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: 4,976.200000000 USD
INTENT DATE: 01/23/2026 DELIVERY DATE: 01/27/2026
FIRM ORG FIRM NAME ISSUED STOPPED
363 H WELLS FARGO SECURITI 30
624 C BOFA SECURITIES 10
624 H BOFA SECURITIES 45
661 C JP MORGAN SECURITIES 22 45
685 C RJ OBRIEN 15
737 C ADVANTAGE FUTURES 4
905 C ADM 9
TOTAL: 90 90
MONTH TO DATE: 11,667
JPMORGAN STOPPED 54/108
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 90 CONTRACTs NOTICES FOR 9,000 OZ or 0.2799 TONNES
total notices so far: 11,667 contracts for 1,166,700 OR 36.289 tonnes)
SILVER NOTICES: 335 NOTICE(S) FILED FOR 1.675 MILLION OZ OZ/
total number of notices filed so far this month : 8181 CONTRACTS (NOTICES) for 45.905 million oz
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 0.930 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 46.300 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 46.400 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: 113.695 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 0.930 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 46.300 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 46.400 MILLION OZ
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.1335TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.2332 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.121TONNES //NEW TOTAL QUEUE JUMPS 30.4455//NORMAL DELIVERY OF GOLD ADVANCES TO 36.56 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK OF 14.496 TONNES//NEW STANDING ADVANCES TO 51.056 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 51.056 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: 134.46 TONNES (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A MEGA HUGE SIZED 3984 CONTRACTS OI TO 159,548 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 884 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 884 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 5601 CONTRACTS AND ADD TO THE 884 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUGE SIZED GAIN OF 4868 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $4.91 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 24.340 MILLION PAPER OZ
OCCURRED DESPITE OUR GAIN IN PRICE.OF $4.91
2.ASIAN AFFAIRS JAN 26/2025
SHANGHAI CLOSED DOWN 3.56 PTS OR 0.09%
//Hang Seng CLOSED UP 16.01 PTS OR 0.06%
// Nikkei CLOSED DOWN 961.62 PTS OR 1.79%
//Australia’s all ordinaries CLOSED UP 0.57%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9544
/ OFFSHORE CLOSED UP AT 6.9514 Oil UP TO 61.15 dollars per barrel for WTI and BRENT UP TO 65.95 Stocks in Europe OPENED MOSTLY GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9544 OFFSHORE YUAN TRADING UP TO 6.9514 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1869 CONTRACTS TO 539,164 OI WITH OUR HUGE GAIN IN PRICE OF $69.05 WITH RESPECT TO FRIDAY’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 (1199).
WE HAD ZERO T.A.S. LIQUIDATION FRIDAY. IT SEEMS THAT THE SPECULATORS WENT MASSIVELY HUGE TO THE LONG SIDE WITH OUR FRBNY PROVIDING STILL THE MASSIVE NECESSARY PAPER AND OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE .
YOU WILL NOTICE THAT THE COMEX OI IS NOW GAINING HUGELY FROM ITS LOW OI OF AROUND 418,000 TO NOW 539,164 AND NOW AMPLE ENOUGH FOR AN ATTEMPTED RAID BY OUR BANKERS. FROM CHINA WE LEARN THAT THE GOLD LEASE RATE IS NOW AROUND 3 TO 4 %
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 670 CONTRACTS (OR 2.083TONNES).
THEN WE WERE NOTIFIED OF A 482 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 48,200 OZ OR 1.499 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 AND FINALLY JAN 26: 1.499 TONNES//TOTAL EXCHANGE FOR RISK JANUARY 14.496 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!! (14.496 TONNES)
DETAILS ON OUR NEW JANUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 670 CONTRACTS DESPITE OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH JANUARY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A FAIR SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 2360 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 4 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 QUEUE JUMP OF 0.3223 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.121 TONNES //NEW TOTAL QUEUE JUMPS 30.4455 //NORMAL DELIVERY OF GOLD ADVANCES TO 36.56 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK OF 14.496 TONNES//NEW STANDING ADVANCES TO 51.056 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 14.496 TONNES TOTAL IN JANUARY/4 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 1199 CONTRACTS.
THAT IS A FAIR SIZED 1199 EFP CONTRACT WAS ISSUED: : /FEB 1199 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1199 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 LATER THIS 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 FRIDAY NIGHT/SATURDAY MORNING WAS A FAIR SIZED 2360 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP FRIDAY’S 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 QUEUE JUMP OF 0.3223 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.371 TONNES //NEW TOTAL QUEUE JUMPS OF 30.4433//NORMAL DELIVERY OF GOLD ADVANCES TO 36.560 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK OF 14.496 TONNES//NEW STANDING ADVANCES TO 51.056TONNES.
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 $69.05)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION FRIDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL FRIDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR JANUARY IN AN OFF MONTH. THE COMEX IS ONE BIG MESS!!
FRIDAY NIGHT//SATURDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING/SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. NOW JANUARY:
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.2332 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30,121TONNES //NEW TOTAL QUEUE: 30.4433 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 36.56 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK OF 14.496 TONNES//NEW STANDING ADVANCES TO 51.056TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $69.05
WE HAD A HUGE 8588 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 26
JAN 2026 CONTRACT MONTH
GOLD
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 1 ENTRIES i) out of Brinks 207,277.800 oz (2447 kilobars) total withdrawal: 207,277.800 o |
| Deposit to the Dealer Inventory in oz | 1 ENTRIES i) into Brinks 1400.00 oz total deposit 1400.00 |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER i) Into Brinks customer 3100.000 oz total deposit 3,100.000 oz xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 90 notice(s) 9000 OZ 0.2799 TONNES OF GOLD |
| No of oz to be served (notices) | 90 contracts 9000 OZ 0.2799 TONNES |
| Total monthly oz gold served (contracts) so far this month | 11,667 notices 1,166,700 oz 36.289 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 1
i) Into Brinks 1400 oz
total dealer deposit 1400 oz
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
i) Into Brinks customer 3100.000 oz
total deposit 3,100.000 oz
customer withdrawals:
i) out of Brinks 207,277.800 oz
(2447 kilobars)
total withdrawal: 207,277.800 oz
they are draining the comex of gold
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ADJUSTMENTs zero adjustments
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 180 CONTRACTS FOR A LOSS OF 1015 CONTRACTS.
WE HAD 1090 NOTICES FILED ON FRIDAY, SO WE GAINED 75 CONTRACTS OR 7500 OZ OF A QUEUE JUMP (0.2332 TONNES)
FEB LOST 23,781 CONTRACTS DOWN TO 189,886 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 4 MORE READING DAYS BEFORE FIRST DAY NOTICE
MARCH GAINED 139 CONTRACTS UP TO 3562
We had 90 contracts filed for today representing 9000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 22 notices issued from their client or customer account. The total of all issuance by all participants equate to 90 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 45 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 (11,667) to which we add the difference between the open interest for the front month of JAN ( 180 CONTRACTS) minus the number of notices served upon today (90 x 100 oz per contract) equals 1,175,700 OZ OR (36.56Tonnes of gold) to which we add our exchange for risk in January of 14.496 tonnes//new standing advances to 51.056 Tonnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (11,667 x 100 oz +we add the difference for front month of JAN (XXX OI} minus the number of notices served upon today (90x 100 oz) which equals 1,168,200 OR 36.33 TONNES plus our 4 exchange for risk of 14.496 tonnes//new standing advances to 51.056 tonnes
new total of gold standing in JANUARY is 51.056 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY 51.056 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume FRIDAY confirmed 374,478 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: 1,675,095.299 oz 52.102 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 35,941.502.324 oz
TOTAL REGISTERED GOLD 18,847,480.417 or 586.23 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,054,421.407 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,172,385 oz ((REG GOLD- PLEDGED GOLD)=
534.133 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
JAN 26 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 5 entries i) Out of CNT 55,750.550 oz ii) Out of Delaware 998.409 oz iii) Out of HSBC 615,606.189 oz iv) Out of JPMorgan 208,815.670 v) Out of Stonex 167,847.230 oz total withdrawn 1,781,438.913 oz the comex is being drained of silver |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 1 ENTRIES i) Into CNT 598,412.698 oz total deposit 598,412.698 oz |
| No of oz served today (contracts) | 335 CONTRACT(S) ( 1.675 million OZ |
| No of oz to be served (notices) | 79 Contracts (0.395 MILLION oz) |
| Total monthly oz silver served (contracts) | 9181 contracts 45.905 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 CNT 598,412.698 oz
total deposit 598,412.698 oz
withdrawals: customer side/eligible
5 entries
i) Out of CNT 55,750.550 oz
ii) Out of Delaware 998.409 oz
iii) Out of HSBC 615,606.189 oz
iv) Out of JPMorgan 208,815.670
v) Out of Stonex 167,847.230 oz
total withdrawn 1,781,438.913 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 7 all dealer to customer;
a) Asahi 207,691.790 oz
b) CNT 4,985.644 oz
c) HSBC 103,354.540 oz
d) Int Delaware 14,490.565 oz
e) Loomis 35,584.920 oz
f) Manfra 702,562.031 oz
g) Stonex: 5071.730 oz
total adjusted out: 993.007 million oz
TOTAL REGISTERED SILVER: 113.209MILLION OZ//.TOTAL REG + ELIGIBLE. 415.241 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: 414 OPEN INTEREST CONTRACTS FOR A LOSS OF 79 CONTRACTS. WE HAD 265 NOTICES FILED ON FRIDAY SO WE GAINED 186 CONTRACTS OR A STRONG QUEUE JUMP OF 0.930 MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB LOST 16 CONTRACTS DOWN TO 2200 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 2047 CONTRACTS UP TO 104,072
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 335 or 1.675 MILLION oz
CONFIRMED volume; ON FRIDAY 163,087 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 9181 X5,000 oz = 45.905 MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (414) AND the number of notices served upon today (335)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (9181)Notices served so far) x 5000 oz + OI for the front month of JAN(414) minus number of notices served upon today (335 )x 5000 oz equals silver standing for the JANUARY.contract month equating to 46.300 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR 20 CONTRACTS OR 0.100 MILLION OZ//NEW TOTAL STANDING FOR DELIVERY: 45.400 MILLION OZ.
NEW STANDING: 46.400 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 46.400 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 113.208 million oz of registered silver
JPMorgan as a percentage of total silver: 174.158/415.241.million: 42.16%
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 26/2026/WITH GOLD UP $106.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 6.89 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1086.53 TONNES
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: 1086.53 TONNES, TONIGHTS TOTAL
SILVER
JAN 26 WITH SILVER UP $12.92 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 0.454 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 517.758 MILLION OZ /
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 517.304 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
China is Coming for Our Gold Miners
| John RubinoJan 26 |
With the world hurtling towards a monetary reset, everyone suddenly wants the gold miners. Just this morning:
China’s Zijin Gold to buy Canadian miner Allied Gold for about $4 billion
(Reuters) – Chinese miner Zijin Gold will buy Canadian miner Allied gold for C$5.5 billion ($4.02 billion) in cash, the companies said on Monday, as the Chinese miner ramps up its global expansion against the backdrop of record high prices of the yellow metal.
A surge in gold prices has boosted margins and cash flows for miners, fuelling consolidation in the industry as large producers seek to secure long-life assets and boost output through acquisitions rather than developing new mines.
The deal also comes as Canada and China move to mend ties, having reached a preliminary agreement earlier this month to cut tariffs on electric vehicles and canola, while vowing to ease trade barriers and strengthen strategic cooperation.
Zijin will pay C$44 per share, implying a premium of about 5.4% to Allied stock’s last close. U.S.-listed shares of Allied were up nearly 4% in premarket trading.
Zijin, one of the world’s largest gold miners with operations across nine countries, enjoyed a strong debut in Hong Kong last year amid a sustained rally in bullion’s prices and a September fundraising boom.
Why the Low Premium?
At 5.4% above the recent closing price, this doesn’t exactly scream “buying frenzy”. But a quick check of Allied’s price chart provides an explanation: Its stock is up 280% in the past year, so a serious premium has been built into the price by the past few months’ trading.
More important is that this is just the beginning of a wave of M&A in the precious metals sector, much of it coming from Zijin and its peers. Expect announcements like today’s to be weekly occurrences in 2026, taking a lot of our Portfolio miners off the market. The process will be bittersweet, but very profitable. Enjoy this part of the ride.
ALASDAIR MACLEOD.
The collapsing value of dollars as credit
Soaring monetary and base metal values are the consequence of collapsing confidence in the value of US$ credit. It is not driven by investor demand but is a derating of the dollar.
| Alasdair MacleodJan 25∙Paid |
The dollar is on its way to zero, and it is increasingly difficult to see how this outcome can be stopped. This is what the end of a fiat currency system looks like. Those who do not understand it stand to lose everything.
In recent days, there has been a readjustment in the relationship between legal money, which is physical gold and arguably silver, and the value of credit represented by currencies. The guilty party is obviously the King Rat of fiat currencies, the dollar, which is being destabilised by capricious US foreign policies making enemies of all the US government’s foreign creditors. This is reflected in the trade weighted index, which fell heavily last Friday, a trend that now looks like continuing:
As the chart strongly suggests, the dollar is now falling against other major currencies with downside momentum developing. And as the leading form of global fiat, it will drag the other major fiat currencies lower measured against gold as well. Gold is the real legal money free from counterparty risk, preferred by foreign central banks and increasingly held as the ultimate hedge against the dollar’s failure.
Mainstream media and commentary from investment managers and banks all agree that the reason gold and silver are rising is because investors are buying. This is hardly the case at all — that is evident from market statistics. Instead, it is a fundamental reassessment of the relationship between the fiat dollar and real money, centring on a growing realisation that ultimately the dollar is worthless.
The only way the slide in the dollar’s value can be stopped is to anchor it credibly to gold. But we can easily see the impossibility of this development, and it would take considerable time and effort even if the will was there (which it is not):
· There’s significant doubt over the status of US gold reserves, officially stated at 8,133 tonnes. In the light of circumstantial evidence that they have been substantially compromised since 1971, their existence would have to be independently confirmed. Furthermore, Germany’s experience over 10 years ago of trying to get just some of its reserves returned from the NY Fed suggests that earmarked gold held in custody for foreign governments may have been compromised as well. In other words, the US authorities have a mountain of credibility to climb with respect to gold, having denied its role as money for over five decades. Doubtless, it has been used by them as part of its price suppression policies. And because of Germany’s experience, there are renewed calls from German economists and others for the Bundesbank to press for the return of its remaining gold held at the NY Fed. The timing could not be more calamitous for the US authorities, unless of course the gold is there to be readily returned.
· Confidence in the US government’s debt needs to be reestablished, which requires substantial cuts in spending and a suitable monetary policy to compensate foreign holders of dollars for their anticipation of its future purchasing power. With a spendthrift president determined to force the Fed to lower its rates this is not a realistic prospect.
· The reemergence of a Monroe doctrine accepting a multipolar world has two negative consequences, which probably can’t be remedied. The first, put simplistically and more obvious, is that it frees the rest of the world from US hegemony and therefore its dependence on the dollar to settle intranational trade. The second is the consequences for China’s investments, particularly in Venezuela. There is some evidence reported by copper and geopolitical analyst Simon Hunt (Simonhuntstrategicservices.substack.com) that China is moving more aggressively against the US and its dollar with respect to technology, trade, logistics, and the availability of its CIPS settlement system, which bypasses the dollar entirely. The dollar’s role as the must-have trade currency has been suddenly and sharply cut out.
These developments threaten the value of subsidiary credit to the dollar, particularly derivatives which are a promise to pay in another promise to pay. These compound promises are coming unstuck dramatically in commodity derivatives, notably for silver and platinum group metals. There is a sudden realisation that forwards and futures contracts are not deliverable, leading to a scramble for physical metals as industrial stock. This instability is likely to spread to other contracts either deemed potentially undeliverable or at risk of counterparty failure in the incestuous world of derivative dealing.
This is why it is important to realise that what’s happening is a collapse in the fiat dollar’s credibility. Without that credibility, it has no value. It does not require investment flows to push gold and silver prices higher. They are rising of their own accord, reflecting an accelerating loss of confidence in credit ultimately represented by the fiat dollar.
END
MATHEW PIPENBURG/EGON VON GREYERZ
Egon von Greyerz On The Hidden Crisis Behind Silver’s Price Surge
Monday, Jan 26, 2026 – 01:45 PM
In the following clip, Egon von Greyerz explains why the precious metals market has entered a fundamentally new and unprecedented phase.
One which is driven not by speculation or momentum trading, but by deep structural imbalances between physical supply and an unprecedented physical demand.
Persistent supply deficits in silver over several consecutive years, combined with rapidly rising industrial demand from sectors such as solar energy, electric vehicles, electronics and defense, have created a physical shortage in the last 5 years that paper markets can no longer mask.
At the same time, the volume of outstanding paper contracts in London and New York now vastly exceeds the amount of physical silver available for delivery.
Von Greyerz warns that this imbalance marks a critical turning point, as silver transitions away from a manipulated paper-based system into a genuinely physical market, where price is ultimately set by scarcity, not leverage.
Watch Egon explain why manipulation fails when physical precious metals run out…
Here are some key excerpts from the full transcript: (emphasis ours)
…this is a fundamental change. Some viewers might remember the late 1970s when silver quickly climbed from a few dollars up to $50. This was primarily speculation by the Hunt Brothers.
[01:44.7] And of course, the market could quickly sell enough paper silver to crash the price. And it didn’t stay long at $50. This time, any selling that is attempted by bullion banks fails ,and we’ve seen many times being sold in the evening and, within a few hours, it’s back up again.
[02:06.0] And this has happened last week again. Friday evening was sold off and then quickly went up to $90. I think we’re quickly going to see $100 and more already in the Far East and in Australia, like the Perth Mint, selling now silver at over $100.
[02:25.0] So the price in London and in New York will have to follow. So what does that mean for the ordinary investors? Well, it clearly means that silver is just starting the move, and we are going to see, as I have stressed many times, we are going to see multiples of the current price.
[02:44.8] Will it correct? Of course, silver always corrects, but this is not a normal market because it’s now turned into a physical market, which is it should always be rather than the manipulation that we have seen in paper markets. [03:00.0] So physical demand has gone from 10% of production to now 50% in the last year. That is a massive increase in demand, obviously stemming from solar panels, electric cars, electrical products, electronic products and also of course from defence contracts.
