access market
GOLD $4,979.80 3:30 PM)
SILVER: 102.14 3
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JANUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,908.800000000 USD
INTENT DATE: 01/22/2026 DELIVERY DATE: 01/26/2026
FIRM ORG FIRM NAME ISSUED STOPPED
132 C SG AMERICAS 25
332 H STANDARD CHARTERED B 4
363 H WELLS FARGO SECURITI 11
435 H SCOTIA CAPITAL (USA) 1005
624 H BOFA SECURITIES 988
661 C JP MORGAN SECURITIES 48 83
737 C ADVANTAGE FUTURES 7 4
905 C ADM 5
TOTAL: 1,090 1,090
MONTH TO DATE: 11,577
JPMORGAN STOPPED 54/108
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 1090 CONTRACTs NOTICES FOR 109,000 OZ or 3.3903 TONNES
total notices so far: 11,577 contracts for 1,157,700 OR 36.009 tonnes)
SILVER NOTICES: 265 NOTICE(S) FILED FOR 1.375 MILLION OZ OZ/
total number of notices filed so far this month : 8826 CONTRACTS (NOTICES) for 44.140 million oz
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.265 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 45.270 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 45.370 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: 109.275 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.265 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 45.270 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 45.370 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 3.250 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 26.871TONNES //NEW TOTAL QUEUE JUMPS 30.121//NORMAL DELIVERY OF GOLD ADVANCES TO 36.33 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 49.327 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 49.327 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: 130.74 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 HUGE SIZED 2253 CONTRACTS OI TO 158,995 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 489 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 489 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 5684 CONTRACTS AND ADD TO THE 489 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUGE SIZED GAIN OF 2742 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $3.20 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 13,710 MILLION PAPER OZ
OCCURRED DESPITE OUR GAIN IN PRICE.OF $3.20
2.ASIAN AFFAIRS JAN 16/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 13.59 PTS OR 0.33%
//Hang Seng CLOSED UP 119.55 PTS OR 0.45%
// Nikkei CLOSED UP 185.61 PTS OR 0.35%
//Australia’s all ordinaries CLOSED UP 0..07%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9655
/ OFFSHORE CLOSED UP AT 6.9520 Oil UP TO 60.15 dollars per barrel for WTI and BRENT UP TO 64.81 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 6.9655 OFFSHORE YUAN TRADING UP TO 6.9520 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 8897 CONTRACTS TO 541,033 OI WITH OUR GAIN IN PRICE OF $76.20 WITH RESPECT TO THURSDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1295).
WE HAD ZERO T.A.S. LIQUIDATION THURSDAY. IT SEEMS THAT THE SPECULATORS WENT MASSIVELY HUGE TO THE LONG SIDE WITH OUR FRBNY PROVIDING STILL THE MASSIVE NECESSARY PAPER AND OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE .
YOU WILL NOTICE THAT THE COMEX OI IS NOW GAINING HUGELY FROM ITS LOW OI OF AROUND 418,000 TO NOW 541,033 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 10,172 CONTRACTS (OR 31.576TONNES).
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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 10,152 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 HUGE SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 5178 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 3.250 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 26.871 TONNES //NEW TOTAL QUEUE JUMPS 30.121 //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 49.327 TONNES.
THE FED IS THE OTHER MAJOR SHORT OF AROUND 39+ TONNES OF GOLD OWING TO THE B.I.S. THE OCC ORDERED THE BANKS TO COVER THEIR GOLD LOSSES FROM OCC BETS. THIS IS SUCH A SMALL FRACTION OF WHAT IS OWED!!! THE FRBNY BORROWED GOLD FROM THE BIS TO COVER THOSE HUGE LOSSES OF AROUND 39 TONNES OF GOLD.. THE FED IS VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES IF THEY DO NOT BORROW THIS GOLD. SO IT IS POSSIBLE/PROBABLE THAT THE FED IS THE BUYER OF 10.006 TONNES OF EXCHANGE FOR RISK/DECEMBER/EARLY JANUARY!! AND THEN ANOTHER 12.997 TONNES TOTAL IN JANUARY/3 ISSUANCES:
THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST SEVERAL MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP OTHER CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY. IT SURE DOES LOOK LIKE THE BIS HAS NOW GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN OF 39+ TONNES REMAIN ON THE BOOKS OF THE BIS AND THE END OF THE YEAR IS APPROACHING.
THE FRBNY IS STILL NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH
EXCHANGE FOR PHYSICAL ISSUANCE/JAN//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1255 CONTRACTS.
THAT IS A FAIR SIZED 1255 EFP CONTRACT WAS ISSUED: : /FEB 1255 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1255 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 THURSDAY NIGHT/FRIDAY MORNING WAS A FAIR SIZED 1255 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP THURSDAY’S 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 3.250 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 26.871 TONNES //NEW TOTAL QUEUE JUMPS OF 30.371//NORMAL DELIVERY OF GOLD ADVANCES TO 36.33 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 49.327TONNES.
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 $75.20)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION THURSDAY // 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!!
THURSDAY NIGHT//FRIDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. NOW JANUARY:
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR HUGE QUEUE JUMP OF 3.250 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 26.871TONNES //NEW TOTAL QUEUE: 30.121 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 36.33 TONNES TO WHICH WE ADD OUR 3 EXCHANGE FOR RISK OF 12.997 TONNES//NEW STANDING ADVANCES TO 49.327TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $75.20
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 23
JAN 2026 CONTRACT MONTH
GOLD
GOLD
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRIES |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER NIL xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 1090 notice(s) 109000 OZ 3.3903 TONNES OF GOLD |
| No of oz to be served (notices) | 105 contracts 10,500 OZ 0.326 TONNES |
| Total monthly oz gold served (contracts) so far this month | 11,577 notices 1,157,700 oz 36.009TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
customer withdrawals:
0 ENTRIES
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 1// dealer to customer
i) Brinks 383.812 OZ oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 1195 CONTRACTS FOR A LOSS OF 606 CONTRACTS.
WE HAD 1651 NOTICES FILED ON THURSDAY, SO WE GAINED 1045 CONTRACTS OR 104,500 OZ OF A QUEUE JUMP (3.290 TONNES)
FEB LOST ONLY 11,183 CONTRACTS DOWN TO 213,667 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 5 MORE READING DAYS BEFORE FIRST DAY NOTICE
MARCH GAINED 76 CONTRACTS UP TO 3423
We had 1090 contracts filed for today representing 109000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 48 notices issued from their client or customer account. The total of all issuance by all participants equate to 1090 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 83 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 (11,577) to which we add the difference between the open interest for the front month of JAN ( 1195 CONTRACTS) minus the number of notices served upon today (1090 x 100 oz per contract) equals 1,168,200 OZ OR (36.33Tonnes of gold) to which we add our exchange for risk in January of 12.997 tonnes//new standing advances to 49.329 Tonnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (11,577 x 100 oz +we add the difference for front month of JAN (1195 OI} minus the number of notices served upon today (1090x 100 oz) which equals 1,168,200 OR 36.33 TONNES plus our 3 exchange for risk of 12.997 tonnes//new standing advances to 49.327 tonnes
new total of gold standing in JANUARY is 49.327 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY 49.327 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume THURSDAY confirmed 357,149 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 23 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4 entries i) Out of CNT 571,636.203 oz ii) Out of Delaware 10,114.019 oz iii) Out of Looms 647,816.050 oz iv) Out of Manfra 170,061.100 oz v) Out of HSBC 654,458.100 oz total withdrawn 2,054,085.422 oz the comex is being drained of silver |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 1 ENTRIES i) Into Loomis 317,245.050 oz total deposit 317,245.05 oz |
| No of oz served today (contracts) | 265 CONTRACT(S) ( 1.325 million OZ |
| No of oz to be served (notices) | 228ontracts (1.140MILLION oz) |
| Total monthly oz silver served (contracts) | 8826 contracts 44.130 MILLION oz |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
i) Into Loomis 317,245.050 oz
total deposit 317,245.05 oz
withdrawals: customer side/eligible
4 entries
i) Out of CNT 571,636.203 oz
ii) Out of Delaware 10,114.019 oz
iii) Out of Looms 647,816.050 oz
iv) Out of Manfra 170,061.100 oz
v) Out of HSBC 654,458.100 oz
total withdrawn 2,054,085.422 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 0
TOTAL REGISTERED SILVER: 114.262MILLION OZ//.TOTAL REG + ELIGIBLE. 416.424 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JANUARY
silver open interest data:
FRONT MONTH OF JANUARY /2026 OI: 493 OPEN INTEREST CONTRACTS FOR A GAIN OF 223 CONTRACTS. WE HAD 30 NOTICES FILED ON THURSDAY SO WE GAINED 253 CONTRACTS OR A STRONG QUEUE JUMP OF 1.265 MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB GAINED 17 CONTRACTS UP TO 2216 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 1990 CONTRACTS UP TO 102,025
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 265 or 1.325 MILLION oz
CONFIRMED volume; ON THURSDAY 123,755 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 8826 X5,000 oz = 44.130 MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (493) AND the number of notices served upon today (265)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (8826)Notices served so far) x 5000 oz + OI for the front month of JAN(493) minus number of notices served upon today (265 )x 5000 oz equals silver standing for the JANUARY.contract month equating to 45.270MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR 20 CONTRACTS OR 0.100 MILLION OZ//NEW TOTAL STANDING FOR DELIVERY: 45.370 MILLION OZ.
NEW STANDING: 45.370 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 45.370 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: 174.363/416.474.million: 41.82%
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 23/2026/WITH GOLD UP $69.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSUT OF 2.000 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1079.66 TONNES
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: 1079.66 TONNES, TONIGHTS TOTAL
SILVER
JAN 23 WITH SILVER UP $4.91 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 1.998 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 517.758 MILLION OZ /
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 517.758 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
ALASDAIR MACLEOD..
Gold and silver surge ahead
Amid signs of an intensifying derivative crisis in silver, gold is probably beginning to discount disruption in paper markets. Western speculators are sidelined.
| Alasdair MacleodJan 23∙Paid |
Looking into the guts of COT reports, we see that the increase in Comex open interest in gold does not much reflect managed money buying into momentum. It rather reflects Globex trade, predominantly Asian in origin buying futures presumably with a view to taking delivery.
Is this why Comex stopped reporting stand-for-deliveries from 15th January in both contracts? Is it a warning sign of derivative problems?
Gold and silver continued to rise this week, both establishing new record prices in all currencies. In early morning European trade, gold closed out the week at $4915, up $308, and silver at $98.20 is up $8.10. Overnight, they hit $4967 and $99.30 respectively.
On Comex, volumes in both contracts were high, but declining somewhat in silver as the price rose, evidence of an intensifying squeeze on paper shorts.
Why is it that hedge funds are not playing the silver game? It is reasonable to suggest that they should be making hay out of this short squeeze, but they appear not to. Instead, they seem scared by silver’s sheer volatility.The next chart continues to illustrate this fact:
To this evidence we can add the managed money longs from the CFTC’s Commitment of Traders numbers. They are approaching the lowest levels seen in the last 20 years:
Furthermore, the smart money leading the charge is in China where silver prices are a good 10% higher than in seemingly reluctant London and Comex.
We cannot say for certain that China is setting out to destroy Western capital markets, but there is supporting evidence that they are being unfriendly toward our financial system. They have established a non-dollar payment system which is increasingly being used in what appears to be an alternative for the global south to the fiat dollar for trade settlement balances. And they are starving the West of rare earths, presumably extended to silver policy. It means the dollar is becoming sidelined and sold down, a process that may be accelerating.
Further evidence that the West is frozen out of the action is seen in gold. The next chart shows US managed money longs on Comex:
While there has been an uptick in the net position since end-October, as an overbought/oversold indicator it is level with the long-term average. The position of the other and non-reported categories confirms that most of the long interest is there:
It is these categories that contain non-US and most of non-European interest including central banks, national wealth funds, and Asian family-offices.
So far, we have assumed that bullion banks and market makers in the swaps category are covered long in London forwards, though their short position on Comex is now positively scary:
Being long in London and short on Comex depends on the integrity of both markets being maintained, which in turn relies on counterparty risk not escalating. We can only guess how Comex feels about its potential liability in the event of counterparty failure and whether it will be prepared to destroy its own credibility by declaring force majeure, which it can do within its own rules. The LBMA and the Bank of England must be monitoring London’s forward markets with some concern as well.
In the end-game of the fiat currency era, these market disruptions are an interim event in the overall decline. However, the spread of counterparty risk throughout the entire derivative system would hasten the demise of credit, including the value of fiat currencies. We have yet to see investment managers take on board this risk and respond by the only way they can, which is to attempt to acquire physical gold and silver.
This panic of some $300 trillion in global investment portfolios desperately increasing their less than 1/2% exposure is yet to come. And when it does, it will be epic.
MATHEW PIPENBURG/EGON VON GREYERZ
3.CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 255 AND 256
pETER KRAUTH
LIVE FROM THE VAULT YOU TUBE: 256
Episode 256
Posted 23rd January 2026
Could Silver Climb Even Higher? Feat. Peter Krauth
In this week’s Live from the Vault, Andrew Maguire welcomes back Peter Krauth to explain why silver surges past key caps, climbing relentlessly since February 2024 as long-term supply-demand fundamentals suggest a possible upward trend.
Peter highlights key drivers including AI, solar, and data centre demand, alongside limited supply and underperforming mining stocks, pointing to a bullish environment that could support higher silver prices and opportunities for investors.
5. COMMODITY REPORT//:silver
THIS HURTS:
Silver Museum Emptied in Massive Heist
by VBL
Thursday, Jan 22, 2026 – 11:49
**Silver Museum Emptied in Massive Overnight Heist
Massive Silver Burglary in Netherlands
GFN – DOESBURG (Netherlands) – In the early hours of Wednesday, 21 January 2026, the Zilvermuseum Doesburg, a small museum housed inside the historic Martinikerk in the Gelderland town of Doesburg, was completely robbed of its antique silver collection in what authorities are treating as a major burglary. The theft — involving more than 300 precious silver objects representing centuries of craftsmanship from around the world — has left museum officials, local authorities, and heritage advocates stunned.
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At approximately 4:30 a.m., two unknown individuals forced their way into the church through a tower entrance, used a crowbar to breach the museum’s doors, and smashed all 14 display vitrines before departing with the entire silver collection, police and museum statements confirm.
“The entire collection of antique silver has been stolen.”
— Museum press release, Zilvermuseum Doesburg (translated)
A Cultural Loss Beyond Its Weight in Silver
The collection, assembled over decades and sourced from more than 20 countries, featured objects ranging from ornate silver mustard pots and spoons to intricate cruet sets tied to the butter, vinegar, and tobacco trades. Among the stolen pieces was a unique silver mustard pot and spoon specially designed for the museum by silversmith Marcel Blok, symbolizing the meandering IJssel River and bearing the city coat of arms of Doesburg — an item that “does not exist anywhere else in the world.”
“This is not just a theft of silver, but of stories, craftsmanship, and history.”
— Martin de Kleijn, Founder of Zilvermuseum Doesburg
Museum chairman Ernst Boesveld told local media that only some ceramics on temporary display were left undisturbed by the thieves, and that the museum is now closed indefinitely as investigators work the scene. He emphasized that while financial loss from the theft — estimated in the tens of thousands of euros — is significant, the emotional and historical damage is far greater.
Crime Scene, Investigation, and Security Gaps
Police were called soon after the burglary and have begun combing through the surrounding area for video surveillance footage that could help identify suspects. A spokesperson told Dutch broadcasters that the thieves briefly appeared in footage before disabling the cameras. No arrests have been reported as of the latest updates, and investigators have not yet determined if the burglary was precisely planned by insiders or opportunistic.
Authorities are appealing to witnesses who may have been near the Martinikerk around the time of the burglary to come forward with information, including any sightings of suspicious individuals or recently offered silver items for sale.
Historical and Material Context
The Zilvermuseum, though modest in scale, occupies a floating glass structure within the 13th-century Martinikerk and had become a cherished locus for cultural tourists and local residents alike. Its exhibits offered rare insight into the evolution of silver craft, both utilitarian and ceremonial, from the 18th through early 20th centuries.
Silver’s recent surge in price — spurred by investor demand amid geopolitical uncertainty — complicates the aftermath of the theft. While the museum stressed that the cultural and historical value cannot be quantified in monetary terms, a higher bullion price inherently increases the financial damage and may tempt thieves to sell or melt objects rather than attempt resale through legitimate channels.
Reactions and Heritage Significance
Local cultural advocates voiced deep regret that centuries-old artifacts documenting craftsmanship and social history were lost in a matter of minutes. Some commentators note that museum security, while adequate for daily visitors, was insufficient to deter determined intruders with tools and foreknowledge. Comparisons to other high-profile European museum heists — where thieves specifically target small collections for metallurgical resale value — are already emerging in Dutch cultural discourse.
“They have made a very substantial haul,” a police spokeswoman told RTL Nieuws, reflecting on the breadth of the stolen works but stopping short of suggesting motive or sophistication.
Heritage professionals warn that silver items stripped of provenance and melted down are among the hardest to recover, underscoring the urgency of public reporting and international cooperation in art crime investigations..
More here
END
SILVER
Silver Tops $100 As Chinese Demand Is Literally ‘Off The Charts’
despite record highs prices, Goldman’s commodity trading desk notes that spec positioning in New York and Shanghai remains close to the lows.
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 23/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 13.59 PTS OR 0.33%
//Hang Seng CLOSED UP 119.55 PTS OR 0.45%
// Nikkei CLOSED UP 185.61 PTS OR 0.35%
//Australia’s all ordinaries CLOSED UP 0..07%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9655
/ OFFSHORE CLOSED UP AT 6.9520 Oil UP TO 60.15 dollars per barrel for WTI and BRENT UP TO 64.81 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 6.9655 OFFSHORE YUAN TRADING UP TO 6.9520 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.9655
OFFSHORE YUAN: UP TO 6.9520
HANG SENG CLOSED UP 119.55 PTS OR 0.45%
2. Nikkei closed UP 185.61 PTS OR 0.35%
WEST TEXAS INTERMEDIATE OIL UP 60.15
BRENT; 64.81
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 98.18 /// EURO FALLS TO 1.1771 DOWN 23 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.256/ UP 1 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 158.10… 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 UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.8998 Italian 10 Yr bond yield UP to 3.5141 SPAIN 10 YR BOND YIELD UP TO 3.278
3i Greek 10 year bond yield UP TO 3.408
3j Gold at $4829.95 Silver at: 98.45 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 13/100 roubles/dollar; ROUBLE AT 75.86
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 158.10 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.256% DOWN 8 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.647 DOWN 2 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7912 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9282 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: 4.239 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.826 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.613 DOWN 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.27 DOWN 0 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.490 UP 2 PTS
30 YR UK BOND YIELD: 5.231 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.411 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.939 DOWN 1 BASIS PTS.
1a New York OPENING REPORT
Futures Drop As Intel Plunges, Silver Just Under $100
Friday, Jan 23, 2026 – 08:38 AM
US stock futures are lower with tech stocks lagging as Intel plunged 14% after the chipmaker warned it was struggling with manufacturing problems leading to poor Q1 guidance. As of 8:00am ET, S&P and Nasdaq futures are down 0.1% but off session lows (and well off session highs), paring losses as Nvidia shares gained after Bloomberg reported Chinese officials have told the country’s largest tech firms they can prepare orders for Nvidia’s H200 AI chips. Mag 7 are mixed with NVDA leading gains after Chinese officials were said to have told the country’s largest tech firms, including Alibaba Group Holding Ltd., they can prepare orders for Nvidia Corp.’s H200 AI chips. Bond yields are mostly unchanged; USD is flat. Japan’s top currency official declined to comment on whether the government stepped into the market after USD/JPY plunged over 150 pips in just a few minutes. The pair swiftly bounced and is now around 158.30 having topped 159 during the Bank of Japan press conference after Governor Ueda didn’t offer any clear signal that an early rate hike was possible. The pound sits atop the G-10 FX pile, rising 0.2% against the greenback after PMI topped estimates and hawkish remarks from BOE’s. Commodities are mostly higher led by Oil (+1.5%); both base metals and precious metals are higher with silver trading just under $100/oz. The key macro focus today were global PMIs.
In premarket trading, Magnificent Seven stock are mixed: Nvidia gains 1.5% after Chinese officials were said to have told the country’s largest tech firms, including Alibaba Group Holding Ltd., they can prepare orders for Nvidia Corp.’s H200 AI chips (Tesla -0.1%, Microsoft +0.04%, Amazon +0.1%, Alphabet +0.01%, Apple -0.08%, Meta -0.5%)
- Solar stocks are extending gains after Elon Musk commented on solar-powered satellites in his Davos talk on Thursday. Array Technologies (ARRY) +2%, First Solar (FSLR) +1.4%.
