in January 2023: “Anti-vaxxers clearly are the winners.” He spent the next two years repeatedly expressing regret that he had ever believed that it was fine to get the shot. LinkFugees Collaborator John Forté Dead at 50
January 15, 2026
John Forté, famous for his work with The Fugees, is dead, TMZ has confirmed. The Grammy-nominated recording artist died Monday at his home in Chilmark, Massachusetts – a town on Martha’s Vineyard – according to Chilmark Police Chief Sean Slavin. We’re told John died suddenly and the cause of death is unclear, though cops do NOT suspect foul play. He was 50.
No cause of death reported.
Former Texas A&M and Dallas Carter football player Terrance “Chet” Brooks dies at 60
January 20, 2026
Garland, TX – Former Texas A&M and Dallas Carter football player Terrance “Chet” Brooks has died at the age of 60, Texas A&M announced last Saturday. Brooks, a safety for the Aggies from 1984-87, “passed away after a battle with cancer,” according to the news release from A&M.
Two coaches “died suddenly”:
Bill Courtney, Temple’s men’s assistant basketball coach, dies at 55
January 14, 2026
Philadelphia, PA – Temple University assistant men’s basketball coach Bill Courtney has died suddenly, the school announced Tuesday. He was 55.
Researcher’s note – Temple’s covid “vaccination” policy update (from Brave AI): As of late 2023, Temple University no longer mandates COVID-19 vaccination for general students and employees, following Philadelphia’s removal of the citywide mandate for higher education institutions. However, the university strongly recommends vaccination, including booster doses:No cause of death reported.
Legendary basketball coach dies suddenly at 66
January 13, 2026
North Bridgton, ME – Legendary basketball coach Whit Lesure, who had been the head coach at Bridgton Academy in Maine since 1997, died suddenly earlier this month. He was 66 years old.
No cause of death reported.
Dan Sturges, MSU hockey staffer, dies at 40
January 19, 2026
East Lansing, MI – Michigan State director of hockey operations Dan Sturges died unexpectedly Monday morning, the university announced in a press release. Sturges, 40, won a national championship with the Spartans in 2007 and served as director of hockey operations since 2019. The cause of his death is unknown.
Researcher’s note – Between fall of 2021 through February 2023, faculty, staff, and students at Michigan State University were mandated to take the COVID “vaccine”, and booster: LinkInfluencer Announces Stillbirth, Says Laboring While Hearing Newborn Cries Next Door Was a ‘Pain I Would Not Wish on Anyone’
January 20, 2026
Georgia influencer Sarah, who just goes by her first name online and uses the handle @chunkygalsarah, has revealed that her baby boy was born asleep in a heartbreaking Instagram post. “Laboring for nearly 12 hours while hearing newborn cries in the room next door, knowing our outcome would be different is a pain I would not wish on anyone,” she wrote Sarah, who has spoken openly about her and her husband’s infertility struggles, confirmed they were expecting a baby back in November.
A priest “died suddenly”:
Loved ones say Father John died from complications with the flu. He was 61 years old
January 13, 2026
ATLANTA, GA — The Basilica of the Sacred Heart of Jesus is mourning the loss of its pastor, the Very Rev. John T. Howren, V.F., who died Monday morning. Church officials say Father John passed away at 8:08 a.m., surrounded by faith and prayer. His death has left parishioners and community members heartbroken, as many remember him as a compassionate leader, spiritual guide, and steady presence within the church.
A doctor “died suddenly”:
Dr. Francisco “Paco” Tomei-Torres passed away on Tuesday morning. He was 74
January 17, 2026
DEKALB COUNTY, Ga. — One of the doctors who worked to help fight COVID-19 at the Centers for Disease Control and Prevention has died. Dr. Tomei-Torres was retired, but previously served as part of the Agency for Toxic Substances and Disease Registry at the Atlanta-based CDC. He was hospitalized and, while speaking with his nurses on Tuesday morning, suffered a heart attack.
Two nurses “died suddenly”:
Ashley Nicole Russell, 40
January 17, 2026
Ashley Russell, beloved mother, daughter, friend, and community member from York, SC, passed away suddenly, leaving behind a legacy of warmth, generosity, and cherished memories. Ashley was a registered nurse who graduated from the University of South Carolina Lancaster in 2006, demonstrating her dedication to caring for others through her professional training and service.
No cause of death reported.
Reported on January 9:
Teresa Katherine Hunter, 63
January 9, 2026
Teresa Katherine Hunter passed away after a short battle with cancer, January 9, 2026, in Sandy, Utah. When she was young she believed in unicorns and she knew how to fly, she practiced daily.
Researcher’s note – One of the comments below Hunter’s obituary mentions working with her for 20 years as CNAs caring for special needs clients. Depending on where and when she worked as a Certified Nursing Assistant, Hunter may have been mandated for “vaccination”.A publicist “died suddenly”:
Brent Burkhardt, 63
January 15, 2026
Baltimore, MD – When Brent Burkhardt was diagnosed with brain cancer last year, he didn’t know how much time he had, but he knew how he wanted to spend it. He reconnected with old colleagues at the Baltimore-based creative agency TBC. He invited friends over for crab cakes made using his late wife’s famed recipe. He visited his daughter and her family in New Jersey, fighting to make it to the birth of his second grandchild. Burkhardt, also the co-founder of Choptank Communications, where he’d worked for the past decade-plus, died Dec. 29 at his home on the Eastern Shore. He was 63.
A child “died suddenly”:
Swansea Public Schools honor 7-year-old boy who passed away unexpectedly
January 16, 2026
Swansea, MA – A local school district honored and remembered Friday a young boy whose life was tragically cut short. 7-year-old Mason Stringer of Swansea, passed away unexpectedly on Tuesday, December 30, 2025, at Hasbro Children’s Hospital due to complications from undetected acute lymphoblastic leukemia.
A teenager “died suddenly”:
Joseph Weinkopf, 19
DR PAUL ALEXANDER
WOW — THE REDEMPTION ROLLS ON
We were right!
| Trish WoodJan 21 |
Not something we want to be right about. But most of us here, were correct about avoiding the jab. With the court upholding the non-threatening nature of the Freedom Convoy and now this — the Trudeau government is being further exposed as a disaster for this country.
The peaceful Convoy and especially the doctors who supported it look better by the day. Pair this with the video of Trudeau getting plonked yesterday at Davos over his vaccine zealotry and it has shaped up to be a pretty decent week. Show this to your family members who thought you were nuts and ask them to avoid the shot at all costs.
Stay Zen.
Avoid the snark — which we here mostly do.
But let them know.
The COVID mRNA vaccine could have never worked; Bhakdi said this day 1; it cannot work because besides that they mRNA were UNSAFE, a shot in deltoid can’t protect against mucosal infection
They just cannot work based on first principles! It cannot activate local oral-nasal mucosal immunity, secretory IgA; IgA molecule, and the shots in the arms cannot work! it was all a lie!
| Dr. Paul AlexanderJan 22 |
Actually, they wanted to inoculate you initially in the groin for COVID. Another discussion.
To the thesis at hand:
Every aspect of the Malone Bourla Bancel Weissman Sahin Pfizer Moderna et al. mRNA COVID injection made no sense. Even to novices like myself. Today we again touch on a very controversial aspect that could cause tremors globally if it was ever found out to be true. Could Bourla and Fauci and Bancel and Francis Collins Birx Azar Jha Hahn Redfield et al. and all involved at CDC and NIH and FDA have committed such a fraud on the American people? You damn right they could, and they did, as all they have done and did on lockdowns and these mRNA vaccines remain failures and frauds. So why is RFK Jr. and Makary of HHS and FDA and Bhattacharya of NIH leaving them on US market? What does Susie Wiles have to say about this given her prior role in pharma?
This COVID vaccine could have never worked. I am yet to be shown how this vaccine ever worked being delivered in the arm/injection site. IMO, an intranasal vaccine should have been developed that would have delivered antibodies or the like (provoked antibody production) to the nasopharynx (nostrils). To the mucosal layer in the nostrils.
I have written prior that in the US etc. the infection etc. was down, declining December 2020 and January 2021 prior to the COVID vaccine implementation. We were OVER this pandemic February 2021. So, we cannot say these ever worked (so stop saying that Bhattacharya, it never worked, not even for elderly) and then you would ask, then how come there were new waves? Well, we have argued that it is the COVID vaccine itself that drove the infection and expansion. It was over before the vaccine roll-out.
Substack Alexander COVID News evidence-based medicine is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
We know this with actual research especially that the vaccinal antibodies bind to the spike antigen and promote infection in the vaccinated, thus expanding the pandemic. Wave after wave and infection that does not get back to baseline so no herd immunity. Waves that are coming more rapid and higher and higher successive peaks. No back to baseline. When we look at the curves, we could see no back to baseline.
So we have a good argument the vaccine never worked, that your natural innate and acquired immunity worked to clear out the virus and you recovered and were naturally immune, and the virus was already declining before vaccine roll out February 2021. POTUS Trump should have if he was informed, retracted the mRNA vaccine. The vaccine then I argue has actually drove and prolonged the pandemic (though we argue this was never a pandemic, so I prefer word ‘emergency’ due to something released e.g. poison, toxin, chemical) and has placed us where we are today. Pure failure.