[03:18.4] Every missile uses quite a lot of silver, and all other electronic products and weapons use a big amount of silver now. So the demand is there on the physical side, and the demand is there on the investment side, and the production just isn’t there.
To satisfy this demand, we’ve had deficits for the last five years. Those deficits are going to increase. This is why there will be constant demand for silver, and it is probable in the next year or two that there’ll be failure in some markets. Whether that will be in the London market, and some bullion bank will go under. Whether that will be on Comex, we don’t know.
[03:53.9] But the risk is very high.
So it is obviously absolutely important for investors to hold nothing but physical silver, buy physical and hold it outside the banking system, not within the banking system. Don’t buy ETFs, don’t buy any futures, hold physical silver and keep it in a safe storage, in a safe vault like we do for clients, and keep it outside the banking system.
[04:19.7] Now, there are of course many other factors that influence the price of the metals. Gold is also going up, but as I have made clear for quite a while, silver will go twice as fast as gold in the coming years. Now the gold-silver ratio has gone from over 100 to about 50.
[04:36.4] Now the long-term ratio is probably going to be around the 15 level initially, but I wouldn’t be surprised to see even lower than that, that being a natural level. But now I think the demand is of such magnitude and the supply so minuscule.
…
Now I’m absolutely convinced we’ll see $10,000 for gold. What does that mean for silver? If you take the gold-silver ratio at 15, which is an historical quite important level, then you divide 10,000 by 15, you get 666.
[05:38.3] So, a minimum we would see with silver, in my view, is $666.
…
But remember, you are not buying silver or gold for speculative purposes or to make money.
[08:16.2] You are buying it to protect your wealth against the total destruction of wealth that we’re going to see in the next few years. That is a destruction of paper wealth that is now, at levels which are unprecedented in history, because money printing has been unprecedented, and lending has been unprecedented.
[08:35.2] Countries will go bust, banks will go bust in America, in Europe. Whether it’s due to property market, whether it’s commercial markets, or people not being able to pay their loans, it doesn’t matter. Many banks will go under. Governments and central banks are going to print unlimited amounts of money, and therefore, the value of your dollar, your euro or your pound is going to collapse.
[08:58.6] And that would be reflected in a much higher gold price…
3.CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 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.
5. COMMODITY REPORT//:silver
Silver – New trading rules
Inbox
| Robert Lambourne | 2:57 PM (2 minutes ago) | ||
to me, Chris | |||
I got this from Chinese AI just now.
New trading controls announced today
• CME Group (effective 28 Jan, after the close):
◦ Initial margin hiked another 15 % → $18 975 per full-size contract (second increase in a week).
◦ Spec position limit cut to 3 000 lots (from 5 000) in the front two months; hedgers must file daily inventory affidavits above 1 500 lots.
• SHFE (after intra-day limit-up breach):
◦ Daily price band widened to ±18 % but exchange signalled it will halt new long opening orders if limit-up is hit before 14:30 Shanghai time.
5B. COMMODITY REPORT//GOLD OR /SILVER LEASE RATES:/GOLD
GOLD LEASE RATES CLIMB TO AROUND 3.0 TO 4.0%
| Robert Lambourne | 7:56 AM (4 minutes ago) | ||
| to me | |||
Harvey,
Interesting comment for you on gold from Chinese AI. Gold lease rates are ticking up in all markets, c3%/4% and inventories draining. Reportedly demand in Asia is strong, including Japan as confidence in bonds there is probably fraying. Possibly gold is slightly under the radar here because of silver.
I’ve no idea how Trump will handle his latest tariff threats re Greenland, but the situation seems quite unstable. Gold might well move strongly here.
No December 2025 BIS gold swap data yet. I’ve emailed Chris to suggest it might only appear right at the month end. This is no great surprise, but we can guess plausibly that the BIS will be under some pressure to end the gold swaps. Whatever you think about Jerome Powell, his influence is already reduced and this will also apply to any successor when they attend the BIS meetings.
Regards,
Bob
GOLD/GERMANY
‘Repatriate The Gold’: German Economists Urge Withdrawal From US Vaults
Sunday, Jan 25, 2026 – 09:20 AM
Authored by Kate Connolly via The Guardian,
Shift in relations and unpredictability of Donald Trump make it ‘risky to store so much gold in the US’, say experts
Germany is facing calls to withdraw its billions of euros’ worth of gold from US vaults, spurred on by the shift in transatlantic relations and the unpredictability of Donald Trump.
Germany holds the world’s second biggest national gold reserves after the US, of which approximately €164bn (£122bn) worth – 1,236 tonnes – is stored in New York.
Emanuel Mönch, a leading economist and former head of research at Germany’s federal bank, the Bundesbank, called for the gold to be brought home, saying it was too “risky” for it to be kept in the US under the current administration.
“Given the current geopolitical situation, it seems risky to store so much gold in the US,” he told the financial newspaper Handelsblatt.
“In the interest of greater strategic independence from the US, the Bundesbank would therefore be well advised to consider repatriating the gold.”
Stefan Kornelius, the spokesperson for Friedrich Merz’s coalition government, said recently that withdrawal of the gold reserves was not currently under consideration.
But Mönch is only the latest in a string of economists and financial experts to argue that such a move would be in keeping with the greater strategic independence that Europe’s largest economy has been seeking from the US in recent months.
Michael Jäger, the head of the European Taxpayers Association (TAE) as well as the Association of German Taxpayers, has also said Berlin should make its move, arguing that the US’s stated desire to seize Greenland should concentrate minds.
“Trump is unpredictable and he does everything to generate revenue. That’s why our gold is no longer safe in the Fed’s vaults,” Jäger told the Rheinische Post.
“What happens if the Greenland provocation continues? … The risk is increasing that the German Bundesbank will no longer be able to access its gold. Therefore, it should repatriate its reserves.”
Jäger said he had written last year to the Bundesbank and the finance ministry, urging them to “bring our gold home”.
Until recently the gold issue has been the preserve mainly of the far-right Alternative für Deutschland (AfD), which has repeatedly urged the return of the gold for patriotic reasons. But it has increasingly crept into the mainstream discourse.
Katharina Beck, the finance spokesperson for the opposition Greens in the Bundestag, has also spoken out in favour of relocating the gold bars, calling them an “important anchor of stability and trust”, which “must not become pawns in geopolitical disputes”.
However, Clemens Fuest, the president of the Institute for Economic Research (Ifo) and one of the country’s most prominent economists, warned against such a move, saying it could lead to unintended consequences and would “only pour oil on the fire of the current situation”, he told the Rheinische Post.
Germany’s total gold reserves are worth almost €450bn.
Just over half are held at the Bundesbank in Frankfurt am Main, 37% in the vaults of the US Federal Reserve in New York and 12% at the Bank of England in London, the global centre of gold trading. The Bundesbank says it regularly undertakes an audit of the supplies of gold it holds in storage.
Speaking last October at the International Monetary Fund’s (IMF) autumn meetings in Washington DC, the Bundesbank president, Joachim Nagel, assured attenders there was “no cause for concern” over the German gold held at the US Federal Reserve.
Frauke Heiligenstadt, the parliamentary group spokesperson on financial policy for the Social Democrats, junior partners in the government, said that while she understood concerns about the gold reserves, there was no need for panic.
“Germany’s gold reserves are well diversified,” she said. Because half of them are located in Frankfurt, “our ability to act is guaranteed”. Having gold in New York made sense, she added, because “Germany, Europe and the US are closely linked in terms of financial policy”.
But, amid Trump’s hardening rhetoric towards his western partners, an increasing number of Merz’s Christian Democrats have been speaking out in favour of relocation.
“Due to the Trump administration, the US is no longer a reliable partner,” Ulrike Neyer, a professor of economics at the University of Düsseldorf, told the Rheinische Post.
END
2.ASIAN AFFAIRS JAN 26/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 3.56 PTS OR 0.09%
//Hang Seng CLOSED UP 16.01 PTS OR 0.06%
// Nikkei CLOSED DOWN 961.62 PTS OR 1.79%
//Australia’s all ordinaries CLOSED UP 0.57%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9544
/ OFFSHORE CLOSED UP AT 6.9514 Oil UP TO 61.15 dollars per barrel for WTI and BRENT UP TO 65.95 Stocks in Europe OPENED MOSTLY GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9544 OFFSHORE YUAN TRADING UP TO 6.9514 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.9544
OFFSHORE YUAN: UP TO 6.9514
HANG SENG CLOSED UP 119.55 PTS OR 0.45%
2. Nikkei closed UP 16.01 PTS OR 0.09%
WEST TEXAS INTERMEDIATE OIL UP 61.15
BRENT; 65.95
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX DOWN TO 96.98 /// EURO RISES TO 1.1854 UP 36 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.234/ DOWN 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 153.83… 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: 3.623 DOWN 3 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.8766 Italian 10 Yr bond yield DOWN to 3.479 SPAIN 10 YR BOND YIELD UP TO 3.234
3i Greek 10 year bond yield DOWN TO 3.368
3j Gold at $5091.50 Silver at: 109.71 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 92/100 roubles/dollar; ROUBLE AT 76.41
3m oil (WTI) into the 61 dollar handle for WTI and 65 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 0.7783 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9222 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: 4.212 DOWN 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.810 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.592 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.37 UP 9 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.500 DOWN 2 PTS
30 YR UK BOND YIELD: 5.230 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.373 DOWN 4 BASIS PTS
5 YR CANADA BOND YIELD: 2.910 DOWN 4 BASIS PTS.
1a New York Opening report
Futures Rebound From Session Low Amid FX Mayhem As Earning Avalanche, Govt Shutdown Loom
Monday, Jan 26, 2026 – 08:53 AM
US equity futures are weaker but have retraced much of their overnight lows as geopolitics and USD/JPY roil markets ahead of a significant earnings week, as Mag7 earnings reports kick off this week.As of 8:15am, S&P futures are down 0.1% while Nasdaq futures are 0.2% lower; Mag 7 stocks are mostly lower in premarket trading while both Cyclicals and Defensives are weaker. The dollar extended its selloff on Monday as speculation, first reported here, swirled that the US could coordinate intervention with Japanese authorities to support the yen.USDJPY sees another significant decline on mounting intervention risk following Friday’s NY Fed rate check at the request of the BOJ. Bond yields are lower by 1-2bp as the yield curve bull steepens with JGB crash risk out of the picture for the time being. The FX moves are triggering a surge in gold and silver, which are up 2% and 6% to $5100 and $110 respectively, even as PGMs outperform gold. Ags are higher and natgas remains the story within Energy. In Eqy pre-mkt, Mag7 names are mixed, Semis are weaker, but Energy / Materials are higher with their underlying commodities. Today’s macro data focus is on Cap Goods / Durables and regional Fed activity indicators.
In premarket trading, Mag 7 stocks are mostly lower (Meta +0.4%, Microsoft +0.1%, Apple +1%, Amazon -0.2%, Alphabet -0.3%, Nvidia (NVDA) -0.7%, Tesla (TSLA) -0.6%
- USA Rare Earth (USAR) soared as much as 50% after the Trump administration invested $1.6 billion into the mining company.
- Precious metals stocks rise after gold surged past $5,000 an ounce for the first time.
- Allied Gold (AAUC) rises 4% after Zijin Gold International agreed to acquire the miner for C$44 per share.
- BlackRock TCP Capital Corp. (TCPC), a publicly traded middle-market lending fund, falls 12% as it expects to mark down the net value of its assets 19% after a string of troubled loans weighed on results.
- Mannkind (MNKD) rises 2% after the FDA approved an update to the company’s inhaled insulin, revising recommendations for the starting mealtime dosage.
- Revolution Medicines (RVMD) slides 21% after the Wall Street Journal reported that Merck ended talks to acquire the biotech firm, citing people familiar with the matter.
- Sarepta Therapeutics (SRPT) rises 6% after the firm said it will report three-year topline data from its study of its gene therapy to treat patients with Duchenne muscular dystrophy on Monday.
- SkyWater Technology (SKYT) rises 7% after IonQ Inc. agreed to buy the company in a cash-and-stock deal that values the chipmaker at about $1.8 billion.
In corporate news, SoftBank is said to have halted talks about an acquisition of US data center operator Switch, while the WSJ reported that Merck is no longer in talks to buy biotech firm Revolution Medicines after the pair failed to agree on a price. Samsung is getting close to securing certification from Nvidia for the latest version of its AI memory chip, narrowing the gap with rival SK Hynix.
Futures dropped but then rebounded, tracking moves in the Nikkei which slumped as the yen surged on signs that Tokyo and Washington coordinated on rate checks. This fueled volatility in foreign-exchange markets, as traders viewed the steps as preparation for direct intervention. Joint US-Japan action would give authorities greater power to deter speculators after the yen fell to an 18-month low earlier this month.
“The bigger signal is policy coordination,” said Daniel Baeza, senior vice president at Frontclear. “If markets interpret coordination as a willingness to tolerate easier global dollar conditions, especially alongside a dovish Fed reaction function, that could reinforce short-term dollar downside.”
Traders are also monitoring the possibility of a partial government shutdown. Senate Democrats have insisted that funding for the Department of Homeland Security be split off until Congress can agree on new guardrails for immigration enforcement, after agents killed two US citizens this year in Minnesota. Senate Republican leaders plan to reject the demands.
“A potential shutdown would clearly represent some downside risks for the market mood as we just recover form the last one,” said BNP’s Kemper.
Besides a govt shutdown, earnings will be in the spotlight as the busiest week of the season gets underway, with four of the Magnificent Seven tech giants due to report. The group has driven market gains for much of the past three years, but that leadership faltered in late 2025 as Wall Street grew skeptical of whether massive AI spending will deliver returns. Results from Meta, Apple, Tesla and Microsoft will be dissected to see how their massive spending on AI is translating into profits. Earnings from RTX, Lockheed Martin and Northrop Grumman will likely reflect increased demand for weapons amid geopolitical tensions.
“The main focus from investors will likely be comments around AI-capex,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “Any sign of a slowdown could be seen as hyperscalers losing trust in the possibility to monetize those investments in a timely manner.”
Some of Wall Street’s top strategists are beginning to see early evidence that US profit growth is spreading beyond tech megacaps. An analysis by JPMorgan shows that forward guidance has topped expectations at roughly half of the S&P 500 companies that have provided an outlook for 2026. Goldman Sachs Group Inc. also expects earnings to support an expansion. “Since most of the companies that have reported are outside the tech sector, this trend suggests a broadening of growth across other industries this year,” JPMorgan strategist Dubravko Lakos-Bujas wrote in a note.
In Europe, the Stoxx 600 is down 0.1%, opened on either side of the unchanged mark, before moving a little lower to now display a mixed/mostly negative picture. European sectors have opened mixed to slightly negative. Leading sectors are Basic Resources (+1.0%), Banks (+0.8%) and Energy (+0.6%). Basic Resources continues to be underpinned by strength in metal prices as gold and silver continue to gain strength as havens, whilst the energy sector has gained on the back of firmer crude prices. At the bottom of sectors reside, Travel & Leisure (-1.0%), Food Beverage & Tobacco (-0.9%) and Technology (-0.6%).
Asian stocks advanced amid choppy trading as gains in technology and material shares offset a slump in Japanese equities. The MSCI Asia Pacific Index rose as much as 1.1% early on Monday before halving its advance. MediaTek and Tencent provided the biggest boost. The Asian benchmark — which rose in each of the past five weeks — was also buoyed on Monday by gains in mining shares. The cohort climbed alongside metal prices as investors rotated into hard assets such as gold. Investors are awaiting earnings from some of the world’s top technology firms this week for further cues after the sector’s relentless rally. Stocks in Japan underperformed the region as exporters tumbled amid a yen rally sparked by increased speculation that authorities may intervene to support the currency’s slide. Gains in Asian stocks Monday also came amid broad weakness in the dollar as investors debated how potential US involvement in foreign-exchange intervention in Japan might worsen sentiment toward the world’s reserve currency.
In rates, treasuries hold small gains led by long-end tenors, with 20- and 30-year yields down 1bp-2bp from Friday’s closing levels as traders added to bets for 2026 interest-rate cuts after BlackRock Inc. executive Rick Rieder’s candidacy to helm the Federal Reserve gained momentum. With an announcement on the next Fed chair possible as soon as this week, rate expectations will be in focus as current Chair Jerome Powell delivers the latest decision on Wednesday. US front-end yields are little changed, leaving 2s10s and 5s30s spreads about 1bp flatter; 10-year near 4.21% is about 1bp lower vs 3bp decline for German counterpart, 5bp for French 10-year. European bonds outperform led by France following continued progress on budget plans. Dollar extends slide amid speculation the US could coordinate intervention with Japanese authorities to support the yen. This week’s Treasury coupon auctions begin a day early with 2-year notes; Treasury coupon auctions this week include 2-, 5- and 7-year notes on Monday, Tuesday and Thursday respectively, with FOMC rate decision Wednesday. WI 2-year yield near 3.59% is about 9bp cheaper than last month’s, which tailed by 0.3bp.
In FX, the yen surges on speculation of intervention, with the dollar sinking against most major currencies on deteriorating sentiment toward the greenback. However, Bank of Japan data offered no clear signal on whether the country intervened on Friday. Bloomberg Dollar Spot Index falls to lowest since September, while USDJPY dropped as low as 154 before rebounding.
In commodities, gold rallies to a new record well above $5,100/ounce, and silver surges to around $109/ounce as investors seek out havens. Treasuries are higher and European bonds are rising. Oil prices wavering, with Brent hovering around $66/barrel.
US economic calendar includes November Chicago Fed national activity index and durable goods orders (8:30am) and January Dallas Fed manufacturing activity (10:30am)
Market snapshot
- S&P 500 mini -0.2%
- Nasdaq 100 mini -0.4%
- Russell 2000 mini -0.2%
- Stoxx Europe 600 little changed
- DAX -0.2%
- CAC 40 -0.3%
- 10-year Treasury yield -2 basis points at 4.21%
- VIX +1.1 points at 17.14
- Bloomberg Dollar Index -0.5% at 1187.53
- euro +0.3% at $1.1862
- WTI crude +0.2% at $61.17/barrel
Top Overnight News
- US President Trump said administration is reviewing everything about the Minneapolis shooting and that immigration enforcement officers will at some point leave the area, according to WSJ.