- Booz Allen (BAH) rises 5% after the defense contractor boosted its adjusted earnings per share guidance for the full year, with the new outlook beating the average analyst estimate.
- Capital One Financial Corp. (COF) falls 2% after the bank reported adjusted earnings per share for the fourth quarter that missed the average analyst estimate, driven by higher-than-expected costs. The firm also said it agreed to acquire Brex.
- CSX Corp. (CSX) gains 2% after the freight transportation company provided some guidance for 2026, including low single-digit revenue growth.
- Intel (INTC) plunges 13% after Chief Executive Officer Lip-Bu Tan gave a lackluster forecast and warned that the chipmaker was struggling with manufacturing problems. The stock closed Thursday at the highest level since 2022.
- Intuitive Surgical (ISRG) gains 1.5% after the medical equipment firm reported adjusted earnings per share for the fourth quarter that surpassed estimates. Analysts note that the results were largely in line with the company’s pre-announcement.
In corporate news, Amazon.com is gearing up to ax thousands more corporate employees, ratcheting up efforts to streamline bureaucracy. Apple accused the European Commission of using “political delay tactics” to postpone new app policies as a pretense to investigate and fine the iPhone maker. TikTok and its Chinese parent ByteDance have closed a long-awaited deal to transfer parts of their US operations to American investors, securing the popular video app’s future in the US and avoiding a nationwide ban.
Even with the S&P just shy of all time highs, investors have been quietly trying to sidestep bouts of volatility driven by US policies, highlighted this week by Trump’s push to assert greater control over Greenland. While the outlook for US stocks remains strong, traders are also looking elsewhere for pockets of calm and opportunity.
“I hope that the geopolitical situation starts to ease so that the market can focus on substance versus noise,” said Andrea Gabellone, head of global equities at KBC Global Services. “Full-year 2026 guidances are, in my view, the most crucial piece of data the market has been waiting for quite some time, given valuations and growth expectations.”
Small caps extended a winning streak over large-cap cohorts amid concern about a possible AI bubble and bets that an economic recovery will filter to broader swathes of the economy. The Russell 2000’s outperformance of the S&P 500 in 2026 is the longest such streak in 30 years.
“Typically, safe bonds and Treasuries have been a source of diversification during times of uncertainty, but particularly Treasuries haven’t provided any cushion over the past days,” said Philipp Lisibach, head of strategy and research at LGT Private Banking. “That’s also why gold continues to rally.”
In Asia, the Bank of Japan maintained its benchmark rate and issued higher inflation forecasts. While Governor Kazuo Ueda suggested that inflation will weaken below 2% soon, he also left open the possibility of an early rate hike. “The challenge is balancing rate hikes to support the yen without slowing growth,” wrote Min Joo Kang, senior economist at ING Bank. “Timing is uncertain, but we now see a June hike as the base case.”
Elsewhere, the US wants to rewrite its defense agreement with Denmark to remove any limits on its military presence in Greenland, people familiar with the matter said. And the Kremlin said the “territorial issue” remains unresolved after Putin held late-night talks with US envoys Steve Witkoff and Jared Kushner about the latest plan to end Russia’s war on Ukraine. Talks continue between US, Russian and Ukrainian representatives in the United Arab Emirates on Friday and Saturday.
Trump said he has finished interviewing candidates to serve as the next Fed chair and reiterated that he has someone in mind for the job. His shortlist includes National Economic Council Director Kevin Hassett, BlackRock executive Rick Rieder, current Fed Governor Christopher Waller and a former governor, Kevin Warsh.
The Stoxx 600 falls 0.1%. Telecoms and energy sectors outperform, while travel and consumer product shares lag. The focus fell on the Amsterdam debut of armored vehicle and munitions maker CSG NV. The stock opened 28% higher after the largest-ever initial public offering globally for a pure-play defense firm, highlighting growing appetite for the sector. Here are the biggest movers Friday:
- Ericsson shares surge as much as 12% after the telecom equipment maker reported stronger-than-expected sales in the core networks division, driven by mission-critical projects
- Siemens Energy gains as much as 2.6% to a record high after UBS raised its recommendation to buy from sell and lifted its PT to €175 from €38
- SFS Group shares gain as much as 7.4%, hitting their highest level since May, after analysts said the Swiss tool and component supplier delivered stronger growth than expected in a challenging market
- SSP shares climb as much as 4.1%, the most in a month, after the travel food and beverage outlet operator reported first-quarter results which showed continued positive trading momentum and reassured analysts
- Watches of Switzerland shares rise as much as 6.4% to the highest level since February 2025 after the luxury watch seller acquired Deutsch & Deutsch, a retailer with four showrooms and Rolex distribution in Texas
- Castellum gains as much as 2.6% after Goldman Sachs upgraded its view on the Swedish property firm to buy from neutral in a review of the European real estate sector, where it also upgrades Colonial to neutral from sell
- Babcock International shares drop as much as 3.8% after the support services company said CEO David Lockwood is retiring and will be succeeded by the head of its Nuclear division, Harry Holt
- Edenred shares fall as much as 3.2%, while Pluxee declines as much as 4.7% as UBS downgrades both French-listed meal-voucher stocks, saying the regulatory “tide is turning” against the sector
- C&C Group shares plunge as much as 18%, briefly slumping to their lowest level since 2009, after the alcoholic beverage maker said trading has been worse than expected
Earlier, Asian stocks gained for a second consecutive session, erasing their losses for the week, as fears over tariffs and Greenland faded.
The MSCI Asia Pacific Index gained 0.4% on Friday, with Alibaba, MediaTek and TSMC among the biggest boosts. Korea’s Kospi advanced to a fresh record near the 5,000 level. Stocks also gained in Taiwan, Japan and Hong Kong. The regional gauge is on track to end the week steady after rising for four straight weeks. Investors are shifting focus back to earnings and the outlook for the artificial intelligence trade after US President Donald Trump backed off from putting tariffs on European nations due to tensions over Greenland. Meanwhile, most central banks in the region are cutting rates and economic growth is expected to improve. Equities rose in Tokyo as the yen weakened after the Bank of Japan held interest rates steady as expected. The Straits Times Index rose to a record as Singapore started handing out some of the S$5 billion it plans to invest in local stocks to selected fund managers.
In FX, Japan’s top currency official declined to comment on whether the government stepped into the market after USD/JPY plunged over 150 pips in just a few minutes. The pair swiftly bounced and is now around 158.30 having topped 159 during the Bank of Japan press conference after Governor Ueda didn’t offer any clear signal that an early rate hike was possible. The pound sits atop the G-10 FX pile, rising 0.2% against the greenback after PMI topped estimates and hawkish remarks from BOE’s Greene that also weighed on shorter-dated gilts.
In rates, the yield on 10-year US Treasuries hovered near the highest since September, holding small gains with long-end yields about 2bp richer on the day, flattening the curve. European bonds underperform following UK retail sales and European PMI gauges. US stock futures little changed while crude oil is up nearly 2%.US yields are 1bp-2bp richer across the curve with 2s10s and 5s30s spreads flatter by about 1bp; 10-year near 4.23% is 1.7bp lower on the day with German counterpart little changed and UK cheaper by about 1bp. Focal points of US session include S&P Global US PMIs and University of Michigan sentiment gauge, as well as next week’s supply — both corporate and Treasury coupon auctions scheduled to start Monday.
In commodities, spot silver rises 2.5% while gold erased an earlier gain to trade lower. Silver rose just shy of $100 and will likely surpass the key level today…
… as the Shanghai silver premium jumped 50% overnight to a record 12.
Precious metals are expected to remain in demand should investors continue to diversify away from US assets in response to erratic US policy and heightened geopolitical risk.Renewed concern about the possibility of US military action against Iran is spurring oil prices. WTI crude futures rise 1.7% to near $60.40; and Brent is at $65 in New York.
Today’s economic calendar includes January preliminary S&P Global US PMIs (9:45am), November Leading Index, January final University of Michigan sentiment (10am) and Kansas City Fed services activity (11am). Friday is slower for company earnings, with SLB slated to report before the market opens. Capital One’s fourth-quarter revenues came in slightly higher than expected, but EPS missed, and the bank agreed to buy Brex, a fintech company focused on corporate expense management and accounting, for $5.15 billion.Next week is the busiest of this earnings season, when companies speaking for more than a third of the S&P 500’s total market value will report.
Market Snapshot
- S&P 500 mini -0.1%
- Nasdaq 100 mini -0.1%
- Russell 2000 mini -0.2%
- Stoxx Europe 600 -0.3%
- DAX -0.2%
- CAC 40 -0.5%
- 10-year Treasury yield -1 basis point at 4.24%
- VIX +0.5 points at 16.16
- Bloomberg Dollar Index little changed at 1201.56, euro -0.2% at $1.1735
- WTI crude +1.4% at $60.2/barrel
Top Overnight News
- Russia said it will hold security talks with the U.S. and Ukraine in Abu Dhabi on Friday, but warned after a late-night meeting between President Vladimir Putin and three U.S. envoys that a durable peace would not be possible unless territorial issues were resolved. RTRS
- The US wants to rewrite its defense agreement with Denmark to remove any limits on its military presence in Greenland, people familiar said. It currently says the US must “consult with and inform” the two. Donald Trump also mused on social media about invoking NATO’s collective defense clause to protect the US’s southern border. BBG
- Trump on Thursday said he does not like the idea of letting people use 401(k) retirement funds for a down payment on a house, even though it was floated by his own chief economic adviser, Kevin Hassett. RTRS
- Trump thanks Chinese President Xi for working with the US and ultimately approving the TikTok deal, adds that Xi could have gone the other way.
- Treasury Secretary Scott Bessent said in an interview Thursday that the U.S. relationship with China has reached a “very good equilibrium” where disagreements are less likely to turn into full-scale economic conflict as they did last year. Politico
- Chinese officials have told the country’s largest tech firms they can prepare orders for Nvidia’s H200 AI chips, people familiar said, suggesting Beijing is close to formally approving imports. Nvidia shares jumped (NVDA +128 bps premkt). BBG
- BOJ keeps key policy rate steady at 0.75% as widely expected. The BOJ retained its hawkish inflation forecasts on Friday and stressed it will remain vigilant to price risks from a weak yen, signaling that policymakers intend to keep raising still-low borrowing costs in a politically charged atmosphere. RTRS
- China could set this year’s GDP target at 4.5-5% (vs. “about 5%” in the last three years), signaling a tolerance for modest growth deceleration as it works toward rebalancing the economy. SCMP
- Eurozone flash PMIs for Jan are mixed, with a shortfall in services (51.9 vs. the Street 52.6) and modestly better manufacturing (49.4 vs. the Street 49.2), and the details were mixed too (new orders rose, although employment deteriorated while inflation intensified vs. Dec). S&P Global
- The US urged grid operators to tap backup power, including from data centers, as a record winter storm threatens blackouts nationwide. Texas is under particular stress, while airlines brace for disruption. BBG
- US House passes package of FY26 funding bills in a major step towards averting government shutdown on Jan 31st; sending to Senate for final votes.
- US House Speaker Johnson said there is no GOP consensus on whether to use tariff revenue to send $2k checks out.
Trade/Tariffs
- EU official said India and EU will announce a free trade agreement as soon as next week.
- EU Official announces that the India-EU FTA will lead to substantially lower tariffs.
- The Trump administration pushed out 2 key officials focused on countering technological threats from China, the WSJ reported citing sources; this has raised concerns among US security hawks about the softer stance towards China.
- Spanish PM Sanchez said the US is provoking tension in the Transatlantic, EU have the instruments to respond proportionally to coercion.
- The EU is moving to revive its US trade deal after President Trump backed away from his tariff threat tied to Greenland.
- US President Trump said the people who brought the tariff legislation against the US are strongly China-oriented; the US is going so well, giant growth and investment with almost no inflation.
BOJ
- BoJ maintains its short-term interest rate at 0.75%, as expected; 8-1 vote split with Takata voting for a 25bps hike.
- BoJ Governor Ueda (post-policy presser) said headline inflation soon to undershoot 2%; not yet at the stage to mull if goal achievement is coming earlier. Will conduct monetary policy in such a way as to ensure they do not fall behind the curve. Will keep raising rates if the economic outlook is realized. It will take a while before the full impact of tightening is seen across the economy, conditions remain accommodative after the December move. Will conduct nimble market operations to respond to irregular moves; will work closely with the government on long-term rates. Operations could be conducted to encourage stable yield formation. Must pay attention to even small FX moves as underlying inflation approaches 2%.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded entirely in the green, though without a clear sector-led driver, as regional sentiment stayed broadly constructive. ASX 200 posted modest gains, supported by strength in mining and metals as gold, silver and platinum extended their bid. A strong PMI print — with both manufacturing and services pushing further into expansion — added to the positive tone. Nikkei 225 gapped higher at the open but later pared part of its advance, pressured by chip stocks after weak Intel earnings. Offsetting some of the drag, videogame names outperformed, with Nintendo (+5%) boosted by strong US Switch 2 sales data. Following the BoJ rate decision, the Nikkei was unreactive as rates remained unchanged. Hang Seng and Shanghai Comp opened higher, with the Hang Seng outperforming after Alibaba (+3.6%) was reported to be preparing the listing of its chipmaking arm. Metals strength following fresh records in gold and silver also supported both indices.
Top Asian News
- Chinese President Xi had a phone call with Brazilian President Lula, Xinhua reported. China is willing to cooperate with Brazil in different areas.
European bourses are trading largely on the backfoot, in contrast to the broadly positive action seen overnight. European sectors are trading mostly in the red. Leading sectors are Telecommunications (+1.1%), Energy (+1.2%) and Healthcare (+0.4%). Telecommunication has been given a boost by Ericsson (+8.3%) after the Co. reported strong Q4 earnings, whilst stronger crude prices has underpinned the Energy sector. On the flip side, Construction (-0.9%), Travel (-1.0%) and Financial Services (-0.5%) lag – no fresh newsflow driving the move.
Top European News
- Germany’s core budget had borrowing of EUR 66.9bln instead of the allocated EUR 81.8bln, according to sources. Sources also reported that total investment hits record level of EUR 86.8bln in 2025.
- French parliament finds confidence in PM Lecornu (i.e. the no-confidence motion failed); another motion to follow shortly.
FX
- DXY is incrementally firmer this morning and trades within a 98.25-98.48 range, which is towards the lower end of the prior day’s confines. Newsflow for the index is lacking this morning, with all attention on the upcoming trilateral meeting between US-Russia-Ukraine; Trump reminded that “anytime we meet, it is good”.
- JPY currently the top G10 performer this morning. Earlier, the BoJ kept rates steady (subject to dissent) and upwardly revised their 2026 inflation forecasts – spurring upside in the JPY at the time, but gradually waned into the Ueda meeting. The Governor avoided any overt hike signal, but noted that they are wary of a “rapid” rise in yields, also adding that they “must pay attention to even small FX moves” (strengthening JPY).
- Thereafter, a significant bout of pressure was seen in USD/JPY, soon after Ueda concluded its presser. In more detail, USD/JPY fell from 159.10 to 157.32 in an immediate reaction, before gradually scaling back to around 158.00 mark where the pair currently resides. Some had touted intervention, though Bloomberg’s Cudmore suggested the move is a rate check (i.e. the MOF calling round to see where banks think the JPY should be). In response, Finance Minister Katayama declined to comment if they intervened in the FX market, instead reiterating that they are watching FX moves with a high sense of urgency.
- G10s are mixed against the Dollar. GBP is towards the top of the pile, with upside facilitated by a hotter-than-expected Retail Sales report (which also included upward revisions to the prior); PMI figures this morning also paint a positive activity picture in the region. Thereafter, Cable took another leg higher to a session peak of 1.3532 after BoE’s Greene said, “forward indicators for wage growth are even more concerning than inflation expectations”, with other commentary generally striking a typical hawkish tone.
- Elsewhere, EUR is mildly lower; earlier slipped to session lows on the subdued French PMI metrics (Services surprisingly contracted), but then jumped on the upbeat German figures.
Fixed Income
- JGBs are lower by c. 40 ticks at the moment, with downside of just under 50 at most at a 131.32 session low. Action that comes after the BoJ and Ueda’s presser where, in short, the narrative is that April is the earliest point for a hike, as Ueda specifically referenced seeing price behaviour for that period as a “factor to mull a hike”. Though, JGBs remain markedly clear of their WTD 130.66 trough and by extension yields are off WTD highs. Nonetheless, the week’s action, driven by fiscal commentary and the BoJ, has sparked a modest shift in market pricing; with 21bps of tightening currently implied by June vs c. 18bps last week; for April, its 14bps currently vs 11bps last week.
- USTs a tick or two higher in a very thin 111-19 to 112-23 band, awaiting the trilateral summit re. Ukraine (timing TBC), flash PMIs and the potentially imminent Fed Chair announcement.
- Bunds, in contrast, are a tick or two lower. But, also in a narrow 127.64-84 band. Modest two-way action on but no real move to the January Flash PMIs, as political uncertainty re. France and the latest geopolitical/tariff gyrations potentially making some of the responses redundant.
- OATs are broadly in-line with core benchmarks. Towards the mid-point of 121.10 to 121.27 parameters. Earlier, the French parliament found confidence in PM Lecornu (as expected), though he is still subject to another no-confidence motion. Into this, the OAT-Bund 10yr yield spread has widened a touch, out to 63bps, but within comfortable and familiar territory.
- Gilts outperform. Gains of 32 ticks at best to a 91.68 high, currently holding around 10 ticks off that. Upside despite the strong December Retail Sales release and upward revisions to the November Y/Y components. Data that appears to have been overshadowed by a reassessment of the political risk after Thursday’s Burnham-induced sell-off; as more commentators pick up on the detail that Burnham’s path to becoming an MP is tricky, and largely dependent on the pro-Starmer Labour NEC.
- However, the move for Gilts unwound after strong UK PMIs and hawkish commentary from BoE’s Greene, points that were enough to take the benchmark to near enough flat on the day.
Commodities
- In short, the commodity space awaits the trilateral summit between Ukraine, Russia and the US today and potentially into tomorrow. Timing and details around the meeting are currently light, though we do know the attendees. From Ukraine, Umerrov, Budanov, Arakhamia and Hnatov. From Russia, Kostyukov; note, Dmitriev is also in the UAE, unclear if he will partake. From the US, Witkoff and Kushner.
- Crude is firmer by just under a USD a barrel. Towards highs of USD 60.22/bbl and USD 64.93/bbl for WTI and Brent, respectively. Upside that is more a consolidation from the downside seen on Thursday than a fundamentally-driven move higher.
- XAU pulled back in the early European morning. A move that, interestingly, occurred alongside downside in US equity futures at the time. As such, the move is perhaps profit-taking from recent gains; we also note similar action in silver at the time, though XAG remains firmer on the day. Spot gold briefly broke below USD 4.9k/oz, after hitting USD 4967/oz overnight.
- Base metals feature gains in 3M LME Copper. Upside that seemingly occurred alongside strength in China overnight. At best 3M LME to USD 12.97k/T. Note, Shanghai Futures Exchange is to adjust price limits and margin ratios for nickel, aluminium, lead, zinc, and stainless-steel futures as of the 27th January settlement.
- China’s Shanghai Futures Exchange will adjust price limits and margin ratios for nickel, aluminium, lead, zinc, and stainless-steel futures following the 27th of January closing settlement.
- China is reportedly set to offer CNY-denominated liquefied natural gas futures contracts as early as February, according to sources.
- Goldman Sachs lowers its Summer’26 Henry Hub forecast to USD 3.75/MMBtu (prev. USD 4.50/MMBtu), maintains 2027 forecast at USD 3.80/MMBtu.
- US President Trump said Venezuelan oil will be divided up.
Geopolitics: Ukraine
- Russia’s Kremlin said discussions in Abu Dhabi will happen today and will continue tomorrow if necessary. Russia’s sovereign assets frozen in the US amount to a little less than USD 5bln. Not looking to go into details on the “Anchorage Formula” for peace agreement with Ukraine.
- Ukrainian President Zelensky said he discussed with US President Trump additional air defence missiles, and provisions for PAC-3 & anti-ballistic missiles.
- Ukraine President Zelensky said he is waiting for US President Trump, a date, and a place for the signing of security guarantees.
- Russia’s Kremlin said Greenland proposal and Board of Peace were discussed with US envoys; talks were constructive. Without solving the territorial issue, there is no prospect of long-term settlement in Ukraine.
- Russian envoy Dmitriev called the meeting between President Putin and US envoys important.