I have said very early on that the COVID injection could not provide protection in the upper airways (upper respiratory tract/URT) if the content, the LNP, the mRNA, the spike protein, the resulting neutralizing vaccinal antibodies entered the lymph and systemic circulation. Why? Because the virus lands first in the nasal mucosa (mucosal lining) that lines the nasal cavity (nostrils). It also lands in the oral cavity. This slimy snotty substance/layer lines the entire respiratory tract. The immune response is needed there e.g. secretory IgA (SIgA). The response is not needed in the serum, systemically in the circulation, at least initially.
I stood on great work by Bhakdi and Steele. I stand by it.
The mucosal immune system as one part of the immune system, is the largest component of it. It functions to protect where infection threatens principally and this is the nasal mucosae. COVID virus (if you accepted COVID) or respiratory virus infects the upper respiratory tract first (and to some extent the digestive tract) and thus the initial immune response must come from there in the URT. The mucosal immune system and the systemic immune system are distinct.
This passage is critical and I will let it speak for itself. It really explains how out of the box, the COVID gene injection vaccine could not work. It is not only that it is driving variants today, but shockingly, it just could not work day one! Intramuscular vaccines inducing serum antibodies (IgG and circulating IgA) and not secretory IgA (in the mucus cells of the respiratory tract) cannot protect the upper airways (respiratory mucosal layer) where the virus lands. This entire COVID gene injection was a lie, all aspects of it.
“A key aspect of this functional separation between mucosal and systemic immunity concerns the nature of antibodies produced by plasma cells located directly beneath the mucous membranes. These antibodies—secretory immunoglobulin A (sIgA)—are secreted across the mucous membranes to their surface. They are thus on site to meet airborne viruses, and they may be able to prevent them from binding and infecting the cells within those mucous membranes. The same mode of protection pertains to the digestive tract as well.
In contrast, IgG and circulating IgA are the main antibodies found in the bloodstream. They cannot prevent the entry of viruses into the cells that line the airways or the gut, and they may at best counteract their spread if they gain entry to the circulation. Crucially, vaccines that are injected into the muscle—i.e., the interior of the body—will only induce IgG and circulating IgA, but not secretory IgA. The antibodies induced by such vaccines therefore cannot and will not effectively protect the cells of the respiratory tract against infection by airborne viruses [1,2]. This realization is neither contentious nor new. As long as 30 years ago, McGhee et al. [2] concluded:
It is surprising that despite our current level of understanding of the common mucosal immune system, almost all current vaccines are given to humans by the parenteral route [i.e. by injection]. Systemic immunization is essentially ineffective for induction of mucosal immune responses. Since the majority of infectious microorganisms are encountered through mucosal surface areas, it is logical to consider the induction of protective antibodies and T cell responses in mucosal tissues.’
The failure of intramuscular injection to induce secretory IgA has been confirmed in a study on Middle East Respiratory Syndrome (MERS) [3]. Like COVID-19, this disease is caused by a coronavirus, and the experimental vaccine used in the study was gene-based, like all of the major vaccines currently deployed against COVID-19. More recently, another study has shown that the mRNA COVID-vaccines also do not stimulate substantive production of secretory IgA [4]. For this simple reason, one cannot expect that vaccination will inhibit airway infection. Indeed, the utter failure of the vaccines to prevent SARS-CoV-2 infection is today solidly documented [5,6].
It is general knowledge that secretory IgA antibodies (sIgA) are produced in response to naturally occurring airway infections. The mucous membranes of healthy individuals are consequently coated with antibodies directed against common respiratory viruses. However, the capacity of these antibodies to prevent infections is limited. The outcome of an encounter with a virus is not “black or white”—numbers are all-important. A wall of protective antibodies may ward off a small-scale attack, but it will be breached at higher viral loads. This is why infections with airborne viruses occur repeatedly throughout life, a fact that will not even be altered by the use of intranasal vaccines in order to stimulate sIgA-production, even though intranasal vaccine application does induce stronger mucosal immune responses than does intramuscular injection [3,7].
The subordinate role of secretory IgA in combating systemic viral infections is highlighted by the fact that individuals with a very common genetic defect—selective sIgA deficiency—who are unable to produce sIgA do not suffer from dramatically increased susceptibility toward severe respiratory infections. This observation can be understood from the following two principles: firstly, immunological protection against respiratory viruses rests mainly on T-cells; and secondly, in those with preexisting immunity, levels of bloodstream antibodies (circulating IgG and IgA) are generally sufficient to prevent severe disease through viral spread within the body.”
Dr. Steele also made a great case as to why these COVID injections never worked. para “Does the jab in the arm protect you? I have to be emphatic now, and my authority 50 years now on local mucosal immunity…none of those vaccines put into the arms can activate that mucosal immunity…those pushing this know it can’t work as cannot activate mucosal immunity. None of the current jab in the arms can activate that immunity…it can’t work.”
Steele video: SOURCE
“Most attention has been given to virus-neutralizing antibodies, especially circulating antibodies (13–15). However, these can only be effective in the prevention of infection or disease if they reach the mucosal surfaces where the virus is present, and it should be noted that circulating IgA, even in polymeric form, is not effectively transported into secretions (16).”
Mucosal Immunity in COVID-19: A Neglected but Critical Aspect of SARS-CoV-2 Infection
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END
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
NatGas Jumps 75% As Extreme Cold, Blizzard Risks Threaten Appalachian Gas Supply
Thursday, Jan 22, 2026 – 09:00 AM
US natural gas futures are ripping higher, up roughly 75% in just three trading days, and are on pace to post the largest weekly gain on record.
The move has all the signs of a classic winter-driven short squeeze, with traders scrambling to cover as a polar blast descends into the Lower 48.
An intense Arctic blast and a sprawling winter storm system, drawing comparisons to the Blizzard of ’96, are set to sweep across the eastern half of the US this weekend.
Weather models point to prolonged sub-freezing temperatures, raising the risk of freeze-offs in the Appalachian Basin, a critical US NatGas supply region.
Energy research firm Criterion Research was the first to warn that NatGas production disruptions across Appalachia could materially tighten balances at the worst possible time, just as heating demand spikes. Any sustained freeze-offs would not only pressure spot supply but could also stress regional power grids.
Criterion Research explained:
Winter is Coming for Appalachia
This week’s Appalachian nat gas production is already down 1.1 Bcf/d versus last week, and the extreme cold is just getting started.
Pittsburgh overnight lows are headed to -6.8°F at their most intense levels next week, with this cold coming in lower and longer than Winter Storm Elliott (Dec 2022.)
During Eliott, regional production dropped 25-30%.
We cited Criterion Research on Wednesday (read here), which outlined where the production freeze-offs are likely to emerge.
At least 175 million people across the Lower 48 will face snow, rain, sleet and ice through the weekend as record-breaking cold pours into the eastern half of the US. Below-zero temperatures are expected to boost heating demand at a time when pipeline freeze-offs could disrupt gas production.
We warned on Wednesday:
Recall Winter Storm Uri in 2021, when extreme cold paralyzed the NatGas supply and collapsed the ERCOT grid in Texas for a week. A scenario like that could be in play in parts of the eastern US, regions where power grids are already tight because of bad ‘green’ energy policies colliding with the era of data centers.
Ole Hvalbye, an analyst at SEB AB, commented on Natty prices ripping higher: “This is a textbook winter-driven squeeze: fast, violent, and sentiment-shifting.”
END
OIL/FRANCE/RUSSIA
French Navy Intercepts Russia-Linked Oil Tanker In Mediterranean: ‘We’ll Let Nothing Pass’
Thursday saw another Russia-linked tanker, part of the so-called shadow fleet of sanctions evading vessels, boarded by a European country’s navy. Such incidents are ramping up, and likely Moscow is also increasing its security deployments related to protecting the vessels.
Just as Ukrainian President Zelensky was on stage at the Davos WEF summit where he decried European ‘inaction’ – news hit global headlines that the French navy boarded an oil tanker from Russia. “This morning, the French Navy boarded and searched an oil tanker from Russia, subject to international sanctions and suspected of flying a false flag,” French President Emmanuel Macron said on X.
“The operation was carried out on the high seas in the Mediterranean, with the support of several of our allies,” he added, noting that the vessel had been “diverted”.
“We will let nothing pass,” Macron then stated, seeking to appear ‘tough’ at a moment much of European leadership is focused on the Greenland crisis.
“The activities of the shadow fleet help finance the war of aggression against Ukraine,” he added.
The detail about it happening in the Mediterranean is interesting, and more rare, given that until now such intercepts typically take place in northern European waters. But this apparently underscores European resolve to go after these vessels anywhere on the globe.
International news sources have identified the seized vessel, currently under escort, as the “Grinch” and it happened in the narrow body of water between Spain and Morocco.
Per the emerging details, the operation was carried out by France in coordination with the UK, which provided vital intelligence to make the intercept possible.
The vessel was sailing under a false Comoros flag, despite having an Indian crew, with the vessel encountering French authorities near southern Spanish port city of Almería.
This incident is akin to one in last September which saw French naval forces board another oil tanker off France’s Atlantic coast.
That prior vessel had departed from the Russian oil terminal at Primorsk near St. Petersburg. Known as “Pushpa” or “Boracay” – after undergoing multiple name changes – the tanker was operating under the Beninese flag, The Associated Press reported.