- The dollar extended its selloff and hit a four-month low on speculation the US may help Japan support the yen after a warning from PM Sanae Takaichi and comments from other top Japanese officials. BBG
- Gold stormed beyond $5,000 for the first time and silver hit a record as traders revived the debasement trade. BBG
- China launched a corruption investigation into top general Zhang Youxia. The surprising probe has implications for Taiwan, succession, and further turmoil in the Communist Party ranks, and raises questions about who Xi Jinping can trust within his inner ranks. BBG
- US power grids face unprecedented demand as a massive storm left brutal cold in its wake. More than 800,000 homes and businesses are without electricity, and around 3,500 flights have been cancelled today. US natural gas soared almost 20%. BBG
- Europe formally adopted a proposal that would ban Russian LNG imports starting in 2027, with pipeline gas imports halted by the fall of 2027. EU
- The US is in talks with crude producers and oilfield service providers about a plan to quickly revive output in Venezuela at a fraction of the estimated $100 billion cost for a complete rebuild. BBG
- Canada has “no intention” of pursuing a free trade deal with China, Prime Minister Mark Carney said, after U.S. President Donald Trump threatened to slap punitive tariffs on Ottawa. CNBC
- Senate Democrats angered by the deadly shooting in Minneapolis said they wouldn’t vote for a government funding package without major changes to its homeland security provisions, raising the possibility of a partial government shutdown this coming weekend. WSJ
- The American Academy of Pediatrics recommends children be vaccinated against 18 diseases, more than the U.S. government directs after it overhauled its schedule. The doctors group kept its guidance largely unchanged from its previous version from last year and said it doesn’t endorse the Centers for Disease Control and Prevention’s childhood-vaccine schedule. WSJ
Trade/Tariffs
- India is to reduce tariffs on cars to 40% in a trade deal with EU, according to sources cited by Reuters.
- EU and India are reportedly to explore possibilities for India’s participation in European defence initiatives.
Central Banks
- BoJ accounts provided no clear signal of intervention in the JPY on Friday.
- PBoC Deputy Governor Zou affirms will continue efforts to enhance market connectivity between mainland and Hong Kong. Pledges continued backing and steady development of Hong Kong’s offshore RMB market. To coordinate with authorities to increase yearly offshore RMB government bond issuance.
- SNB has lowered the threshold factor for the remuneration of sight deposits of account holders subject to minimum reserve requirements from 16.5 to 15, as of 1st March.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly subdued amid Japanese intervention concerns and US President Trump’s latest tariff threat against Canada, in which he threatened to impose 100% tariffs if it makes a deal with China. Risk sentiment was also not helped by the Democrats threatening a partial government shutdown in revolt against the fatal shooting of an ICE protester in Minneapolis, while market conditions were somewhat quieter owing to the holiday closures in Australia and India. Nikkei 225 underperformed with the index pressured by a firmer currency amid US-Japan joint intervention concerns after Japanese PM Takaichi said the government is ready to take action against speculative moves, and with reports last Friday that the New York Fed conducted rate checks on USD/JPY. Hang Seng and Shanghai Comp were indecisive with demand contained amid reports that China is likely to target growth of 4.5% to 5% in 2026, while stocks also failed to benefit from news late last week that China told the biggest tech firms they can prep NVIDIA H200 orders.
Top Asian News
- Japanese PM Takaichi rules out combining BoJ ETF holdings, pension funds, and reserves to form a sovereign wealth fund.
- Japanese Chief Cabinet Secretary Kihara said the government will prepare a tentative budget if the FY26 Budget is unlikely to pass the Diet by the end of March.
- Japan’s PM Takaichi said would like to achieve two-year suspension of 8% tax on food at the earliest date possible and submit relevant legislation in the fiscal 2026 Diet.
- China’s Guangdong province targets 2026 GDP growth of 4.5%-5.0%.
European bourses (STOXX 600 -0.1%) opened on either side of the unchanged mark, before moving a little lower to now display a mixed/mostly negative picture. European sectors have opened mixed to slightly negative. Leading sectors are Basic Resources (+1.0%), Banks (+0.8%) and Energy (+0.6%). Basic Resources continues to be underpinned by strength in metal prices as gold and silver continue to gain strength as havens, whilst the energy sector has gained on the back of firmer crude prices. At the bottom of sectors reside, Travel & Leisure (-1.0%), Food Beverage & Tobacco (-0.9%) and Technology (-0.6%).
Top European News
- French Finance Ministry announces that France will hold a G-7 finance call on Tuesday.
- EU Commission to open proceedings against X’s AI chatbot grok on Monday under the Digital Services Act, via Handelsblatt report, citing EU officials.
FX
- DXY gapped lower at the open from Friday’s 97.456 close, with the index off its worst and best levels at the time of writing, towards the middle of a 96.949-97.333 band. The index remains suppressed by the aforementioned JPY strength, alongside risks of a US government shutdown also increasing after Democrats said they will not support a funding package without changes to homeland security provisions.
- JPY is the standout gainer, bolstered by double intervention risk after Japanese PM Takaichi warned that the government is ready to take action against speculative moves amid a weakening currency and surge in bond yields, while it was reported on Friday that the New York Fed had conducted rate checks on USD/JPY. Analysts at ING succinctly highlight two reasons for Washington’s involvement: “a) the weak yen was adding to last week’s JGB sell-off and indirectly driving US Treasury yields higher. If there is any financial instrument more important than the stock market to the White House right now, it is US Treasuries. And b) the strong USD/JPY was potentially unwinding the work of US tariffs on Japan and giving Japanese manufacturers a competitive advantage.” USD/JPY slumped from Friday’s 155.74 close to a Monday trough at 153.40, slightly under the 100 DMA (153.54).
- EUR benefits from the USD weakness but trades off best levels after hitting resistance at 1.1898 (vs 1.1837 low) shortly after the resumption of trade. Little action was seen on the sub-par German Ifo report, and with the EZ docket also light ahead.
- CHF mildly gains due to its haven status amid the looming US government shutdown, alongside President Trump’s 100% tariff threat on Canada if it makes a trade deal with China. On that note, USD/CAD trades on a softer footing amidst the aforementioned USD weakness, with the pair also dipping under the psychological 1.3700 mark to a 1.3675 low at the time of writing.
- Antipodeans trade on a firmer footing with AUD underpinned as spot gold briefly topped USD 5,100/oz earlier in the session. AUD reached a high of 0.6934 from a 0.6896 close on Friday.
Fixed Income
- Fixed income benchmarks are in the green. USTs firmer by a handful of ticks, at the top-end of a 111-25 to 111-29+ band. The US session is relatively quiet, aside from 2yr supply ahead. Strength for fixed is perhaps a function of the slight equity pressure, which in turn can be explained at least in part by ongoing/renewed trade tensions relating to the US, Canada and China, after Trump’s rhetoric. One other point of support might be the US conducting a rate check in the JPY on Friday, as this could be interpreted as a precursor to joint intervention; given the moves in long-end Japanese yields seen last week, and the global influence that had, any such action could target JGBs in addition to the Yen.
- Bunds are firmer, with gains of just over 20 ticks at best. Specifics for the bloc are a little light, with no move seen to German Ifo, which came in softer-than-expected for the climate figure, while the other components were mixed vs prev. For the EZ, the week is mainly waiting to see how the trade situation develops, with the EU meeting today to discuss unfreezing EU-US talks.
- Gilts outperform, gains of c. 30 ticks at a 91.56 high. Upside that is, primarily, being driven by the news that Greater Manchester Mayor Burnham will not be able to run for the vacant Labour MP seat. This blocks Burnham from launching a leadership challenge against PM Starmer, as some have speculated he might, despite Burnham himself suggesting Starmer is the best person to be PM currently. While welcomed by Gilts, the block has prompted significant backlash against PM Starmer from within the Labour Party, and as such, this narrative may return.
- Gulf Cooperation Council nations have issued c. USD 32.3bln of international bonds YTD, +25% Y/Y, Bloomberg reported.
- Japan sold JPY 299.9bln in 5yr Climate Transition Bonds b/c 3.49 (prev. 3.98), price at highest accepted yield 99.61 (prev. 99.53), highest accepted yield 1.684% (prev. 1.098%). Allotment for Bids at the Highest Accepted Yield 24.2857% (prev. 35.6363%).
Commodities
- WTI Mar’26 continues to oscillate beyond USD 61/bbl while Brent Apr’26 rotates around USD 65/bbl, seemingly unaffected by the day’s rise in Nat Gas prices, despite the gradual rise in crude prices in recent sessions due to concerns of supply disruptions.
- Henry Hub futures gapped beyond USD 6/MMBtu, its highest level since the start of the Ukraine war, while the Dutch TTF future nears EUR 42/MWh, following the Arctic storm in the US that has shut around 10% of production in the US. Prices of natural gas have been rising in recent days due to poor weather across Europe, Asia and now the US, freezing oil and natural gas wells, in addition to geopolitical concerns and accompanying supply concerns.
- Precious metals continue their historic bid higher, with spot gold trading beyond USD 5,000/oz and briefly extended above USD 5,100/oz, while spot silver trades just shy of USD 110/oz.
- 3M LME Copper is currently trading in the middle of the USD 12.52k-13.41k/t band that has been forming since the start of 2026 as supply/demand dynamics support the red metal. Supply disruptions were the main driver throughout 2025 but as the worries wane, demand has continued to grow due to AI demand.
- Ukraine’s military said it struck a Russian oil refinery in Krasnodar region.
- China’s Shanghai Futures Exchange to adjust price limits, margin ratios for copper and aluminium futures contracts from the 28th January closing settlement.
- Kazakhstan’s Energy Ministry said that production is to be relaunched for the Tengiz oil field in the near future.
- EU has given final approval to the Russian gas ban; will entirely ban Russian LNG imports by 1st January 2027, and pipeline gas by 30th September 2027.
- Kazakhstan’s Tengizchevroil is reportedly gradually restarting its Tengiz production.
- OPEC+ is likely to maintain its supply pause in March, Bloomberg reported citing delegates; adds that there is no need to respond to the events in Venezuela and Iran but a significant supply disruption would warrant a boost in output.
- PBoC Deputy Governor supports the development of Hong Kong’s gold market, strengthening its offshore RMB market functions.
Geopolitics: Ukraine
- Ukraine’s military said it struck a Russian oil refinery in Krasnodar region.
- EU has given final approval to the Russian gas ban. Will entirely ban Russian LNG imports by 1st January 2027, and pipeline gas by 30th September 2027.
- Russian Presidential Envoy said Ukrainian President Zelensky is hindering peace by postponing the issue of land settlement, Al Arabiya reported.
- Russia’s Kremlin said that constructive talks with Ukraine are underway, according to RIA.
Geopolitics: Middle East
- “Commander of Iran’s Naval Forces: Armed Forces Fully Prepared to Protect the Country”, Sky News Arabia reported.
- OPEC+ is likely to maintain its supply pause in March, Bloomberg reported citing delegates; adds that there is no need to respond to the events in Venezuela and Iran but a significant supply disruption would warrant a boost in output.
- Iranian Foreign Ministry Spokesperson said that Iran is stronger and more capable than ever before, and will certainly respond to any aggression with a broad and deterrent response.
Geopolitics: Other
- Chinese Commerce Ministry Official said China and the US maintained communication at various levels following the leaders’ summit in South Korea. China and the US are to manage differences and promote stable trade ties.
US Event Calendar
- 8:30 am: United States Nov Chicago Fed Nat Activity Index, est. -0.2, prior -0.21
- 8:30 am: United States Nov P Durable Goods Orders, est. 3.75%, prior -2.2%
- 8:30 am: United States Nov P Durables Ex Transportation, est. 0.3%, prior 0.1%
- 10:30 am: United States Jan Dallas Fed Manf. Activity, est. -8.6, prior -10.9
DB’s Jim Reid concludes the overnight wrap
With the year still not yet four weeks old, it’s already been a tour de force of news volatility, even as market volatility has remained relatively contained. We’ve moved from Venezuela to Japan, via Iran and Greenland, with a range of other themes running in the background. These now include President Trump on Saturday threatening 100% tariffs on Canada if China strikes a trade deal with them, and the odds of another US government shutdown after January 30th (Friday) jumping on Polymarket from 8% on Friday to 78% this morning. This followed Senate Democratic leader Schumer warning that they will block the spending package unless Republicans defund Homeland Security after a Border Patrol shooting at a protest in Minnesota on Saturday linked to the immigration crackdown.
If that weren’t enough to be getting on with, Rick Rieder’s odds of becoming the next Fed Chair surged from around 33% as Europe closed on Friday to over 60% at one point over the weekend, before settling at 47% this morning. The perception in markets is that he would be more market friendly than the previous front runner, Kevin Warsh, who is now trading at 29% on Polymarket. He was at 65% last Monday.
Finally in the UK, Andy Burnham was yesterday blocked by the ruling Labour Party from contesting an imminent by-election. Burnham is seen as a potential challenger to PM Starmer with lots of party support. Gilts may see some relative relief this morning as Burnham had said last September that the UK needs to “get beyond being in hock to the bond markets”. However this story is unlikely to completely go away. With all this going on it’s perhaps no wonder that Gold (+8.52%) was within two-tenths of a percent of its best week since 2008, marginally behind one week in 2020. It’s up another +1.7% this morning and has flown past $5000 for the first time. However the Dollar has just had its worst week for 8 months, falling against all its peers, and has continued to weaken this morning.
So there are plenty of balls in the air right now, but the one perhaps most urgently needing careful handling is Japan. On Friday afternoon in Europe, news broke that the New York Fed had conducted a “rate check” on USD/JPY on behalf of the US Treasury.
This morning, the Japanese yen is around +1.1%, trading at 154.05 against the dollar, marking its strongest position since November. Various official have refused to confirm or deny overnight any intervention so far. 2yr JGBs are around +3bps higher with 10yr and 30yr yields -1bps and flat respectively while the Nikkei is -1.90% due to the strong Yen since Friday.
Elsewhere in Asia, the KOSPI (-0.90%) is lower with some looking at the weak KRW as a potential for intervention risk. The Korean Wong is up +1.7% this morning. Chinese equities are up a little with S&P 500 (-0.28%) and NASDAQ 100 (-0.41%) futures both lower.
The main event this week will be the Fed’s decision on Wednesday with the main focus not on the likely unchanged Fed Funds rate but on what Powell says about a variety of things in the presser (more below). The Bank of Canada meet the same day with Sweden’s Riksbank meeting on Thursday, with both also expected to be on hold. Finally, the ECB will publish its monthly consumer expectations survey on Friday. In terms of data, the US sees durable goods (today), consumer confidence (tomorrow) and PPI (Friday). In Europe preliminary January CPI for countries including German and Spain are released, alongside Q4 GDP for the main economies all on Friday. The German Ifo is out today.
Over in Asia, a likely busy week of news flow for Japan is bookended with a big data dump on Friday featuring the Tokyo CPI, consumer confidence, retail sales and industrial production. The Lower House election campaign begins tomorrow ahead of the 8 February vote. Other notable indicators due in the region include December industrial profits in China tomorrow and Q4 CPI in Australia on Wednesday (our economists expect the quarterly trimmed mean print at 0.9% QoQ / 3.3% YoY).
Rounding out with corporate earnings, an important week is ahead featuring results from four Magnificent 7 stocks – Microsoft, Meta and Tesla on Wednesday and Apple on Thursday. The four make up 16% of the S&P 500 by market cap, with the overall list of firms reporting next week totalling 32% of aggregate capitalisation. Other tech highlights include ASML, Samsung, IBM and SAP. The focus will also be on defence firms RTX, Northrop Grumman and Lockheed Martin. On Friday, big oil firms Exxon and Chevron will also report. In Europe, highlights also include LVMH, Roche and Sanofi.
Previewing Wednesday’s FOMC meeting, our economists expect the Federal Reserve to leave policy unchanged while striking a slightly firmer tone on the underlying economic backdrop. Although the usual focus would be on the policy outlook, circumstances this time mean that Chair Powell’s press conference is likely to dwell heavily on non-economic matters. Questions will inevitably surface around the recent DoJ subpoena, the situation involving Governor Cook, and the broader issue of future Fed leadership. Powell will probably lean on the themes of his recorded statement from 11 January, emphasising the importance of institutional independence and resisting political pressure — a message he is unlikely to dilute given the current environment.
On the policy statement itself, our economists expect the Fed to upgrade its description of growth from the previous “moderate pace” to something closer to a “solid pace,” consistent with Vice Chair Jefferson’s comments on 16 January. They also expect the Committee to acknowledge a somewhat steadier labour market, reflecting the more recent data flow available since the November meeting. Inflation is trickier: with core PCE still running at 2.8% year on year into November, progress has been limited, and the Committee may simply reiterate that inflation remains “somewhat elevated,” echoing Jefferson’s framing of recent developments.
Where the statement may shift most meaningfully is the second paragraph. Over the past several meetings, the Fed has justified its easing bias by pointing to rising labour market risks. Given the more balanced labour picture and the lack of discernible improvement on inflation, our economists believe the Committee may drop its explicit reference to labour market deterioration and revert to the more neutral line that it remains attentive to risks on both sides of the mandate — while stopping short of last year’s language that risks were “roughly balanced.”
Taken together, Wednesday’s decision and press conference should reinforce the idea that policy is now within the Fed’s estimated range of neutral and that the Committee is well placed to respond in either direction if incoming data justify a move. Nearly all voters are likely to endorse that message, though Governor Miran will likely dissent in favour of additional easing.
Recapping last week, markets endured another round of whipsaw action amid lingering questions over Greenland. As a reminder, over the previous weekend Trump announced 10% tariffs on several European countries by February 1 and until the US obtained control of Greenland. That sent the STOXX 600 (-1.19%) to its worst performance in two months on Monday, while the S&P 500 (-2.06%) posted its worst day in three months when US markets returned on Tuesday. Sentiment improved on Wednesday after Trump said the US would not use force to acquire Greenland and dropped the tariff threat after agreeing to “a framework of a future deal” with NATO’s Mark Rutte. Equities recovered somewhat, but the STOXX 600 (-0.98%, -0.09% on Friday) and the S&P 500 (-0.35%, +0.03% on Friday) still ended the week lower. This was the first time since June that the S&P had seen two consecutive weekly declines.