- Russia’s Kremlin said the talks between President Putin and US envoys have concluded.
- US President Trump said Russian President Putin, alongside others, will have to make concessions to end the war in Ukraine. Putin and Zelensky want to make a deal. Ukraine war doesn’t affect the US, it affects Europe.
- EU Commission President von der Leyen said Europe will continue to work on Arctic security, step up investments in Greenland and Arctic-ready equipment and deepen cooperation with partners in the region. Well-prepared with measures if tariffs are applied. Europe should use defence spending ‘surge’ on Arctic-ready equipment. Close to prosperity deal with the US and Ukraine.
- US President Trump said the US will work with NATO on Greenland security; there are good things for Europe within the framework. On the trilateral meeting with Ukraine and Russia, said “anytime we meet, it is good”. There will be something on Greenland in 2 weeks.
- Russian defence ministry reported strategic bomber patrols conducted over Baltic Sea.
Geopolitics: Middle East
- Israeli officials reportedly express concern that they could be targeted in retaliation by Iran in response to a US strike, FT reported citing sources.
- US President Trump, on Iran, said they have a big force going towards Iran; watching Iran very closely and would rather not see something happen on Iran; will be doing a 25% secondary tariff on Iran.
Geopolitics: Others
- US President Trump posted that the Board of Peace withdraws its offer for Canada to join.
- US President Trump posted “Maybe we should have put NATO to the test: Invoked Article 5, and forced NATO to come here and protect our Southern Border from further Invasions of Illegal Immigrants”.
- US House narrowly rejects resolution to limit President Trump’s war powers in Venezuela.
- US President Trump said Chinese President Xi will come to the US towards the end of the year.
- NATO’s Rutte and Denmark’s PM is to meet on Friday morning.
- Russian defence ministry reported strategic bomber patrols conducted over Baltic Sea.
US Event Calendar
- 9:45 am: United States Jan P S&P Global US Manufacturing PMI, est. 52, prior 51.8
- 9:45 am: United States Jan P S&P Global US Services PMI, est. 52.9, prior 52.5
- 9:45 am: United States Jan P S&P Global US Composite PMI, est. 53, prior 52.7
- 10:00 am: United States Nov Leading Index, est. -0.2%
- 10:00 am: United States Jan F U. of Mich. Sentiment, est. 54, prior 54
DB’s Jim Reid concludes the overnight wrap
The market recovery continued yesterday, as easing geopolitical risks and a strong batch of US data led to growing optimism on the near-term outlook. That meant the S&P 500 (+0.55%) rose for a second day running, moving back within 1% of its record high. And for some assets, it was almost like the selloff never happened, with the VIX index of volatility (-1.26pts) back at 15.64pts, which is beneath its levels prior to Saturday’s tariff announcements, whilst US HY spreads (-4bps) closed at their tightest level since 2007, at 250bps. So it was a strong day for the most part, and the risk-on tone also sent 2yr Treasury yields (+2.4bps) to a 6-week high of 3.61%. Nevertheless, there’s still a lot of focus on the precise details of what the framework over Greenland will include, and there was lingering caution that the geopolitical risk hasn’t entirely gone away. So gold prices (+2.16%) kept up their recent momentum, rising to $4,936/oz by yesterday’s close, and they’ve posted a further gain up to $4,966/oz this morning.
In terms of the Greenland situation, there weren’t any explicit updates yesterday, but multiple press outlets reported that the talks between President Trump and NATO Secretary General Mark Rutte had focused on reopening the 1951 agreement between the US and Denmark over Greenland’s defence. Bloomberg reported that it would involve the stationing of US missiles, with the US seeking to remove any limits on its military presence in Greenland, whilst Trump himself said in an interview on Fox Business that “essentially, it’s total access.” Trump was also asked if the US would acquire Greenland, and he said “It’s possible. But in the meantime, we’re getting everything we wanted, total security.” Meanwhile, after the de-escalation the previous day, there were limited news from a summit of EU leaders, with Commission President von der Leyen saying the bloc would engage with the US in a “firm but non-escalatory” manner.
With fears ebbing about a military or economic escalation, this was very positive for global risk assets yesterday. Moreover, European markets did particularly well, because they finally reacted to Wednesday evening’s news that Trump wouldn’t impose 10% tariffs for several countries on Feb 1. Indeed, that reaction saw the STOXX 600 (+1.03%) post its best day in over two months, and there was a clear response among assets more sensitive to a military or trade escalation. So defence stocks struggled as a military escalation was viewed as less likely, and Rheinmetall (-3.40%) was the worst performer in the German DAX. Conversely, there was an outperformance from sectors like automakers that would have been more affected by tariffs, and Volkswagen (+6.51%) was the top performer in the DAX.
Whilst the geopolitical news was the main driver of the rally yesterday, sentiment also got a boost from a strong batch of US data, which cemented confidence in the near-term outlook. Most notably, the weekly initial jobless claims were at just 200k in the week ending January 17 (vs. 209k expected), which in turn pushed the 4-week moving average to a 2-year low of just 201.5k. In addition, the Q3 GDP print was also revised up a tenth, now showing growth at an annualised +4.4% before the government shutdown began. And the PCE inflation data for October and November was in line with expectations, with both headline and core PCE running at +0.2% for both months.
That data boosted confidence in the near-term outlook, and it meant that investors continued to dial back their expectations for rate cuts this year. Indeed, just 43bps of Fed cuts are now priced by the December meeting, the fewest so far this year and down -2.6bps on the day. So in turn, that helped to push up Treasury yields higher, especially at the frontend, with the 2yr Treasury yield (+2.4bps) up to 3.61%, whilst the 10yr yield (+0.6bps) reached 4.25%. That risk-on tone was echoed among US equities too, with the S&P 500 (+0.55%) powered by a strong advance for the Magnificent 7 (+2.11%), which posted its biggest gain of 2026 so far.
Overnight, the Japanese yield curve has flattened after the Bank of Japan delivered a somewhat hawkish-leaning decision. They left their policy rate at 0.75% as expected, after hiking at the previous meeting. However, it was an 8-1 vote, with a dissent in favour of another 25bp hike, whilst the outlook report raised their inflation outlook as well. So the median expectation for core-core CPI has risen by two-tenths to +3.0% in fiscal 2025, whilst the fiscal 2026 forecast is also up two-tenths to +2.2%, with fiscal 2027 up a tenth to +2.1%. And looking forward, the outlook report reiterated their desire to keep hiking rates, saying that “real interest rates are at significantly low levels”, and that if the forecast were realised then they would “continue to raise the policy interest rate”. In turn, that’s seen the 2yr Japanese yield (+3.1bps) reach a post-1996 high of 1.23%, but the 30yr yield (-1.9bps) is down to 3.62%. We also had the December CPI report shortly beforehand, which showed headline CPI decelerating to +2.1% (vs. +2.2% expected) due the impact of government subsidies.
Otherwise in Asia, equity markets have generally moved higher for the most part, which comes as the flash PMIs have painted a resilient picture of global economic activity as we begin 2026. So Japan’s composite PMI moved up to a 17-month high of 52.8, Australia’s hit a 5-month high of 55.5, whilst India’s moved up to 59.5. So that backdrop has seen further gains for the Nikkei (+0.16%), the Shanghai Comp (+0.28%) and the Hang Seng (+0.47%), whilst South Korea’s KOSPI (+0.47%) is on track for another record high. Meanwhile, US equity futures are also positive, with those on the S&P 500 (+0.19%) pointing towards further gains. However, the CSI 300 (-0.45%) has lost ground, and we also found out overnight that the People’s Bank of China set the daily reference rate for the yuan at 6.9929 per dollar, which is the first time since 2023 that the reference rate has been below 7.
Elsewhere, we’ve seen fresh records for commodities, with gold (+2.16%) closing at another record of $4,936/oz yesterday, and overnight it’s reached an intraday peak of $4,967/oz. So it’s in touching distance of the $5,000 level, and bear in mind it was only in October that it crossed the $4,000 level. Similarly, silver (+3.42%) closed at a new record of $96.24/oz yesterday, and overnight it’s also hit an intraday record of $99.36/oz. Otherwise, Brent crude fell -1.81% to $64.06/bbl, following positive comments on peace talks from Ukraine’s President Zelenskiy after meeting Trump in Davos, as well as the news that exports of Kazakh oil via a Black Sea oil terminal in Russia should soon recover from recent disruption caused by Ukrainian drone strikes. Further talks between US, Ukraine and Russia officials are expected in Abu Dhabi today and tomorrow.
Earlier in Europe, UK gilts underperformed their European counterparts yesterday, with the 10yr yield up +1.7bps on the day to 4.47%. That came in response to the news that Greater Manchester Mayor Andy Burnham could have a path back into Parliament, as a vacancy opened up to become MP in the Greater Manchester seat of Gorton and Denton. Gilts reacted to that because Burnham is seen as a plausible challenger against PM Keir Starmer, whose position has come under increasing pressure over the last year, and Burnham has previously said that the UK is “in hock to the bond markets” and called for higher public borrowing. It’s unclear yet if Burnham would be a candidate in that by-election, but gilt markets have been closely following political developments, as we saw last July when there was a big selloff driven by speculation about Chancellor Reeves’ position and whether the fiscal rules might be loosened under a new chancellor.
Finally yesterday, we also had the minutes from the ECB’s last meeting in December, where they kept their deposit rate at 2%. They showed that the ECB wanted to keep their options open, saying that “it was important for the Governing Council to maintain full optionality in either direction for future meetings”. Looking forward, it also said that “the softening of downside risks since September meant that maintaining interest rates at their current level represented a fairly solid path under the baseline outlook”. Against that backdrop, yields on 10yr bunds (+0.5bps) rose by a small amount, and those on 10yr OATs (-2.8bps) and BTPs (-1.6bps) fell back.
Looking at the day ahead, data releases include the January flash PMIs from the US and Europe, the University of Michigan’s final consumer sentiment index for January, and UK retail sales for December. Otherwise from central banks, we’ll hear from ECB President Lagarde and the BoE’s Greene.
1b European opening report
1 c Asian opening report
All eyes on the tri-lateral meeting between the US, Ukraine and Russia; European equity futures point to a subdued opening – Newsquawk European Opening News
Friday, Jan 23, 2026 – 01:26 AM
- BoJ maintained its short-term interest rate at 0.75%, as expected, with an 8-1 vote split as Takata voted for a 25bp hike.
- BoJ Outlook Report revised its 2025 and 2026 GDP forecast higher, while shifting its 2027 forecast lower; 2026 inflation was revised higher to 1.9% (prev. 1.8%).
- USD/JPY saw two-way action on the BoJ; JGBs resumed lower following hawkish dissent and 2026 inflation forecast upgrade.
- USD traded muted, CNH strengthened as the PBoC set the yuan’s daily reference rate below 7.0 for the first time since May 2023.
- European equity futures are indicative of a subdued open with the Euro Stoxx 50 future -0.2% after cash closed up 1.2% on Thursday.
- Looking ahead, highlights include Global Flash PMIs (Jan), UK Retail Sales (Dec), Canadian Retail Sales (Nov), US UoM Consumer Expectations Final (Jan), BoJ Governor Ueda, BoE’s Greene, Tri-lateral meeting between the US, Ukraine and Russia.
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US TRADE
EQUITIES
- 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.
- SPX 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.
- Click here for a detailed summary.
TRADE/TARIFFS
- US President Trump said Chinese President Xi will come to the US towards the end of the year.
- Spanish PM Sanchez said the US is provoking tension in the Transatlantic, EU have the instruments to respond proportionally to coercion.
- The EU is moving to revive its US trade deal after President Trump backed away from his tariff threat tied to Greenland.
- US President Trump said the people who brought the tariff legislation against the US are strongly China-oriented; the US is going so well, giant growth and investment with almost no inflation.
- US Treasury Secretary Bessent said China buying more soybeans isn’t required; China’s President Xi and US President Trump could meet four times this year.
- Chinese President Xi had a phone call with Brazilian President Lula, Xinhua reported. China is willing to cooperate with Brazil in different areas.
NOTABLE HEADLINES
- US House passes package of FY26 funding bills in a major step towards averting government shutdown on Jan 31st; sending to Senate for final votes.
- US House Speaker Johnson said there is no GOP consensus on whether to use tariff revenue to send USD 2k checks out.
- US President Trump announces intention to bid for the World Expo 2035; will create thousands of jobs and add growth.
- Big northern European investors are reportedly increasingly wary of the risks of holding US assets in the face of geopolitical tensions, according to reports.
- Atlanta Fed GDPnow (Q4): 5.4% (prev. 5.4%).
CENTRAL BANKS
- BoJ maintained its short-term interest rate at 0.75%, as expected; 8-1 vote split with Takata voting for a 25bps hike. Monetary policy: With the price stability target of 2%, it will conduct monetary policy as appropriate, in response to developments in economic activity and prices as well as financial conditions, from the perspective of sustainable and stable achievement of the target. Given that real interest rates are at significantly low levels, if the aforementioned outlook for economic activity and prices is realised, the Bank will continue to raise the policy interest rate and adjust the degree of monetary accommodation. BoJ Outlook Report: Real GDP: Fiscal 2025 median forecast 0.9% (prev. 0.7%). Fiscal 2026 median forecast 1.0% (prev. 0.7%). Fiscal 2027 median forecast 0.8% (prev. 1.0%). Core CPI. Fiscal 2025 median forecast 2.7% (prev. 2.7%). Fiscal 2026 median forecast 1.9% (prev. 1.8%). Fiscal 2027 median forecast 2.0% (prev. 2.0%).
- US President Trump, on the Fed Chair, said he is done with interviews and has someone in mind.
- US President Trump said mortgage rates hit a 3-year low despite “Too Late” Powell; the Fed has been discredited during Chair Powell’s reign.
- RBNZ Governor Breman reaffirms commitment to achieve inflation mid-point, core inflation remains within the target range.
NOTABLE US EQUITY HEADLINES
- TikTok said it establishes US JV and names its directors, Bloomberg reported.
- US President Trump thanked Chinese President Xi for working with the US and ultimately approving the TikTok deal, adds that Xi could have gone the other way.
- Intel (INTC) Q4 2025 (USD): Adj. EPS 0.15 EPS (exp. 0.08), Revenue 13.70bln (exp. 13.40bln). Commentary: Demand is quite strong. Chipmaker missed a lot of opportunities and can’t get enough supply to meet orders. Outlook: Q1 Adj. EPS 0.0 (exp. 0.06). Q1 Revenue 11.7-12.7bln (exp. 12.6bln). Shares fell 11% after-hours.
- Apple’s (AAPL) CEO Cook not expected to step down as CEO imminently; Apple’s Ternus adds design duties in new sign of CEO candidacy.
APAC TRADE
EQUITIES
- APAC stocks traded entirely in the green, though without a clear sector-led driver, as regional sentiment stayed broadly constructive.
- ASX 200 posted modest gains, supported by strength in mining and metals as gold, silver and platinum extended their bid. A strong PMI print — with both manufacturing and services pushing further into expansion — added to the positive tone.
- Nikkei 225 gapped higher at the open but later pared part of its advance, pressured by chip stocks after weak Intel earnings. Offsetting some of the drag, videogame names outperformed, with Nintendo (+5%) boosted by strong US Switch 2 sales data. Following the BoJ rate decision, the Nikkei was unreactive as rates remained unchanged.
- Hang Seng and Shanghai Comp opened higher, with the Hang Seng outperforming after Alibaba (+3.6%) was reported to be preparing the listing of its chipmaking arm. Metals strength following fresh records in gold and silver also supported both indices.
- US equity futures held onto Thursday’s gains heading into the final session of the week.
- European equity futures are indicative of a subdued open with the Euro Stoxx 50 future -0.2% after cash closed up 1.2% on Thursday.
FX
- DXY was flat within a tight 98.297–98.347 band amid scarce newsflow ahead of the BoJ announcement and press conference. The index had weakened on Thursday as geopolitics dominated, while US data showed initial claims again beating expectations and November PCE printing in line, though personal income slightly missed.
- EUR/USD traded similarly flat around 1.1750, holding Thursday’s USD-driven gains, with traders awaiting Eurozone Flash PMIs, which often inject volatility into European trade.
- GBP/USD was uneventful on either side of 1.3500 amid a lack of UK-specific catalysts; holding above 1.3500 keeps the 7th January peak at 1.3417 in view as potential resistance.
- USD/JPY saw two-way action on the BoJ, as the Bank held its policy rate at 0.75%, as expected. JPY initially strengthened, possibly from the upward revision to its 2026 inflation forecast and a hawkish dissent, but immediately reversed the move. Net-net, the report failed to generate any meaningful reaction as traders await the post-policy conference from Governor Ueda.
- Antipodeans were mixed, with AUD supported by strong gold prices, while NZD lagged despite hotter-than-expected Q4 inflation.
- CNH saw immediate strength as the PBoC set the yuan’s daily reference rate below 7.0 for the first time since May 2023.
- PBoC set USD/CNY mid-point at 6.9929 vs exp. 6.9481 (prev. 7.0014).
FIXED INCOME
- 10yr UST futures continued to hold onto gains after Thursday’s heavy data docket, with in-line PCE readings limiting any further move in USTs.
- Bund futures oscillated around Thursday’s settlement as participants awaited Eurozone flash PMIs for directional cues.
- 10yr JGB futures initially traded flat going into the Tokyo lunch break and the BoJ rate decision. Following the hawkish dissent and upward revision to its 2026 inflation forecast, JGBs reopened lower but volatility remained light going into Governor Ueda’s post-policy press conference.
- US sold USD 21bln of 10yr TIPS; tails 2bps. High Yield: 1.940% (prev. 1.734%); WI: 1.960%. Tail: 2bps (prev. 5bps). b/c: 2.38x (prev. 2.20x). Dealer: 12.2% (prev. 17.8%). Direct: 20.4% (prev. 26.1%). Indirect: 67.42% (prev. 56.1%).
- US 30-yr fixed rate mortgage averages 6.09% in Jan 22 week vs 6.06% prior week.
COMMODITIES
- Crude futures consolidated after the prior session’s pressure, as geopolitical risk premia unwound on more constructive signals around US–Greenland and Russia–Ukraine developments. WTI traded within a USD 59.52–59.81/bbl band, while Brent held a USD 64.29–64.53/bbl range.
- US natural gas futures eased slightly as traders digested the recent weather-driven surge tied to freezing US conditions and heightened heating demand.
- Spot gold extended its climb toward USD 5,000/oz, printing a peak of USD 4,967.52/oz, while spot silver hit a fresh ATH near USD 99/oz. Gains persisted despite calmer geopolitical headlines, with participants seemingly viewing dips as buying opportunities in an ongoing momentum-driven rally.
- Copper futures firmed alongside broader base metals, tracking positive APAC sentiment. 3M LME copper edged closer to USD 13,000/t, trading within a USD 12,848–12,937/t range.
- Goldman Sachs lowers its Summer’26 Henry Hub forecast to USD 3.75/MMBtu (prev. USD 4.50/MMBtu), maintains 2027 forecast at USD 3.80/MMBtu.
- US President Trump said Venezuelan oil will be divided up.
- Petrobras (PBR) refineries expected to operate at about 95% of capacity in 2026 (prev. 92% in 2025).
- Trump admin has required the majority of Venezuelan oil to be sold to the US and China can buy the oil at ‘fair market prices’. Allowing China to purchase Venezuelan oil but not at “unfair, undercut” prices that Maduro sold oil to China to pay debts.
- US EIA Crude Oil Stocks Change (Jan/16) 3.602M vs. Exp. 1.1M (Prev. 3.391M).
- US EIA Cushing Crude Oil Stocks Change (Jan/16) 1.478 (Prev. 0.745).
- US EIA Gasoline Stocks Change (Jan/16) 5.977M vs. Exp. 1.7M (Prev. 8.977M).
- US EIA Gasoline Production Change (Jan/16) -0.246 (Prev. 0.029).
- US EIA Distillate Stocks Change (Jan/16) 3.348M vs. Exp. -0.2M (Prev. -0.029M).
- US EIA Weekly Crude Production Change, bbl -21k (Prev. -58k).
- Copper production at a Capstone Copper Corp. mine in northern Chile has halted amid a nearly three-week labour strike, Bloomberg reported.
CRYPTO
- Bitcoin saw mild gains but failed to mount USD 90,000 to the upside.
NOTABLE ASIA-PAC HEADLINES
- Japan’s Lower House has been dissolved, as expected.
- China is likely to set 2026 economic growth target between 4.5-5.0%, SCMP reported citing sources.
- Japanese Finance Minister Katayama said details of the planned sales tax cut have not been decided; JGB rout appears to have receded. Have been in constant contact with US Treasury Secretary Bessent. Closely monitoring financial markets with a high sense of urgency.