.8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/
How Canada’s Only Leverage Over America Disappeared In An Instant
Wednesday, Jan 21, 2026 – 10:35 PM
Authored by E.J. Antoni via The Epoch Times (emphasis ours),
I’d like to talk today about the recent events in Venezuela, specifically from an economic point of view, and who are the real winners and losers.
Let’s start with the obvious. The Venezuela operation is a win for America and the Venezuelan people. American consumers and businesses will benefit from lower prices while oil companies have a chance for bigger profits.
Venezuelans will benefit from increased investment, jobs, and profits in their country as well. This is why their stock market jumped 50, 60, 70, 80 percent after the U.S. takeover.
And if we recall that economic security is national security, then the new order in South America also simultaneously supports U.S. national security while undermining our greatest rival, China. In war, dependable access to oil is as important as dependable access to kinetic arms.
Access to ample, reliable flows of oil represents a key strategic interest. Removing one such flow from the Chinese sphere of influence and bringing it into our own is tremendous progress toward this goal. But the biggest loser of all isn’t China or Russia, it’s Canada.
Western Canada sends over four million barrels a day of heavy crude to American refiners that are equipped to handle this type of oil. But now, with access to the massive flows of Venezuelan crude, which is similar to the Canadian flavor, the United States no longer needs to rely on Canada to keep the refineries on the Gulf of America running at full capacity.
Instead, the oil shipments that previously went to China are already being redirected to American refiners—tens of millions of barrels worth just days after Maduro’s capture. And while the United States is paying full market price for that oil, don’t be surprised if oil prices start coming down because of this redirection.
After all, increasing supply puts downward pressure on prices. As American investment rebuilds Venezuela’s severely neglected oil infrastructure, we can expect production and exports to the United States to only increase, simultaneously benefiting the American and Venezuelan people.
That’s why this is such a massive economic win for American families and businesses who will benefit from lower prices, courtesy of more energy supplies. And since energy affects the price of everything else in an economy, lower prices for products like gasoline will put downward pressure on countless other prices, providing relief after four years of inflation under the Biden administration.
Consider when you go to a grocery store how much of the price of food you’re buying is dependent on energy prices. First off, farmers and ranchers are fueling their tractors and other vehicles with diesel and gas. They’re also using synthetic fertilizers created with natural gas.
But how did the gallon of milk, the carton of eggs, or the bag of bread get to grocery store in the first place? It got there on a trunk. Fueled by oil. What I’m getting at here is that we seriously underestimate just how much the price of energy affects everything we do and everything we buy.
Bring down energy prices, and you put downward pressure on prices throughout the economy. That’s a win for American consumers and businesses alike.
And U.S. control of Venezuela is also a second chance for jilted American oil companies to again profit from nearly one-fifth of the world’s proven oil reserves.
Years ago, those American companies poured investment into Venezuela to essentially modernize the entire industry there. For their troubles, these oil firms had their physical property confiscated and their intellectual property copied as the communists “nationalized” Venezuelan oil.
Of course, communist rule there was a disaster, as it has been everywhere, and the oil industry languished as infrastructure decayed, investment lagged, and production fell well below its potential. Venezuela pumps much less oil today than they did a quarter century ago. But this is poised to reverse.
Venezuela will now assuredly receive billions of dollars of investment from American oil companies, many of whom are champing at the bit to regain access to the largest reserves in the world. That will mean a windfall of jobs and income for the Venezuelan people, all of which could have been Canada’s, bringing us back to the story of the biggest economic loser here.
It didn’t have to be this way for the fifty-first state. But instead of welcoming oil and gas investment from the United States and building valuable infrastructure like pipelines, Canada has preferred to prioritize far-Left causes and an anti-energy agenda.
After recent events, not only is Canada losing its biggest crude customer, but it’s also losing its only real leverage in trade talks with the United States. This is an economic reality that few professional pundits seem to have grasped.
To be clear, the flood of cheap Venezuelan crude will not arrive in the United States overnight. It will take time, years in fact, to rebuild Venezuela’s oil infrastructure and really ramp up production to replace most Canadian crude imports. But the writing is on the wall.
The United States, for a change, is firmly in the driver’s seat and master of its own destiny—and hemisphere.
The economic story here also goes well beyond oil too, although that’s what has gotten most of the attention. Venezuela is a veritable goldmine of other natural resources like rare earth minerals, lumber, bauxite (the primary source of aluminum), natural gas, and more. Canada just lost not only its leverage with oil, but just about every other one of its exports too.
Since the Canadian economy is much more dependent on exports than the U.S. economy is, and since nearly all Canadian exports come to the United States while relative few of ours go to Canada, the slowdown in trade between our two countries has very unequal effects.
In short, this has been very harmful to Canada and will be devastating in the long run. But it’s little more than a speedbump here in America.
President Donald Trump has effectively barred the door on Canada, and the latter will have few alternatives to completely opening every one of its markets to free and fair competition.
Of course, Canada can always choose to fall further into irrelevance and economic impoverishment by stubbornly continuing to snub American manufacturers, farmers, and workers.
Let me close by saying that if the Monroe Doctrine warned Europeans to stay out of the Western Hemisphere and the Roosevelt corollary established American intervention therein, then the Trump corollary has put a finer, and more economic, point on the matter that’s best summed up in two words: America first.
Opinions expressed in this article do not necessarily reflect the opinions of ZeroHedge.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1693 UP 0.0021 PTS OR 21 BASIS POINTS/WITH STOCKS IN EUROPE ALL GREEN
USA/ YEN 158.64 UP 0.180 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 1.3443 UP 0.0020 OR 20 BASIS PTS
USA/CAN DOLLAR: 1.3827 DOWN 0.0007 CDN DOLLAR UP 7 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 5.64pts or 0.14%
Hang Seng CLOSED UP 44.90PTS OR 0.17%
AUSTRALIA CLOSED UP 0.21%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 44.90 PTS OR 0.17%
/SHANGHAI CLOSED UP 5/64 PTS or 0.44%
AUSTRALIA BOURSE CLOSED UP 0.21%
(Nikkei (Japan) CLOSED UP 926/36 PTS OR 1.76%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4820.85.
silver:$93/83
USA DOLLAR VS TRY: 94.30
USA DOLLAR VS RUSSIAN ROUBLE: 75.75 ROUBLE// UP 125 BASIS PTS
UK 10 YR BOND YIELD: 4.422 DOWN 4 BASIS PTS
UK 30 YR BOND YIELD: 5.161 DOWN 5 BASIS PTS
CDN 10 YR BOND YIELD: 3.416 DOWN 1 BASIS PTS
CDN 5 YR BOND YIELD; 2.951 UP 1 BASIS PTS
USA dollar index early THURSDAY morning: 99.56 DOWN 1 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.277% DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.250% DOWN 4 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.3679 DOWN 2 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.265 DOWN 1 in basis points yield
ITALY 10 YR BOND: 3.513 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.8843 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1734 UP 0.0062 OR 62 basis points
USA/Japan: 158.73 DOWN 0.070 OR YEN IS UP 7 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.481 UP 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.247 UP 4 BASIS POINTS.
Canadian dollar DOWN 42 BASIS pts to 1.3802
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The USA/Yuan CNY DOWN TO 6.9734 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.9689
TURKISH LIRA: 43.26 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +2.250 DOWN 4 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.679 DOWN 2 basis pts//YEN CARRY TRADE COMPLETELY BLOWS UP
Your closing 10 yr US bond yield UP 2 in basis points from WEDNESDAY at 4.271% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.881 UP 1 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.619 UP 2 BASIS PTS.
GOLD AT 10;00 AM 4870.80
SILVER AT 10;00: 95.66
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:THURSDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 11.96 PTS OR 0.12%
GERMAN DAX: CLOSED UP 295.49 OR 1.20%
FRANCE: CLOSED UP 79.72. PTS OR 0.99%
Spain IBEX CLOSED UP 223.90 PTS OR 1.28%
Italian MIB: CLOSED UP 602.87 PTS OR 1.36%
WTI Oil price 59.76 10.00 EST/
Brent Oil: 64.32 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 75.95 ROUBLE UP 1 AND 74 / 100
CDN 10 YEAR RATE: 3.413 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.947 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1747 UP 0.0074 OR 74 BASIS POINTS//
British Pound: 1.3498 UP 0.0077 OR 77 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.4540 DOWN 2 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.217 DOWN 1 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.246 DOWN 4 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.6700 DOWN 4 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 158.29 DOWN 0.065 OR YEN UP 7 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3790 DOWN 0.0054 PTS// CDN DOLLAR UP 54 BASIS PTS
West Texas intermediate oil: 59.38
Brent OIL: 64.02
USA 10 yr bond yield DOWN 1 BASIS pts to 4.2480
USA 30 yr bond yield DOWN 2 PTS to 4.846%
USA 2 YR BOND 3.608 UP 1 PTS
CDN 10 YR RATE 3.410 DOWN 1 BASIS PTS
CDN 5 YEAR RATE: 2.941 DOWN 2 BASIS PTS
USA dollar index: 98.15 DOWN 42 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.27 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 75.99 UP 1 AND 00/100 roubles //
GOLD $4,924.60 3:30 PM)
SILVER: 96.16 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 306.78 OR 0.63%
NASDAQ 100 UP 211.20 PTS OR 0.91%
VOLATILITY INDEX 15.68 DOWN 1.22PTS OR 7.22%
GLD: $ 451.79 UP 8.19 PTS OR 1.85%
SLV/ $87.17 UP 3.16 PTS OR OR 3.76%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 174.58 PTS OR 0.53%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Gold & Stocks Jump As ‘Good News’ Sparks Dump In Rate-Cut Odds
WRAP UP
Stocks rebound continues as geopolitical woes ease – Newsquawk US Market Wrap
Thursday, Jan 22, 2026 – 04:15 PM
- SNAPSHOT: Equities up, Treasuries flatten, Crude down, Dollar down, Gold up.