It wasn’t all negative: a tech rebound pushed the Mag 7 +1.10% higher (+1.04% Friday). And although the VIX closed above the 20 level for the first time since November on Tuesday, it finished the week little changed at 16.09 (+0.23 bps). Meanwhile, geopolitical concerns helped gold rise to within sight of the $5,000 level, with its best week since the early months of Covid in 2020 (+8.52% to $4,987/oz). Silver also surged +14.50% to $103.19/oz (+7.22% Friday), extending its YTD gain to +44%.
Bond markets saw similarly turbulent moves. The most dramatic shifts came in JGBs, where the 30yr yield spiked +26.6bps on Tuesday to 3.84%, its biggest daily increase since 1999. The moves later moderated, with 30yr JGB yields ending the week +14.6bps higher and 10yr yields +6.7bps higher. In Europe, 10yr bunds (+7.1bps) and gilts (+11.2bps) also sold off as geopolitical volatility heightened concerns about increased European defence spending and the resulting fiscal pressure.
US Treasuries initially slumped on geopolitical noise and firm data, but ended the week little changed. The 2yr yield rose +0.7bps to 3.95% (-1.2bps Friday), while the 10yr yield edged up +0.2bps to 4.23% (-2.0bps Friday). The stronger US data included initial jobless claims falling to 200k (vs 209k expected), which pushed the 4 week moving average to a 2 year low of 201.5k, and Friday’s stronger than expected University of Michigan final consumer sentiment reading (56.4 vs 54.0 expected). Despite that, yields rallied late on Friday, supported by rising expectations that Rick Rieder would be chosen as the next Fed Chair.
The dollar index fell -1.80%, its worst week in eight months (-0.77% on Friday). By contrast, the Japanese yen — which had been drifting toward its weakest levels since 2024 — sharply rebounded on Friday (+1.74% to 155.70 against the dollar) amid renewed speculation about FX intervention. That followed a relatively uneventful BoJ decision earlier on Friday, which left rates unchanged at 0.75%, with one dissent (8–1) in favour of another 25bp hike.
Let’s see what this week brings as an eventful January draws to a close!!
1b) European opening report
Democrat Schumer threatens a partial government shutdown; USD/JPY extends below 154 on double intervention risks – Newsquawk US Market Open
Monday, Jan 26, 2026 – 05:46 AM
- US Senate Minority Leader Schumer threatened a partial government shutdown over DHS funding following the fatal shooting of a Minneapolis man by a Border Patrol agent on Saturday.
- European bourses are mostly on the backfoot; US equity futures are incrementally lower.
- JPY surges on double intervention risks, and after PM Takaichi warned that the government is ready to take action against speculative moves; DXY pressured.
- Global fixed income firmer as trade tensions rise, Gilts lead after Burnham was blocked, USTs count down to supply.
- Precious metals continue to trade at record levels with spot XAU extending beyond USD 5,000/oz; Crude prices trade rangebound as Nat Gas futures surge due to the Arctic storm.
- Looking ahead, highlights include US Chicago Fed National Activity Index (Oct/Nov), Durable Goods (Nov), Atlanta Fed GDP, Supply from the US.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.1%) opened on either side of the unchanged mark, before moving a little lower to now display a mixed/mostly negative picture.
- European sectors have opened mixed to slightly negative. Leading sectors are Basic Resources (+1.0%), Banks (+0.8%) and Energy (+0.6%). Basic Resources continues to be underpinned by strength in metal prices as gold and silver continue to gain strength as havens, whilst the energy sector has gained on the back of firmer crude prices. At the bottom of sectors reside, Travel & Leisure (-1.0%), Food Beverage & Tobacco (-0.9%) and Technology (-0.6%).
- US equity futures (ES -0.2% NQ -0.3% RTY -0.3%) have come under mild selling pressure in recent trade. Nothing fresh seemingly driving the downbeat sentiment, but perhaps as traders react to growing US-China tensions, after the US threatened Canada with a 100% tariff if it makes a trade deal with China.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY gapped lower at the open from Friday’s 97.456 close, with the index off its worst and best levels at the time of writing, towards the middle of a 96.949-97.333 band. The index remains suppressed by the aforementioned JPY strength, alongside risks of a US government shutdown also increasing after Democrats said they will not support a funding package without changes to homeland security provisions.
- JPY is the standout gainer, bolstered by double intervention risk after Japanese PM Takaichi warned that the government is ready to take action against speculative moves amid a weakening currency and surge in bond yields, while it was reported on Friday that the New York Fed had conducted rate checks on USD/JPY. Analysts at ING succinctly highlight two reasons for Washington’s involvement: “a) the weak yen was adding to last week’s JGB sell-off and indirectly driving US Treasury yields higher. If there is any financial instrument more important than the stock market to the White House right now, it is US Treasuries. And b) the strong USD/JPY was potentially unwinding the work of US tariffs on Japan and giving Japanese manufacturers a competitive advantage.” USD/JPY slumped from Friday’s 155.74 close to a Monday trough at 153.40, slightly under the 100 DMA (153.54).
- EUR benefits from the USD weakness but trades off best levels after hitting resistance at 1.1898 (vs 1.1837 low) shortly after the resumption of trade. Little action was seen on the sub-par German Ifo report, and with the EZ docket also light ahead.
- CHF mildly gains due to its haven status amid the looming US government shutdown, alongside President Trump’s 100% tariff threat on Canada if it makes a trade deal with China. On that note, USD/CAD trades on a softer footing amidst the aforementioned USD weakness, with the pair also dipping under the psychological 1.3700 mark to a 1.3675 low at the time of writing.
- Antipodeans trade on a firmer footing with AUD underpinned as spot gold briefly topped USD 5,100/oz earlier in the session. AUD reached a high of 0.6934 from a 0.6896 close on Friday.
- Click for NY OpEx Details
- Barclays month-end rebalancing model indicates no strong USD directional bias vs most majors, with a weak USD buying signal vs the EUR.
FIXED INCOME
- Fixed income benchmarks are in the green. USTs firmer by a handful of ticks, at the top-end of a 111-25 to 111-29+ band. The US session is relatively quiet, aside from 2yr supply ahead. Strength for fixed is perhaps a function of the slight equity pressure, which in turn can be explained at least in part by ongoing/renewed trade tensions relating to the US, Canada and China, after Trump’s rhetoric. One other point of support might be the US conducting a rate check in the JPY on Friday, as this could be interpreted as a precursor to joint intervention; given the moves in long-end Japanese yields seen last week, and the global influence that had, any such action could target JGBs in addition to the Yen.
- Bunds are firmer, with gains of just over 20 ticks at best. Specifics for the bloc are a little light, with no move seen to German Ifo, which came in softer-than-expected for the climate figure, while the other components were mixed vs prev. For the EZ, the week is mainly waiting to see how the trade situation develops, with the EU meeting today to discuss unfreezing EU-US talks.
- Gilts outperform, gains of c. 30 ticks at a 91.56 high. Upside that is, primarily, being driven by the news that Greater Manchester Mayor Burnham will not be able to run for the vacant Labour MP seat. This blocks Burnham from launching a leadership challenge against PM Starmer, as some have speculated he might, despite Burnham himself suggesting Starmer is the best person to be PM currently. While welcomed by Gilts, the block has prompted significant backlash against PM Starmer from within the Labour Party, and as such, this narrative may return.
- Gulf Cooperation Council nations have issued c. USD 32.3bln of international bonds YTD, +25% Y/Y, Bloomberg reported.
- Japan sold JPY 299.9bln in 5yr Climate Transition Bonds b/c 3.49 (prev. 3.98), price at highest accepted yield 99.61 (prev. 99.53), highest accepted yield 1.684% (prev. 1.098%). Allotment for Bids at the Highest Accepted Yield 24.2857% (prev. 35.6363%).
COMMODITIES
- WTI Mar’26 continues to oscillate beyond USD 61/bbl while Brent Apr’26 rotates around USD 65/bbl, seemingly unaffected by the day’s rise in Nat Gas prices, despite the gradual rise in crude prices in recent sessions due to concerns of supply disruptions.
- Henry Hub futures gapped beyond USD 6/MMBtu, its highest level since the start of the Ukraine war, while the Dutch TTF future nears EUR 42/MWh, following the Arctic storm in the US that has shut around 10% of production in the US. Prices of natural gas have been rising in recent days due to poor weather across Europe, Asia and now the US, freezing oil and natural gas wells, in addition to geopolitical concerns and accompanying supply concerns.
- Precious metals continue their historic bid higher, with spot gold trading beyond USD 5,000/oz and briefly extended above USD 5,100/oz, while spot silver trades just shy of USD 110/oz.
- 3M LME Copper is currently trading in the middle of the USD 12.52k-13.41k/t band that has been forming since the start of 2026 as supply/demand dynamics support the red metal. Supply disruptions were the main driver throughout 2025 but as the worries wane, demand has continued to grow due to AI demand.
- Ukraine’s military said it struck a Russian oil refinery in Krasnodar region.
- China’s Shanghai Futures Exchange to adjust price limits, margin ratios for copper and aluminium futures contracts from the 28th January closing settlement.
- Kazakhstan’s Energy Ministry said that production is to be relaunched for the Tengiz oil field in the near future.
- EU has given final approval to the Russian gas ban; will entirely ban Russian LNG imports by 1st January 2027, and pipeline gas by 30th September 2027.
- Kazakhstan’s Tengizchevroil is reportedly gradually restarting its Tengiz production.
- OPEC+ is likely to maintain its supply pause in March, Bloomberg reported citing delegates; adds that there is no need to respond to the events in Venezuela and Iran but a significant supply disruption would warrant a boost in output.
- PBoC Deputy Governor supports the development of Hong Kong’s gold market, strengthening its offshore RMB market functions.
TRADE/TARIFFS
- India is to reduce tariffs on cars to 40% in a trade deal with EU, according to sources cited by Reuters.
- EU and India are reportedly to explore possibilities for India’s participation in European defence initiatives.
NOTABLE EUROPEAN HEADLINES
- French Finance Ministry announces that France will hold a G-7 finance call on Tuesday.
- EU Commission to open proceedings against X’s AI chatbot grok on Monday under the Digital Services Act, via Handelsblatt report, citing EU officials.
NOTABLE EUROPEAN DATA RECAP
- German Ifo Business Climate (Jan) 87.6 vs. Exp. 88.1 (Prev. 87.6).
- German Ifo Expectations (Jan) 89.5 (Prev. 89.7).
- German Ifo Current Conditions (Jan) 85.7 (Prev. 85.6).
- Spanish PPI YoY (Dec) Y/Y -3% (Prev. -2.5%).
CENTRAL BANKS
- BoJ accounts provided no clear signal of intervention in the JPY on Friday.
- PBoC Deputy Governor Zou affirms will continue efforts to enhance market connectivity between mainland and Hong Kong. Pledges continued backing and steady development of Hong Kong’s offshore RMB market. To coordinate with authorities to increase yearly offshore RMB government bond issuance.
- SNB has lowered the threshold factor for the remuneration of sight deposits of account holders subject to minimum reserve requirements from 16.5 to 15, as of 1st March.
NOTABLE US HEADLINES
- US President Trump said administration is reviewing everything about the Minneapolis shooting and that immigration enforcement officers will at some point leave the area, according to WSJ.
- Japanese top FX diplomat Mimura continues to decline to comment on FX intervention and can’t comment on talk of rate checks, but said they are keeping in close contact with the US on FX.
- Japanese Finance Minister Katayama declined to comment on a report on Friday regarding the New York Fed conducting USD/JPY rate checks.
GEOPOLITICS
RUSSIA-UKRAINE
- Ukraine’s military said it struck a Russian oil refinery in Krasnodar region.
- EU has given final approval to the Russian gas ban. Will entirely ban Russian LNG imports by 1st January 2027, and pipeline gas by 30th September 2027.
- Russian Presidential Envoy said Ukrainian President Zelensky is hindering peace by postponing the issue of land settlement, Al Arabiya reported.
- Russia’s Kremlin said that constructive talks with Ukraine are underway, according to RIA.
MIDDLE EAST
- “Commander of Iran’s Naval Forces: Armed Forces Fully Prepared to Protect the Country”, Sky News Arabia reported.
- OPEC+ is likely to maintain its supply pause in March, Bloomberg reported citing delegates; adds that there is no need to respond to the events in Venezuela and Iran but a significant supply disruption would warrant a boost in output.
- Iranian Foreign Ministry Spokesperson said that Iran is stronger and more capable than ever before, and will certainly respond to any aggression with a broad and deterrent response.
OTHERS
- Chinese Commerce Ministry Official said China and the US maintained communication at various levels following the leaders’ summit in South Korea. China and the US are to manage differences and promote stable trade ties.
CRYPTO
- Bitcoin is slightly lower and trades just shy of the USD 88k mark; Ethereum is a little lower and trades below USD 2.9k.
APAC TRADE
- APAC stocks were mostly subdued amid Japanese intervention concerns and US President Trump’s latest tariff threat against Canada, in which he threatened to impose 100% tariffs if it makes a deal with China. Risk sentiment was also not helped by the Democrats threatening a partial government shutdown in revolt against the fatal shooting of an ICE protester in Minneapolis, while market conditions were somewhat quieter owing to the holiday closures in Australia and India.
- Nikkei 225 underperformed with the index pressured by a firmer currency amid US-Japan joint intervention concerns after Japanese PM Takaichi said the government is ready to take action against speculative moves, and with reports last Friday that the New York Fed conducted rate checks on USD/JPY.
- Hang Seng and Shanghai Comp were indecisive with demand contained amid reports that China is likely to target growth of 4.5% to 5% in 2026, while stocks also failed to benefit from news late last week that China told the biggest tech firms they can prep NVIDIA H200 orders.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM Takaichi rules out combining BoJ ETF holdings, pension funds, and reserves to form a sovereign wealth fund.
- Japanese Chief Cabinet Secretary Kihara said the government will prepare a tentative budget if the FY26 Budget is unlikely to pass the Diet by the end of March.
- Japan’s PM Takaichi said would like to achieve two-year suspension of 8% tax on food at the earliest date possible and submit relevant legislation in the fiscal 2026 Diet.
- China’s Guangdong province targets 2026 GDP growth of 4.5%-5.0%.
NOTABLE APAC DATA RECAP
- Japanese Leading Economic Index Final (Nov) 109.9 vs. Exp. 110.5 (Prev. 109.8).
- Japanese Coincident Index Final (Nov) 114.9 (Prev. 115.9).
1 c) Asian opening report
NORTH KOREA/SOUTH KOREA/JAPAN
JAPAN
3. CHINA
Shockwaves In Beijing: Xi Targets His Own Top General, Longtime Confidant, In Elite Purge
Saturday, Jan 24, 2026 – 12:15 PM
Another significant military purge appears underway in China, as Saturday morning the West woke up to news that China’s most senior military officer, who is second only to Xi Jinping, has been put under investigation over alleged “grave violations of discipline and the law.”
Gen. Zhang Youxia is a vice chairman of the Central Military Commission, the Communist Party body that controls China’s armed forces, and this comes as somewhat of a major shock given he is widely regarded as President Xi’s closest ally within the military – or at least prior to this.
Another member of the commission, Gen. Liu Zhenli, has also been placed under investigation, according to the Defense Ministry on the same day. He’s in charge of the PLA military’s Joint Staff Department.
No further details have been given regarding the accusations against General Zhang Youxia, but such language is often presented in such crackdowns as a euphemism for corruption.
Xi has described corruption as “the biggest threat” to the Communist Party, having previously several times warned that the struggle against it “remains grave and complex.” But critics as well as Western observers say this has served as a convenient and public PR mechanism for sidelining political rivals, and strengthening Xi’s power and hold on the levers of power.
The Wall Street Journal’s Jonathan Cheng says that General Zhang’s downfall is surprising as not only has he known Xi for decades, but is the “most senior member of military hierarchy to face dismissal since fallout of 1989 Tiananmen protests.”
And a former Central Intelligence Agency analyst who follows Chinese elite politics, Christopher K. Johnson, tells the NY Times on Saturday, “This move is unprecedented in the history of the Chinese military and represents the total annihilation of the high command.”
Chinese social media rumors: Previously, on the evening of January 21, there were online rumors that Zhang Youxia’s suspected residence in Beijing was surrounded by plainclothes officers.
The rumors and speculation were rampant over the last several days, triggered by a conspicuous absence at a high-profile military event where Xi gave an address:
Two of China’s top generals, Zhang Youxia and Liu Zhenli, apparently did not attend a gathering of all of China’s senior political leaders on Tuesday. Their absence has fired the starting pistol on speculation they have been purged, speculation that will now continue until confirmation or they appear in public.
The event in question was the catchily-titled Study Session for Principal Officials at the Provincial and Ministerial Level on Studying and Implementing the Spirit of the Fourth Plenary Session of the 20th CPC Central Committee. President Xi Jinping attended and gave an opening speech, flanked by all six members of the Politburo Standing Committee as well as the vice president.
Eagle-eyed observers quickly noticed that while the second-ranked Vice Chairman of the Central Military Commission Zhang Shengmin was sat in the audience, Zhang Youxia, who is the first-ranked vice chairman, and Liu Zhenli, who is the only non-ranking member, both appeared to be absent.
This is the latest ‘anti-corruption’ purge action since the October news of the expulsion of nine senior generals, which marked one of the largest such crackdowns of top military officials in decades.
Zhang’s political pedigree runs deep: his father was among the founding generals of the Chinese Communist Party. He joined the army in 1968 and is one of the few current senior leaders said to have actual combat experience. Zhang had remained in his post beyond the customary retirement age for military officials, which was understood as a sign Xi’s confidence in him, until now apparently.
Pro-Beijing pundits are offering an alternative take to the Western reporting…
More to come? It is likely as WSJ’s chief China’s correspondent Lingling Wei describes, “And this is far from the end. With thousands of officers having risen through the ranks under Zhang Youxia and Liu Zhenli, these individuals now recognize they are primary targets for a systemic purge.” She reports that “Mobile devices have been seized across ranks and all units are now on high alert.”
END
CHINA/USA
China’s Sacked Top General Accused Of Leaking Nuclear Secrets To US: Report
Sunday, Jan 25, 2026 – 10:45 PM
On Saturday morning the world woke up to news that China’s most senior military officer, who is second only to Xi Jinping, has been put under investigation over alleged “grave violations of discipline and the law.” The detained Gen. Zhang Youxia is a vice chairman of the Central Military Commission, the Communist Party body that controls China’s armed forces, and this was a major shock given he is widely regarded as President Xi’s closest ally within the military, until now.