DATA RECAP
- Japanese Inflation Rate YoY (Dec) Y/Y 2.1% (Exp. 2.2%, Prev. 2.9%).
- Japanese Core Inflation Rate YoY (Dec) Y/Y 2.4% vs. Exp. 2.4% (Prev. 3.0%).
- Japanese Inflation Rate MoM (Dec) M/M -0.1% (Prev. 0.3%, Rev. From 0.4%).
- Japanese Inflation Rate Ex-Food and Energy YoY (Dec) Y/Y 2.9% vs. Exp. 2.8% (Prev. 3%).
- Japanese S&P Global Manufacturing PMI Flash (Jan) 51.5 (Prev. 50.0).
- Japanese S&P Global Composite PMI Flash (Jan) 52.8 (Prev. 51.1).
- Japanese S&P Global Services PMI Flash (Jan) 53.4 (Prev. 51.6).
- Australian S&P Global Manufacturing PMI Flash (Jan) 52.4 (Prev. 51.6).
- Australian S&P Global Services PMI Flash (Jan) 56.0 (Prev. 51.1).
- Australian S&P Global Composite PMI Flash (Jan) 55.5 (Prev. 51).
- New Zealand Inflation Rate QoQ (Q4) Q/Q 0.6% vs. Exp. 0.5% (Prev. 1%).
- New Zealand Inflation Rate YoY (Q4) Y/Y 3.1% vs. Exp. 3% (Prev. 3%).
NOTABLE APAC EQUITY HEADLINES
- China is considering tighter rules for firms to list in Hong Kong amid deal quality concerns, Bloomberg reports.
GEOPOLITICS
RUSSIA-UKRAINE
- Russia’s Kremlin said Greenland proposal and Board of Peace were discussed with US envoys; talks were constructive. Without solving the territorial issue, there is no prospect of long-term settlement in Ukraine.
- Russian envoy Dmitriev called the meeting between President Putin and US envoys important.
- Russia’s Kremlin said the talks between President Putin and US envoys have concluded.
- US President Trump said Russian President Putin, alongside others, will have to make concessions to end the war in Ukraine. Putin and Zelensky want to make a deal. Ukraine war doesn’t affect the US, it affects Europe.
- EU Commission President von der Leyen said Europe will continue to work on Arctic security, step up investments in Greenland and Arctic-ready equipment and deepen cooperation with partners in the region. Well-prepared with measures if tariffs are applied. Europe should use defence spending ‘surge’ on Arctic-ready equipment. Close to prosperity deal with the US and Ukraine.
- Russian defence ministry reported strategic bomber patrols conducted over Baltic Sea.
MIDDLE EAST
- US President Trump, on Iran, said they have a big force going towards Iran; watching Iran very closely and would rather not see something happen on Iran; will be doing a 25% secondary tariff on Iran.
OTHERS
- US President Trump posted “Maybe we should have put NATO to the test: Invoked Article 5, and forced NATO to come here and protect our Southern Border from further Invasions of Illegal Immigrants”.
- US President Trump posted that the Board of Peace withdraws its offer for Canada to join.
- US President Trump said the US will work with NATO on Greenland security; there are good things for Europe within the framework. On the trilateral meeting with Ukraine and Russia, said “anytime we meet, it is good”. There will be something on Greenland in 2 weeks.
- NATO’s Rutte and Denmark’s PM is to meet on Friday morning.
- US House narrowly rejects resolution to limit President Trump’s war powers in Venezuela.
EU/UK
NOTABLE EUROPEAN EQUITY HEADLINES
- BASF (BAS GY) FY (EUR): Sales 59.7bln (exp. 60.7bln), Adj. EBITDA 6.6bln (exp. 6.87bln), EBIT 1.6bln, Net income 1.6bln, FCF 1.3bln. Guidance: FY FCF -600mln. FY adj. EBITDA 6.6bln (exp. 7.35bln).
- Ericsson (ERICB SS) Q4 2025 (SEK): Adj. EBITDA 12.70bln (exp. 10.48bln). Revenue 69.3bln (exp. 66.6bln); mandates a SEK 15bln share buyback.
2. NORTH KOREA/SOUTH KOREA/JAPAN
JAPAN
Yentervention? Goldman Delta-One Desk-Head Questions FX Market’s Reaction To BoJ’s ‘Hawkish Hold’
Friday, Jan 23, 2026 – 08:05 AM
Technically, the Bank of Japan actions overnight should be seen as “a hawkish hold”, according to Goldman Sachs Delta-One desk-head Rich Privorotsky.
The Bank raised its growth estimate and maintained its hawkish inflation forecasts on Friday even as it kept interest rates steady, signaling its confidence a moderate recovery would justify raising still-low borrowing costs further.
While Ueda had suggested that overall inflation will weaken below 2% soon, he also left open the possibility of an early rate hike.
“April is a month where there’s relatively high numbers of price revisions,” Ueda said.
“We have a certain amount of interest in that, and while it’s not the most important factor in deciding the next rate hike, it’s one of the factors.”
The BOJ gave other signs of a more robust view, too.
It softened its assessment of economic risks as they are now generally balanced. With the negative impact of US tariffs receding, the bank cut the wording that it needs to watch if the economic outlook will materialize “without any preconceptions.”
However, Governor Ueda’s press conference leaned cautious on market functioning, flagging discomfort with the pace of long end moves and a willingness to act if volatility becomes disorderly.
Ueda said the central bank may conduct operations to smooth volatility in the bond market in a nimble fashion if needed, while indicating that exceptional circumstances would be needed.
“In a situation that’s different from usual, we could conduct nimble operations to encourage stable yield formation in the markets,” Ueda said.
“We’ll keep closely cooperating with the government and keep watching the situation while considering our respective roles.”
That’s not a return to formal YCC, but it does keep a soft backstop in place.
The immediate reaction made sense…
- front-end rates higher,
- some flattening further out,
- and FX weaker (could be a lot weaker if people think YCC is back).
It remains very hard to thread the needle of strong growth, high inflation, stable rates, and a stable currency.
Repatriation flows help at the margin, but the currency still looks like the pressure valve.
Privorotsky ended his note by pointing out that “sharp moves as this is going to press, curious if some intervention happening…”
“USD/JPY initially moved higher after Governor Ueda’s comments were interpreted as slightly more dovish on rate hikes,” said Fukuhiro Ezawa, head of markets Japan at Standard Chartered Bank in Tokyo.
“The pair then pulled back, prompting market chatter that the move may have reflected intervention or a rate check. USD/JPY subsequently drifted lower, though dip-buying emerged on the downside, allowing the pair to retrace part of the move.”
Around 2amET, as Bank of Japan Governor Kazuo Ueda ended his post-policy decision press conference, with JPY weakness accelerating above 159/USD (near the 160 Maginot Line), there was a sudden and very violent lurch higher in the yen (USDJPY puked 150pips in minutes)…
The volumes traded during that period were dramatically above normal..
But, not particularly significant relative to recent (alleged) interventions…
Of course, that could simply reflect the ever shrinking level of liquidity (and this lower level of actual intervention required to move the Japanese currency).
“It is tempting to conclude that we may be in the early stages of an official intervention,” said Valentin Marinov, strategist at Credit Agricole.
“The reaction is also showing how nervous the markets are when the JPY is trading so close to the ‘line in the sand’ – levels where we had interventions in the past.”
Finance Minister Satsuki Katayama declined to answer when asked if Japan had intervened in the market, keeping investors in the dark regarding the moment of yen volatility.
“We’re always watching with a sense of urgency,” she said.
As a reminder, the government spent almost $100 billion on yen-buying to prop up the currency in 2024.
On each of the four occasions the exchange rate was around 160 yen per dollar, setting that level as a rough marker for where action might take place again… and very close to where we saw this move overnight.
The bottom line is simple: by refusing to admit they can control two opposing variables simultaneously, they will lose control of everything and as Privorotsky notes… the currency will likely be the release valve (hence the ‘alleged’ intervention)
“Another disaster coming” indeed!
3. CHINA
CHINA/USA
4./EUROPEAN AFFAIRS
EUROPE
EU Parliament Vote Sends Mercosur Trade Deal Into Legal Limbo
Friday, Jan 23, 2026 – 02:00 AM
Authored by Thomas Brooke via Remix News,
The European Parliament has voted to ask the Court of Justice of the European Union to rule on the legality of the EU–Mercosur trade agreement, a move that delays ratification of the deal, but the European Commission could still apply the agreement “provisionally” if Germany has its way.
MEPs meeting in Strasbourg approved the referral by 334 votes to 324, following intense lobbying from farming groups and several member states opposed to the agreement. The vote took place against a backdrop of farmers’ protests outside the chamber.
The pact, signed on Saturday with Brazil, Argentina, Uruguay, and Paraguay, aims to establish one of the world’s largest free trade areas by eliminating tariffs on more than 90 percent of bilateral trade, but those opposed have expressed concerns over the importation of cheaper products that need not adhere to the quality control standards European farmers must adhere to.
The vote was immediately criticized by Germany and the European Commission, both of which support the agreement and argue that it is legally sound. German Chancellor Friedrich Merz described the decision as “regrettable” and warned that it failed to account for Europe’s strategic interests.
“We are convinced of the agreement’s legality. No more delays. The agreement must now be applied provisionally,” Merz said on X.
The European Commission said it “strongly regretted” the outcome, insisting that the legal concerns raised by parliament had already been addressed during negotiations.
“According to our analysis, the questions raised in the motion by the parliament are not justified because the commission has already addressed those questions and issues in a very detailed way,” said Olof Gill, the Commission’s trade spokesman. He confirmed that EU treaties allow for provisional application while the court review is underway.
Outside the parliament building, the reaction was markedly different. Hundreds of farmers, many arriving on tractors, gathered in Strasbourg to protest the deal, which they say would expose European agriculture to unfair competition. When the result was announced, crowds cheered and celebrated.
“We’ve been on this for months and months, for years,” said Quentin Le Guillous, head of a French young farmers group. “Tonight, I’m going home, I’m going to kiss everyone, and I’m going to tell my kids, ‘I got it, we got it, we can be proud.’”
France, Poland, Austria, Ireland, and Hungary have all voiced opposition to the agreement, citing risks to domestic agriculture and food standards. French Foreign Minister Jean-Noël Barrot said the parliamentary vote strengthened that position. “The fight continues to protect our agriculture and guarantee our food sovereignty,” he said.
Several Polish politicians also welcomed the decision. “A major defeat for von der Leyen and her strategy of disregarding the European Treaties!” wrote MEP Beata Szydło, a former Polish prime minister, on X. Law and Justice MEP Maciej Wąsik said, “The farmers’ protests have brought results!” while Confederation MEP Anna Bryłka added, “Big applause for the farmers.”
Szydło also criticized Chancellor Merz’s call to apply the deal pending the judicial review, writing, “The German Chancellor’s incredible audacity in demanding that the Mercosur agreement enter into force despite the European Parliament’s decision! Does democracy mean nothing if Germans don’t like something?”
Irish MEP Billy Kelleher of Fianna Fáil said the Commission had ignored warnings about agricultural imports and environmental harm. “The European Commission must reflect on its own actions, respect the democratic will of the parliament and await the outcome from the European Court of Justice deliberations,” he said.
Sinn Féin MEP Lynn Boylan said the vote should energize opposition to the deal. “Today is a good day, and hopefully will give momentum to the campaign to stop this rotten trade deal,” she said.
Supporters of the agreement argued that parliament had chosen delay over substance. Manfred Weber, leader of the European People’s Party, said lawmakers had not actually voted on the merits of the deal. “The European Parliament did not take a substantive position on Mercosur today; it voted on a procedural motion instead,” he said. “This is an attempt to delay a much-needed agreement for ideological reasons.”
He, too, called for the provisional application of the trade agreement.
Bernd Lange, chair of the European Parliament’s international trade committee, was even more critical, calling the vote “absolutely irresponsible” and “an own goal” in a post on X. “Very harmful for our economic interests and standing,” he wrote.
European Commission President Ursula von der Leyen had made a final appeal to lawmakers before the vote, warning against strategic paralysis. “The more trading partners we have worldwide, the more independent we are. And that is exactly what we need now,” she said.
The European Court of Justice is now expected to examine whether the agreement complies with EU treaties, a process that could take several months, but should the agreement be applied provisionally, celebrations among its critics and Europe’s agricultural sector could be short-lived.
END
NETHERLANDS
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
tbn israel last 24 hrs..
ISRAEL UPDATES
Netanyahu Skipped ‘Board Of Peace’ Signing In Davos On ICC Arrest Fears
Friday, Jan 23, 2026 – 02:45 AM
One of the more interesting aspects to the Thursday signing ceremony for President Donald Trump’s ‘Board of Peace’ in Davos, Switzerland was who was not in attendance.
Israeli Prime Minister Benjamin Netanyahu failed to attend the signing ceremony, but not necessarily by choice, as he is currently unable to travel to much of Europe on fears of being arrested.
In 2024, the International Criminal Court (ICC) in The Hague issued arrest warrants for Netanyahu and then-Defense Minister Yoav Gallant, alleging war crimes that included using starvation as a weapon of war and deliberately targeting civilians, as well as crimes against humanity.
Gaza sources have said over 70,000 Palestinians were killed in the some two-year long bombardment and siege of the Gaza Strip in the wake of the Oct.7, 2023 terror attacks by Hamas and Islamic Jihad. Israel has countered that tens of thousands of the deceased were armed Hamas militants.
Israel was still represented at the signing ceremony, however:
Netanyahu was replaced at the summit by Israel’s President Isaac Herzog, who travelled to Davos on Tuesday and met German Foreign Minister Annalena Baerbock.
During the meeting, Herzog criticised the absence of Israeli officials from the forum and called for the removal of ICC arrest warrants issued against Israeli leaders, describing the court’s actions as “politically motivated”.
Israeli leaders have blasted the ICC, along with the US, which has actually sanctioned some ICC officials. “Israel is given here a bum rap. I think it’s dangerous. Basically, it’s the first democracy being taken to the dock when it is doing exactly what democracies should be doing in an exemplary way,” Netanyahu told CNN in a past interview. “It endangers all other democracies. Israel is first, but you’re next. Britain is next. Others are next, too.”
As for the newly initiated Board of Peace, the White House earlier this month named several members of the Trump administration, as well as international leaders, to top positions. It officially aims to mobilize international resources while overseeing Gaza’s transition and reconstruction. But critics have said it’s a colonial-style land grab and Western investment project which has nothing to do with the interests of the Palestinian people.
This is who is on the board and participated in the signing event:
- Isa bin Salman bin Hamad Al Khalifa, minister of the prime minister’s court, Bahrain
- Nasser Bourita, minister of foreign affairs, Morocco
- Javier Milei, president, Argentina
- Nikol Pashinyan, prime minister, Armenia
- Ilham Aliyev, President, Azerbaijan
- Rosen Zhelyazkov, prime minister, Bulgaria
- Viktor Orban, prime minister, Hungary
- Prabowo Subianto, president, Indonesia
- Ayman Al Safadi, minister of foreign affairs, Jordan
- Kassym-Jomart Tokayev, president, Kazakhstan
- Vjosa Osmani-Sadriu, president, Kosovo
- Mian Muhammad Shehbaz Sharif, prime minister, Pakistan
- Santiago Peña, president, Paraguay
- Mohammed Bin Abdulrahman Al Thani, president, Qatar
- Faisal bin Farhan Al Saud, minister of foreign affairs, Saudi Arabia
- Hakan Fidan, minister of foreign affairs, Turkey
- Khaldoon Khalifa Al Mubarak, special envoy to the U.S. for the UAE
- Shavkat Mirziyoyev, president, Uzbekistan
- Gombojavyn Zandanshatar, prime minister, Mongolia
And here’s something deeply ironic: 11 of the 25 countries on Trump’s Board of Peace are currently banned from immigrant visas to the United States.
Trump will chair the board, which will be tasked with overseeing the next phase in Gaza. Dozens of countries have been invited to join. Notably absent from the Davos signing event were Canada, France, Germany, Italy and some other European nations.
IRANIAN UPDATES
END
Trump Says US ‘Armada’ Moving Towards Iran
Friday, Jan 23, 2026 – 03:40 PM
US President Donald Trump said on Thursday that he is sending an “armada” towards Iran, threatening Tehran against resuming its nuclear program.
Speaking to reporters aboard Air Force One after returning from meetings with world leaders in Davos, Switzerland, Trump said Washington was closely monitoring Iran as US naval assets moved into the region. “We have a lot of ships going that direction, just in case,” Trump said. “I’d rather not see anything happen, but we’re watching them very closely.”
He added: “We have an armada heading in that direction, and maybe we won’t have to use it.”
US officials, speaking anonymously to Reuters, said the aircraft carrier USS Abraham Lincoln and several guided-missile destroyers were expected to arrive in the Middle East in the coming days.
One official said Washington was also considering deploying additional air defense systems to protect US bases from potential Iranian retaliation in the event of an American strike.
The deployments expand Trump’s military options and follow a US attack on Iranian nuclear facilities in June. The summer strikes were widely seen as a violation of international law.
The warships began moving from the Asia-Pacific last week as tensions rose following a crackdown on protests across Iran. Tehran has accused Washington of encouraging the unrest.
Trump has repeatedly threatened intervention warning Iran against killing protesters, but in the end US strikes were called off. Demonstrations appeared to ease last week.
Iran’s Supreme Leader Ayatollah Ali Khamenei said “”several thousand” people were killed during weeks of nationwide protests.
Trump claimed on Thursday that Iran had cancelled nearly 840 executions after US warnings. “I said, ‘If you hang those people, you’re going to be hit harder than you’ve ever been hit,’” Trump said. “It’ll make what we did to your nuclear program look like peanuts.”
He said the executions were cancelled an hour before they were due to take place, calling it “a good sign”.
Iran’s top prosecutor Mohammad Movahedi, however on Friday dismissed Trump’s claim suggesting the judiciary had authorised mass executions, calling the allegations baseless.
Speaking in comments carried by the judiciary’s Mizan News Agency, Movahedi said “this claim is completely false; no such number exists, nor has the judiciary made any such decision”.
Trump also repeated his warning that the US would strike again if Iran restarted its nuclear program. “If they try to do it again, they have to go to another area. We’ll hit them there too, just as easily,” he said.
Protests in Iran began on December 28 with demonstrations over economic hardship in Tehran’s Grand Bazaar before spreading nationwide. An Iranian official told Reuters that the confirmed death toll had exceeded 5,000, including 500 members of the security forces.
RUSSIA VS UKRAINE UPDATES
Putin Not Budging: ‘Frank’ Talks With Witkoff Confirm Territory Is A Red Line
Friday, Jan 23, 2026 – 10:40 AM
Russia’s President Putin held a late-night meeting Thursday at the Kremlin with the US delegation led by White House special envoy Steve Witkoff, just hours ahead of planned trilateral talks in Abu Dhabi Friday aimed at pushing the Trump-backed peace framework to end the war in Ukraine.
Kremlin foreign policy aide Yuri Ushakov soon after the four-hour discussion called the engagement “substantive” and “frank” – and mentioned it was conducted with an unusually high level of mutual trust, which typically suggests hard truths were exchanged behind closed doors.
Witkoff was again accompanied by Jared Kushner, President Trump’s son-in-law, with the pair arriving in Moscow from the World Economic Forum in Davos, at which Witkoff publicly stated his view that Russia and Ukraine may be edging closer to a deal:
“The president has talked about a tariff-free zone from Ukraine that I think would be game-changing,” Witkoff said at the Ukrainian Breakfast on the sidelines of the World Economic Forum in the Swiss Alps resort town.
“I think we made a lot of progress. I think in the beginning of this process there was a little bit of confusion,” he said.
Still, following the late night meeting the Kremlin said the “territorial issue” remains unresolved, as the Ukrainian side is still pushing for a freeze of the front lines, while Moscow seeks a final political settlement which falls nothing short of full recognition of its hold over the four eastern territories.
Ushakov’s further conclusion was that while Moscow and Washington are both “sincerely interested” in a political and diplomatic resolution, until such a deal is reached, Russia will continue pursuing its objectives on the battlefield as it maintains the strategic upper hand.
“Russia would continue to consistently pursue the objectives … on the battlefield, where the Russian armed forces hold the strategic initiative,” Ushakov said.
He stressed that any illusion of compromise has limits, explaining that without a settlement on territorial control, “there can be no long-term agreement” – which of course sends the strong signal that Moscow is not budging, at least publicly, on its demand to retain control of the Donbas region.