- REAR VIEW: US Nov PCE matches expectations; GDP Final Q3 revised slightly higher; Initial jobless surprise to the downside, again; Trilateral meeting between US, Ukraine, and Russia on Fri-Sat; EIA crude stocks show bigger-than-expected build; Aussie employment change tops expectations; Norges Bank holds rates, as expected; TSLA starts Robotaxi drives in Austin.
- COMING UP: Global Flash PMIs (Jan), UK Retail Sales (Dec), Canadian Retail Sales (Nov), US UoM Consumer Expectations Final (Jan). Events: BoJ Policy Announcement. Speakers: BoJ Governor Ueda; BoE’s Greene; ECB President Lagarde. Earnings: Ericsson
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MARKET WRAP
US stocks closed in the green, extending on Wednesday’s gains driven by Trump backing off from imposing additional tariffs on EU nations over Greenland. A few details emerged surrounding the US-NATO deal. Trump said there will be total access, and he will not be paying anything. This, however, does oppose a late Wednesday NYT report that the deal would involve small pockets of land. Nonetheless, risk sentiment improved and outweighed a chunky selloff after the open. Communications outperformed due to a Meta (META, +5.7%) rally after it received positive commentary at Jefferies. Tesla’s (TSLA, +4.2%) rollout of Robotaxis in Austin, with no safety monitor, supported Discretionary gains, while Real Estate and Utilities lagged. US data had little sway over price action in fixed and FX. Initial claims were little changed, continued claims dropped as hiring picked up, GDP Final (Q3) was slightly revised higher, but once again short of consensus, and November PCE (headline & core) matched expectations. The dollar was broadly weaker as recent geopolitical developments have seemingly resumed the USD hedge trade amid trade uncertainty, with gold continuing to benefit as it surpassed USD 4,900/oz for the first time. Antipodes rally persisted with AUD supported by strong overnight jobs data; JPY lagged as political uncertainty lingers. Treasuries were mixed across the curve as the long end trimmed earlier losses to start the week, while the 2yr yield hit new WTD highs. Lastly, oil prices were weighed by welcoming geopolitical developments, namely, the US, Ukraine, and Russia to meet in the UAE – this followed a meeting between Trump and Zelensky, who both described the meeting as good. A bigger-than-expected crude stock build further pressured the complex.
US
PCE: PCE for November was in line with Wall St. consensus, highlighted by headline M/M and Y/Y printing 0.2% (exp. 0.2%, prev. 0.2%) and 2.8% (exp. 2.8%, prev. 2.7%), respectively, with Core M/M at 0.2% (exp. 0.2%, prev. 0.2%) and Y/Y at 2.8% (exp. 2.8%, prev. 2.7%). Personal income fell short of expectations at 0.3% (exp. 0.4%, prev. 0.1%), while personal spending was in line at 0.5%. Real consumption increased by 0.3%, and the core PCE deflator increased by 0.16% in November, which again matched the consensus. Note, alongside the November release, we got the delayed October figures. Ahead, Pantheon Macroeconomics looks for a 0.37% increase in the core PCE deflator in December after last week’s CPI data, which revealed a jump in food services prices, but we will get an updated forecast following PPI. In addition, Pantheon thinks it looks like a toss-up whether the quarter-average inflation rate was unchanged from Q3’s 2.9% rate in Q4 or edged down to 2.8%, but nonetheless, both are still less than the median FOMC participant’s forecast of 3.0%. Ahead, Pantheon expect inflation to continue to undershoot the Committee’s expectations this year, given the relatively low level of tariff revenues, negligible momentum in new rents, and signs that wage growth is set to slow further. The consultancy expects core PCE inflation to average 2.3% in Q4, below the FOMC’s 2.5% forecast.
GDP FINAL (Q3): GDP was revised slightly higher to 4.4%, above the expected and prior 4.3%. Q3’s growth reflected increases in consumer spending, exports, government spending, and investment. GDP sales were revised down to 4.5% from the prior and expected 4.6%. Corporate Profits were revised up to 4.7% from 4.2%, exp. 4.3%. On prices, Core PCE was revised up to 2.9% as expected from 2.9%, with the headline matching expectations of 2.8%, prev. 2.8%. Oxford Economics still expects the economy to slow in Q4, as the shutdown and a drop in auto sales weigh on activity, but the “swings in net trade and inventories driven by shifts in timing of shipments around tariff deadlines pose an upside risk”.
JOBLESS CLAIMS: Initial jobless claims (w/e Jan 17th), for the week that coincides with the usual NFP survey period, once again surprised to the downside and printed 200k (exp. 212k, prev. 199k), leaving the 4wk average ticking lower to 201.5k from 205.25k. Continued claims (w/e Jan 10th) fell to 1.84mln (exp. 1.9mln) from 1.88mln. Looking through the usual seasonal factors of the last couple of weeks, initial claims are clearly trending lower, indicating some improvement in labour market conditions. Oxford Economics writes that a wave of layoff announcements in the fall never translated into a significant increase in claims, and notifications by employers of pending layoffs were down sharply as of December after a jump in October, suggesting initial claims will remain subdued.
FIXED INCOME
T-NOTE (H6) SETTLED 2 TICKS LOWER AT 111-19
T-Notes flatten as US data stirs little reaction. At settlement, 2-year +2.8bps at 3.614%, 3-year +2.5bps at 3.681%, 5-year +2.7bps at 3.849%, 7-year +1.8bps at 4.047%, 10-year +1bps at 4.251%, 20-year -1bps at 4.808%, 30-year -1.6bps at 4.49%.
THE DAY: T-Notes flattened with short duration yields on the rise while the 20- and 30 yr yields continued to pare large gains seen at the start of the week. Geopolitical updates continue to suggest tensions on trade and force between the US and EU have stabilised for now, surrounding Greenland. Both Greenland and Denmark have stated that sovereignty isn’t up for negotiation. Trump gave more details of the deal; it will be total access, and he will not pay anything for Greenland. Separately, US data failed to have a sustained reaction across the curve. Claims data continues to show no imminent sign of further labour market stress, with the drop in continued claims indicating an uptick in hiring. GDP Final (Q3) was revised higher, while the PCE November report matched expectations. Similar to the 20yr auction on Wednesday, indirect demand proved strong on the 10yr TIPS auction, quelling any suspicion of a drop in international buying, a notion likely explanatory of the long-end outperformance in recent days as earlier fears in the week on trade/geopolitics get undone. ZN H6 traded between 111-14 and 111-24+.
SUPPLY:
- US sold USD 21bln of 10yr TIPS; tails 2bps
- Another weak 10yr TIPS auction was seen after a poor 5bps tail reading in September, but with signs of improvement. The tail decreased to 2bps from 5bps, with the dealer’s bid proportion down to 12.2% from 17.8%. Indirect demand was behind the demand improvement, taking 67.4% of the bid from September’s 56.1%. This left directs with 20.4% of the bid from 26.1%. B/C increased to 2.38x from 2.20x.US is to sell USD 69bln of 2-yr notes on January 26th, to sell USD 70bln of 5-yr notes on Jan. 27th, to sell USD 44bln of 7-yr notes on Jan. 29th; all to settle on Feb. 2nd
Bills/Notes
- US sold 4-week bills at a high rate of 3.630%, B/C 2.86x; sold 8-week bills at a high rate of 3.630%, B/C 2.84x
- US to sell USD 89bln of 13-wk bills, and USD 77bln of 26-wk bills on January 26th, to sell USD 90bln of 6-wk bills on Jan. 27th; all to settle on January 29th.
- US to sell USD 30bln of 2-yr FRN on January 28th, to settle on February 2nd.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: January 0bps (prev. 0bps), March 2.1bps (prev. 3.3bps), April 6.2bps (prev. 7.7bps), December 42.2bps (prev. 44.9bps).
- NY Fed RRP op demand at 2.06bln (prev. 3.34bln) across 14 counterparties (prev. 12)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 95bln (prev. 83bln) on January 21st
- SOFR at 3.63% (prev. 3.64%), volumes at USD 3.087tln (prev. 3.162tln) on January 21st
CRUDE
WTI (H6) SETTLED USD 1.26 LOWER AT 59.36/BBL; BRENT (H6) SETTLED 1.18 LOWER AT 64.06/BBL
The crude complex saw pressure amid the continued positive rhetoric regarding Greenland, and also Russia/Ukraine. Benchmarks were already lower heading into the US afternoon, given the softening of the US stance of EU tariffs, but took another leg lower after Ukrainian President Zelensky says there will be a trilateral meeting of US, Russian and Ukrainian officials, commencing on Friday in the UAE and continuing into Saturday. This came after the one hour Trump/Zelensky meeting, which both parties described as good. Ahead of the trilateral confab, Putin and Trump are meeting on Friday. Away from the geopolitical footing, but once again aiding the oil downside was the weekly EIA metrics. Crude stocks and gasoline saw a larger build than expected, in fitting with the private metrics last night, while distillates saw a surprise build. Overall, crude production fell 21k W/W. WTI and Brent traded between USD 58.96-60.82/bbl and USD 63.56-65.38/bbl, respectively, and are ending the session towards the bottom end of the ranges.