Another shock is just what he is being investigated for. While all the initial speculation focused on corruption, The Wall Street Journal on Sunday reveals the top general is accused of leaking information about the country’s nuclear-weapons program the United States. However, this has not yet been confirmed through official Chinese statements or sources.
He is also accused of taking bribes in exchange for official actions, including elevating an officer to the post of defense minister, according to individuals familiar with a senior-level briefing on the allegations cited in this latest Wall Street Journal report.
The accusation of passing Chinese nuclear secrets to the United States is alone quite the bombshell, obviously rising to the level of treason, which could elicit the death penalty – as this represents the most severe crime against national security.
Below are some key lines from the WSJ report, which cites its unnamed exclusive sources:
But the people familiar with the briefing—which hasn’t been reported until now—said Zhang is under investigation for allegedly forming political cliques, a phrase describing efforts to build networks of influence that undermine party unity, and abusing his authority within the Communist Party’s top military decision-making body, known as the Central Military Commission.
Authorities are also scrutinizing his oversight of a powerful agency responsible for the research, development and procurement of military hardware. Those familiar with the briefing said Zhang was alleged to have accepted huge sums of money in exchange for official promotions in this big-budget procurement system.
The most shocking allegation disclosed during the closed-door briefing, the people said, was that Zhang had leaked core technical data on China’s nuclear weapons to the U.S.
The reference to “undermining party unity” has by now become familiar in President Xi’s ongoing purge of CCP sectors seen as potentially disloyal, or networks of power which present a challenge. In October this was largely the basis for the expulsion of nine senior generals, which marked one of the largest such crackdowns of top military officials in decades.
Currently there are reports that mobile devices have been confiscated within military ranks and among officials seen as close or under the influence of Gen. Zhang.
The WSJ report is receiving significant pushback from Chinese pundits and sources:
WSJ’s chief China’s correspondent Lingling Wei describes, “And this is far from the end. With thousands of officers having risen through the ranks under Zhang Youxia and Liu Zhenli, these individuals now recognize they are primary targets for a systemic purge.” She reports that “Mobile devices have been seized across ranks and all units are now on high alert.”
Analyst Christopher Johnson, head of China Strategies Group, has meanwhile told WSJ of Zhang’s rapid fall, “This move is unprecedented in the history of the Chinese military and represents the total annihilation of the high command.”
end
4./EUROPEAN AFFAIRS
UK USA
In Humiliating Retreat, Starmer Forced To Pull Chagos Bill After Trump Backlash
Friday, Jan 23, 2026 – 07:40 PM
Trump wins again – or rather, Europe caves again. On Friday UK Prime Minister Keir Starmer was forced into an abrupt and humiliating retreat after his plan for the Chagos Islands detonated backlash in Washington.
Starmer had been preparing to ram the controversial legislation through the House of Lords on Monday, only for the bill to be yanked late Friday on growing fears it could unravel a 60-year-old US-UK treaty, which is the foundational Cold War-era deal that allows the US to operate the Diego Garcia military base on the Chagos Islands, or what’s known as the British Indian Ocean Territory.
The chain of events this week kicked off early Tuesday with President Trump’s Truth Social onslaught. Among several geopolitical-related messages, mostly on Greenland, he went after the Starmer government.
Trump took aim at the proposed new deal under which London would surrender sovereignty (to Maritius) while leasing back the strategically critical military base on the islands, including Diego Garcia – where US forces also have a strategic Indian Ocean base, which has been used especially for Middle East operations going back decades.
Trump attacked the plan to hand sovereignty over the Chagos Archipelago to Mauritius as an act of “great stupidity” and “total weakness.” He further took the opportunity to say the move underscored exactly why he wants the United States to take control of Greenland.
“The UK giving away extremely important land is an act of GREAT STUPIDITY, and is another in a very long line of National Security reasons why Greenland has to be acquired. Denmark and its European Allies have to DO THE RIGHT THING,” Trump wrote as his concluding sentence in the message.
The Telegraph late Friday is confirming the U-turn:
Sir Keir Starmer has been forced to pull his Chagos Islands bill in the wake of a US backlash over the deal.
The legislation was expected to be debated in the House of Lords on Monday, but was delayed on Friday night after the Conservatives warned it could violate a 60-year-old treaty with the US that enshrines British sovereignty over the archipelago.
The Foreign Office has been engaged in some last minute scrambling to verify if Trump’s Truth Social message did in fact reflect active US policy:
Asked last night if Mr Trump would be willing to tear up the 1966 treaty and allow the transfer of Chagos to go ahead, the US state department referred back to the president’s criticism on Tuesday when he said: “The UK giving away extremely important land is an act of GREAT STUPIDITY.”
Still, The Telegraph notes that some confusion among British officials remains: “Much depends on whether Mr Trump’s position on the Chagos deal has genuinely changed or – as Sir Keir has claimed – that this was only being used to force a change in Britain’s Greenland stance.”
“If Downing Street tried to press ahead without Washington’s approval, it could face a bruising battle with the US state department,” the report concludes.
Starmer addressed the House of Commons on Wednesday and asserted it was Trump who flipped his policy. “I made out my position on Greenland absolutely clear on Monday and a moment ago. President Trump deployed words on Chagos yesterday that were different to his previous words of welcome and support when I met him in the White House,” he said.
“He deployed those words yesterday for the express purpose of putting pressure on me and Britain in relation to my values and principles on the future of Greenland,” he added.
From a British political commentator: “It is, I admit, a humiliating thing for Britain that the final decision should be in the hands of our American allies. We ought to have put a stop to the whole business ourselves.”
Conservatives are still warning that rushing the deal for the UK to yield control of the Chagos Islands to Mauritius risks violating international law, with Tory leader Kemi Badenoch having condemned the agreement outright, warning it “cannot progress while this issue remains unsolved.” He has bluntly stated this week, “President Trump is right.” Also, Reform’s Nigel Farage praised the American president for “vetoing” it.
END
EU
KOLBE
Brussels Discipline Machine: How von der Leyen Survived, And Parliament Paid The Price
Monday, Jan 26, 2026 – 05:00 AM
Submitted by Thomas Kolbe
Ursula von der Leyen survived her fourth vote of no confidence in the European Parliament on Thursday. In the process, the EPP Group has increasingly resorted to drastic measures to enforce internal discipline and ensure a uniform voting outcome within its ranks.
EU Commission President Ursula von der Leyen once again survived a no-confidence vote in the European Parliament on Thursday at noon. In Strasbourg, 165 members voted in favor of the motion, 390 voted against it, and 10 abstained.
The latest initiative from within the Parliament was introduced by Patriots for Europe (PfE), the right-conservative parliamentary group. The main point of criticism that led to the motion of no confidence was the free trade agreement between the EU and the Mercosur states of South America. More broadly, the group expressed dissatisfaction with the Commission’s trade policy, which it claims systematically ignores national interests—particularly those of European agriculture.
This marks the fourth no-confidence motion against von der Leyen within six months. The initiators have alternated between the right-wing groups Patriots for Europe and the European Conservatives and Reformists (ECR), as well as the left-wing parliamentary group “The Left.”
Von der Leyen continues to face accusations of a lack of transparency during the COVID period. She has also repeatedly been criticized for the absence of democratic legitimacy in conducting trade negotiations with the United States on behalf of EU member states, as well as for her strong focus on supporting Ukraine—an emphasis that critics argue comes at the expense of the interests of EU member countries.
Parliamentary Discipline in the European Parliament
In light of the steadily growing conservative right in Parliament, von der Leyen has increasingly become a projection surface for criticism of the centralization of political power in Brussels. The core factions supporting the Commission President—primarily the EPP (European People’s Party) under the leadership of CSU politician Manfred Weber, along with the Progressive Alliance of Socialists and Democrats (S&D), Renew Europe, and parts of the liberal and Green groups—are finding it increasingly difficult to shield her from public criticism.
With each publicly staged no-confidence motion, another piece of Ursula von der Leyen’s political substance erodes. She has been weakened since the scandal surrounding her deleted text messages in the Pfizer affair.
For this reason, EPP Group leader Manfred Weber resorted in advance of the no-confidence vote to “disciplinary” measures, significantly restricting the rights of members of his parliamentary group in the event of dissenting votes (as previously reported by Tichy’s Einblick).
In addition to explicit threats of sanctions against dissenters, reports from Brussels indicate that an internal communications strategy was deployed to reinforce group discipline. Weber repeatedly made clear that he expects “closed majorities” and branded dissenting votes as “destructive to the political center.”
Weber also once again emphasized that dissenters were doing the business of Vladimir Putin—a familiar political talking point that has by now largely lost its effectiveness.
With his leadership style, the Union politician has positioned himself as one of the standard-bearers of an increasingly unrestrained party bloc, one that appears unable to counter the growing competition from the national-conservative camp with substantive arguments. Whether in the case of Schleswig-Holstein’s Minister President Daniel Günther and the associated threats of censorship, or—as now with Weber—in the Union’s handling of a political credibility crisis and economic recession, opposition voices are increasingly suppressed. Step by step, the party is conforming to a repressive system of political control.
The catalogue of sanctions established by Weber to enforce group discipline included, among other measures, the withdrawal of rapporteur positions. In addition, members were internally threatened with disadvantages such as the loss of group support in committee work and reduced influence over delegation decisions, in order to eliminate any incentive for dissenting votes.
Absence from votes—or even support for the no-confidence motion against von der Leyen—was also set to result in exclusion from delegation trips and internal working groups. Absenteeism was viewed as particularly critical by the EPP leadership, as it can be interpreted as a political statement—an implicit rejection of the group leadership and its strategic line.
Ostracizing Freedom of Conscience
Through this approach, Weber promotes the political ostracization of dissenters—freely elected representatives who vote according to their conscience. Critics see this practice not merely as an instrumental push toward party conformity, but as a structural undermining of the principle of the free mandate in the European Parliament, especially given that Parliament already possesses few independent legislative initiative rights.
Formally, the mandate remains free; in practice, however, Weber’s actions significantly devalue it. Members deemed “undesirable” risk not only political isolation, but also the loss of real opportunities to shape policy within the EU legislature. This weakens their mandate far beyond symbolic sanctions.
This approach follows a pattern that Weber has progressively intensified in past votes. Even during earlier no-confidence motions, he threatened dissenters with post-hoc sanctions in a disciplinary tone. Previous votes—such as those in October or July—already showed that EPP members who adopted more cautious or critical positions toward key Commission decisions were placed under scrutiny. In line with his strategy, Weber moved aggressively against any deviation in order to preserve a unified political image of the EPP.
This behavior is not only unethical and, from a parliamentary perspective, dishonest; it also inflicts significant damage on the European Parliament itself. The Parliament—already a representative body without its own right of legislative initiative—loses further prestige as a result of Weber’s measures. It increasingly appears as a democratic fig leaf for a technocratically operating Commission, drifting ever further away from democratic principles under the banner of internal party discipline.
END
we have been stating this for years!!!
KOLBE…..
The EU’s Green Crackdown Threatens European Industry Amid Deindustrialization
Monday, Jan 26, 2026 – 02:00 AM
Submitted by Thomas Kolbe
Brussels and Berlin are increasing regulatory pressure on European industry. With the tightening of the EU Industrial Emissions Directive, agriculture is now moving even further into the crosshairs of climate regulation. That the EU is increasingly isolating itself on the international stage seems to concern no one.
If this year’s World Economic Forum in Davos delivered one clear message, it was this: the U.S. delegation led by President Donald Trump gave Europe’s climate-socialist economic transformation a red card. In stark terms, the U.S. President made it clear that the European path—the regulatory attempt at a net-zero economy with zero CO₂ emissions—has already failed in American eyes, and they have hit the brakes.
Now that the German cabinet is transposing the EU-mandated tightening of the Industrial Emissions Directive into national law, extending it to agricultural operations after parliamentary approval (Apollo News reported), the impression solidifies: the politically induced crisis of European industry—the slow deindustrialization of Europe’s key industrial hubs—is still treated in the political leadership’s economic models as a minor issue, a collateral damage on the road to the green utopia.
Artificial state demand is now being used to try to refill freed industrial capacities—whether through military production or subsidized eco-projects, which fail under cost pressures or simply go unrequested.
Regulatory Pressure by Design
Specifically, the new EU directive will place roughly 30 percent of poultry and pig farms under industrial emissions regulation. As if the sector were not already on the brink of collapse under existing regulatory pressure, the next attack on these operations is now being orchestrated.
Across the EU, about 50,000 operations will be required to implement binding environmental management systems, audited on cycles of one to three years. In Germany alone, 13,000 facilities are subject to EU compliance. Farms with at least 1,200 fattening pigs or 700 breeding sows, as well as poultry operations with around 40,000 broilers or 21,400 laying hens, will now be direct targets of the tightened rules.
Under the threat of heavy fines of at least three percent of EU-generated annual revenue for violations, the European Union is attempting to enforce the Green Deal by brute force. The goal is to ensure the reduction of harmful emissions in air, water, and soil, while promoting resource efficiency and a decarbonized circular economy by 2050.
For German Environment Minister Carsten Schneider (SPD), the directive’s tightening is a cause for celebration. He cited the policy’s successes over the past decade, which have already led to significant CO₂ reductions and fostered greener production in Europe. That technological progress primarily arises from competition and market-driven dynamics hardly factors into today’s political central planning.
High ideological fortresses have been erected, completely obscuring the view of economic reality.
For affected farms, the implementation means one thing above all: a massive increase in documentation, approval, and compliance obligations. They will now be subject to regular emission measurements and detailed reporting, which will be submitted to state environmental authorities and fed into EU-wide registers and public portals—suddenly, transparency matters. This transparency requirement creates intense public pressure on farms to comply swiftly and fully, regardless of how the additional costs will be financed.
Industry experts estimate compliance costs—for example, ammonia emission reductions—between €100,000 and €500,000 per barn, depending on size and technology. If BAT requirements (“Best Available Techniques”) must be retrofitted annually, these burdens can quickly escalate into millions.
Previously, the EU directive applied mainly to sectors such as chemicals, steel, cement, refineries, and energy facilities, targeting primarily large installations with high emissions and throughput. Government officials repeatedly stress that the tightened regulatory pressure applies only to large operations. In reality, both the Supply Chain Act and the new directive create significant pressure along entire supply chains. Large companies are forced to pass their environmental obligations onto smaller suppliers, extending inspection and compliance mechanisms across the entire value chain.
Political Paralysis
Remarkably, European politics remains unfazed by the ongoing deindustrialization of its economic base, stubbornly defending its course. As the industrial foundation erodes, so too does the EU’s geopolitical influence. Every industrial operation that succumbs to regulatory pressure and rising energy costs and relocates takes valuable know-how with it. Value chains destabilize, high factor incomes vanish, and the state faces growing fiscal pressure.
The response to this visible disaster—which led to around 24,000 corporate insolvencies last year—remains predictable: a transparent media performance delivered by government representatives. The Chancellor’s well-meaning calls for bureaucracy reduction are repeated with increasing emphasis, not least in view of five upcoming state elections this year. Bureaucracy reduction has become a standard political phrase with no real consequences.
The underlying strategy becomes clear: publicly, the government positions itself as problem-solver, buying time while steadfastly pursuing the set goal of green transformation.
German policymakers could easily reverse this destructive course. Germany is the EU’s largest net contributor, and key levers of power are held by Christian Democrats in Berlin, Brussels, and the European Parliament.
The only way out of this self-imposed trap would be a return to a fully deregulated free market economy—combined with a political rapprochement with Russian energy flows. Yet the spirit of central planning and presumed industrial control continues to dominate.
Ever-Increasing Bureaucracy
Growing regulation inevitably demands an expanding administrative apparatus. Over the past five years, public sector employment has risen by about two percent annually—roughly 100,000 additional positions. Against this backdrop, the Chancellor’s repeated calls for bureaucracy reduction appear a media tactic farce.
Documentation, proof, and auditing obligations in German industry have taken on Kafkaesque dimensions. In the past three years alone, some 325,000 additional positions had to be created in companies to handle the growing administrative burden flowing from Brussels and Berlin. In effect, the state is outsourcing its own bureaucracy to the private sector.
These political decisions exert tangible pressure on companies. Berlin and Brussels are responding to international competition and U.S. deregulation with policies that intensify existing industrial challenges rather than solving them.
* * *
About the author: Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
END
KOLBE..
Erosion Of Freedom In The EU: From Censorship To Centralized Power
Submitted by Thomas Kolbe
The European Union has increasingly fallen on the defensive in foreign policy. Domestically, the Green Deal has significantly damaged the economic foundation. Together with its main pillars Berlin and Paris, the Brussels-based EU Commission is pushing forward the systematic construction of a censorship apparatus to suppress its own failures from public debate.
The heated discussion in recent days over the censorship of unpopular platforms like Nius is far more than just a warning sign. Schleswig-Holstein’s Minister-President Daniel Günther offered a deep insight into the strategic toolbox of current politics during Markus Lanz’s ZDF show. The politician’s subsequent, at times desperate, attempts—alongside the host and state-affiliated media—to retract his openly stated censorship demands toward critical platforms and media such as Nius illustrate the seriousness of the situation: Germany is slowly but steadily sliding toward a surveillance state.
The Vulgar Side of Censorship
The debate over controlling public opinion, particularly in the digital space, also has a vulgar, unrestrained side—as Apollo News experienced a few months ago. At that time, the local branch of the Left Party openly called for, if necessary, violent action against the newsroom to drive it out of its neighborhood. The statement was phrased as: one should “kick the journalists on their keys.” This is far more than a verbal lapse by radicalized ideologues. It marks a rupture in the political culture of the Federal Republic, in which repressive elements, faced with a simmering economic crisis and growing criticism of the political course, emerge plainly and unapologetically.
We are witnessing an attempt to delegitimize what is visible: the democratic right to freedom of speech and open discourse. The very nature of new digital media—their ability to create fragmented opinion clusters—makes them dangerous for a political system increasingly focused on control. Media like Apollo News contribute to genuine public discourse and thereby evade the interpretive authority of established apparatuses, making them a threat to the censor.
A Pattern at the EU Level
On the EU level, a media-tactical pattern emerges. Representatives in Brussels and their national proponents pursue a clear goal: when externally pressured—such as in the Greenland conflict with the United States—they present themselves in public discourse as victims. Domestically, however, they adopt precisely the position they accuse U.S. President Donald Trump of: acting with elbows, showing no regard for fair negotiation.