The Kremlin aide also mentioned that discussions touched on Trump’s invitation for Russia to join his proposed “Board of Peace” initiative, as well as rising tensions related to the US seeking control over Greenland. Moscow has seen itself on the sidelines regarding this, with President Putin having said this week that Denmark and the US will have to sort it out.
Ushakov reiterated that Russia would be willing to contribute the $1 billion required for permanent membership in the ‘board of peace’ but has come up with a creative condition: the funds must come from Russian assets currently frozen in the US following the invasion of Ukraine. Frozen assets which remain after that could be focused on post-war reconstruction for Ukraine, the Kremlin aide indicated.
Overall, as expected this exchange with the US delegation didn’t produce much, except to make clear each’s position and to at least keep bilateral US-Russia relations on a positive, communicative track. But it really does underscore that after a year of the Trump administration pressing hard for a peace deal, the warring sides are in fact no closer to the goal line.
SYRIA/IRAQ//ISIS
US Begins ‘Transfer’ Of ISIS Prisoners From Syria To Iraq, Mulls Full Withdrawal
Thursday, Jan 22, 2026 – 10:35 PM
US Central Command (CENTCOM) announced in a fresh statement that it has launched a mission to transfer ISIS fighters from Syria to Iraqi government-controlled facilities. The announcement came hours after the Syrian army entered the Al-Hawl Camp in the country’s north, resulting in the escape of thousands of ISIS and ISIS-linked prisoners.
“CENTCOM launched a new mission to transfer ISIS detainees from northeastern Syria to Iraq … to help ensure the terrorists remain in secure detention facilities,” the CENTCOM statement said. “The transfer mission began while US forces successfully transported 150 ISIS fighters held at a detention facility in Hasakah, Syria, to a secure location in Iraq. Ultimately, up to 7,000 ISIS detainees could be transferred from Syria to Iraqi-controlled facilities,” it added.
CENTCOM commander Brad Cooper was quoted as saying that Washington is “closely coordinating with regional partners, including the Iraqi government, and we sincerely appreciate their role in ensuring the enduring defeat of ISIS.”
“Facilitating the orderly and secure transfer of ISIS detainees is critical to preventing a breakout that would pose a direct threat to the United States and regional security,” he added.
The CENTCOM chief failed to mention the release of scores of ISIS members in Syria over the past few days.
This week, the Syrian military entered Hasakah Governorate’s Al-Hawl Camp, which for around a decade housed tens of thousands of ISIS prisoners and their families, including foreigners who entered Syria illegally to join the US-backed war against former Syrian president Bashar al-Assad’s government.
Since the Syrian army entered the camp on 20 January, thousands of ISIS members and their families have been released from Al-Hawl. Videos on social media showed government-affiliated troops arriving at Al-Hawl and allowing the prisoners to leave.
Over 25,000 people were held in the camp prior to the withdrawal of the Kurdish-led Syrian Democratic Forces (SDF), which recently lost most of its territory across northern Syria following the start of a massive assault by Damascus.
“It remains unclear how many detainees have fled and who currently controls the camp,” one of the camp’s overseers told Rudaw. The camp is made up of prisons that held ISIS fighters for years, as well as areas designated for internally displaced people.
Al-Roj Camp and the Hasakah Prison also hold tens of thousands of ISIS militants. Government forces are nearby but have not yet entered those two prisons.
Yet Hasakah’s Al-Shaddadi Prison fell to government troops three days ago after the SDF said it could no longer hold the facility due to continuous attacks. The Kurdish group slammed the US coalition, located at a base two kilometers away, for ignoring repeated distress calls and requests for assistance.
According to Kurdish media, at least 1,500 ISIS members have escaped from Al-Shaddadi. Damascus claims a little over 100 ISIS members escaped, and accused the SDF of letting them out.
According to Damascus-linked media reports, 81 ISIS prisoners have been detained by authorities out of a total of 120 who were “let out” by the Kurdish militia.
“I did a great job. You know what I did? I stopped a prison break,” US President Donald Trump boasted to the New York Post on January 20. “Oh, we did a good job with Syria. They had a prison break. European prisoners were breaking out and I got it stopped. That was yesterday,” he went on to say.
“European terrorists were in prison. They had a prison break. And working with the government of Syria and the new leader of Syria, they captured all the prisoners, put them back to jail, and these were the worst terrorists in the world, all from Europe,” he added, referring to foreign extremists who entered Syria years ago to join Washington’s war against Assad.
The US military has, for years, been transferring ISIS militants across different countries in the region. In 2021, Iraq’s anti-ISIS Popular Mobilization Units (PMU) revealed that thermal cameras had recorded US military helicopters transferring ISIS militants to different locations in the country.
In August 2017, the Syrian Observatory for Human Rights (SOHR) reported seeing US choppers transporting ISIS fighters in and out of the city of Deir Ezzor multiple times. The last reports of these activities came mere days before Syrian and Russian troops retook the city from the terrorist group.
The former Syrian government also said years ago that ISIS fighters were being moved out of a Kurdish-run prison and relocated to a US military base. Since the government assault on the north started earlier this month, Kurdish authorities have been warning that attacks on prisons pose the threat of triggering a major ISIS resurgence.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
Texas AG Starts Investigation Into Vaccine-Related Financial Incentives
Thursday, Jan 22, 2026 – 06:25 PM
Authored by Zachary Stieber via The Epoch Times,
Texas Attorney General Ken Paxton on Jan. 21 said he’s investigating incentives related to vaccinating children.
Paxton’s office said in a statement that the probe will cover pediatricians, insurers, vaccine companies, and other entities “engaged in deceptive or unlawful conduct by failing to disclose financial incentives connected to their administration of childhood vaccines.”
It noted that some pediatricians kick out families that refuse to adhere to a vaccine schedule and that doctors can receive bonuses for vaccinating.
An Epoch Times investigation found that insurers have offered bonuses as high as $400 per child as an incentive to vaccinate patients.
Paxton is issuing civil investigative demands for information to companies, including UnitedHealthcare and Pfizer.
“I will ensure that Big Pharma and Big Insurance don’t bribe medical providers to pressure parents to jab their kids with vaccines they feel aren’t safe or necessary,” Paxton said in a statement.
He said that Texans “deserve to have full faith in the recommendations of their medical providers—particularly when it involves the health of their children” and that “any provider or entity whose medical guidance is fueled by financial incentives from an insurance company, Big Pharma, or otherwise will be exposed.”
Paxton’s office did not respond to a request for more information.
UnitedHealthcare had said in a document, which was taken down after The Epoch Times’ story was published, that doctors were eligible for bonuses for patients who received vaccines against tetanus, diphtheria, pertussis, and human papillomavirus.
The Epoch Times reached out to UnitedHealthcare and Pfizer for comment, but they did not respond by publication time.
Studies have found that vaccinations can be profitable, including a 2020 paper. Some doctors have said in surveys that they can lose money on vaccines due to certain factors, such as low reimbursements.
The American Academy of Pediatrics, which partners with vaccine manufacturers, has said that pediatricians do not profit from vaccines and are motivated to vaccinate because, the group says, vaccines are safe and effective.
Mary Holland, CEO of Children’s Health Defense, a nonprofit that opposes vaccine mandates, said that the group was “very excited” about Paxton’s investigation.
Children’s Health Defense this week sued the American Academy of Pediatrics, accusing the organization of violating federal law by promoting the vaccine schedule as proven safe. The academy did not respond to a request for comment.
In its complaint, Children’s Health Defense mentioned how insurers offer bonuses for pediatricians whose patients receive certain vaccines, and pointed to a 2024 report from the academy that stated that “under value-based care models, pediatricians may receive a significant part of their payments based on performance metrics, one of which is completion of childhood and adolescent immunizations.”
Paxton’s previous investigations have included a probe into Pfizer for allegedly misrepresenting the efficacy of its COVID-19 vaccine and toothpaste manufacturers for promoting the use of too much toothpaste.
His case against Pfizer was dismissed in 2024. The toothpaste probe led to companies agreeing to redesign boxes for toothpaste containing fluoride.
END
ROBERT H
IMPT…..THIS IS WHY WE TAKE IVERMECTIN…
One of best discussions on parasites and various ailments. Even gout like symptoms are often caused by parasites. Sadly teh buggers are everywhere these days from water to food etc.
Subject: Dr. Lee Merritt: VIDEO EVIDENCE: CANCER is Caused by Micro-Parasites (Video) | Alternative | Before It’s News
GLOBAL ISSUES
US Officially Exits World Health Organization
Friday, Jan 23, 2026 – 12:00 PM
Authored by Kevin Stocklin via The Epoch Times,
America is officially out of the World Health Organization (WHO).
“Today, the United States withdrew from the World Health Organization, freeing itself from its constraints, as President [Donald] Trump promised on his first day in office,” Secretary of State Marco Rubio and Health and Human Services Secretary Robert Kennedy, Jr., declared in a Jan. 22 joint statement.
“This action responds to the WHO’s failures during the COVID-19 pandemic and seeks to rectify the harm from those failures inflicted on the American people.”
This is the latest move by an administration that has been highly skeptical of membership in a number of global organizations that, in Trump’s view, and that of many conservatives, compromise the sovereignty of the United States and operate counter to America’s interests. In January 2025, Trump withdrew the United States from the Paris Accord, which aims to limit global warming, and on Jan. 7, he withdrew en masse from 66 U.N.-sponsored climate and social justice organizations, among them the U.N. Framework Convention on Climate Change.
Trump’s decision to quit the WHO is “due to the organization’s mishandling of the COVID-19 pandemic that arose out of Wuhan, China, and other global health crises, its failure to adopt urgently needed reforms, and its inability to demonstrate independence from the inappropriate political influence of WHO member states,” a White House statement declared.
In this week’s executive order, dated Jan. 20, Trump directed that all U.S. funding for the WHO cease and all official U.S. representatives to the U.N. health subsidiary be recalled.
Under the terms of the original agreement establishing U.S. membership, the United States must give the WHO one year’s notice in order to withdraw from the organization. Trump gave such notice to the WHO upon taking office in 2025.
At that time, the WHO responded that it “regrets the announcement that the United States of America intends to withdraw from the Organization.”
“WHO plays a crucial role in protecting the health and security of the world’s people, including Americans, by addressing the root causes of disease, building stronger health systems, and detecting, preventing and responding to health emergencies, including disease outbreaks, often in dangerous places where others cannot go,” the WHO stated.
Another condition for withdrawal under the original agreement is that the United States pay all unpaid dues it owes to the WHO, which is currently $278 million for the years 2024 and 2025. However, the Trump administration has stated that it will make no additional payments to the WHO.
“The American people have paid more than enough,” a State Department spokesperson stated on Thursday.
America’s withdrawal has not been officially accepted by the WHO.
“The WHO refuses to hand over the American flag that hung in front of it, arguing it has not approved our withdrawal and, in fact, claims that we owe it compensation,” Rubio and Kennedy stated. “From our days as its primary founder, primary financial backer, and primary champion until now, our final day, the insults to America continue.”
Trump first attempted to withdraw the United States from the WHO in 2020 at the end of his first term; however, President Joe Biden reversed that move upon taking office in 2021. The Biden administration was also active in pushing for the United States to sign on to the WHO’s Pandemic Agreement, which, together with its International Health Regulations, was intended to give the WHO sweeping new powers to set policy for all member nations during pandemics and other “health emergencies” that the WHO might declare at its discretion.
As part of America’s withdrawal from the WHO, Trump’s executive order stated that America will withdraw from negotiations of these agreements and that they “will have no binding force on the United States.”
Originally founded in 1948, the WHO included 194 nations among its members, prior to America’s withdrawal. The United States joined in 1948, following a joint resolution of Congress signed by President Harry Truman.
The United States was required to fund 22 percent of the WHO’s budget, and has given the organization an average of $237 million per year between 2012 and 2024.
MARK CRISPIN MILLER
Colleen Hoover undergoing cancer treatment; BR: singer Luan Pereira rushed to hospital with arrhythmia; singer Raí Saia Rodada rushed to hospital (heart); actor Henri Castelli, 47, has another seizure
UK: football legend Kevin Keegan diagnosed with cancer; GE: IT expert Felix von Leitner has a stroke
| Joe SurkiewiczJan 23 |
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.
Celebs:
UNITED STATES
Author Colleen Hoover shares cancer diagnosis in candid hospital post
January 13, 2026
Bestselling author Colleen Hoover [46] is sharing her personal health battle. The “It Ends With Us” and “Verity” writer revealed she has been undergoing cancer treatment, posting a candid Instagram story Monday showing herself in a hospital gown as she marked her “second to last day of radiation.” The author did not specify the type of cancer but has been quietly navigating the diagnosis for months. According to People, Hoover first disclosed her condition in December on a private Facebook fan page. That message was later reshared on social media. Hoover’s health update comes amid continued scrutiny surrounding the film adaptation of her blockbuster novel “It Ends With Us.”
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
DR PAUL ALEXALNDER
NEWSWIZE
| LATEST REPORTS FOR NEWS JUNKIES |
| Undercover Video Exposes Shocking Immigration Court Scheme: ReportUndercover footage obtained by Townhall alleges that some African nationals in Lockland, Ohio, may have exploited the U.S. asylum system.The 26-minute video claims migrants were coached on how to meet legal requirements for asylum, encouraged to fabricate parts of their applications and informed that favorable outcomes could be secured through payments.At the center of the footage is Patricia Golder, who …READ THE FULL REPORT |
| Shots Fired: DHS Operation Turns Dangerous as Officers Face Chilling ThreatA federal immigration enforcement action in Southern California turned volatile Wednesday morning after a wanted illegal alien allegedly used his vehicle to force his way out of an arrest attempt, resulting in a federal agent firing shots and a Customs and Border Protection (CBP) officer being injured.The suspect was ultimately taken into custody following the confrontation.The incident occurred during a …READ THE FULL REPORT |
| Barron Trump Move ‘Saved Woman’s Life’ in Heart-Stopping IncidentIn a dramatic cross-Atlantic incident, Barron Trump, the youngest son of President Donald Trump, reportedly helped stop a violent assault in East London after receiving a frantic FaceTime call from a woman in danger, court testimony revealed.Prosecutors allege that 22-year-old Russian national Matvei Rumiantsev physically attacked a woman who was acquainted with Trump via social media.Testimony indicates that Rumiantsev, allegedly …READ THE FULL REPORT |
| JUST IN: Trump, ICE Score Major Legal Win In MinnesotaAn appeals court on Wednesday reversed a lower court decision in Minnesota that placed severe restrictions on federal immigration agents when it comes to handling violent and disruptive agitators. The U.S. Court of Appeals for the Eighth Circuit issued an administrative stay, pausing a lower court’s preliminary injunction that had limited the tactics used by Immigration and Customs Enforcement (ICE) …READ THE FULL REPORT |
| SCOTUS Decision On Mail-In Voting Rules Could Shape Future ElectionsThe U.S. Supreme Court ruled 7-2 last week that Rep. Michael Bost, an Illinois Republican, has legal standing to challenge an Illinois election law that allows mail-in ballots postmarked by Election Day to be received and counted for up to two weeks afterward, a decision that could shape how voting rules are litigated in future elections. The case does not …READ THE FULL REPORT |
| LATEST REPORTS FOR NEWS JUNKIES |
| ‘Trans’ Lawmaker Sparks Firestorm Amid Blue City Unrest Over Controversial Remarks“Trans” Minnesota State Rep. Leigh Finke, a Democrat, is facing mounting scrutiny after publicly encouraging continued anti-ICE demonstrations at churches following a disruptive protest that unfolded during a Sunday worship service in St. Paul.The incident occurred at Cities Church, where activists entered the sanctuary during services and interrupted worship with chants and shouting.Parishioners reported that the disruption created fear and …READ THE FULL REPORT |
| Blue State Dem Stuns With Outrageous Bill That Could Overhaul Justice for MillionsVirginia Democrats are considering a dramatic shift in criminal sentencing under House Bill 863, prefiled on Jan. 13 by Delegate Rae C. Cousins.The legislation would eliminate mandatory minimum sentences for over 35 offenses, including rape, child pornography production, firearm-related felonies, DUI manslaughter and repeat violent crimes.If enacted, HB863 would allow judges to determine prison terms within statutory ranges rather than …READ THE FULL REPORT |
BREAKING: Air Force One Conducting Emergency Landing; Trump On Board BREAKING UPDATE: U.S. government motorcade seen on interstate racing lights and sirens to Joint Base Andrews near DC after Air Force One turns around over the Atlantic Ocean Reason unclear pic.twitter.com/PAo7iiIGa3 — Nick Sortor (@nicksortor) January 21, 2026READ THE FULL REPORT |
| NEW: Minnesota Church Weighs Legal Action Against Don Lemon, ProtestersLeaders of Cities Church in St. Paul, Minnesota, are actively evaluating legal action following a disruptive protest that interrupted their Sunday worship service on Sunday. The disruption occurred after anti-ICE activists, accompanied by former CNN anchor Don Lemon, targeted the church due to a member’s affiliation with U.S. Immigration and Customs Enforcement (ICE) operations. In an official statement released by …READ THE FULL REPORT |
| JUST IN: Blue State Moves To Draw Out Lone GOP-Controlled DistrictDemocrat-controlled Maryland is set to move forward with a plan to draw out its lone Republican-controlled district, a move that will further increase the likelihood of Democrats retaking control of the U.S. House later this year. The effort began when Democrat Governor Wes Moore established the Governor’s Redistricting Advisory Commission in November 2025. Chaired by U.S. Sen. Angela Alsobrooks (D-MD), …READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
The Rules‑Based Order That Once Constrained Great‑Power Ambition Has Proved Illusory
Friday, Jan 23, 2026 – 12:40 PM
By Stefan Koopman, senior macro strategist at Rabobank
If there is one lesson from this week, it is that the rules‑based order that once constrained great‑power ambition has proved illusory. In Davos, Canada’s Mark Carney captured this with clarity. The world, he argued, is experiencing a rupture rather than a transition. It has become a harsher place in which the strong test limits and the weak are expected to accommodate them. In such an environment, middle powers should stop “living within a lie” and make moves toward strategic autonomy and diversified dependencies.
The following 24 hours offered a textbook illustration of how this new world works, or fails to. President Donald Trump abruptly stepped back from his tariff barrage aimed at eight European allies. Talk of forcing the issue over Greenland was quickly shelved after a meeting with NATO secretary‑general Mark Rutte produced a “framework for a future deal”. Markets regained their footing on Thursday after losses earlier this week, following the familiar TACO pattern with a snapback in risk assets. US Treasuries just stabilized while the dollar weakened, leaving a residual Sell‑America tone.
Details remain scarce, but two strands are emerging:
- First, a NATO mission under US command appears likely, involving the alliance’s Arctic members (incl. Sweden and Finland, who can bring their unique expertise) and possibly others, to strengthen regional defense. This outcome was already very much possible under the 1951 US‑Denmark defence agreement, which grants Washington broad scope to deploy military assets on Greenland, without the diplomatic damage caused by the earlier escalation.
- Second, the understanding also appears to reflect Washington’s longer‑term concern about Greenland’s political future. A fully independent Greenland could, in theory, seek closer economic or security ties with Russia or China. A revised or reinterpreted framework would aim to ensure that any future change in Greenland’s status did not lead to the withdrawal of permission for US military activities on the island. This is particularly relevant to US missile‑defence ambitions, including the proposed “Golden Dome”.
Of course this would require sign-off from Denmark and Greenland – not NATO – and how any of this would be implemented remains unclear. As such, tariff threats may return if the eventual proposal falls short of US demands.
Seen in that light, reading the episode as détente would be an error. The US’ pressure on “irrelevant” Denmark’s sovereignty is an assertion of primacy framed as pragmatism, with tariffs as the go‑to tool. The subsequent Trump‑Rutte arrangement does not at all mark a return to rules or procedures.
By now, the White House bargaining style is well-established and likely to recur in the not too distant future. The belittlement draws the international attention and the projection of pain functions as its leverage.
The beatings will continue until morale improves, but this abusive dynamic is unproductive: the stated US strategy of wanting a ‘stronger Europe’ to balance China sits awkwardly with tactics that erode mutual trust, seek to split European unity, and invite defensive hedging with other – not necessarily like-minded – parties. Moreover, it may cause Europe’s learned helplessness, its perennial reflex of waiting for Washington to set the terms, to be unlearned in practice. The defense build‑up (possibly including nukes), the internal‑market push and the widening of trade options, Mercosur included, indicate a structural adjustment. If one of the US’s key strengths since the end of the Second World War is having had strong alliances and soft power, it may underestimate the long-term consequences. Trump said the US will remember if the Danes don’t play ball; but so will Europe.