EQUITIES
CLOSES: SPX +0.55% at 6,913, NDX +0.76% at 25,518, DJI +0.63% at 49,384, RUT +0.76% at 2,719.
SECTORS: Real Estate -1.10%, Utilities -0.73%, Industrials -0.51%, Consumer Staples -0.14%, Health +0.03%, Energy +0.27%, Materials +0.62%, Financials +0.68%, Technology +0.70%, Consumer Discretionary +1.22%, Communication Services +1.57%.
EUROPEAN CLOSES: Euro Stoxx 50 +1.22% at 5,955, Dax 40 +1.28% at 24,876, FTSE 100 +0.12% at 10,150, CAC 40 +0.99% at 8,149, FTSE MIB +1.36% at 45,091, IBEX 35 +1.28% at 17,663, PSI +1.70% at 8,604, SMI +0.67% at 13,245, AEX +0.63% at 1,000
STOCK SPECIFICS:
- Alphabet (GOOGL) was upgraded at Raymond James to ‘Strong Buy’ from ‘Outperform’.
- Apple (AAPL) announced a Lunar New Year promotion in China offering discounts of up to CNY 1,000. In other news, CEO Cook not expected to step down as CEO imminently; Apple’s Ternus adds design duties in new sign of CEO candidacy.
- GameStop (GME) Chairman Ryan Cohen’s stake rose to 9.3% after buying further 500k shares on 21st Jan.
- Leidos (LDOS) and OpenAI deploying AI to transform federal operations; plan on integrating open AI-powered generative and agentic AI into core workflows of customers in strategic markets.
- Micron (MU) was initiated with an ‘Outperform’ at William Blair.
- On Semiconductor (ON) and Microchip Technology (MCHP) were both upgraded at BNP Paribas.
- Tesla (TSLA) CEO Musk noted in a post on X, “Just started Tesla Robotaxi drives in Austin with no safety monitor in the car”.
- Venture Global (VG) said an arbitration tribunal ruled in its favour in a dispute with Repsol over LNG deliveries from the Calcasieu Pass project.
- Warner Bros Discovery (WBD) said Paramount Skydance (PSKY) continues to make the same offer, and their board repeatedly, unanimously rejected in favour of a superior merger with Netflix (NFLX). WBD is confident in its ability to achieve regulatory approval.
- Jefferies said Meta’s (META) pullback offers attractive risk/reward, citing limited downside, AI-driven upside into 2026, and accelerating monetization at WhatsApp, Threads and Llama. The firm reiterated a ‘Buy’ rating and a USD 910 PT.
EARNINGS:
- Abbott Laboratories (ABT): Revenue light & next quarter profit view light.
- GE Aerospace (GE): EPS & revenue topped.
- Knight-Swift (KNX): Profit light.
- Mobileye (MBLY): Disappointing FY26 rev. guidance.
- Procter & Gamble (PG): Top line light & maintains FY outlook.
FX
The Dollar was lower on Thursday, as geopolitics, whether that be Greenland or Russia/Ukraine, continue to dominate the tape. The main update for the former, of course, came last night as Trump said they’ve agreed a framework of a deal. On the latter, Trump/Zelensky had a “good” meeting today, and have set up a trilateral meeting with Russia on Friday-Saturday, which will also see Trump meet Putin prior to that. On the data footing, initial jobless claims once again came in beneath expectations, showing encouraging signs for the labour market, while PCE for November printed in line with expectations, although personal income marginally missed.
G10 FX, ex-JPY, saw gains across the board and profited from the Dollar selling. The Yen was the clear laggard and saw losses, which saw USD/JPY print a peak of 158.89 ahead of the BoJ rate decision after-hours. Despite the Yen weakness, giving ongoing domestic political concerns, it did see some reprieve after Bloomberg reported that Japan now forecasts the primary balance to be in a deficit (prev. forecast surplus) in FY26, which perhaps eased some fears of a deeper deficit.
Antipodeans topped the charts, and while buoyed by broader risk-on sentiment, the Aussie also saw tailwinds from the employment report overnight. Recapping, the Australian economy added more jobs than expected, helped by full-time employment, whilst the unemployment rate fell to 4.1% from 4.3% (exp. 4.4%). AUD/USD traded between 0.6754-6845, and NZD/USD 0.5834-5910.
GBP saw strength, but did see weakness in the European morning amid reports that UK Labour MP Andrew Gwynne is set to stand down as MP, clearing the way for Andy Burnham. However, the Pound pared some weakness as Sky’s Coates highlights, with reference to UK Labour Mayor Burnham, that there is a high threshold for the mayor to step down with the intention of becoming an MP. Cable traded between 1.3402-3502.
There was little action in Europe, as no move was seen in the EUR in wake of the ECB Minutes. For the Scandi watchers, no notable move was seen in the NOK following Norges Bank, which maintained rates at 4%, and in the forward guidance said if the economy evolves broadly as currently envisaged, the policy rate will be reduced further in the course of the year.
In EMFX, the Yuan saw pressure after PBoC Governor Pan remarked China has room this year to cut RRR and interest rates, pledging flexible use of tools. Lastly, and again on the central bank footing, the CBRT cut its repo rate by 100bps to 37.00%, smaller than the expected 150bps reduction to 36.50%.
USA DATA RELEASES
SEEMS THAT THE USA ECONOMY IS ON FIRE!!
Rate-Cut Odds Tumble As Jobless Claims Hover Near 56-Year-Lows
Thursday, Jan 22, 2026 – 08:35 AM
Following last week’s plunge back below 200k, analysts expected a small rise to 209k this week but the number of Americans filing for jobless benefits for the first time remained flat at 200k. Notably, as is usual at this time of year, non-seasonally-adjusted claims spiked…
Source: Bloomberg
…basically hovering at its lowest levels since 1969…
Source: Bloomberg
New York and Georgia saw the largest drops in jobless claims while Puerto Rico saw a modest increase in claims…
Continuing jobless claims also ticked down (to 1.849 million Americans) – the lowest since November…
Source: Bloomberg
All of which fits with the ebbing of rate-cut expectations for this year…
Source: Bloomberg
…likely much to the chagrin of President Trump.
END
US Q3 GDP Revised Up to 4.4%, Highest In Two Years
Thursday, Jan 22, 2026 – 08:57 AM
While it’s ancient history now – even preceding the record long government shutdown – and nobody will care, moments ago the BEA reported that its first revision of third quarter GDP came in a bit hotter than expected as US GDP grew slightly more than initially reported, supported by stronger exports. Due to the recent government shutdown, this updated report for the third quarter of 2025 replaces the release of the third estimate originally scheduled for December 19, 2025, the BEA reported.
Inflation-adjusted gross domestic product increased at a revised 4.4% annualized rate, the fastest in two years, and up 0.1% from the initial estimate, primarily reflecting upward revisions to exports and investment that were partly offset by a downward revision to consumer spending. That said, the change was minuscule: it went up from an unrounded 4.340% to 4.370%.
Compared to the second quarter, the acceleration in real GDP in the third quarter reflected upturns in investment, exports, and government spending, as well as an acceleration in consumer spending. Imports decreased less in the third quarter than in the second.
Real GDP was revised up 0.1 percentage point from the initial estimate, primarily reflecting upward revisions to exports and investment that were partly offset by a downward revision to consumer spending. Imports were revised up.
Here is the breakdown:
- Personal consumption contributed 2.34% to the bottom line, slightly lower than the 2.39% originally reported.
- Fixed Investment added 0.15%, also revised lower from 0.19%
- Change in private inventories was a net improvement, raising from -0.22% to -0.12%, if still subtracting from the bottom line
- Net trade (exports less imports) was also revised favorably up from 1.59% to 1.62%
- Finally, government added 0.38% to the bottom line print, effectively the same as 0.39% before.
And visually:
Real gross output increased 3.2% in the third quarter, reflecting increases of 4.4% for private services-producing industries and 2.1% for government that were partly offset by a decrease of 0.1% for private goods-producing industries. Real gross domestic income (GDI) increased 2.4% in the third quarter, the same as previously estimated. The average of real GDP and real GDI increased 3.4%, the same as previously estimated.
From an industry perspective, the increase in real GDP in the third quarter reflected increases of 5.3 percent in real value added for private services-producing industries and 3.6 percent for private goods-producing industries that were partly offset by a decrease of 0.3 percent in real value added for government.
Finally, while it’s beyond ancient history now, the price index for gross domestic purchases increased 3.4% in the third quarter, the same as previously estimated. The personal consumption expenditures (PCE) price index increased 2.8 percent, and the PCE price index excluding food and energy increased 2.9%, both the same as previously estimated. A much more timely print of core PCE for November will be reported at 10am today.
USA ECONOMIC COMMENTARIES
Trump Right About Arctic Security, NATO’s Rutte Says
Wednesday, Jan 21, 2026 – 05:20 PM
In what could have been the starting gun of Trump’s de-escalation, NATO Secretary-General Mark Rutte said today at the World Economic Forum in Davos, Switzerland, that the US President was right about security in the Arctic.