The narrative created in this mode is largely carried by a media apparatus closely aligned with Brussels’ political lines. We have seen this in climate policy (Apollo News reported): first, the narrative of existential emergency is established, the story of a burning planet woven into public discourse over years. This is followed by the construction of a centrally planned, strictly regulated transformation economy. Criticism of this strategy has so far been marginalized through a form of soft censorship, placing critics near conspiracy theories in public media. The critic is ridiculed, publicly humiliated.
A similar pattern is evident in the EU’s treatment of countries like Hungary. Because Budapest has resisted open borders and mass migration for years, it is sanctioned in the style of a known bully: sometimes through funding cuts, sometimes via openly threatened penalties. It is always about money. The EU sanctions rather than negotiates. In essence, the EU applies Trump’s “dealmaker” strategy with precision domestically, against its own citizens.
Romania experienced similar treatment last year. During the presidential election, significant pressure was applied to the judicial apparatus to annul the unwanted election of a right-wing conservative president. The aim was not political competition over the country’s future, but institutional and legal intervention to control the outcome.
The explicit goal of EU policy is to centralize power within the Brussels Commission apparatus permanently. This can only succeed if dissenting forces—such as the strengthening right-wing opposition in Eastern Europe—are kept in check and growing criticism of the disastrous economic course of the Green Deal is systematically excluded from public debate.
The Decline of Germany
Since 2018, Germans have witnessed the gradual decline of their industry—and with it the erosion of the foundation of their prosperity. The idea of “Net Zero,” the forced restructuring of the economy toward a fully CO₂-free order, has so far led to a roughly 14% decline in industrial production in Germany, according to the Kiel Institute for the World Economy. The German Chamber of Commerce and Industry (DIHK) reports that over 400,000 industrial jobs were lost in this period.
While industrial value creation and productivity shrink, the state apparatus expands. Bureaucracy and administration boom, creating hundreds of thousands of new positions where no market value is generated. At the same time, a stagnating or shrinking GDP—exacerbated by ongoing mass migration—is spread across a growing population. The result is a large-scale poverty program, which the government prefers not to discuss openly.
The Digital Services Act as a Censorship Tool
The debate over this process increasingly shifts to digital platforms. Leading the way are Elon Musk’s company X, as well as secondary arenas like Telegram or Reddit, offering forums for exchange, research, and counter-speech—places where information circulates that Brussels or Berlin will not accept unchallenged. This is exactly where the problem lies from the policymakers’ perspective: they want to buy time, convinced of the success of their social and economic transformation strategy, while reversal would mean a loss of power.
With the Digital Services Act (DSA), a comprehensive regulatory framework has come into force EU-wide. In simple terms, it obliges large online platforms to remove, restrict, or flag content classified under EU law as illegal, hateful, or socially harmful, including disinformation. Companies must also report on these actions in detail.
In practice, the DSA forces corporations like Meta, X, or TikTok—under threat of heavy fines—to systematically act against content deemed problematic, for example on climate policy, pandemic consequences, migration, or the Ukraine war. Measures include deletions, shadowbanning, warning labels, and deep interventions in recommendation algorithms.
Critics argue that the underlying criteria are often vague, placing political speech under preventive moderation pressure—even before open societal debate can occur.
The Perfidy of the DSA
The DSA’s perfidy lies in creating deliberately vague pseudo-legal grounds under terms like hate, incitement, and disinformation. Platform operators are pushed by economic incentives into preemptive censorship. Legal clarity is not the controlling factor; economic pressure via threat of fines is.
Combined with a growing network of so-called “trusted flaggers”—NGOs and private actors reporting potentially critical content to national authorities—a more constrained public discourse emerges. Brussels’ compliance rules are thus effectively enforced without formally naming a censorship regime.
In this context, it is understandable why a politician like Daniel Günther casually offers a glimpse behind the scenes in the safe space of public broadcasting. Where one believes oneself unobserved, one speaks what elsewhere is carefully concealed: unable or unwilling to make substantive course corrections in economic, climate, or migration policy—or in dealings with Moscow—critics are removed via the censorship stick.
The deliberately provoked dispute with the United States over the future of freedom of speech in Europe, and the threats toward American tech companies, are accepted. Political costs are externalized. Ultimately, the citizen pays the price—both as taxpayer, user, and censored participant in an increasingly narrow public discourse.
* * *
About the author: Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL TBN LAST 24 HRS
ISRAELI UPDATES
IRANIAN UPDATES
Tehran Rejects UN ‘Protest Killings’ Resolution, Blasts Western Moralizing
by Tyler Durden
Saturday, Jan 24, 2026 – 06:05 PM
Iran has flatly rejected a United Nations Human Rights Council resolution condemning what it described as the “violent crackdown on peaceful protests” by Iranian security forces, after two weeks of raging economic protests earlier this month, which also included a government enforced total internet shutdown.
Following a closed-door session in Geneva on Friday, 25 council members – including France, Japan, and South Korea – voted in favor of the formal censure.
But there were significant voices among the seven that voted against, including China, India, and Pakistan. Fourteen others abstained.
The council demanded that Tehran halt arrests linked to the protests and take steps to “prevent extrajudicial killing, other forms of arbitrary deprivation of life, enforced disappearance, sexual and gender-based violence.”
UN human rights chief Volker Türk told the council that “the brutality in Iran continued, creating conditions for further human rights violations, instability and bloodshed.”
Tehran blasted the resolution as another display of Western hypocrisy, arguing that the sponsors of the emergency session have never genuinely cared about human rights in Iran.
Iran’s envoy Ali Bahreini pushed back at the meeting, saying as follows:
“It was ironic that states whose history was stained with genocide and war crimes now attempted to lecture Iran on social governance and human rights.”
This past week in Davos for the World Economic Forum, there was an interesting moment where US Treasury Secretary Scott Bessent actually openly boasted that US sanctions helped drive the protests, after crippling the economy.
So Islamic Republic leaders are right to be skeptical when American, Israel, or European officials claims they ‘stand’ with the Iranian people, and seek ‘democracy’. Already, UN officials are invoking historical “genocide” instances and are dubiously comparing them with what’s going on in Iran:
A prosecutor said at least twice more people were killed in Iran in half the time compared with the Srebrenica genocide.
Iran’s Bahreini reiterated some of his government’s official casualty figures from clashes with police and security services, which were initially issued days ago via state sources. He said 3,117 people were killed during the unrest, but he also claimed that 2,427 of those deaths were caused by “terrorists” – covertly funded by enemies of Iran – namely the United States, Israel, and their allies.
IRAQ
US Pledges To ‘Starve’ Iraq Of Oil Revenue If Pro-Iran Parties Join New Government
Saturday, Jan 24, 2026 – 08:10 AM
Washington has threatened to block Iraq’s access to its own oil revenue held in the Federal Reserve Bank of New York if representatives of Shia armed parties enjoying support from Iran are included in the next government, Reuters reported Friday.
“The US warning was delivered repeatedly over the past two months by the US Charges d’Affaires in Baghdad, Joshua Harris, in conversations with Iraqi officials and influential Shi’ite leaders,” Reuters reported, citing three Iraqi officials and one source familiar with the matter.
The threat is part of US President Donald Trump’s effort to weaken Iran through a “maximum pressure” campaign of economic sanctions, including on the Islamic Republic’s oil exports. Trump also bombed Iran’s nuclear sites as part of Israel’s unprovoked 12-day war on Iran in June.
Because of US sanctions, few countries can trade with Iran, increasing its reliance on Iraqi markets for exports and on Baghdad’s banking system as a monetary outlet to the rest of the world.
As punishment, the US government has restricted the flow of dollars to Iraqi banks on several occasions in recent years, raising the price of imports for Iraqi consumers and making it difficult for Iraq to pay for desperately needed natural gas imports from Iran.
However, this is the first time the US has threatened to cut off the flow of dollars from the New York Federal Reserve to the Central Bank of Iraq.
Officials in Washington can threaten Baghdad in this way because the country was forced to place all revenues from oil sales into an account at the New York Fed following the US military’s invasion of the country in 2003.
This gives Washington strong leverage against Baghdad, as oil revenue accounts for 90 percent of the Iraqi government’s budget. While occupying Iraq for decades and controlling its oil revenues, Washington accuses Iran of infringing on Iraq’s sovereignty.
“The United States supports Iraqi sovereignty, and the sovereignty of every country in the region. That leaves absolutely no role for Iran-backed militias that pursue malign interests, cause sectarian division, and spread terrorism across the region,” a US State Department spokesperson told Reuters.
Some Shia political parties, including several that make up the Coordination Framework (CF), are linked to the Popular Mobilization Units (PMU), which see themselves as anti-terror militias formed in 2014 with Iranian support to fight ISIS and later incorporated into the Iraqi armed forces.
Iraq held parliamentary elections in November and is still in the process of forming the next government. Prime Minister Muhammad Shia al-Sudani, who enjoyed good relations with both Washington and Tehran, has decided not to contend for another term as premier.
The decision has cleared the way for Nouri al-Maliki, of the State of Law Coalition and the Dawa Party, to potentially return to power.
Maliki, who enjoys support from the PMU-linked parties, served as prime minister between 2006 and 2014, including when ISIS invaded western Iraq and conquered large swathes of the country.
Trump threatened a new bombing campaign against Iran following several weeks of violent riots and attacks on security forces organized and incited by Israeli intelligence. Trump allegedly called off the bombing after Israeli Prime Minister Benjamin Netanyahu warned him that Tel Aviv’s air defenses were not prepared for a new confrontation with Iran.
During the war in June, Iran retaliated against Israel by launching barrages of ballistic missiles and drones, which did severe damage to Israeli military sites, including in Tel Aviv.
RUSSIA VS UKRAINE UPDATES
KORYBKO…
Lavrov Exposed The Europeans’ Plot To Subvert Trump’s Ukrainian Peace Plan
Monday, Jan 26, 2026 – 01:25 PM
Russian Foreign Minister Sergey Lavrov’s first press conference of the year in late January touched upon a lot of topics, importantly including the Europeans’ plot to subvert Trump’s Ukrainian peace plan.
According to him, the UK “is speaking increasingly more often on behalf of the EU” and therefore plays a leading role in these efforts, “which boil down to one thing – an immediate ceasefire complemented with legal security guarantees for Ukraine. The question is what these security guarantees concern.”
As Lavrov sees it, the purpose is “the preservation of the current Nazi regime”, which “will never legally recognise Crimea, Novorossiya and Donbass as Russia…And a ceasefire along the current line of contact, following which ‘the West will help,’ is unacceptable to us because they will build bases there.”
In that scenario, “[France and the UK] will deploy a multinational force in Ukraine, build a network of military hubs (bases) there… and pump more weapons into Ukraine to create threats for the Russian Federation.”
In pursuit of these goals, they’re trying “to convince Trump (of their merits) and (then) let him force Putin to accept it, and that they will all go for it” once that happens.
“Trump’s idea, which we discussed and supported in Anchorage, has been categorically rejected by that elite European group.”
Lavrov didn’t mention it, but Trump hasn’t pushed back against the Europeans’ subversion of his Ukrainian peace plan, which was much more to Russia’s liking and at least presumably declared an intent to resolve root issues.
This observation strongly suggests that he’s once again falling under others’ influence, in this case warmongering Europeans and their neoconservative allies in the US, perhaps after being misled into regarding Russia’s restraint as a weakness that he can exploit to further his country’s zero-sum interests. These interests are to coerce the maximum number of concessions from Russia, ideally significant ones that weaken its overall strategic position, which Putin still rejects since he sees no reason to comply.
It’s in connection with this goal that Lavrov’s warning about the US’ attempt to establish strategic superiority over Russia is relevant. He also talked about this during the same press conference. The pertinence is that neutralizing Russia’s nuclear second-strike capabilities through the four interconnected means that he touched upon and which were analyzed here might make such concessions more likely. Russia is capable of retaining these capabilities, however, so that goal won’t be achieved in this way.
Therefore, the US’ only recourse for furthering these zero-sum interests (if Trump remains under the influence of warmongering Europeans and their neoconservative allies in the US) is to perpetuate the conflict in parallel with intensifying secondary sanctions pressure, both of which are presently occurring.
Trump could have punished the Europeans for subverting his Ukrainian peace plan agreed upon in Anchorage or at least told them to stop subverting it, but he’s thus far done neither to Russia’s chagrin.
It can’t be ruled out that he might one day do so, yet for the time being, Russia is rightly skeptical of his intentions but also doesn’t want to risk offending him and consequently making the worst-case scenario of him doubling down on the conflict a self-fulfilling prophecy by openly expressing such sentiment. That explains why Lavrov only criticized the Europeans during his press conference and not Trump.
Astute observers, however, can read between the lines and discern Russia’s displeasure with him too.
END
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
GARDASIL®9 (Human Papillomavirus 9-valent Vaccine, Recombinant) by Merck remains dangerous, its short & long-term safety & effectiveness remains unclear; “Gardasil Vaccine & the Damage Done”
Do not forget Christina Tarsell, 21 years old who died after taking 3rd GARDASIL shot; approved in females aged 9 to 46…Christina felt very sick after the GARDASIL vaccine; many deaths in VAERS
| Dr. Paul AlexanderJan 26 |
Many young girls have died soon after the GARDASIL shots. Many pharma and conflicted scientists claimed it does not seem causal. It is ‘coincidence’. How could people who are pushing the vaccine also be involved in regulating it?
My view, I was at Oxford when there was a push to mainstream this vaccine by MERCK and I can say still today, the proper research, clinical, have not been done. We cannot attest to the safety of this vaccine.
NEWSWIZE
| Trump to Conquer CubaThe Trump administration is weighing a dramatic escalation against communist Cuba that could choke off the island’s energy supply and force a political reckoning in Havana.According to officials familiar with internal discussions, the White House is evaluating a complete halt of all oil deliveries to Cuba as part of a broader strategy aimed at triggering a transition of power.The push …READ THE FULL REPORT |
| ‘Trans’ Bad Bunny Hijacks Super BowlThe NFL is facing a growing backlash after reports claimed Super Bowl halftime headliner Bad Bunny plans to wear a dress during the league’s most-watched event.According to Radar Online, a member of the singer’s styling team said Bad Bunny is preparing a wardrobe choice meant to provoke controversy during the Super Bowl LX halftime show.“A political thunderbolt disguised as couture,” …READ THE FULL REPORT |
| US Will Control GreenlandFormer U.S. Ambassador to Denmark Carla Sands says President Donald Trump will bring Greenland under U.S. control before the end of his second term, predicting the massive Arctic territory will become “America’s next Puerto Rico.”Sands, who served as ambassador during Trump’s first term, said the president has already shifted the global paradigm surrounding Greenland and forced allies to confront what …READ THE FULL REPORT |
| Scary Trump Health News EruptsThe White House is offering a new explanation for President Donald Trump’s visibly bruised hands after fresh photos sparked renewed speculation about his health.Press Secretary Karoline Leavitt told CBS News that Trump injured his hand during a signing ceremony at the World Economic Forum in Davos, Switzerland.“At the Board of Peace event today in Davos, President Trump hit his hand …READ THE FULL REPORT |
| Chaos Strikes Blue City AirportChaos erupted inside Detroit Metropolitan Airport Friday night after a vehicle smashed through the entrance of the McNamara Terminal and slammed into a Delta Air Lines check-in counter, prompting a rapid law enforcement response and sending travelers scrambling.The crash occurred around 7:30 p.m. local time, according to airport officials. Video from the scene showed the car fully inside the terminal, …READ THE FULL REPORT |
| Civil War Breaks Out in USViolent protests erupted in Minneapolis on Saturday after a U.S. Border Patrol agent fatally shot an American citizen, escalating into chaos that left a federal law enforcement officer permanently injured.According to the Department of Homeland Security, two rioters allegedly bit off part of a Homeland Security Investigations officer’s finger during clashes with federal agents as protests intensified throughout the city.The …READ THE FULL REPORT |
| Border Patrol Kills US CitizenA U.S. Border Patrol agent fatally shot an American citizen in Minneapolis on Saturday morning during a federal law enforcement operation, triggering protests and renewed scrutiny of federal enforcement tactics in the city.The victim was identified as Alex Jeffrey Pretti, a 37-year-old Minneapolis resident and ICU nurse who worked at the Veterans Affairs Health Care System. Authorities confirmed Pretti was …READ THE FULL REPORT |
| Deadly US Emergency AlertPresident Donald Trump is warning Americans to take an extreme winter storm seriously as brutal cold, snow, and ice slam large portions of the country, triggering travel chaos, power outages, and emergency declarations across multiple states.The storm is stretching thousands of miles across the U.S., impacting the Plains, Midwest, South, and Northeast at the same time. Forecasters say the system …READ THE FULL REPORT |
| Bombshell: Trump Conquers GreenlandPresident Donald Trump declared that the U.S. will get what he called “total access” to Greenland, reigniting international attention on the strategic Arctic territory and setting off predictable outrage from foreign leaders and media outlets.Trump made the remarks while discussing a new framework arrangement tied to NATO cooperation, arguing that Greenland is essential to American national security, missile defense, and …READ THE FULL REPORT |
| Don Lemon Faces PrisonAttorney General Pam Bondi warned Friday that the Department of Justice (DOJ) is prepared to pursue legal action against individuals who disrupted a church service in St. Paul, Minnesota, including the possibility of charges against former CNN host Don Lemon.Bondi made the remarks during an appearance on Fox News, saying the DOJ will aggressively enforce laws protecting houses of worship …READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
What We Are Experiencing Is Not De-Dollarisation But De-Fiatization
Monday, Jan 26, 2026 – 12:10 PM
By Benjamin Picton, Senior Market Strategist At Rabobank
J.P. Morgan once famously remarked that “gold is money, everything else is credit.” That dictum was apparently forgotten during the 1980s & 1990s as gold’s share of central bank reserves steadily declined and gold prices – for most of that period – did the same.
That period was the most recent era of high financialization, where Hollywood movies like Wall Street, Trading Places, Barbarians at the Gate and even Pretty Woman glorified the swashbuckling lifestyle of financiers. It was also the era of the leveraged buyout, the rise of the MBA, the retail day-trader speculating in the dotcom boom and the germination of the idea (in the Anglosphere, at least) that you too can get rich through landlording – effectively transforming housing from a consumption good to a financial asset. This was also the era of the imperialism of the US Treasury Bond.