Indeed, on Mercosur, after the European Parliament failed to ratify this agreement on Wednesday, the Commission is now signalling that provisional application is the likely way forward, which is just another indication of the growing role of geopolitics in Europe’s trade strategy.
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
NatGas “Tightening Shock” Sparks Historic Weekly Rally As Major Winter Storm Imminent
Friday, Jan 23, 2026 – 07:20 AM
US natural gas futures surged as much as 75% over the past week, well above $5/mmBtu, driven by sharply colder weather forecasts (comparable to the 2021 Uri storm that paralyzed Texas’ power grid), ongoing production freeze-offs, and a vicious market trap for bears that unleashed epic short covering.
As of Friday morning, around 0645 ET, front-month NatGas contracts in New York fell 1.4% to $4.97/mmBtu, after surging 63% over the last three trading sessions.
Prices were still on track for the biggest weekly gain on record, with Bloomberg data going back to 1990.
This week’s surge was largely fueled by below-average temperature forecasts across the Lower 48, combined with the threat of a potentially historic winter storm stretching from Texas to the Northeast.
Widespread winter activity across more than half the country has raised freeze-off risks, particularly in southern gas-producing states and Appalachia, while also stoking concerns about pipeline icing that could reduce volumes and pressure power grids this weekend and into next week.
Our reporting this week:
- Appalachian NatGas Output Faces “Intense Losses” As Arctic Blast Drives Power Grid Risk Higher
- NatGas Jumps 75% As Extreme Cold, Blizzard Risks Threaten Appalachian Gas Supply
Samantha Dart, lead analyst on the Goldman Sachs commodities team, provided clients with critical color on the US NatGas market Thursday evening following a historic week of upside price action.
Dart was clear that the move in NatGas was purely weather-driven: prices surged amid sharply colder forecasts, production freeze-offs, and short covering. She said her desk views the spike as a near-term shock, with futures prices likely overshooting fundamentals rather than signaling a sustained rally.
She said that front of the curve rallied more than Summer 2026 (Sum26) contracts, highlighting two key risks:
- Production outages might hit exactly when heating demand peaks and the system might fall temporarily short on gas
- Storage path risks: Higher heating demand ultimately lowers overall storage levels, increasing the market’s vulnerability to tightening shocks during the 2026-27 winter.
Dart continued:
- We estimate that near-term deliverability risks are meaningful, even taking into account mitigating factors like gas-to-coal switching and the re-sale of gas by liquefaction facilities back to the grid. That said, we think this would ultimately be a temporary physical imbalance, likely to be reflected in very high cash prices during the tightening shock, rather than in a sustained rally in NYMEX gas. We think this is especially the case given the potential for strong Northeast production to help rebuild Gulf storage levels in the spring, as observed last year. As a result, while weather forecast shifts can keep price volatility elevated, prompt NYMEX prices seem to have overshot fundamentals.
She added that the upcoming storm (peak cold on Jan 26) is expected to create a temporary tightening, reflected in higher cash prices than NYMEX futures, similar to the 2021 Uri event, when cash spiked to $25/mmBtu while prompt NYMEX stayed flat.
Dart’s view is that prices post-storm and post-winter blast will return to the medium-term target, but stay above $3.50, and not exceed $4.
The full note can be found in the usual place for ZeroHedge Pro Subs.
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/USA
cARNEY ANGERS tRUMP TO NO END!!
(ZEROHEDGE)
Trump Withdraws Invitation For Canada’s Carney To Join Board Of Peace
Friday, Jan 23, 2026 – 09:25 AM
Authored by Omid Ghoreishi via The Epoch Times,
U.S. President Donald Trump has withdrawn his invitation for Canadian Prime Minister Mark Carney to join the U.S.-led Board of Peace that will initially focus on rebuilding Gaza.
“Please let this Letter serve to represent that the Board of Peace is withdrawing its invitation to you regarding Canada’s joining, what will be, the most prestigious Board of Leaders ever assembled, at any time,” Trump said in a post on Truth Social addressed to Carney late on Jan. 22.
“Thank you for your attention to this matter!”
The notification comes after the two criticized each other’s comments on U.S.–Canada and international relations in public speeches this week.
Carney criticized U.S. pressure to take over Greenland in a speech at the World Economic Forum (WEF) in Davos, Switzerland, on Jan. 20, and called for countries to not comply with “great powers,” saying the rules-based international order has undergone a “rupture.” He urged middle powers to band together to resist pressure from major powers, without specifying who the major powers are or making any distinctions.
“Great powers have begun using economic integration as weapons, tariffs as leverage, financial infrastructure as coercion, supply chains as vulnerabilities to be exploited,” he said.
“You cannot live within the lie of mutual benefit through integration, when integration becomes the source of your subordination.”
His comments came amid increasing U.S. protectionist measures and days after his visit to China, where he said a new strategic partnership with Beijing sets “us up well for the new world order.”
In his own speech at the WEF on Jan. 21, Trump said that he listened to Carney’s speech and that the Canadian prime minister “wasn’t so grateful,” adding that Canada “lives because of the United States.”
“Canada gets a lot of freebies from us, by the way, they should be grateful also, but they’re not,” Trump said.
“Canada lives because of the United States. Remember that, Mark, the next time you make your statements.”
A day later in a speech addressed to Canadians on Jan. 22, Carney rebuked Trump’s remarks, saying Canada “does not live because of the United States. Canada thrives because we are Canadian.”
Also on the same day, U.S. Commerce Secretary Howard Lutnick said Ottawa could risk jeopardizing the upcoming renegotiations of the United States-Mexico-Canada Agreement (USMCA) by seeking closer relations with China.
Lutnick suggested that Carney’s recent comments may be related to an upcoming election. He added that Ottawa’s decision to open Canada’s market to Chinese electric vehicles (EVs) may have an adverse impact on Canada’s free-trade relations with the United States, which he said is the “second-best deal” with the United States in the world after Mexico’s.
During his trip to China last week, Carney agreed to cut tariffs on Chinese EVs from 100 percent to 6.1 percent for the first 49,000 imported units, in exchange for Beijing cutting tariffs on Canadian agricultural products from 85 percent to 15 percent until at least the end of 2026.
Board of Peace
Trump’s Board of Peace inaugurated earlier on Jan. 22, with representatives from 19 nations joining the U.S. president at the WEF for the official launch of the initiative. The founding members are mainly Asian, with representatives from some other parts of the world including Hungary, Argentina, and Paraguay joining as well.
Other European leaders including Russian President Vladimir Putin have also been invited to join, but they haven’t yet officially accepted the invitation.
Carney said last week that he had agreed in principle to join the board, adding that details such as financing still need to be worked out. Canada’s Finance Minister François-Philippe Champagne said this week that Ottawa had no intention of paying $1 billion to join the initiative, an amount a U.S. official had cited as the entry fee, which would be used to help Gaza.
Carney is the only world leader Trump publicly informed that his invitation to join had been rescinded.
The Epoch Times contacted the prime minister’s office for comment but didn’t immediately hear back.
Souring Relations
Trump’s remarks this week mark the first time he has publicly rebuked Carney, whom he had earlier addressed very cordially.
In his first administration, Trump publicly clashed with former Canadian Prime Minister Justin Trudeau on multiple occasions. At the conclusion of the June 2018 G7 meeting in Quebec, Trudeau told reporters he would not hesitate to respond to U.S. tariffs with retaliatory measures. Trump later countered by saying that Trudeau “acted so meek and mild” during the meeting and only made those comments once Trump had departed. A year later, during a NATO meeting in the UK, Trudeau was caught on a hot mic seemingly mocking Trump in front of other world leaders for holding a lengthy press conference. Trump later fired back by calling him “two-faced.”
Leading up to his second term, Trump repeatedly referred to Trudeau as “governor,” implying that Canada should be another U.S. state, while Trudeau said there “isn’t a snowball’s chance in hell that Canada would become part of the United States.”
During his election campaign last year, Carney heavily focused his campaign on responding to Trump, saying that Trump is “attacking Canadian families, workers and businesses” with “unjustified tariffs.”
After the election, however, he significantly toned down his comments on Trump, and dropped Canada’s counter-tariffs in a bid to prompt Washington to continue negotiations with Canada on trade and ease tariffs.
For his part, Trump on multiple occasions praised Carney. “I like Carney a lot, I think he is a good person,” Trump said during a meeting with the Canadian prime minister in Washington in August 2025. Carney has also had words of praise for Trump, calling him a “transformational president” in how how he has dealt with China, during another meeting with the U.S. president in Washington in May 2025.
Even when criticizing the anti-tariff ads featuring a speech by former U.S. President Ronald Reagan run by Ontario in the United States, Trump said that he has a very good relationship with Carney. “I like him a lot,” Trump said in October 2025.
The U.S. president suspended trade talks with Canada over the ad. Carney later said the two countries were close to a trade agreement had it not been for the ads. No new deal has been reached since then, and Ottawa now has its sights set on renegotiating the USMCA this year.
During an earlier televised address to Canadians in October 2025, Carney again used stronger language against the U.S. administration, echoing remarks from the election campaign, saying Canada’s “relationship with the United States will never again be the same as it was.” He largely avoided similar comments in public addresses afterward, before returning to the theme in remarks to world leaders in Davos on Jan. 20 and again to Canadians on Jan. 22.
END
GREELAND/USA DENMARK
Trump Touts “Total And Permanent” Access To Greenland, While Nobody Has Any Clue What’s In The Deal
Friday, Jan 23, 2026 – 02:20 PM
Trump said on Thursday he had secured “total and permanent” US access to Greenland in a deal with NATO, whose head said allies would have to step up their commitment to Arctic security to ward off threats from Russia and China.
News of a framework deal came as Trump backed off tariff threats against Europe and ruled out taking Greenland by force, bringing to an end what was brewing to be the biggest rupture in transatlantic ties in decades. Yet despite the optimism, details of any agreement were unclear and Denmark insisted its sovereignty over the island was not up for discussion. EU foreign policy chief Kaja Kallas said the bloc’s U.S. relations had “taken a big blow” in the past week, as EU leaders met for an emergency summit.
Greenland’s Prime Minister Jens-Frederik Nielsen welcomed Trump’s comments but said he was still in the dark on many aspects.
“I don’t know what there is in the agreement, or the deal, about my country,” Nielsen told reporters in the capital Nuuk.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1771 DOWN 0.0023 PTS OR 23 BASIS POINTS/WITH STOCKS IN EUROPE ALL RED
USA/ YEN 158.10 DOWN 0.380 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 1.3531 DOWN 0.0032 OR 32 BASIS PTS
USA/CAN DOLLAR: 1.3790 UP 0.0008 CDN DOLLAR DOWN 8 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 13.59pts or 0.33%
Hang Seng CLOSED UP 119.55 PTS OR 0.45%
AUSTRALIA CLOSED UP 0.07%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 119.55 PTS OR 0.45%
/SHANGHAI CLOSED UP 13.59 PTS or 0.33%
AUSTRALIA BOURSE CLOSED UP 0.07%
(Nikkei (Japan) CLOSED UP 185.61 PTS OR 0.35%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4929.95.
silver:$98.45
USA DOLLAR VS TRY: 94.27
USA DOLLAR VS RUSSIAN ROUBLE: 75.86 ROUBLE// UP 13 BASIS PTS
UK 10 YR BOND YIELD: 4.490 UP 2 BASIS PTS
UK 30 YR BOND YIELD: 5.231 DOWN 0 BASIS PTS
CDN 10 YR BOND YIELD: 3.411 DOWN 0 BASIS PTS
CDN 5 YR BOND YIELD; 2.939 DOWN 1 BASIS PTS
USA dollar index early FRIDAY morning: 98.18 UP 1 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.256% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.256% UP 1/2 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.647 DOWN 2 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.261 DOWN 1 in basis points yield
ITALY 10 YR BOND: 3.506 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8936 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1748 DOWN 0.0005 OR 5 basis points
USA/Japan: 158.30 DOWN 0.216 OR YEN IS UP 22 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.498 UP 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.237 DOWN 1 BASIS POINTS.
Canadian dollar UP 35 BASIS pts to 1.3749
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The USA/Yuan CNY UP TO 6.9634 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.9616
TURKISH LIRA: 43.37 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +2.256 UP 1/2 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.647 DOWN 2 basis pts//YEN CARRY TRADE COMPLETELY BLOWS UP
Your closing 10 yr US bond yield DOWN 2 in basis points from THURSDAY at 4.240% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.839 DOWN 2 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.605 DOWN 1 BASIS PTS.
GOLD AT 10;00 AM 4951.50
SILVER AT 10;00: 99.51
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:FRIDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 6.61 PTS OR 0.67%
GERMAN DAX: CLOSED UP 44.24 OR 0.18%
FRANCE: CLOSED DOWN 5.84. PTS OR 0.07%
Spain IBEX CLOSED DOWN 119.03 PTS OR 0.67%
Italian MIB: CLOSED DOWN 259.07 PTS OR 0.55%
WTI Oil price 61.11 10.00 EST/
Brent Oil: 65.80 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 75.77 ROUBLE UP 0 AND 23 / 100
CDN 10 YEAR RATE: 3.427 UP 3 BASIS PTS.
CDN 5 YEAR RATE: 2.966 UP 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1828 UP 0.0072 OR 72 BASIS POINTS//
British Pound: 1.3638 UP 0.0138 OR 138 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.525 UP 6 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.271 UP 6 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.271 UP 3 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.660 DOWN 1 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 155.75 DOWN 2.734 OR YEN UP 273 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3702 DOWN 0.0082 PTS// CDN DOLLAR UP 82 BASIS PTS
West Texas intermediate oil: 61.14
Brent OIL: 65.91
USA 10 yr bond yield DOWN 2 BASIS pts to 4.2330
USA 30 yr bond yield DOWN 3 PTS to 4.824%
USA 2 YR BOND 3.600 DOWN 2 PTS
CDN 10 YR RATE 3.4220 UP 1 BASIS PTS
CDN 5 YEAR RATE: 2.956 UP 2 BASIS PTS
USA dollar index: 97.32 DOWN 85 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.36 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 75.50 UP 0 AND 49/100 roubles //
GOLD $4,979.80 3:30 PM)
SILVER: 102.14 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 285.33 OR 0.58%
NASDAQ 100 UP 65.22 PTS OR 0.28%
VOLATILITY INDEX 15.68 DOWN 0.00 PTS OR 0.00%
GLD: $ 457.82 UP 1.33 PTS OR 1.73%
SLV/ $92.93 UP 5.80 PTS OR OR 6.65%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 107.24 PTS OR 0.36%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Chaotic Week Ends With Stocks Down, Crashing Dollar, Precious Metals At Record Highs
WRAP UP
Dollar sold; JPY gains amid rate check speculation – Newsquawk US Market Wrap
Friday, Jan 23, 2026 – 03:52 PM
- SNAPSHOT: Equities mixed, Treasuries down, Crude up, Dollar down, Gold up.
- REAR VIEW: US Flash PMIs fall short of expectations; UoM sentiment revised higher; BoJ held rates as expected, but with Takata voting for a 25bps hike; UK Retail Sales and Flash PMIs top expectations; Bets on Rick Rieder being new Fed Chair surge; Trump criticizes Canada on favouring business with China; China reportedly tells big tech firms they can prep orders for NVDA’s H200 chips; Trump admin weighs naval blockade to halt Cuban oil imports.
- COMING UP: Data: German Ifo (Jan), US Chicago Fed National Activity Index (Oct/Nov), Durable Goods (Nov), Atlanta Fed GDP. Events: Australian Holiday (Australia Day). Supply: Japan, EU, US.
- WEEK AHEAD: Highlights include FOMC, BoC, Riksbank, EZ GDP, Tokyo CPI. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing FOMC, BoC, Riksbank, BCB; reviewing BoJ, Norges Bank, CBRT. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Mag-7 earnings begin as MSFT kicks things off. Click here for the full report.
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MARKET WRAP
US indices were broadly lower to end the week, although the tech-heavy Nasdaq 100 was the sole index in the green and supported by gains in NVIDIA (+1.5%) after China informed the biggest tech firms that they can prep orders for H200 chips. However, Intel’s (-17%) plunge after weak guidance capped gains. Sectors were mixed, as Financials and Industrials lagged, while Energy was the outperformer and buoyed by strength in the crude complex, given the US’s continued punchy rhetoric surrounding Iran. In addition, the US/Russia/Ukraine have commenced their trilateral meeting, albeit concluded for the day, and Zelensky said it is still too early to draw conclusions and will see how the conversation develops tomorrow and what results it produces. Despite the above, the main story was in the FX space as the Yen saw notable strength as the USD/JPY retraced from a high of 159.226 to a low of 155.68. Overnight, there was a slightly hawkish vote split from the BoJ (8 voted for hold, Takata voted for a 25bps hike), and speculation over FX intervention followed. A few important events followed the decision. 1) Ueda said they must pay attention to even small FX moves, 2) Finance Minister Katayama said they are watching FX moves with a high sense of urgency, and 3) A sharp bout of JPY strength in Ueda’s conference. All this combined led markets to believe intervention was possibly at play; however, desks note the size of the move and timing (amid Ueda presser) likely diminishes it being the case. Thereafter, the Yen once again saw sharp appreciation, albeit over a couple of hours, on a lack of headline newsflow. Elsewhere in the FX space, all majors benefited against the Greenback. Despite the moves in the Dollar, T-Notes saw slight weakness in thin parameters ahead of the FOMC next week. Precious metals (XAU, XAG) saw strength amid possible diversification away from the Dollar, and saw spot silver top USD 100/oz and spot gold edged towards USD 5k/oz.
US
FLASH PMIS: Manufacturing printed 51.9 in January from 51.8, beneath the expected 52.0. Services fell short of the expected 52.8, as it was unchanged at 52.5 from December’s 52.5. This left the composite at 52.8, up from 52.7. Employment rose slightly, with the near-stalled job market reflecting concerns from companies over rising costs and softer sales growth in recent months. Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, wrote that “The survey is signalling annualized GDP growth of 1.5% for both December and January, and a worryingly subdued rate of new business growth across both manufacturing and services adds further to signs that Q1 growth could disappoint”.
MICHIGAN: University of Michigan final data for January was strong and revised up across the board, highlighted by sentiment at 56.4 from 54.0, conditions at 55.4 (prev. 52.4), and forward-looking expectations lifting to 57.0 from 55.0. Inflation expectations saw the short-term 1yr ahead falling to 4.0% from 4.2%, with the longer-term 5yr inching up to to 3.3% from 3.2%, but beneath the expected 3.4%. Surveys of Consumers Director Joanne Hsu remarked that while the overall improvement was small, it was broad-based, seen across the income distribution, educational attainment, older and younger consumers, and Republicans and Democrats alike. Despite saying that, Hsu adds, national sentiment remains more than 20% below a year ago, as consumers continue to report pressures on their purchasing power stemming from high prices and the prospect of weakening labor markets.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 2+ TICKS HIGHER AT 111-21+
T-Notes see slight weakness across the curve ahead of next week’s FOMC. At settlement, 2-year -0.7bps at 3.605%, 3-year -1.1bps at 3.673%, 5-year -1bps at 3.839%, 7-year -1bps at 4.033%, 10-year -1bps at 4.237%, 20-year -0.8bps at 4.796%, 30-year -0.6ps at 4.833%.
THE DAY: Overnight, T-Notes saw rangebound trade and saw limited follow-through from the weakness in JGBs post- BoJ and Governor Ueda. JGBs were weighed on by the hawkish dissenter, upward growth revisions and a lift to the 2026 inflation view, and despite Ueda seemingly intimating the earliest point for a hike would be April, it left market pricing with a slight hawkish skew. Nonetheless, T-Notes continued to trade within very narrow parameters through the EU and US sessions, highlighted by T-Notes hitting a peak of 111-23+ and a low of 111-16. Despite the lack of movement in Treasuries, there was notable strength in the Yen (and by account weakness in the Dollar), which failed to spark much reaction in other assets, but saw USD/JPY tumble from an earlier high of 159.23 to a low of 155.90. Regarding data, US S&P Global PMIs disappointed, while final UoM for January saw all metrics revised higher, but little move was seen in markets as it had little sway on the outlook for the Fed heading into the confab next Wednesday.
THE WEEK: On the week, the bond steepener trade got knocked back this week, and some desks note it is set to come under further pressure given supply seasonals, FOMC meeting and a reshuffling of the odds for who will be the next Fed chair, given Warsh was the favourite for the vast majority of the week, followed by Rieder. Do note, as the week draws to a close, Rieder has actually becoming betting favourite for the first time. On this, and as desks added, Warsh could set the bond market up for another fight between a White House demanding cuts and a Fed unwilling to deliver. In addition, Treasuries are still adjusting after Trump withdrew his tariff threats on the EU regarding Greenland earlier in the week, which helped quell some inflationary fears and reduced geopolitical concerns, flattening the curve.