“When it comes to the Arctic, I think President Trump is right. Other leaders in NATO are right. We need to defend the Arctic,” the former Dutch prime minister said. “We know that the sea lanes are opening up.”
Rutte said that China and Russia were becoming increasingly active in the Arctic Circle, and acknowledged that this posed a problem for the alliance.
“There are eight countries bordering on the Arctic. Seven are members of NATO. That’s Finland, Sweden, Norway, Denmark, Iceland, Canada, and the U.S.,” Rutte said.
“And there’s only one country bordering on the Arctic outside NATO, and that’s Russia. And I would argue there is a ninth country, which is China, which is increasingly active in the Arctic region. So, President Trump and other leaders are right, we have to do more there, we have to protect the Arctic.”
Furthermore, as Guy Birchall reports for The Epoch Times, Rutte also praised Trump for upping the contributions from many NATO member states to the alliance’s budget.
“Do you really think that without Donald Trump, eight big economies in Europe, including Spain, Italy, and Belgium, Canada, by the way, also outside Europe, would have come to 2 percent in 2025 when they were only on 1.5 percent at the beginning of the year?” Rutte said.
“No way. Without Donald Trump, this would never have happened. They are all on 2 percent now.”
Rutte’s comments about NATO’s presence in the Arctic come as Trump’s stated ambition of annexing Greenland has driven a wedge between Washington and European allies.
Before departing for the summit, Trump expressed confidence that NATO and the United States would reach a deal on the Arctic island that benefits all parties.
“I think that we will work something out where NATO is going to be very happy and where we’re going to be very happy,” Trump said during a Jan. 20 White House press conference.
“We need it for national security and even world security. It’s very important.”
U.S. Vice President JD Vance and Second Lady Usha Vance tour the U.S. military’s Pituffik Space Base in Greenland on March 28, 2025. Jim Watson/AP
During his speech in Davos, the president ruled out taking the island by force but remained forthright in his insistence that the United States must acquire the territory.
“People thought I would use force, but I don’t have to use force. I don’t want to use force. I won’t use force,” Trump said.
“We want a piece of ice for world protection, and they won’t give it. They have a choice: They can say yes, and we will be very appreciative, or you can say no, and we will remember.”
Trump also said that Denmark promised to spend “over $200 million to strengthen Greenland’s defenses” and that it has “spent less than 1 percent of that.”
He was referring to a 2019 commitment from the Danish government, made during his first presidency, when the idea of the United States taking control of the territory was first raised.
Copenhagen has not disputed that the implementation of that commitment has been slow.
END
USA/EUROPE
Greentanamo: Trump Deal Gives US Sovereignty Over Small Pockets Of Greenland For Military Bases
Wednesday, Jan 21, 2026 – 05:00 PM
Update (1630ET): Details of Trump’s Greenland deal are trickling in.
With little official information on what Trump earlier called “a framework of a future deal with respect to Greenland”, which prompted the president to call off tariff threats that he had issued in an effort to secure American ownership of Greenland, and sparked a massive market rally (just as JPMorgan’s trading desk said would happen), the NYT reports that the announcement followed a NATO meeting on Wednesday “where top military officers from the alliance’s member states discussed a compromise in which Denmark would give the United States sovereignty over small pockets of Greenlandic land where the United States could build military bases.”
The NYT goes on to note that according to two of the officials, who attended the meeting, the deal compares “to the United Kingdom’s bases in Cyprus, which are regarded as British territory.”
What wasn’t reported is that the US already has a military base in Greenland, namely Pituffik Space Base (formerly Thule Air Base), where about 150 United States service members are permanently stationed as of 2025, after the United States significantly reduced its presence from 6,000 personnel during the Cold War.
The US has had a military presence on Greenland since the second world war, when the island was left undefended during the Nazi occupation of its then colonial ruler, Denmark. The US moved in, setting up airfields, weather stations and defences and watched for German submarines in the North Atlantic. Ten years later, the arrangement was formalised via a defence treaty with Denmark, which is part of Nato, that allowed the US the right to operate military facilities there. During the cold war, Pituffik again became an important Arctic base for the US.
Under the 1951 Greenland Defense Agreement, the United States was allowed to operate the base under a NATO framework, as long as both Denmark and the United States remain NATO members. Under the agreement, the Danish national flag must be flown at the base to recognize that the base is on Danish territory, but the United States is allowed to fly its own flag alongside the Danish flag on the facilities it operates.
The 1951 agreement was modified in 2004, giving the USA unrestricted access to the Pituffik base. Sure enough, Danish Prime Minister Mette Frederiksen has referred to this recently. If the Americans want to expand their military presence beyond that, they only must consult and inform the authorities in Nuuk and Copenhagen.
Back in March 2025, vice president JD Vance brought a US delegation to Pituffik space base, which is located 932 miles (1,500km) from Nuuk, Greenland’s capital, 750 miles (1,207km) north of the Arctic Circle, and across Baffin Bay from Nunavut in Canada, thus playing an essential role in US missile detection.
In other words, while the US will go from having a military base in Greenland on semi-autonomous territory to… having a base in Greenland on autonomous territory, all Trump needs to do is change the name of the island to Greentanamo and declare victory, and the entire episode will be forgotten.
And yes, there is a tweet for that.
KING NEWS
| The King Report January 22, 2026 – Issue 7664 | Independent View of the News |
| Stocks soared and bonds rallied smartly after Trump said a framework for a Greenland deal has been reached near 14:26 ET. This enhanced stock and bond market rallies that appeared after Japan finally intervened in its bond market, apparently by pressuring institutions to buy JGBs. Trump: “Based upon a very productive meeting that I have had with the Secretary General of NATO, 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…” https://x.com/WhiteHouse/status/2014061002258518280 Trump-Greenland Deals Reportedly Includes U.S. ‘Sovereignty Over Small Pockets’ of Territory … where the United States could build military bases… The Times added the idea came from Rutte, a former prime minister of the Netherlands who is seen as being close to Trump… Two of the officials, who attended the meeting, compared it to the United Kingdom’s bases in Cyprus, which are regarded as British territory,”… (Mineral rights are included in the deal, Golden Dome will be there.) https://www.msn.com/en-us/news/politics/trump-greenland-deals-reportedly-includes-us-sovereignty-over-small-pockets-of-territory/ar-AA1UGCAv Fox’s @brithume on Trump’s Greenland deal: “If what we’re hearing is correct, the U.S. would gain control or maybe sovereignty over zones within Greenland to set up bases and for other military purposes. That would certainly be a solution to the issue.” “It’s not entirely clear to me how it would matter practically and how much difference it would make to what we have now: we have extensive basing rights in Greenland under a 1951 treaty, but it might be enough to get out of this controversy.” https://x.com/TVNewsNow/status/2014126818287124851 Hume, who appears to detest Trump, is not accurate. The 1951 treaty allows the US to build bases in Greenland, but the US does NOT control the territory. ‘Sovereignty’ over the territory is the difference. Japan’s Second-Largest Bank (Sumitomo Mitsui) Plans Big JBG Purchases After Rout – BBG Bonds globally rebounded on the Japanese JGB intervention. However, the rebound was relatively modest considering the carnage exacted over the past few sessions. USHs rallied as much as 20/32. In equityville, the valuation rotation appeared again. The DJTA rallied sharply; the DJIA rallied moderately; and Fangs declined sharply. The NY Fang+ Index was -1.4% at 13:04 ET. The DJTA was +3.7% at 14:38 ET. ESHs vacillated between tiny and moderate gains until they broke lower at 6:46 ET. After falling to a 13-handle decline for the day, ESHs trading sideways until the rally for the NYSE opening began at 9:05 ET. After jumping to 6908.25 at 10:51 ET, ESHs sank to 6837.25 at 12:12 ET. ESHs plodded higher until Trump issued the Greenland news near 14:26 ET. ESHs soared to a daily high of 6945.25 (+115.75) at 15:00 ET. ESHs then sank to 6904.00 at 15:51 ET. Ken Griffin (Citadel CEO) Calls Japan Bond Selloff ‘Explicit Warning’ for US – BBG “The bond vigilantes can come out and extract their price.”… Brookings Institute & ex-GS economist @robin_j_brooks: Japan is in denial. If you think you can campaign on an end to “excessive” austerity with debt at 240% of GDP, markets will teach you a harsh lesson. Yesterday, even though Japan’s JGB yields shot up, the Yen fell. This is crisis territory. https://robinjbrooks.substack.com/p/the-road-to-ruin-for-japan China Dumps US Debt, Calling it a ‘Ponzi Scheme’ as Dedollarization Accelerates Shao Yu, chief economist at Fudan University’s Sci-tech Innovation Management Research Centre, offered a stark assessment of the situation. “The massive accumulation of debt resembles a Ponzi scheme, where larger volumes of new debt are used to replace the old,” he stated. “China doesn’t want to play this game anymore”… https://globalimpulsemedia.com/china-dumps-us-debt-calling-it-a-ponzi-scheme-as-dedollarization-accelerates/ ECB’s Lagarde Left Davos Dinner After Lutnick Slammed Europe – BBG Lutnick’s speech to dinner guests belittled European economies and their lack of competitiveness compare to the US’s prowess… A spokesperson for the US Commerce Department said that no one left hastily during Lutnick’s three-minute speech and that only one person booed… Al Gore… “I would be more polite about it, about the weakness of Europe,” he (Jamie Dimon) said… Trump tells Davos US alone can secure Greenland, insists he won’t ‘use force’ “We never asked for anything,” Trump said of the U.S. working with NATO. “And we never got anything. We probably won’t get anything unless I decide to use excessive strength and force where we would be, frankly, unstoppable. But I won’t do that. Okay, now everyone say, ‘oh good.’ 