With the benefit of hindsight, it is reasonably clear from the data that this period ended with the popping of the dotcom bubble, but the final eulogy was not read until the financial crisis of 2008 when the excesses of high financialization were truly laid bare. This imbued the arguments of non-market economies like China that American system was decadent and sclerotic – and that the their system was superior – with apparent credibility. Along with military misadventure in the Middle East this constituted a heavy blow for the soft power and prestige of the United States.
While it is typical to think of the financial crisis is an epochal ending, gold’s share of central bank reserves hit its nadir around the year 2000. That was also the approximate highwater mark for US Treasury bonds’ share of global reserve assets. Many Western central banks – the last sellers of scale – had recently offloaded their holdings at low, low prices in the late 1990s having been taken in by fashionable ideas that gold was a “barbarous relic” and that the creation of the fiat monetary system and floating exchange rates in 1971 made holding gold a quaint anachronism.
Fast forward to today and gold is now trading well above $5000/oz. Silver is trading well above $100/oz. The financial has given way to the material and the fashionable narrative is now ‘sell America’ and de-Dollarisation. Dollar assets’ share of total central bank reserves has been in slow decline for years, but some commentators are now pronouncing the death of the Dollar system as Donald Trump’s abrasive style of foreign policy offends traditional allies. In seeming support of the sell America narrative, the Bloomberg Dollar spot index is down 1.14% year to date.
However, on the other side of the ledger we continue to see strong demand at US Treasury auctions and SWIFT data shows that the use of the US Dollar in international payments is actually increasing, mostly at the expense of the Euro. The Chinese Renminbi has seen a modest rise in its use in payments, but small declines in its already low share of central bank reserves. Even the increased use in payments is exaggerated somewhat by transactions between mainland China and Hong Kong. At only 3-4% of total payments versus more than 50% for the Dollar, it would seem to us that the demise of the Dollar in favor of other currencies is much exaggerated.
Speaking to the media at Davos, hedge fund manager Ray Dalio argued that what we are experiencing is not de-Dollarisation, but de-fiatization. That is, flight from fiat currencies in favor of real assets or – as J.P. Morgan might have advised – real money in the form of gold and silver. Ray pointed out that “in a war-like environment” countries don’t want to hold each other’s debt for fear of sanctions (Russia presents a cautionary example), while other investors don’t want to hold financial claims for fear of debasement through deficit spending by national governments and debt monetization – quantitative easing – by central banks. Under this scenario, it is rational to hold neutral money with no counterparty risk, no risk of debasement and less scope for the imposition of capital controls. The last sellers of scale (central banks) became the first buyers of scale in 2024 and 2025, but the trade has broadened out to other buyers.
The debasement of fiat currencies is now easy to spot. Aside from gold and silver regularly re-setting all-time highs the Bloomberg commodity index has surged to sit at its highest level since mid-2022. Brent crude prices have risen for the last five weeks straight and Henry Hub natural gas prices have surged more than 65% year-to-date. These types of moves signal a scarcity of the material relative to the financial. Consequently, long yields have remained elevated (or surged, in the case of Japan) and the Reserve Bank of Australia – who took the ‘gently, gently’ approach on fighting inflation – may soon become the first G10 currency-issuing central bank (aside from Japan) forced to hike rates. The AUD has recently been surging in anticipation.
As Dalio explained to Bloomberg, the flipside of a trade imbalance is a capital imbalance. This is because the capital account is – by definition – the inverse of the current account (which includes the trade balance) in the balance of payments. With the USA running record current account deficits in early 2025, it’s a matter of mathematics that foreign investors have to buy US Treasuries for that deficit to be financed. For the US to make progress on reducing its trade deficit (as it has recently), it must also make progress on reducing its capital account surplus. That means fewer Dollars for the rest of the world who – as detailed above – rely on Dollars to conduct trade.
This is the Triffin Dilemma, which also describes why China – with its immense and growing trade surplus – cannot supplant the Dollar’s global role with the CNY. How are you going to get CNY into the hands of other countries unless China runs a trade deficit? Logically – though its appeal as a store of value may be diminishing – the Dollar must remain the global reserve currency because there is no viable alternative. Central governments will not return to a gold standard for the same reason the last vestiges of the gold standard were abandoned in the first place: it would constrain governments’ freedom to engage in deficit spending and create inflation.
Very clearly the world is erecting new barriers to the free movement of goods. With the US embracing a re-invigorated Monroe Doctrine under its new National Security Strategy, it now views the economic affairs of its neighbours in the Western Hemisphere as issues of interest for the United States. This is obvious in the case of Venezuela, and also in the case of the Panama Canal, and was again highlighted over the weekend when President Trump threatened to impose 100% tariffs on all Canadian goods if Canada were to do a trade deal with China.
Canadian PM Carney became the darling of Davos by delivering a speech articulating the changes in the world order and attempting to rally middle powers to band together and stand against great power coercion. Carney was delivering jabs at the United States, but the credibility of his message may have been diminished somewhat by his actions in signing an agreement with China to reduce Canada’s 100% tariff on Chinese EVs in exchange for a reduction in Chinese tariffs on Canadian canola and seafood products.
Speaking to ABC’s This Week, Treasury Secretary Scott Bessent explained the tariff threat by making it clear that Canada’s deal was not acceptable from the perspective of the USA. “We have a highly integrated market with Canada… Goods can cross the border six times during the manufacturing process. And we can’t let Canada become an opening that the Chinese pour their cheap goods into the U.S.”
For now, the geostrategic competition between China and the United States continues to be prosecuted as a trade war but investors may do well to heed Dalio’s warning that punishment in the form of a global capital war is on the horizon. For details on how one part of that might look, see our thoughts on US Dollar stablecoins here.
END
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
NatGas Rips Higher As Arctic Blast Knocks 12% Of U.S. production Offline
Monday, Jan 26, 2026 – 12:45 PM
Update (1245ET):
New York natural gas futures surged sharply on Monday after roughly 12% of U.S. production was forced offline by a major winter storm and extreme cold blanketing the eastern half of the country.
The supply shock is now cascading into the power system, pressuring regional grids and prompting the Department of Energy to issue emergency orders allowing utilities in the PJM Interconnection and across the Northeast to operate fossil-fuel power plants at maximum capacity.
As heating demand spikes, oil, coal, and NatGas generation are providing a majority of the supply, preventing widespread rolling blackouts across the eastern half of the country. The focus has been on PJM’s Mid-Atlantic region due to potential blackout risks.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA
WHY THE COUNTRY FAILED
Three Lessons From Venezuela’s Economic Collapse
Monday, Jan 26, 2026 – 06:30 AM
Authored by Matthew Mitchell via TheDailyEconomy.org,
President Trump has accepted the Nobel Peace Prize that was awarded to Venezuela’s opposition leader, María Corina Machado.
Unlike Machado, however, he does not accept the central lessons that can be gleaned from five decades of Venezuelan misrule.
There are three.
Lesson 1: Past prosperity is no guarantee of future prosperity.
In 1970, Venezuela was the wealthiest country in Latin America. Sitting atop the world’s largest proven oil reserve, it churned out more than 3.5 million barrels of oil a day. Using GDP per person as a metric, its citizens earned 2.7 times as much as the rest of Latin America — about the same as the average Finnish, Japanese, and Italian citizen.
This prosperity bought Venezuelans better health, longer life, and more creature comforts — especially fancy foreign cars that poured into the country as oil poured out. And it wasn’t just the wealthy that benefited. Venezuela’s poverty rate was about a third of what it was in the rest of Latin America.
The zenith was around 1977. Thanks to the global oil crisis of a few years earlier, crude prices had quadrupled. Amidst the boom, President Carlos Andrés Pérez made the fateful decision to nationalize the country’s oil industry, hoping to use its wealth to fund economic development and poverty relief. Instead, by combining public and private interests, the decision proved a boon for corruption, eventually turning the country into a petrostate.
Almost immediately, incomes began to fall. By 1999, average Venezuelans were earning less than 90 percent of what they had three decades earlier. But the worst was yet to come.
Which brings us to the second lesson.
Lesson 2: Policy matters.
Oil was not the only explanation for Venezuela’s 1970s prosperity. The government spent and taxed modestly. It left most industry in private hands. Inflation was low. And international trade was almost entirely free of tariffs and regulatory barriers to trade.
In 1970, Venezuela scored a little less than 7 on the Fraser Institute’s 10-point Economic Freedom of the World index, making it the 13th most economically free country in the world, just ahead of Japan.
But as the rest of the world liberalized in the 1980s and 1990s, Venezuela went in the opposite direction. The government ramped up transfers and subsidies and began to acquire more assets. Property rights grew less secure. Inflation reached 26 percent in 1980 and over 50 percent in 1995. By 2000, Venezuela had slipped to 116th in economic freedom.
In 1999, as the economy faltered, a frustrated electorate turned to an outsider, Hugo Chávez. Chávez had risen to fame seven years earlier when he led an unsuccessful coup d’état against the democratically elected government (ironically led by Andrés Pérez, who had returned as president in 1989).
Though left-of-center, he did not begin as a radical. Instead, he positioned himself as a populist reformer who could steer a “Third Way” between socialism and capitalism. But he grew more radical after a failed coup attempt against him in 2002. By 2005 he had fully embraced the socialist label, recasting his movement as “Socialism of the 21st Century.”
It wasn’t just branding. He nearly doubled transfers and subsidies and more than doubled government investment. He tightened control over the government-owned oil company and nationalized other industries, including steel, iron, mining, cement, farming, food distribution, grocery chains, hotels, telecommunications, and banking. The government stopped respecting and protecting private property. Annual inflation bounced around from 20 to 60 per cent. At the time of his death in 2013, Venezuela’s overall economic freedom was close to 3 on the 10-point scale, making it the least economically free country in the world.
But as the government took, nature gave. The country’s massive Orinoco Oil Belt continued to churn out about 2.5 million barrels of oil every day. As a result, GDP per person recovered.
Many Western observers, from Senator Bernie Sanders to director Oliver Stone, saw this as a sign that socialism works. But the reality is that Venezuela’s oil-fueled boom had only managed to bring incomes back to 1970s levels. Moreover, careful econometric analyses comparing Venezuela’s performance to that of other similarly situated countries, found that Venezuela consistently under-performed.
Chávez died in 2013, leaving the country in the hands of his Vice President, Nicolás Maduro. Maduro clung fast to Chávez’s policies, but as global oil prices plummeted, Socialism of the 21st Century began to look a lot like socialism in the 20th century: incomes collapsed, poverty exploded, and inflation became hyper (reaching over one million percent in 2018).
Maduro responded predictably, imposing price controls that produced massive shortages of household necessities. About a quarter of the population fled the country.
But the cost was not merely economic. Which brings us to the final lesson.
Lesson 3: Economic and Personal Freedom are Deeply Intertwined.
Socialism is typically imposed at the point of a gun. But notwithstanding his attempted 1992 coup, Chávez had come to power through free and mostly fair elections. This seems to have been one reason why Western observers were so taken in by the regime. Writing in her 2007 book, The Shock Doctrine, Naomi Klein claimed that Venezuelan “citizens had renewed their faith in the power of democracy to improve their lives.”
But if she had looked closer, she would have seen the early signs of Venezuela’s anti-democratic turn. The Human Freedom Index, co-published by the Fraser Institute and the Cato Institute, builds on the Economic Freedom of the World index by adding 7 additional areas of personal freedom. As the figure below shows, the regime cracked down on personal freedoms just as it limited economic freedoms. By the time Klein wrote her book, Venezuela had already severely restricted freedom of expression, freedom of religion, freedom of association, freedom of movement, and the rule of law.
This, unfortunately, is common. As we see in the final figure, most regimes that restrict economic freedom also tend to restrict personal freedom. It is easy to imagine why. People value their economic liberties, so regimes that seek to severely repress these liberties often cling to power by suppressing dissent. And because socialist regimes own the means of production — including media production like radio, print, and TV outlets — they have a handy tool at their disposal for suppression.
What now?
As the Cato Institute’s Marcos Falcone recently explained, one Venezuelan who seems to have internalized these lessons is María Corina Machado. As a decades-long leader of the opposition, she has consistently championed both personal and economic liberty. She traces much of the country’s corruption, mismanagement, and stagnation to its 1976 nationalization of the oil industry.
And she is wildly popular. In the unified opposition primary of 2024, she ran on a platform of complete oil privatization and won 90 percent of the vote. Maduro refused to let her run in the general election, so she backed Edmundo González Urrutia and he is estimated to have won 70 percent of the vote. But Maduro refused to recognize the result and clung to power.
Now, apparently, President Trump is in charge. But like Maduro before him, Trump refuses to recognize the results of the last election. He claims that Machado lacks the “respect” and “support” to lead. Polls, meanwhile, indicate that she is favored by more than 70 percent of the country. While accepting her re-gifted Nobel Prize, Mr. Trump has decided to give the reins to Maduro’s Vice President, the socialist Delcy Rodriguez, calling her a “terrific person” and predicting a great Venezuelan renaissance.
As for privatization, Trump instead says “we’re going to keep the oil.” He claims that Rodriquez will be “turning over” up to 50 million barrels to the US, the proceeds of which will be “controlled by me, as President of the United States of America.”
Meanwhile, he is strong-arming US oil companies to invest in the country, telling them that if they want to recover their property that was seized by President Andrés Pérez in 1976, they’d better cooperate in rebuilding Venezuela’s infrastructure. For their part, the companies have been reluctant to do so, citing the country’s poor track record of protecting private property.
Like Andrés Pérez, Chávez, and Maduro, Trump seems to imagine that the right central plan will unlock the country’s vast oil wealth. But history teaches a different lesson.
CANADA/USA
ROBERT H TO US:
REUTERS: Trump threatens Canada with 100% tariff over possible deal with China
One might wish to take this warning as real intention.
There is an unconfirmed rumor that Canada is minting LBMA gold bars which are being shipped to China to be remelted in to Shanghai gold standard bars. If that is true then “Carnage Carney “ as Liz Truss refers to him as has truly put Canada into a FACE-OFF with its largest trading partner America.
And I suspect that a deal has already been done with SAAB on the Gripen over the F35 which will truly piss off America. Not withstanding it is a better plane for purpose.
XXXXXXXXXXXXXXXXXX
Trump threatens Canada with 100% tariff over possible deal with China
U.S. President Donald Trump on Saturday said he would impose a 100% tariff on Canada if it makes a trade deal with China and warned Canadian Prime Minister Mark Carney that a deal would endanger his country.
Read in Reuters: https://apple.news/AUpxt5JV7QRmh1ukm1q18FA
END
Carney Cracks: Canada Has ‘No Intention’ Of Pursuing Free Trade Deal With China After Trump Threatens 100% Tariffs
Monday, Jan 26, 2026 – 09:45 AM
Canadian Prime Minister Mark Carney says Canada has “no intention” of pursuing a free trade deal with China, after Donald Trump threatened to slap a 100% tariff on Canadian exports if Ottawa “makes a deal” with Beijing.
To review: right before Davos, Canadian Prime Minister Mark Carney returned from a trip to Beijing and announced a new 5-point ‘strategic partnership’ to ‘diversify our trade partnerships.’ The agreements included slashing tariffs on Chinese EV imports from 100 percent to 6.1 percent for the first 49,000 units, in exchange for China cutting tariffs on Canadian canola from 85 percent to 15 percent until at least the end of the year. Other exports, including Canadian canola meal, lobsters, crabs, and peas will also not be subject to Chinese anti-discrimination tariffs until at least the end of 2026.
A week later, Carney told the global elite at Davos resort that the “rules-based order” established by the United States and its allies following WW2 was fraying amid the current rivalry between China and America, so the “middle powers must act together because if we’re not on the table, we’re on the menu.”
Carney said that for their survival, nations should no longer “go along to get along” with Trump.
This flew up Donald Trump’s ass sideways, who issued a response on Truth Social Saturday:
“If Governor Carney thinks he is going to make Canada a ‘Drop Off Port’ for China to send goods and products into the United States, he is sorely mistaken. China will eat Canada alive, completely devour it, including the destruction of their businesses, social fabric, and general way of life,” Trump said in a post on Truth Social on the morning of Jan. 24.
“If Canada makes a deal with China, it will immediately be hit with a 100% Tariff against all Canadian goods and products coming into the U.S.A. Thank you for your attention to this matter!”
Trump’s reference to Canadian Prime Minister Mark Carney as “Governor” marks a return to the relations the U.S. president had with Carney’s predecessor, former Prime Minister Justin Trudeau, using the title to reflect his view that Canada should be part of the United States.
Meanwhile, on the sidelines of the WEF, Trump said that “Canada gets a lot of freebies from us. By the way, they should be grateful also, but they’re not,” adding, “Canada lives because of the United States. Remember that, Mark, the next time you make your statements.”
Treasury Secretary Scott Bessent echoed Trump’s comments on Sunday, telling ABC News that America could not “let Canada become an opening that the Chinese pour their cheap goods into the U.S.”
Carney ‘Clarifies’
So on Sunday, Carney told reporters that Canada respects its obligations under the Canada-US-Mexico trade agreement (CUSMA / USMCA), and will not pursue a free trade agreement without notifying the other two parties.
“What we have done with China is to rectify some issues that have developed in the last couple of years,” adding that the deal was “entirely consistent with CUSMA,” he said.
Trump notably raised tariffs on Canadian goods from 25% to 35% in August 2025.
END
CUBA/USA/VENEZUELA
Cuba Charges US With Imposing ‘Marine Siege’ For ‘Piracy’ Of Its Oil Imports
Sunday, Jan 25, 2026 – 07:15 PM
A Cuban diplomat has accused Washington of “international piracy” as the US moves to choke off Venezuelan oil supplies to the island following the Jan.3rd Pentagon operation that led to the ouster and abduction of President Nicolás Maduro.
Carlos de Céspedes, Cuba’s ambassador to Colombia, told Al Jazeera on Saturday that the United States has effectively imposed a “marine siege” on Cuba and that this is the most threatening and serious action imposed by Washington in decades.
“Cuba is facing more powerful US threats than it has in the 67 years since the revolution,” de Céspedes said, after the island-nation has already endured decades of sanctions.
Washington is openly blocking fuel shipments in the Caribbean, he described. “The US is carrying out international piracy in the Caribbean Sea that is restricting and blocking the arrival of oil to Cuba.”