SUPPLY:
Notes
- US Treasury to sell USD 69bln of 2-yr notes on Jan. 26th, USD 70bln of 5-yr notes on Jan 27th, USD 44bln of 7-yr notes on Jan. 29th; all to settle on Feb. 2nd.
- US is to sell USD 30bln of 2-yr FRN on Jan. 28th, to settle on Feb. 2nd.
Bills
- US is to sell USD 89bln of 13-wk bills, USD 77bln of 26-wk bills on Jan 26th, and USD 90bln of 6-wk bills on Jan. 27th; all to settle on Jan. 29th.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: January 0bps (prev. 0bps), March 2.8bps (prev. 2.1bps), April 6.5bps (prev. 6.2bps), December 42.78bps (prev. 42.2bps)
- NY Fed RRP op demand at 0.93bln (prev. 2.06bln) across 5 counterparties (prev. 14)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 89bln (prev. 95bln) on January 22nd
- SOFR at 3.64% (prev. 3.63%), volumes at USD 3.121tln (prev. 3.087tln) on January 22nd
CRUDE
WTI (H6) SETTLED USD 1.71 HIGHER AT USD 61.07/BBL; BRENT (H6) SETTLED USD 1.82 HIGHER AT USD 65.88/BBL
The crude complex was firmer in a week dominated by geopols ahead of the US/Russia/Ukraine trilateral meeting. Recent reports suggest the meeting on Friday ended with participants awaiting any potential readout ahead of the Saturday meeting. Prior to the meeting, Trump met Putin, as he did with Zelensky on Wednesday, and the US President said Putin, alongside others, will have to make concessions to end the war in Ukraine; Trump added both Putin and Zelensky want to make a deal, while the Kremlin called the talks “constructive”. Aiding the energy upside on Friday was more punchy Iran reporting, as Trump continues to increase the pressure through more sanctions, and announced an “armada” was heading towards the Middle Eastern nation. Trump also remarked that they have a big force going towards Iran, is watching Iran very closely, and would rather not see something happen on Iran, but he did note they will be doing a 25% secondary tariff on Iran. On the supply footing, JPMorgan notes that global crude and condensate exports have been down by as much as 4.5mln BPD at points this month on the Russia, Kazakhstan and Venezuela disruptions. Although JPM stressed a meaningful amount of that is not lost supply, and markets may be overpricing the impact. In the weekly Baker Hughes rig count, oil rose 1 to 401, natgas was unchanged at 122, leaving the total lifting 1 to 544. WTI traded between USD 59.52-61.26/bbl and Brent USD 64.29-66.07/bbl.
EQUITIES
CLOSES: SPX +0.03% at 6,916, NDX +0.34% at 25,605, DJI -0.58% at 49,099, RUT -1.82% at 2,669
SECTORS: Financials -1.38%, Industrials -0.80%, Health -0.56%, Utilities -0.40%, Communication Services +0.14%, Real Estate +0.30%, Technology +0.54%, Energy +0.61%, Consumer Staples +0.65%, Consumer Discretionary +0.73%, Materials +0.86%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.05% at 5,953, Dax 40 +0.01% at 24,859, FTSE 100 -0.07% at 10,143, CAC 40 -0.07% at 8,143, FTSE MIB -0.58% at 44,832, IBEX 35 -0.67% at 17,544, PSI -0.54% at 8,558, SMI -0.72% at 13,149, AEX -0.01% at 1,000
STOCK SPECIFICS:
- China informs the biggest tech firms that they can prep orders for NVIDIA’s (NVDA) H200 chips.
- Spotify (SPOT) was upgraded at Goldman Sachs to ‘Buy’ from ‘Neutral’.
- Amazon (AMZN) plans 2nd round of corporate job cuts next week, targeting c. 30,000 roles in total.
- Disney (DIS) expects to announce the appointment of its next CEO in early ‘26.
- Cigna (CI) said its plan to end drug rebates will cut earnings by $500–600mln.
- Capital One (COF) is to acquire Brex for $5.15bln in cash & stock.
- Fortinet (FTNT) was upgraded at TD Cowen to ‘Buy’ from ‘Hold’.
EARNINGS:
- Intel (INTC): Softer-than-exp. next Q guidance, citing supply constraints & prod. efficiency challenges despite a quarterly earnings beat.
- CSX (CSX): Profit beat.
- Intuitive Surgical (ISRG): EPS & revenue topped St. consensus.
- SLB (SLB): Top & bottom line surpassed exp.
FX
The dollar was lower against all major peers as participants continued to seek alternatives amid unpredictable US admin actions on trade, geopolitics and the Fed. Given that US equities and Treasuries showed little correlation to the FX intraday moves, it appeared to be more dollar hedging as opposed to ‘Sell America’. Highlighting this was the silver’s move above USD 100/oz and gold inching closer to USD 5000/z (peaked at 4,990) with optimism on central bank gold buying still at large given NBP last week announcing intentions to increase gold reserves to 700 T from 550 T. On the Fed, concerns over independence have increased with betting markets assigning BlackRock’s Rick Rieder around a 47% probability of being the new Fed Chair from around 6% last week, surpassing Former Fed Governor Warsh (32%). Reports suggest Rieder has garnered Trump’s attention with his ideas for overhauling the Fed, likely reinforced by his zero experience at the Fed, unlike Warsh and Current Governor Waller (10% chance). Elsewhere, US data had little bearing on price action (UoM revised higher, S&P Global Flash fell short). DXY trades around lows of 97.557 from the earlier 98.481 highs.
JPY was the standout G10 currency to end the week, following a slightly hawkish vote split from the BoJ (8 voted for hold, Takata voted for a 25bps hike) and speculation over FX intervention. The BoJ kept rates at 0.75% as widely expected, noting it will continue to raise the rate (if the economic outlook is realized, Ueda added later) and adjust the degree of monetary accommodation. A few important events followed the decision. 1) Ueda said they must pay attention to even small FX moves, 2) Finance Minister Katayama said they are watching FX moves with a high sense of urgency, and 3) A sharp bout of JPY strength in Ueda’s conference. All this combined led markets to believe intervention was possibly at play; however, desks note the size of the move and timing (amid Ueda presser) likely diminishes it being the case. Some note a possible reason behind the move was as a rate check (MOF calling round to see where banks think the JPY should be). JPY strength trimmed before resuming later in the session, gradually, but albeit in an aggressive way, again signalling likely not a case of intervention but markets continuing to assess the BoJ, and FM language from today, as well as the broad USD diversification described above. From earlier 159.224 highs, USD/JPY now trades around 155.682 lows at pixel time.
All G10 FX was firmer vs. USD on Friday. GBP and AUD saw strong gains; the former was helped by surprise growth in Retail Sales for December (act: 0.4% vs exp. -0.1%) and strong UK Flash PMIs; AUD benefited from optimism on China as well as the metals rally.
USA DATA RELEASES
UMich Sentiment Bounces To 5-Month High As Democrats Realize Their Insane Inflation Fears Were Wrong
Friday, Jan 23, 2026 – 10:10 AM
Having ended 2025 at the lowest Current Conditions Sentiment levels in, well, ever… expectations for preliminary January data were for a modest rebound… and it did…notably more than expected (and a pick up from the flash print):
- The preliminary January sentiment index climbed to 56.4 from 52.9 in December, according to the University of Michigan (better than the 54.0 expected and 54.0 flash print).
- The expectations index rose to a six-month high of 55.4. The survey reflected improvements in both the short- and long-term economic outlooks.
- The current conditions gauge climbed to a three-month high after slipping to a record-low in December. Consumers’ perception of their current financial situation improved in January, while expectations declined.
That is the best headline print since August (highest expectations since July)…
Source: Bloomberg
While the overall improvement was small, UMich Survey Director Joanne Hsu admits “it was broad based, seen across the income distribution, educational attainment, older and younger consumers, and Republicans and Democrats alike.”
Year-ahead inflation expectations fell back to 4.0% this month. This is the lowest reading since January 2025…
Source: Bloomberg
Uncertainty over short-run inflation expectations, as measured by the interquartile range of responses, has fallen from mid-2025 but has remained considerably elevated in recent months, comparable to levels seen in 2022
Source: Bloomberg
And it appears that Democrats have come to their senses over the fears of runaway Trump tariff inflation…
Source: Bloomberg
Aside from tariff policy, consumers do not appear to be connecting foreign developments to their views of the economy. Hsu notes that interviews for this release concluded on January 19th, two days after Trump’s social media post announcing additional tariffs on eight countries in Europe.
END
“The Expansion Has Cooled”: US Manufacturing, Service PMIs Both Miss, Signal 1.5% GDP Growth
Friday, Jan 23, 2026 – 10:00 AM
With global PMIs today printing on the softer side (especially in France where the service PMI tumbled to 47.9 on expectations of a 50.3 print), moments ago it was the US’ turn to join the parade of soggy prints. Here is what S&P Global reported for the January Prelim PMIs:
- Manufacturing PMI: 51.9, up from 51.8 in Dec, but missing estimates of 52.0
- Services PMI: 52.5, unchanged from December’s 52.5, and also missing estimates of 52.9
- Composite PMI Output Index: 52.8, up from December’s 52.7), and also missing estimates of 53.0
While US business activity growth ticked higher in January, it remaining subdued compared to the typical rate of expansion seen in the second half of 2025, according to the PMI report. Manufacturing growth accelerated to outpace that of services, but the January survey brought further signs that underlying order book growth has softened in both sectors recently, led by falling exports. Job numbers consequently remained little changed in January.
Curiously, when taking a closer look at the data, we find improvement across both employment and inflation:
Employment rose in January following a similarly weak increase reported in December. The near-stalled job market reflected concerns from companies over rising costs and softer sales growth in recent months. Only a marginal rise in payroll numbers was reported across the service sector while manufacturing jobs growth weakened to a sixmonth low. Some companies also continued to report difficulties finding staff, often struggling to fill vacancies and meet demand. These capacity issues contributed to the largest rise in backlogs of work since last August, albeit largely confined to the service sector.
Also, so much for inflation: input costs moderated from December’s seven-month high to sit at the weakest since last April. The moderation reflecting a cooling of input cost inflation in the service sector, as manufacturing input prices rose at the fastest pace since last September, once again widely blamed on tariffs.
Commenting on the report, S&P GMI chief economist, Chris Williamson, said that “The flash PMI brought news of sustained economic growth at the start of the year, but there are further signs that the rate of expansion has cooled over the turn of the new year compared to the hotter pace indicated back in the fall.”
“The survey is signalling annualized GDP growth of 1.5% for both December and January, and a worryingly subdued rate of new business growth across both manufacturing and services adds further to signs that first quarter growth could disappoint.”
“Jobs growth is meanwhile already disappointing, with near stagnant payroll numbers reported again in January, as businesses worry about taking on more staff in an environment of uncertainty, weak demand and high costs.”
“Increased costs, widely blamed on tariffs, are again cited as a key driver of higher prices for both goods and services in January, meaning inflation and affordability remains a widespread concern among businesses.”
Confidence in the year ahead outlook meanwhile remained positive but dipped slightly lower, as hopes for sustained economic growth and favorable demand conditions were somewhat offset by ongoing worries over the political environment and higher prices.
While elevated rates of input cost and selling price inflation were again commonly attributed to tariffs, especially in the manufacturing sector, where price pressures intensified in January, service sector inflation moderated, linked in part to intensifying competition.
END
Dollar Crashes As Yen Soars After ‘Intervention’ Chatter Grows (& Why It Matters For US Equities)
Friday, Jan 23, 2026 – 12:30 PM
Update (1230ET): Chatter about the potential intervention overnight in Japanese Yen (as we detailed below) is growing and has sparked a dramatic bid for the Japanese currency against the dollar…
…crashing the US Dollar Index…
And in case you wondered why an equity trader might care about chaos in the Japanese currency, here’s SocGen to explain:
Since the summer 2024 equity market sell-off (the yen carry-trade unwind)…there has been a curious relationship between the Japanese currency and the performance of short-term equity volatility in the US.
The gray line represents the returns from buying very short-term volatility on S&P500, and this part of the volatility surface has significantly underperformed since June 2025.
If the relationship is to continue, perhaps a stronger trade-weighted yen will be an important catalyst for a risk-off sentiment for the broader equity markets.
* * *
Technically, the Bank of Japan actions overnight should be seen as “a hawkish hold”, according to Goldman Sachs Delta-One desk-head Rich Privorotsky.
The Bank raised its growth estimate and maintained its hawkish inflation forecasts on Friday even as it kept interest rates steady, signaling its confidence a moderate recovery would justify raising still-low borrowing costs further.
While Ueda had suggested that overall inflation will weaken below 2% soon, he also left open the possibility of an early rate hike.
“April is a month where there’s relatively high numbers of price revisions,” Ueda said.
“We have a certain amount of interest in that, and while it’s not the most important factor in deciding the next rate hike, it’s one of the factors.”
The BOJ gave other signs of a more robust view, too.
It softened its assessment of economic risks as they are now generally balanced. With the negative impact of US tariffs receding, the bank cut the wording that it needs to watch if the economic outlook will materialize “without any preconceptions.”
However, Governor Ueda’s press conference leaned cautious on market functioning, flagging discomfort with the pace of long end moves and a willingness to act if volatility becomes disorderly.
Ueda said the central bank may conduct operations to smooth volatility in the bond market in a nimble fashion if needed, while indicating that exceptional circumstances would be needed.
“In a situation that’s different from usual, we could conduct nimble operations to encourage stable yield formation in the markets,” Ueda said.
“We’ll keep closely cooperating with the government and keep watching the situation while considering our respective roles.”
That’s not a return to formal YCC, but it does keep a soft backstop in place.
The immediate reaction made sense…
- front-end rates higher,
- some flattening further out,
- and FX weaker (could be a lot weaker if people think YCC is back).
It remains very hard to thread the needle of strong growth, high inflation, stable rates, and a stable currency.
Repatriation flows help at the margin, but the currency still looks like the pressure valve.
Privorotsky ended his note by pointing out that “sharp moves as this is going to press, curious if some intervention happening…”
“USD/JPY initially moved higher after Governor Ueda’s comments were interpreted as slightly more dovish on rate hikes,” said Fukuhiro Ezawa, head of markets Japan at Standard Chartered Bank in Tokyo.
“The pair then pulled back, prompting market chatter that the move may have reflected intervention or a rate check. USD/JPY subsequently drifted lower, though dip-buying emerged on the downside, allowing the pair to retrace part of the move.”
Around 2amET, as Bank of Japan Governor Kazuo Ueda ended his post-policy decision press conference, with JPY weakness accelerating above 159/USD (near the 160 Maginot Line), there was a sudden and very violent lurch higher in the yen (USDJPY puked 150pips in minutes)…
The volumes traded during that period were dramatically above normal..
But, not particularly significant relative to recent (alleged) interventions…
Of course, that could simply reflect the ever shrinking level of liquidity (and this lower level of actual intervention required to move the Japanese currency).
“It is tempting to conclude that we may be in the early stages of an official intervention,” said Valentin Marinov, strategist at Credit Agricole.
“The reaction is also showing how nervous the markets are when the JPY is trading so close to the ‘line in the sand’ – levels where we had interventions in the past.”
Finance Minister Satsuki Katayama declined to answer when asked if Japan had intervened in the market, keeping investors in the dark regarding the moment of yen volatility.
“We’re always watching with a sense of urgency,” she said.
As a reminder, the government spent almost $100 billion on yen-buying to prop up the currency in 2024.
On each of the four occasions the exchange rate was around 160 yen per dollar, setting that level as a rough marker for where action might take place again… and very close to where we saw this move overnight.
The bottom line is simple: by refusing to admit they can control two opposing variables simultaneously, they will lose control of everything and as Privorotsky notes… the currency will likely be the release valve (hence the ‘alleged’ intervention)
“Another disaster coming” indeed!
USA ECONOMIC COMMENTARIES
Greenland Remaining With Denmark Not Raised During Trump Talks, NATO Chief Says
Thursday, Jan 22, 2026 – 09:45 PM
Authored by Kimberly Hayek via The Epoch Times (emphasis ours),
NATO Secretary-General Mark Rutte said on Jan. 21 that the issue of Greenland remaining part of Denmark did not come up during his meeting with U.S. President Donald Trump.
Rutte, in an interview with Fox News, was asked about Greenland’s sovereignty under a proposed framework Trump mentioned earlier in the day at the World Economic Forum in Davos, Switzerland.
That issue did not come up anymore in my conversations,” Rutte said. “[Trump] is very much focused on what do we need to do to make sure that that huge Arctic region—where change is taking place at the moment, where the Chinese and the Russians are more and more active—how we can protect it.”
Rutte told the crowd at the World Economic Forum that Trump was accurate about Chinese and Russian aggression in the region.
“When it comes to the Arctic, I think President Trump is right. Other leaders in NATO are right. We need to defend the Arctic,” Rutte, who previously served as the Dutch prime minister, said.
NATO spokesperson Alison Hart, in a Jan. 21 statement to The Epoch Times, said that discussions would focus on “ensuring Arctic security through the collective efforts of Allies, especially the seven Arctic Allies.”
Trump announced he had formed the “framework of a future deal” on Greenland and the broader Arctic region following his meeting with Rutte.
The president had threatened 10 percent tariffs on eight European NATO members—Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland—opposing U.S. acquisition, set to take effect on Feb. 1.
He pulled back on that threat after signaling progress.
“This solution, if consummated, will be a great one for the United States of America, and all NATO Nations,” Trump wrote in a Jan. 21 post on Truth Social. “Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.”
Greenland, an autonomous territory of Denmark since 2009 with about 56,000 residents, hosts a U.S. air base and is rich in critical minerals. Trump has repeatedly said that acquiring the island is essential for national security, blocking Russian or Chinese influence, and enabling a “Golden Dome” missile-defense system.
Negotiations on Greenland have included U.S. Vice President JD Vance, U.S. Secretary of State Marco Rubio, and U.S. special envoy Steve Witkoff. Recent meetings included Danish and Greenlandic officials and U.S. counterparts on Jan. 14, and a congressional delegation to Denmark on Jan. 17.
Putin, addressing the Greenland issue for the first time in public, signaled on Jan. 21 that Russia would not object to the United States acquiring Greenland and said it was an issue for Denmark and the United States.
“What happens in Greenland is of no concern to us whatsoever,” Putin told a meeting of Russia’s Security Council. “Incidentally, Denmark has always treated Greenland as a colony and has been quite harsh, if not cruel, towards it. But that is a different matter altogether, and hardly anyone is interested in it now.”
Travis Gilmore and Reuters contributed to this report.
END
White House Aims For Cuba Regime Change By Year-End
Thursday, Jan 22, 2026 – 10:10 PM
Brimming with bravado after snatching Venezuelan President Nicolas Maduro in a lightning raid on Caracas earlier this month, the Trump administration has now set a goal to end Communism in Cuba by the end of the year, according to sources who talked to the Wall Street Journal.
Using the Venezuela operation as a blueprint, the White House is working to identify people inside the Cuban government who could be ripe for making a deal in which they use their position to help oust the current leadership, including President and First Secretary of the Communist Party of Cuba Miguel Diaz-Canel. Maduro’s capture was reportedly enabled by an asset in his inner circle, who helped the CIA closely monitor Maduro’s movements and daily habits ahead of the brazen snatch-and-grab mission.
Following Maduro’s ouster, Trump used his Truth Social account to warn that the Venezuela operation spelled doom for the communist government of Cuba, and that they should cut a “deal” soon:
“Cuba lived, for many years, on large amounts of OIL and MONEY from Venezuela. In return, Cuba provided “Security Services” for the last two Venezuelan dictators, BUT NOT ANYMORE! Most of those Cubans are DEAD from last weeks U.S.A. attack…THERE WILL BE NO MORE OIL OR MONEY GOING TO CUBA – ZERO! I strongly suggest they make a deal, BEFORE IT IS TOO LATE.”
According to the Journal’s sources, the White House views the Cuban regime as teetering on the edge of collapse, and increasingly vulnerable with the loss of its Venezuelan trading partners. Assessments by the U.S. intelligence community paint a grim picture inside the communist nation, with Cuba’s tourism and agriculture industries significantly affected by shortages of medicine and basic necessities, routine blackouts, trade sanctions, and a host of other problems. Tourism has declined since the COVID-19 pandemic, and Cuba’s economy has retracted alongside Venezuela’s over the past decade.