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… I’ve done more to help NATO than any other president by far, than any other person. You wouldn’t have NATO if I didn’t get involved.”… https://www.foxnews.com/politics/trump-tells-davos-us-alone-can-secure-greenland-insists-he-wont-use-force Canada will regret cozying up with China to troll Trump – WaPo Editorial Board Canada is cozying up to China. It’s not surprising because of President Trump’s bullying, but it is shortsighted. Describing a “new world order,” Canadian Prime Minister Mark Carney had the gall during a trip to Beijing last week to claim that China is a “more predictable” partner than the United States… Carney told reporters last Friday, following his meeting with Chinese President Xi Jinping, that the two countries are “forging a new strategic partnership.”… There is a fine line between “pragmatism” and naiveté which Carney has already started to blur. Carney and Xi did not simply agree to new trading parameters. They put on a show. Frustrations with one American president need not give way to the agenda of dictators… https://www.washingtonpost.com/opinions/2026/01/20/canada-carney-china-xi-trade/ @EricLDaugh: Trump just called out Emmanuel Macron and Keir Starmer for being ALL TALK, no action! “They get rough when I’m not around. When I’m around? They treat me very nicely.” “They’re both liberal and need to straighten out their countries!” https://t.co/mgiDghM8Sq @KobeissiLetter: France’s President Macron on speaking to President Trump: “I do not intend to speak to President Trump at Davos.” Just hours ago, President Trump posted a screenshot of a text message from Macron asking to meet at Davos. https://t.co/kqzEgmfTkx @visegrad24: The UK’s plans to transfer sovereignty over the Chagos Islands to Mauritius is a grave geopolitical mistake. The UK has had sovereignty of the islands since 1814… Mauritius is a close Chinese ally and many military experts warn that the US/UK military base on Diego Garcia could be in jeopardy if sovereignty of the Chagos Archipelago is transferred to Mauritius. @visegrad24: For the first time, Trump now calls the UK’s plans to hand over sovereignty over the Chagos Archipelago to Mauritius “great stupidity.” Trump: Shockingly, our “brilliant” NATO Ally, the UK, is currently planning to give away the Island of Diego Garcia, the site of a vital U.S. Military Base, to Mauritius, and to do so FOR NO REASON WHATSOEVER. There is no doubt that China and Russia have noticed this act of total weakness. These are International Powers who only recognize STRENGTH, which is why the United States of America, under my leadership, is now, after only one year, respected like never before. The UK giving away extremely important land is an act of GREAT STUPIDITY and is another in a very long line of National Security reasons why Greenland has to be acquired. Denmark and its European Allies have to DO THE RIGHT THING” Dec US Pending Home Sales Plunge (-9.3% m/m, -1.3% y/y) by Most Since Start of Pandemic – BBG Forecast range from -5% to 2.5%; Northeast fell 11% m/m… Northwest fell 14.9% m/m… South fell 4% m/m… West fell 13.3%… Positive aspects of previous session Trump’s double TACO on Greenland intensified a rally begat from Japanese JGB intervention. Negative aspects of previous session Nothing was done fundamentally to appease Mr. Bond. Ambiguous aspects of previous session Is ‘Headline Roulette’ over for now? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6863.66 Previous session S&P 500 Index High/Low: 6910.39; 6804.96 @SpencerHakimian: In a MASSIVE SHIFT, Trump says he DOES NOT WANT TO DEPORT ILLEGALS that are working. https://x.com/SpencerHakimian/status/2013817087827808633 @KaceeRAllen: Trump in 2023: “Following the Eisenhower model, we will carry out the largest domestic deportation operation in American history.” Trump in 2026: “We have got to lighten up on this—We have a lot of heart for people who came in illegally and they’re good people and they’re working on farms.” MAGA did not get anything they voted for. The GOP will LOSE the House and now may lose the Senate, which was a lock to keep! In Midterm Elections typically the party that holds the WH sees lower turnout while the party out of WH power is motivated to turnout. With yet another TACO, MAGA turnout could be abysmal, and MAGA was the energy and fervor in the GOP! PS – Americans overwhelmingly approve deporting illegal aliens. DTJ’s TACO on illegal immigration is the biggest political blunder and base betrayal since George H. W. Bush’s “Read my lips; NO new taxes” betrayal. Inquiring minds what to know which captain of industry that benefits from cheap illegal workers schmoozed Trump enough to induce da Donald to commit political suicide. Of course, The Mouth That Roared’ has no political future in 3 years. However, GOP MAGA candidates do! @MichaelAArouet: Scott Bessent brought up an eye-opening datapoint in Davos. Since 1980, the US has spent $22 trillion more on defense than all other NATO members combined. They preferred to ramp up welfare instead. That’s about two-thirds of outstanding US debt. Have you said thank you once? @EricLDaugh: Scott Bessent just PUMMELED Gavin Newsom in Davos. “He’s here this week with his billionaire sugar daddy, Alex Soros!” “I think it’s very, very ironic that Newsom — who strikes me as Patrick Bateman meets Sparkle Beach Ben — may be the only Californian who knows less about economics than Kamala Harris!” https://x.com/EricLDaugh/status/2013968999285973210 @bennyjohnson: President Trump Announces Prosecutions Are Coming Soon Over the Stolen 2020 Election: “People will soon be prosecuted for what they did. It’s probably breaking news, but it should be! It was a rigged election.” https://x.com/bennyjohnson/status/2013980022831214794 Today – Trump intensified the natural equity and bond market rebounds on Wednesday that commenced on Japan’s JGB intervention. These rallies are likely to continue in the early going today. However, Mr. Bond will NOT be mollified for long until fundamental changes occur, no matter how many TACOs Trump performs. Yes, Virginia, DJT did a double TACO on Greenland (rescinded force & tariff threats). ESHs are +22.00; NQHs are +119.00; USHs are +1/32; and Feb AU is -40.80 at 20:30 ET. Expected Earnings: GE 1.44, PG 1.86, FCX .29, COF 4.15, INTC .09, CSX .41 Expected Economic Q3 GDP 4.3%, Consumption 3.5%, GDP Price Index 3.8%, Core PCE 2.9%; Initial Jobless Claims 209k, Continuing Claims 1.892ml Nov Personal Income 0.4% m/m, Spending 0.3%, Nov PCE Price Index and Core PCE Price Index 0.2% m/m & 2.8% y/y; Jan KC Fed Mfg. Activity 5 S&P Index 50-day MA: 6833; 100-day MA: 6749; 150-day MA: 6598; 200-day MA: 6369 DJIA 50-day MA: 48,043; 100-day MA: 47,204; 150-day MA: 46,232; 200-day MA: 44,976 (Green is positive slope; Red is negative slope) S&P 500 Index (6875.62 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 6981.45 triggers a buy signal Hourly: Trender and MACD are positive – a close below 6824.26 triggers a sell signal Pentagon orders more active-duty soldiers to ready for possible Minneapolis deployment The department has issued a ready to deploy order for an Army military police brigade stationed at Fort Bragg, North Carolina… https://www.ms.now/news/pentagon-soldiers-military-police-ft-bragg-minneapolis @nicksortor: An El Salvadoran illegal just attempted to RAM federal law enforcement in California, forcing agents to open fire on him. This is becoming INCREASINGLY frequent, due to leftists cheering assaults on ICE. START LOCKING UP POLITICIANS! https://x.com/nicksortor/status/2014049072890487064 Democratic Socialists of America link to Chinese Communist Party causes internal strife: ‘Isn’t what I signed up for’ https://t.co/RW8eVykJ5H Manhattan Institute’s @robkhenderson: Angry people are constantly looking for targets who they can be applauded for mocking and humiliating. If you say “Women are so annoying” you will be called a misogynist. But if you say “White women are so annoying” you will be exalted. Which is why you will now see left and right wing accounts now posting critical comments specifically about white women. https://x.com/robkhenderson/status/1895650443998507448 President Donald Trump’s White House Renovations May Include New ‘Top-Secret’ Bunker https://www.yahoo.com/news/articles/president-donald-trump-white-house-193637117.html “There is no defense for Western Europe that depends exclusively or even materially upon the existence, in Europe, of strong American units. The spirit must be here [Europe] and the strength must be produced here. We cannot be a modern Rome guarding the far frontiers with our legions if for no other reason than that these are not, politically, our frontiers. What we must do is to assist these people [to] regain their confidence and get on their own military feet… If in 10 years, all American troops stationed in Europe for national defense purposes have not been returned to the United States, then this whole project [NATO] will have failed.” General Dwight D. Eisenhower 1951 Fox’s @BillMelugin_: The House Oversight Committee has just voted to hold former President Bill Clinton in contempt of Congress for ignoring a committee subpoena to give a deposition re: the Epstein investigation. Vote was 34-8 w/ two present. 9 Dems voted w/ GOP. Committee also voted to hold Hillary Clinton in contempt. The resolutions will now to go the House for a full contempt of Congress vote. If the House passes those resolutions with a simple majority, it will be referred to DOJ for potential criminal prosecution. | |
SWAMP STORIES FOR YOU
New Jersey Governor Orders State To Accelerate Solar, Storage And Virtual Power Plants
Wednesday, Jan 21, 2026 – 08:05 PM
By Robert Walton of Utility Dive
On her first day in office Tuesday, New Jersey Democratic Gov. Mikie Sherrill signed executive orders seeking to freeze electricity cost increases, issue ratepayer relief in the form of bill credits, and increase distributed energy resources, including utility-scale solar and battery storage.
One order directed the state’s Board of Public Utilities to ensure bill credits by July 1 and to “consider pursuing a pause, abeyance, or modification of the schedule governing any proceedings in which electric distribution utilities seek approvals for rate increases or cost recoveries.” It also ordered the board to publish a study within 180 days of how to “modernize” the traditional electric utility business model, including opportunities to make utility revenue models “less dependent on capital spending.”
Another order focused on growing the state’s electricity supply and increasing efficiency. It directed regulators to initiate solicitations for solar and transmission-scale battery storage and to begin development of a virtual power plant program to be administered by electric distribution utilities and third-party suppliers in the state.
Sherrill, who made affordability and rising energy prices a focus of her campaign, said in her inaugural speech that the orders “will deliver relief to consumers and stop rate hikes.”
“This will also create the conditions to massively expand New Jersey’s power generation, because more power in-state will help lower costs,” she said.
Electric rates were a key issue in the governor’s race, particularly after bills spiked as much as 20% last year. Another increase is slated to go into effect this summer. The increases are a result of higher capacity prices in PJM’s recent auctions, which are held several years in advance and reflect both current and projected power demand.
Residential bill credits will rely on the same or similar funding sources used in August 2025 to provide credits, according to Sherrill’s first executive order. Last year, the BPU said all 3.9 million New Jersey residential ratepayers of Public Service Electric and Gas, Atlantic City Electric, Jersey Central Power and Light, and Rockland Electric would receive $100 in direct bill assistance.
PSE&G emailed a statement responding to Sherrill’s orders, saying “steps must be taken to safeguard long-term energy reliability and cost effectiveness for residents as New Jersey relies on imported electricity for more than 40% of its power.”
“We are confident that open dialogue and information sharing will lead to workable solutions,” the utility said.
Grid advocates hailed the governor’s focus on developing new sources of energy.
“These executive orders are tackling peak demand, unlocking customer-sited resources, and speeding deployment of solar and storage,” Katie Mettle, New Jersey state lead at Advanced Energy United, said in a statement.
According to the second executive order, the BPU has 45 days to initiate a solicitation “for qualifying solar facilities or solar facilities in combination with storage” under the state’s Competitive Solar Incentive program. Within the same timeframe, the BPU must also open 3 GW of capacity for registration under New Jersey’s Community Solar Energy Program, “endeavoring to expedite the registration process by any necessary and appropriate means.”
Regulators must also accelerate the development of grid-scale storage through the Garden State Energy Storage Program by holding a solicitation within 45 days, launching Phase 2 of the program within 90 days, and “thereafter establishing a specific tranche of capacity for electric distribution utilities to develop to support interconnection of distributed energy resources and grid stability.”
And, within 180 days, the BPU must begin development of a virtual power plant program that aims “to drive down peak demand by aggregating behind-the-meter distributed energy resources.”
“Virtual power plants are a proven, cost-effective way to lower peak demand, improve reliability, and put downward pressure on energy bills,” AEU’s Mettle said.
Allison McLeod, interim executive director of the New Jersey League of Conservation Voters, said the group was “particularly encouraged” by the actions aimed at solar and battery storage development.
“These are two of the fastest, most affordable tools we have to bring energy online and stabilize our grid,” McLeod said in a statement. “While taking some pragmatic steps to lower emissions and increase efficiencies in the near term with our existing fleet, New Jersey is continuing to lay the groundwork for a truly clean energy future.”
END
No White Men Need Apply
Wednesday, Jan 21, 2026 – 11:25 PM
Authored by Judge Glock & Christopher F. Rufo via City Journal,
On the campaign trail, President Donald Trump promised to end federal spending on diversity, equity, and inclusion (DEI) programs. Yet the government has continued to award contracts based on race and sex. Despite rampant fraud and multiple court rulings against the practice, the Small Business Administration (SBA) has used “disadvantage” essays from business owners to skirt the rules and continue discriminatory programs that dole out billions in government contracts.
For decades, the federal government has awarded certain special contracts exclusively to so-called disadvantaged businesses and women-owned small businesses. Until 2023, SBA presumed that racial minorities were “disadvantaged.” The resulting discrimination was absolute: according to an analysis conducted between 2020 and 2023, these programs made not a single award to white men.
Though the second Trump administration has taken steps to limit these contracts, the largest disadvantaged-business initiative—the SBA’s 8(a) program—is thriving. The program “is still one of the most lucrative and sought after” SBA certificates, one contracting lawyer said in November. In fact, fiscal year 2025 saw the largest 8(a) spending on record, totaling $26 billion.
President Trump signed an executive order forbidding federal DEI discrimination, and a federal district court struck down the SBA’s presumption that minorities are disadvantaged. How, then, has 8(a) survived?
Much as colleges have used personal essays to evade affirmative-action bans, the Small Business Administration has asked companies to submit “social disadvantage narratives” to qualify for the 8(a) program. These allow business owners to establish minority status through descriptions of racial taunts or alleged discrimination. Applicants might not check a racial box, but the implication is clear: no white men need apply.
The SBA’s “Guide for Demonstrating Social Disadvantage” reveals how the shell game works. The guide teaches applicants how to play the system, featuring examples of potential “disadvantage.” It gives minorities and women the magic words: “I believe my application [for a bank loan] was denied due to bias toward my race” and “I believe my request [to declare a business major] was denied based on sex bias.” Once the agency approves the application, the contracts can start flowing—no real evidence required.
Are these applicants always disadvantaged? No. Consider Earl Stafford Jr., a black contractor who wrote an essay to apply for the 8(a) program. The Washington Business Journal reported on Stafford’s “painstaking” ordeal of writing the essay, in which he described unspecified acts of discrimination that made him think that he did not have “what it took to be in business.” Yet his father, Earl Stafford Sr., founded a successful defense firm and started his own private foundation—hardly the background of a disadvantaged person.
As with any racialized initiative, the 8(a) program is ripe for fraud. White business owners can find a minority front man or a woman to head a nominally disadvantaged or woman-owned firm, which the white man continues to run behind the scenes. Another option is for minority-owned firms to receive the government contract but act as “pass through,” taking a cut off the top and paying another firm to do the contracted work. The Supreme Court ruled last year against a “disadvantaged” company that provided none of the required paint for a Philadelphia bridge and train station and passed the work to other firms.
Out-and-out dishonesty is also common. In 2023, Margarita Howard and her companies HX5 and HX5 Sierra were forced to pay the government almost $8 million for lying about Howard’s assets in order to participate in 8(a). At the time she claimed to be disadvantaged, Howard was living in a 14,000-square-foot waterside Florida mansion featured on HGTV’s Extreme Homes, the complaint against her alleges. Howard is still the CEO of HX5 (a “woman-owned small business”) and applies for federal money. The Trump administration awarded her company millions last year.
Other aspiring federal contractors have pretended to be Native American or embezzled funds intended for Natives. ProPublica recently highlighted the case of Charles Dawson, a contractor whose companies won hundreds of millions of dollars on a promise to use his profits to help “Native Hawaiians.” He funneled some of the money into private jets, Porsches, and polo. Even after a federal raid on Dawson’s house, the companies continued to win federal support.
Everyone within the system knows such fraud is rampant. A 2018 government audit reviewed 25 8(a) recipient firms which together received more than $100 million. Of these, 20 “should have been removed from the . . . program” due to ineligibility.
The Trump administration has taken important steps to address these problems. Late Friday, Secretary of War Pete Hegseth announced he was ordering a “line by line” investigation of 8(a) contracts. President Biden’s SBA sought to award 15 percent of all federal contracts to disadvantaged firms. Trump SBA administrator Kelly Loeffler has reduced the goal to the law’s actual standard of 5 percent. Her administration has also demanded financial records from 8(a) businesses to weed out fraud.
But the core problem with these programs is not fraud. It is that they systematically discriminate against one group: white men.
Instead of trying to reform 8(a), the Trump administration should abolish it. Under the Fourteenth Amendment’s Equal Protection Clause, the administration would be within its rights to stop all contracting based on race and sex, even if such contracting were justified under the fig leaf of a “disadvantage” essay. The White House could also support Senator Joni Ernst’s “Stop 8(a) Contracting Fraud Act,” which would pause 8(a) contracting until a thorough audit is completed, or call on Congress to end the program altogether.
When the administration says, “no DEI,” it should mean it. In federal contracting, that’s also what the Constitution requires.
Judge Glock is director of research at the Manhattan Institute and author of The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913–1939. Christopher F. Rufo is a senior fellow at the Manhattan Institute, a contributing editor of City Journal, and the author of America’s Cultural Revolution.
GREG HUNTER..
harveyorganblog.com 