Amid growing unease with Trump’s interventionism — including among a broad swath of conservatives — Trump officials who spoke to the Journal sought to distinguish the administration’s activism from the long line of regime-change efforts he railed against as a candidate:
Some Trump officials said the president rejects regime-change strategies of the past. Instead, he looks to make deals where possible and to take advantage of opportunities as they come up, a senior Trump official said. As in Venezuela, this could look like escalating pressure while indicating the White House is open to negotiating an off-ramp, the official said. — WSJ
A “White House official” reiterated Trump’s warning about making a deal while there’s still time, saying, “Cuba’s rulers are incompetent Marxists who have destroyed their country, and they have had a major setback with the Maduro regime that they are responsible for propping up.” While the rhetoric suggests a preference for an ouster facilitated solely through the use of enterprising insiders, it seems one can’t rule out another military assault. Cuban blood has already been shed in Trump’s push to establish a new level of US dominance over the Americas, as 32 soldiers and intel agents were killed in the Jan. 3 US assault on Caracas.
Some observers worry that a collapse of the Cuban government could bring about a major humanitarian crisis that could usher in yet another costly US nation-building program, and waves of refugees seeking asylum. In contrast to Venezuela, Cuba hasn’t had any kind of organized political opposition or parties poised to graduate to managing the country.
END
Kevin Hassett’s Rate Cut Inflation Inferno
by quoth the raven
Tuesday, Nov 25, 2025 – 17:22
Submitted by QTR’s Fringe Finance
News broke today that Kevin Hassett has suddenly emerged as the leading contender to replace Jerome Powell as Fed Chair, according to Bloomberg reporting and a sharp move in betting markets. His odds on Polymarket jumped to fifty percent, and administration officials have begun signaling that President Trump may announce his choice before Christmas.
In my view, this development is more than just another personnel rumor drifting through Washington. It looks and feels like a deliberate test balloon to gauge how investors and the public react to the idea of a Fed Chair explicitly aligned with the White House’s push for rapid rate cuts. And based on the initial market reaction, I believe investors are responding with the usual reflexive enthusiasm for easier policy, without fully absorbing what this shift might actually signal.
Hassett’s rise is not coming out of nowhere. He is head of the National Economic Council, a trusted Trump ally, and someone who has repeatedly said the Fed should already be cutting rates. He told Fox News on November 20 that he would “be cutting rates right now,” and Bloomberg’s reporting says outright that he is viewed as a candidate who would bring “the president’s approach to interest rate cutting to the Fed.” If accurate, this is not normal central bank succession chatter; this is the White House probing how far it can push the line on Fed independence.
Context matters. Trump has spent years publicly attacking Powell, complaining that the Fed was too slow to cut, musing about firing him, and treating the central bank as a political arm that simply refuses to follow instructions. The White House is even pursuing litigation over Trump’s attempted firing of Governor Lisa Cook. Against that backdrop, I believe the elevation of Hassett should be read as…(READ THIS FULL COLUMN HERE).
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
KING NEWS
| The King Report January 23, 2026 Issue 7665 | Independent View of the News |
| Q3 GDP 4.4%, 4.3% exp., Consumption 3.5%, GDP Price Index 3.8%, Core PCE 2.9% all as expected Table 2 Contributions to Percent Change in Real GDP Personal Consumption Expenditures 2.34 with Recreational Vehicle 0.33, Healthcare .75, Nonprofits .49, Net Exports 1.62, Government .38 with National Defense .21 and State & Local .21 https://www.bea.gov/sites/default/files/2026-01/gdp3q25-updated.pdf Initial Jobless Claims 200k, 209k exp, 199k prior, Continuing Claims 1.892m, 1.89m exp, 1.875m prior Nov Personal Income 0.1.% m/m, 0.4% expected, Spending 0.5%, 0.3% exp. Nov PCE Price Index and Core PCE Price Index 0.2% m/m & 2.8% y/y all as expected Jan KC Fed Mfg. Activity 0, 5 expected, prior 0 revised from 1 Precious metals soared again. February Gold hit $4944.30. March Silver hit 96.375. Spot Silver hit 96.60; Spot Gold hit $4940.78 at 16:45 ET. ESHs opened moderating higher on Wednesday night and hit a peak of 6934.75 (+24.75) at 21:09 ET. ESHs then fell to 6911.25 at 1:24 ET. Aggressive buying propelled ESHs to 6956.00 at 4:16 ET. ESHs rolled over and retreated to 6941.75 at 7:00 ET. The rally that often appears near the 7 ET US Repo Market opening appeared. ESHs jumped to 6964.50 at 9:38 ET. An early professional dump appeared; ESHs sank to 6925.50 at 10:06 ET. The retail buying that tends to materialize near 10:00 ET appeared; ESHs jumped to a daily high of 6969.00 at 13:03 ET. But that was it! ESHs rolled over and then sank, hitting 6932.50 at 15:36 ET. The illegal but routine late manipulation forced ESHs to 6948.50 at 16:00 ET. Trump Sues JPMorgan, Dimon for $5 Billion Over Alleged Debanking – BBG The complaint accuses the bank of trade libel and breach of implied covenant of good faith and fair dealing, and says Dimon violated Florida’s deceptive trade practices law… Positive aspects of previous session Stocks rallied smartly from midmorning until the afternoon arrived. Oil and gasoline declined sharply. Negative aspects of previous session Natural gas has soared 75% in 3 sessions! BLS will NOT allow this to fully show in Jan CPI! Stocks sank in the latter afternoon as precious metals soared. Ambiguous aspects of previous session Is someone ‘systemically important’ in trouble over precious metal shorts? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6913.91 Previous session S&P 500 Index High/Low: 6934.75; 6893.62 Trump at Davos: “We’re building a golden dome that’s by its nature, going to be defending Canada. They get a lot of freebies from us. They should be grateful but they’re not… Canada lives because of the United States. Remember that, Mark (Canadian PM), next time you make your statements.” WSJ: The U.S. Is Actively Seeking Regime Change in Cuba by the End of the Year After ousting Venezuela’s leader, the Trump administration is hunting for Havana insiders who could cut a deal to end Communist rule. @SecRubio: The United States cares greatly about the people of Europe and the bonds we share as a civilization. But we want strong allies, not seriously weakened ones. Europe must depart from the culture they’ve created over the last ten years. Otherwise, they will destroy themselves. John Solomon: “What the President is talking about is some documents being declassified by ODNI & DOJ and some new indictments coming … in a couple of days … keep your eye on @DNIGabbard … she’s been working on some declassification’s that will blow all our minds soon.” (Re: 2020 Election) https://x.com/Rasmussen_Poll/status/2014058530576191584 After the close, Intel beat Q4 estimates but shocked the market with a weak forecast: Q4 Adj EPS .15, 0.8 expected. Sales $13.674B, $13.372B expected. INTC sees Q1 Adj EPS of 0 (0. expected) and Q1 Revenue of $11.7B to $12.7B, $12.6B expected (on supply shortages). INTC sank as much as 7.8%. Fed Balance Sheet: +2.8B on -$35.041B of indexed notes & bonds but +$34.638B of notes & bonds; MBS -$3.184B; Reserves -$94.727B https://www.federalreserve.gov/releases/h41/current/h41.htm Today – Stocks rallied from midmorning until they fell during the afternoon, possibly because precious metals were soaring at the time. Traders are likely to try to push Spot Gold to $5k and Spot Silver to $100. Will someone try to manipulate silver, or gold, lower to save unfortunate or unwise precious metal shorts. Is someone in trouble? Traders will play for the Friday Rally. ESHs are +9.00; NQHs are +21.00; USHs are +2/32; and Spot AU is 4950.56 at 20:20 ET. Expected Economic Data: Jan S&P Global US Mfg. PMI 52, Services PMI 53, Composite 53; Nov LEI -0.2%; Jan UM Sentiment 54, 1-yr Inflation 4.2%, 5-10-year Inflation 3.4%; KC Fed Services Activity 3 S&P Index 50-day MA: 6837; 100-day MA: 6753; 150-day MA: 6604; 200-day MA: 6378 DJIA 50-day MA: 48,091; 100-day MA: 47,241; 150-day MA: 46,280; 200-day MA: 45,031 (Green is positive slope; Red is negative slope) S&P 500 Index (6913.35 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 6889.58 triggers a sell signal Two ringleaders of anti-ICE mob who stormed church, including school board member, arrested, AG Pam Bondi announces – “We have arrested Nekima Levy Armstrong, who allegedly played a key role in organizing the coordinated attack on Cities Church in St. Paul, Minnesota,” AG Bondi said in a statement on X… AG Bondi also confirmed that a second suspect, Chauntyll Louisa Allen, who bragged about organizing the protests, had been taken into custody in a separate X post. Allen — a Black Lives Matter leader and member of the Saint Paul Public Schools Board of Education — had earlier compared herself to Jesus, saying she had been inspired by his cleansing of the temple… (Is this normal behavior for a St. Paul School Board member?) https://t.co/RfCncvlauq Fox’s @BillMelugin_: Multiple sources tell me & colleague @davidspunt that the federal magistrate in Minnesota who refused to sign off on an arrest warrant for Don Lemon is Douglas L. Micko and that his wife works as an Assistant Attorney General in Minnesota AG Keith Ellison’s office. (The US justice system has been destroyed by politics. When there is no justice; vigilantism appears.) @seanmdav: So, a “judge” whose wife is potentially directly involved in a criminal conspiracy to obstruct federal law enforcement didn’t feel it necessary to recuse himself and chose instead to ignore the law so he could protect his and his wife’s financial interests? Add him to the list of corrupt judges to indict and convict. He and Hannah Duggan can share a cell. WH Deputy @StephenM: Everyone serious understands that the justice system is rigged. Far-left prosecutors, magistrates, judges and juries unhesitatingly shield their violent activists and gleefully imprison their political opponents. Unrigging the system is necessary for the survival of the Republic. @Rightanglenews: A leftist jury in Chicago has found Juan Espinoza Martinez, the high-ranking Latin Kings member who put a $10,000 hit out on Border Patrol Commander Gregory Bovino, not guilty. More jury nullification from the communists… WH Deputy @StephenM: The Left is fighting to legalize domestic terrorism. It is a crisis of grave magnitude and it is the duty of all judges of conscience to work alongside the government to end this growing terrorism and restore even a modicum of faith in the justice system. @RealBenGeller: Just so you know where we are at: 2 NYPD Detectives were refused medical attention Sat night/Sun morning at NYU because the nurses & Dr’s thought they were ICE. Huge debacle in the emergency room. Every single medical professional involved should have their licensure revoked. As a medical professional myself, this is an abomination. There must be accountability. They have all abandoned their oath. @libsoftiktok: Melanie Yazzie, a professor at U Minnesota, says that her goal is to “dismantle the United States.” She wants that to become EVERYONE’s political goal. These people want to destroy the country, and they aren’t even hiding it anymore. https://t.co/omWzxtmbGn FBI’s use of Sedition Hunters as paid J6 informants raises questions about Wray’s ‘reform’ promises – Steele 2.0? FBI Director Kash Patel told Just the News that “paying openly anti-Trump activists to identify Americans using questionable technology” was “a clear violation of longstanding informant rules.”… https://justthenews.com/government/federal-agencies/steele-20-fbis-use-sedition-hunters-paid-j6-informants-raises-questions @washingtonpost: ICE agents in Minnesota detained at least four children from the same school district, including a 5-year-old, deepening skepticism about the Trump administration’s claims of targeting violent criminals. @libsoftiktok: His illegal alien father abandoned him and an agent stayed with him to make sure he was safe while another agent pursued the father. Pure lies and propaganda from WaPo. @WallStreetApes: CBS News says they “received a copy of an internal ICE memo authorizing federal agents to forcibly enter homes” in Minnesota. They conveniently leave out the internal ICE memo says this is for illegals with DEPORTATION ORDERS ONLY. Restore the Smith-Mundt Act. Stop the propaganda. | |
SWAMP STORIES FOR YOU TONIGHT
Minnesota Judge Blocks Federal Charges Against Don Lemon Over Anti-ICE Church Disruption
Thursday, Jan 22, 2026 – 04:00 PM
Update (1600ET): A Minnesota federal magistrate judge rejected charges against former CNN anchor Don Lemon in connection with a demonstration inside a St. Paul Christian church, where anti-ICE agitators shut down a Sunday service.
As we detailed earlier (below), Attorney General Pam Bondi announced that three individuals – Chauntyll Louisa Allen, Nekima Levy Armstrong, and William Kelly – have been charged in connection to the church disruption.
The Department of Justice had sought charges against Lemon, as well, but the judge refused to sign off on it.
Lemon argued that all he did was “commit an act of journalism” by going inside, though his prior knowledge of the protesters’ plans may implicate him in criminal activity, Assistant Attorney General for Civil Rights Harmeet Dhillon said on “The Benny Johnson Show” Monday.
“The attorney general is enraged at the magistrate’s decision,” a source familiar with the matter, told CBS News.
But wait, it gets better!
Fox News’ Bill Melugin reports that the wife of the federal magistrate who nixed the arrest warrant for Lemon works in far-left Minnesota Attorney General Keith Ellison’s office.
“Multiple sources tell me & colleague David Spunt that the federal magistrate in Minnesota who refused to sign off on an arrest warrant for Don Lemon is Douglas L. Micko and that his wife works as an Assistant Attorney General in Minnesota AG Keith Ellison’s office.,” Melugin posted on X.
As we detailed earlier, Attorney General Pam Bondi on Thursday announced that two far-left activists – one of whom played a ‘key role’ in the storming of a Minnesota church – have been arrested.
“So far, we have arrested Nekima Levy Armstrong, who allegedly played a key role in organizing the coordinated attack on Cities Church in St. Paul, Minnesota,” Bondi posted on X, adding “WE DO NOT TOLERATE ATTACKS ON PLACES OF WORSHIP.”
Roughly 30 minutes later, Bondi announced a second arrest had been made, with Chauntyll Louisa Allen having been taken into custody. Allen is a board member for Saint Paul Public Schools.
Armstrong, former president of the NAACP in Minneapolis, helped lead a group that poured into the Cities Church in St. Paul before chanting “ICE out” and “Justice for Renee Good,” because one of the church’s pastors, David Easterwood, heads up the local ICE field office.
Armstrong posted a video of the protest, which she referred to as “our demonstration,” which showed dozens of agitators storming the church. In the post, she wrote “It’s time for judgment to begin and it will begin in the House of God!”
Following the incident, washed up propagandist Don Lemon tried to lecture a pastor, suggesting that the storming was constitutional.
end
Trump Rages As Jack Smith Accidentally Exposed The Partisan Scam Behind The Jan 6 Probe
Thursday, Jan 22, 2026 – 05:20 PM
Jack Smith’s testimony before Congress did more than expose weaknesses in his own case against President Trump. It also laid bare just how partisan the entire January 6th investigation had become—and how willing Democrats were to elevate sensational claims they knew could never survive real scrutiny.
House Judiciary Committee Chairman Jim Jordan zeroed in on one of the January 6th Committee’s most infamous moments: the prime-time hearing on June 28, 2022, built almost entirely around the committee’s star witness, Cassidy Hutchinson.
Jordan reminded Smith that Hutchinson was “their star witness” in what he described as a “staged and choreographed hearing” produced by a former ABC News president.
She was the only witness that night, and her testimony delivered a Hollywood-ready storyline.
Among Hutchinson’s claims was the outlandish assertion that President Trump “lunged across the back seat, grabbed the steering wheel, tried to drive the car to the Capitol.”
Jordan pressed Smith directly. “I just want to know, you think she was lying?”
Smith’s response immediately deflated the J6 committee’s narrative.
“My recollection of her testimony about that is that it was secondhand,” Smith said, explaining that she “said she’d heard that from somebody.”
Jordan then walked Smith through the basic facts the January 6th Committee chose to ignore. Tony Ornato, the White House deputy chief of staff for operations, denied the incident ever happened. So did Bobby Engel, the Secret Service agent who was actually in the car when Hutchinson claimed the incident occurred. Both men said they first heard the story when Hutchinson told it on national television.
Jordan asked the obvious question: “Did you ever confirm her testimony about this particular incident?”
Smith danced around it before conceding the truth.
After Jordan cut him off and demanded a clear answer, Smith admitted, “We interviewed … another firsthand witness, uh, who was in the car, uh, who did not confirm, uh, that that had happened.”
That admission alone undercut one of the January 6th Committee’s most viral claims. It also raised a larger issue about prosecutorial judgment. Jordan reminded Smith of his own sworn deposition testimony, where Smith had acknowledged serious credibility problems with Hutchinson. Smith had told the committee at the time, “My recollection with Ms. Hutchinson was a number of the things that she gave evidence on were secondhand… hearsay.”
Jordan went further, quoting Smith’s own words about how a competent defense attorney would handle Hutchinson. Smith had said, “If I were a defense attorney and Ms. Hutchinson were a witness, the first thing I would do is seek to preclude her testimony because it was hearsay.”
Smith confirmed that statement under oath. “Yes, that’s correct, sir.”
The exchange became even more revealing when Jordan asked whether Smith still planned to put Hutchinson on the witness stand at trial. Smith refused to rule it out, saying only that prosecutors had “a large choice of witnesses.”
Jordan then cited reporting from Washington Post journalists Carol Leonnig and Aaron Davis, whose book detailed internal doubts within Smith’s own team. According to the book, “Jack Smith had wondered whether some of Hutchinson’s claims might be relied upon at trial.” It continued, “Ultimately, however, Trump administration officials uniformly fiercely disputed her accounts under oath. Prosecutors on your team told Smith they wouldn’t want to use Hutchinson as a witness in court, and Smith agreed.”
In short, Democrats built a prime-time spectacle around Hutchinson and cited her hundreds of times, while Smith admitted her claims were hearsay, unverified by firsthand witnesses, and too unreliable for his own prosecutors to use at trial.
The message was unmistakable.
Democrats were willing to put an unreliable witness with unsubstantiated allegations front and center to push the narrative they wanted to sell to the American public.
At the same time, the special counsel tasked with bringing criminal charges could not even vouch for the star witness or her allegations.
In trying to defend his investigation, Jack Smith instead confirmed that the January 6th investigation was more about pushing a narrative than getting the facts.
President Trump has his own views, as always…
end
“Go F**k Yourself!”: Brawl Nearly Breaks Out During Jack Smith’s Hearing
Thursday, Jan 22, 2026 – 07:40 PM
Former Special Counsel Jack Smith’s congressional testimony on Thursday took an unexpected turn when a brawl nearly erupted. The showdown featured former Metropolitan Police Officer Michael Fanone and conservative activist Ivan Raiklin.
The confrontation happened during a break in Smith’s appearance before the House Judiciary Committee. Video captured Fanone and Raiklin squaring off as former Capitol Police officers scrambled to pull Fanone back.
“See how many people are restraining you, and look at me, totally in control over my mind and body,” Ranklin shouted to Fanone.
Former Capitol Police Officer Harry Dunn, who was also at the Capitol that day, jumped in to separate the two men while uniformed officers formed a barrier between them. Fanone, pointing directly at Raiklin, unleashed a barrage of accusations.
“This guy has threatened my family, threatened my children, threatened to rape my children, you sick bastard,” Fanone shouted.
The chaos prompted additional U.S. Capitol Police to flood the hearing room to restore order, with several officers speaking directly to Raiklin. Shortly after the altercation, Raiklin exited the room, though it’s not clear from reports whether he was kicked out or left on his own accord.
Raiklin later posted a video to X and floated the idea of suing Fanone for defamation because of his accusations, which have gone viral on social media:
But the fireworks didn’t end there.
Later during the hearing, Fanone interrupted Texas Republican Rep. Troy Nehls as he spoke. Nehls had been arguing that Capitol Police leadership, not President Trump, deserved the blame for what unfolded on January 6.
“I would like to quickly address the police officers of January 6th. Mr. Don, Mr. Fanone, Mr. Gonell, Mr. Hodges. I’m a member of the new select committee to actually examine, actually examine what happened that day,” Rep. Nehls began. “ And I can tell you, gentlemen, that the fault does not lie with Donald Trump. It lies with Yogananda Pittman and the US Capitol leadership team.”
As Nehls continued to speak, Fanone fake-coughed into his hands and shouted, ”Go fuck yourself.”
Smith testified before the committee to discuss his now-defunct investigations into Trump’s questioning of the results of the 2020 election and his handling of classified documents.
Smith used his testimony to claim his investigation wasn’t biased, insisting that Trump “willfully broke the law — the very laws he took an oath to uphold.” He claimed his investigation adhered to Justice Department policy and denied any partisan motive, asserting he would have made the same decision no matter the defendant’s party. Republicans on the committee were unconvinced and challenged that claim head-on, arguing that Smith’s words and actions told a very different story.
END
GREG HUNTER…
SEE YOU ON MONDAY.
harveyorganblog.com 