Havana receives an estimated 35,000 barrels of oil a day from its longtime ally Venezuela, and the Cuban foreign ministry has also respond by saying every country has a right to import fuel “without interference” and that “no one dictates what we do.”
President Trump first unveiled the pressure campaign on January 5: “Cuba is ready to fall. Cuba now has no income. They got all of their income from Venezuela, from the Venezuelan oil. They’re not getting any of it. Cuba literally is ready to fall.”
Oil flows from Venezuela to Cuba have virtually already collapsed at this point. But the US administration is still yet weighing a full energy blockade against Cuba, which could unleash humanitarian catastrophe. Politico details of an economy and population under immense pressure:
Conditions on the island have indeed worsened, triggering blackouts and shortages of basic goods and food products. But the regime has weathered harsh U.S. sanctions — and the sweeping trade embargo — for decades and survived the fall of the Soviet Union after the Cold War. Meanwhile, concerns remain that the sudden collapse of the Cuban government would trigger a regional migration crisis and destabilize the Caribbean.
Critics of the Cuban government will likely celebrate the proposal if implemented by the White House. Hawkish Republicans had already embraced the idea of completely blocking Cuba’s access to oil.
Likely there is ratcheting paranoia within the halls of power in Havana at this very moment. We detailed earlier that the White House is also 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.
This would be along the lines of a ‘Venezuela model’ – but it is also the case that Cuban intelligence is a lot more experienced in dealing with the American adversary, after many decades of being locked in a shadow war and fight for survival.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1854 UP 0.0036 PTS OR 36 BASIS POINTS/WITH STOCKS IN EUROPE ALL MOSTLY GREEN
USA/ YEN 153.83 DOWN 1.695 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 1.3661 UP 1.0041 OR 104 BASIS PTS
USA/CAN DOLLAR: 1.3693 UP 0.0003 CDN DOLLAR DOWN 3 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 3.56pts or 0.09%
Hang Seng CLOSED UP 16.01 PTS OR 0.06%
AUSTRALIA CLOSED UP 0.57%
// EUROPEAN BOURSE: ALL MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 16.01 PTS OR 0.06%
/SHANGHAI CLOSED DOWN 3.56 PTS or 0.09%
AUSTRALIA BOURSE CLOSED UP 0.57 %
(Nikkei (Japan) CLOSED UP DOWN 961.62 PTS OR 1.79%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 5091.50.
silver:$109.71
USA DOLLAR VS TRY: 43.37
USA DOLLAR VS RUSSIAN ROUBLE: 76.41 ROUBLE// DOWN 92 BASIS PTS
UK 10 YR BOND YIELD: 4.5010 DOWN 2 BASIS PTS
UK 30 YR BOND YIELD: 5.230 DWN 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.373 DOWN 4 BASIS PTS
CDN 5 YR BOND YIELD; 2.910 DOWN 4 BASIS PTS
USA dollar index early MONDAY morning: 96.976 DOWN 73 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.222% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.235% DOWN 2 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.622 DOWN 3 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.224 DOWN 4 in basis points yield
ITALY 10 YR BOND: 3.465 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8659 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1876 UP 0.0087 OR 87 basis points
USA/Japan: 153,83 DOWN 1.639 OR YEN IS UP 164 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4920 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.226 DOWN 3 BASIS POINTS.
Canadian dollar UP 1 BASIS pts to 1.3686
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The USA/Yuan CNY UP TO 6.9544 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.9444
TURKISH LIRA: 43.37 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 3 in basis points from FRIDAY at 4.214% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.810 DOWN 3 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.579 DOWN 1 BASIS PTS.
GOLD AT 10;00 AM 5090.00
SILVER AT 10;00: 110.90
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:MONDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 5.41 PTS OR 0.05%
GERMAN DAX: CLOSED UP 32.27 OR 0.13%
FRANCE: CLOSED DOWN 11.90. PTS OR 0.05%
Spain IBEX CLOSED DOWN 136.10 PTS OR 0.78%
Italian MIB: CLOSED UP 118.73 PTS OR 0.26%
WTI Oil price 60.71 10.00 EST/
Brent Oil: 65.44 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 76.35 ROUBLE DOWN 1 AND 13 / 100
CDN 10 YEAR RATE: 3.371 DOWN 5 BASIS PTS.
CDN 5 YEAR RATE: 2.909 DOWN 5 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1882 UP 0.0063 OR 63 BASIS POINTS//
British Pound: 1.3680 UP 0.0059 OR 59 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.4950 DOWN 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.238 DOWN 0 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.239 DOWN 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.644 DOWN 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 154.05 DOWN 1.479 OR YEN UP 148 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3713 UP 0.0027 PTS// CDN DOLLAR UP 27 BASIS PTS
West Texas intermediate oil: 60.55
Brent OIL: 65.67
USA 10 yr bond yield DOWN 3 BASIS pts to 4.214
USA 30 yr bond yield DOWN 3 PTS to 4.803%
USA 2 YR BOND 3.592 DOWN 1 PTS
CDN 10 YR RATE 3.370 DOWN 5 BASIS PTS
CDN 5 YEAR RATE: 2.908 DOWN 4 BASIS PTS
USA dollar index: 96.86 DOWN 55 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.35 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 76,52 DOWN 1 AND 03/100 roubles //
GOLD $5057.95 3:30 PM)
SILVER: 109.33 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 313.67 OR 0.64%
NASDAQ 100 UP 100.11 PTS OR 0.43%
VOLATILITY INDEX 16.00 DOWN 0.090 PTS OR 0.56%
GLD: $ 469.73 UP 6.37 PTS OR 1.47%
SLV/ $98.34 UP 5.43 PTS OR OR 5.84%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 66.04 PTS OR 0.20%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘Sell America’? Everything Rips As Dollar Dips Amid ‘Snow Day’
WRAP UP
Stocks rally as earnings take focus despite looming trade uncertainty – Newsquawk US Market Wrap
Monday, Jan 26, 2026 – 03:56 PM
- SNAPSHOT: Equities up, Treasuries up, Crude down, Dollar down, Gold up.
- REAR VIEW: Trump threatens Canada with 100% tariffs over links to China; Strong US 2yr note auction; OPEC+ reportedly likely to maintain its supply pause in March; US winter storm to cut power for more than 200k customers, leaving many flights cancelled; MSFT announces Maia 200 chip; NVDA invests $2B into CRWV; Democrats threat a partial government shutdown following ICE Minneapolis shooting
- COMING UP: Data: Chinese Industrial Profit (Dec), US Richmond Fed (Jan), Consumer Confidence (Jan), ADP Employment Change Weekly. Events: NBH Policy Announcement. Speakers: ECB President Lagarde, Nagel; US President Trump. Supply: Australia, UK, Italy, Germany, US. Earnings: Texas Instruments, UnitedHealth, Boeing, UPS, General Motors, RTX, American Airlines, LVMH, Logitech.
- 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.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
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MARKET WRAP
US stocks closed higher on Monday as sentiment remains bullish ahead of a busy and important week of earnings (MSFT, META, TSLA, AAPL, ASML). Futures dipped on Sunday before erasing losses throughout APAC and EU trade. Downside was sparked by Trump’s threat of 100% tariffs on Canada over recent trade ties with China, as well as the potential for a partial government shutdown following disagreement over ICE funding after a Minneapolis shooting on the weekend. Sector performance was led by Communications and Tech, while Consumer Discretionary was the sole sector in the red. Microsoft announced the Maia 200 chip, in the latest challenge to NVIDIA, an update that contributed to modest losses in NVDA shares (-0.7%). In FX, participants continued to look for USD alternatives amid trade uncertainty and geopolitical tensions, leaving gold and silver rallying once again. Gold briefly surpassed USD 5,100/oz while silver climbed above 117/oz before paring to ~108. JPY extended on Friday’s strong strength after more verbal intervention, as well as participants mulling a potential joint US-Japan intervention. For Treasuries, the long-end outperformed while the 2yr’s relative underperformance was limited by a strong 2yr note auction. Attention turns towards the Fed rate decision on Wednesday, a possible Fed Chair announcement, as well as the beginning of Mag 7 earnings. Lastly, oil prices were lower following the return of Kazakhstan’s oil production at its largest oil field, although outages have occurred in the US amid Storm Fern. Natgas prices saw a fifth day of consecutive gains.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 5 TICKS HIGHER AT 111-26+
T-Notes see strength across the curve as attention turns to Fed and next Chair after strong 2yr auction. At settlement, 2-year -0.6bps at 3.590%, 3-year -0.6bps at 3.654%, 5-year -0.7bps at 3.816%, 7-year -1.3bps at 4.010%, 10-year -1.2bps at 4.211%, 20-year -2.2bps at 4.763%, 30-year -2.1ps at 4.803%.
THE DAY: T-Notes saw gains on Monday, with the long-end outperforming, albeit within narrow ranges and in light newsflow ahead of a week filled with risk events. Highlights include the Fed on Wednesday and Mag-7 earnings. Back to today, and the weekend, as USTs took the lead from firmer European bonds. Upside was facilitated by increased trade tensions between the US and China, no breakthrough between Ukraine and Russia, although seemingly more constructive, and continued pressures between the US and Iran. The latest on the latter was via the Washington Post, which reported that US aircraft carriers and warships reached the Middle East. As mentioned above, headline-driven newsflow was light on Monday, as shown by T-Notes trading within a 8 tick range. Brought forward a day on account of the Fed, there was a solid 2yr auction (more below), but little move was seen in Tsys in the aftermath. Finally, desks also note that aiding some of the upside was the odds of a US Government Shutdown rising after the events in Minnesota this weekend.
SUPPLY:
Notes
- 2YR: Overall, it was a solid 2yr auction. The high yield was 3.580%, and saw a stop-through of 1.4bps. vs. the prior auctions 0.2bps tail and the six-auction average of a 0.3bps stop-through. Bid-to-cover was strong at 2.75x, above both the prior of 2.54x and the average of 2.6x. Dealers took a small 7.3% of the auction (prev. 12.7%, avg. 11.2%), while Directs took 28.3%, compared to 34.1% last time out and the six-auction average of 33.0%. Indirects took a very chunky 64.4% (prev. 53.2%, avg. 55.9%), ahead of the 5 and 7yr auctions later in the week.
- US Treasury to sell 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 sold USD 89bln in 3-mnth bills at 3.580%, covered 2.90x; sold USD 77bln of 6-mnth bills at 3.525%, covered 3.07x
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: January 0bps (prev. 0bps), March 2.8bps (prev. 2.8bps), April 6.2bps (prev. 6.5bps), December 45.2bps (prev. 42.8bps)
- NY Fed RRP op demand at 1.5bln (prev. 0.93bln) across 7 counterparties (prev. 5)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 99bln (prev. 89bln) on January 23rd
- SOFR at 3.65% (prev. 3.63%), volumes at USD 3.137tln (prev. 3.121tln) on January 23rd
CRUDE
WTI (H6) SETTLED USD 0.44 LOWER AT 60.63/BBL; BRENT (H6) SETTLED USD 0.29 LOWER AT 65.59/BBL
The crude complex saw slight weakness as Kazakhstan is set to resume production at its biggest oilfield, although there have been outages in the US following Storm Fern. On the former, and as mentioned, the Kazakhstan energy minister said they are to restart production, although industry sources said volumes were still low and a force majeure on CPC Blend exports was still in place. CPC on Sunday said that its Black Sea terminal had returned to full loading capacity after maintenance was completed at one of its three mooring points. Further on the supply footing, but bullish for oil prices, was that the winter storm Fern hit the US coast, forcing shut-ins in major crude and natgas producing regions, with desks writing that roughly 250k BPD of crude production has been lost, including declines in the Bakken field in Oklahoma and parts of Texas. While supply dominated the slate, participants are still very cognisant of geopolitical woes, and latest reports from WaPo noted how US aircraft carriers and warships reached the Middle East. In addition, Zelensky said Ukraine-Russia delegation discussed steps to end the war and its monitoring, and Ukraine-Russia meeting can happen on Sunday, but it would be good if sooner. Overall, benchmarks hit highs in the European morning before gradually selling off through the day, albeit in a choppy manner, to settle just off earlier lows since alongside the cash open. For the record WTI traded between USD 60.42-61.71/bbl and Brent USD 64.52-65.72/bbl.
EQUITIES
CLOSES: SPX +0.50% at 6,950, NDX +0.42% at 25,713, DJI +0.64% at 49,412, RUT +0.64% at 49,412.
SECTORS: Consumer Discretionary -0.71%, Consumer Staples -0.05%, Real Estate -0.02%, Energy +0.04%, Industrials +0.10%, Materials +0.29%, Health +0.41%, Financials +0.65%, Utilities +0.78%, Technology +0.84%, Communication Services +1.32%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.12% at 5,955, Dax 40 +0.20% at 24,950, FTSE 100 +0.05% at 10,149, CAC 40 -0.15% at 8,131, FTSE MIB +0.26% at 44,950, IBEX 35 +0.78% at 17,681, PSI +0.23% at 8,577, SMI +0.04% at 13,132, AEX -0.14% at 999
STOCK SPECIFICS:
- Baker Hughes (BKR) surpassed expectations on EPS and revenue.
- Cisco (CSCO) upgraded at Evercore to ‘Outperform’ from ‘In Line’.
- CoreWeave (CRWV) strengthens collab. with NVIDIA (NVDA) and NVDA invests USD 2bln.
- Merck (MRK) is no longer in discussions to acquire Revolution Medicines (RVMD).
- Netflix (NFLX) upgraded at Phillip Securities to ‘Accumulate’ from ‘Sell’.
- Sarepta Therapeutics (SRPT) reported positive topline three-year functional results from Part 1-treated patients in EMBARK.
- SkyWater (SKYT) is to be acquired by IonQ (IONQ) for c. USD 1.8bln.
- Microsoft (MSFT) announced Maia 200 chip, an AI inference accelerator built on TSMC’s (TSM) 3NM process; to deploy in Iowa, future regions to follow; will serve multiple AI models including latest GPT-5.2 models.
FX
The Dollar started the week as it ended last week, sold against major peers (ex-CAD) as continued trade conflict left the de-dollarisation trade intact. This time, US President Trump threatened Canada with 100% tariffs over PM Carney looking to increase trade with China. CAD unsurprisingly lagged as an optimistic outcome of USMCA negotiations appears unlikely. Further trade uncertainty left the USD broadly sold to the benefit of the precious metals; gold climbed above USD 5,100/oz with silver surging above USD 116/oz. Other newsflow was light, with lagged November Durable goods data doing little to sway participants’ outlook. Attention this week looms on the Fed rate decision on Wednesday (exp. to hold), a possible Fed Chair announcement from Trump, US-EU trade relations, and any geopolitical updates surrounding Iran or Ukraine/Russia. Barclays month-end rebalancing model indicates no strong USD directional bias vs most majors, with a weak USD buying signal vs the EUR.
Yen strength continued on Monday following further verbal intervention, namely, PM Takaichi, noting they are ready to take action against speculative moves amid a weakening currency and surge in bond yields. Despite much intervention speculation on Friday, BoJ accounts provided no clear signal of intervention in the JPY on Friday. ING can see two reasons behind a possible joint US-Japan intervention. A weak JPY that added to higher US yields via pressure on JBS, as well as potentially undoing the work of US tariffs on Japan, giving Japanese manufacturers a competitive advantage. USD/JPY hit lows of 153.30 from Friday’s close of 155.74 before recovering to ~153.98 at pixel time.
USD/CAD was slightly firmer as Trump’s latest trade threat on China has cast a dim view on USMCA negotiations later this year in July. PM Carney spoke today, showing no signs of caving, arguing that new opportunities make Canadians less dependent on the US. “Some of President Trump’s recent comments should be viewed within the framework of the USMCA review”. Canadian and Chinese officials have both said they are not seeking a free trade deal.
END
USA DATA RELEASES
Core Durable Goods Orders Rise For 8th Straight Month
Monday, Jan 26, 2026 – 08:42 AM
US Durable Goods Orders soared 5.3% MoM in (admittedly very lagged due to the shutdown) preliminary November data (significantly exceeding the 4.0% MoM expected and a major rebound from October’s 2.1% MoM decline), boosted by bookings for commercial aircraft and other capital equipment.
Source: Bloomberg
That big jump (the biggest in six months) pushed durable goods orders up 10.5% YoY – the 3rd biggest increase since June 2022.
Under the hood, non-defense aircraft spend soared, defense spending dipped and motor vehicle orders were flatish…
Source: Bloomberg
Meanwhile, Core Orders (ex Transportation) rose 0.5% MoM (also better than expected)…
Source: Bloomberg
This was the 8th straight month of increases, leading to a 4.4% YoY rise in orders – the best since October 2022.
The data out Monday also showed the value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, increased a larger-than-forecast 0.7%.
END
USA ECONOMIC COMMENTARIES
Post-Winter Storm, Deep-Freeze Pushes Power-Grids To Brink As Feds Move To Avert Blackouts
Monday, Jan 26, 2026 – 08:05 AM
The major winter storm that dumped heavy snow and ice across much of the eastern US is finally over, but the cold-weather danger is far from over.
Roughly 185 million Americans remain under winter alerts today as Arctic air continues to pour deep into the central and eastern states. Wind chills are dropping into the minus 20s and minus 30s in some areas, with temperatures running 10 to 40 degrees below seasonal averages.
This prolonged cold – expected through the week – will continue to pressure major natural gas production hubs with freeze-offs, send pipeline volumes sliding, and push already-strained power grids to the brink.
The latest on grids:
- The Electric Reliability Council of Texas projected a record demand of 86 GW on Monday, above its prior summer peak.
- PJM Interconnection warned it faces days of extreme winter demand, an unprecedented stretch for the grid spanning the Midwest to the Mid-Atlantic.
- Grid operators are paying large customers to curb usage to avoid widespread rolling blackouts.
- Power prices spiked to crisis levels, with PJM on peak prices averaging about $639 per MWh and ERCOT North hub prices jumping more than 1,200% day over day.
On Sunday, the Energy Department issued emergency orders authorizing PJM to operate power plants at maximum capacity, including those fueled by coal and oil, regardless of limits set by environmental rules or state law. Similar orders were issued for ERCOT and ISO New England.
Golf clap for fossil fuels saving the grid from collapse. It wasn’t solar or wind. It was oil and natural gas.
UBS analyst David Robinson told clients, “Natural gas futures have surged nearly 20% Monday Asia morning as the worst winter storm in recent years in the US has seen surging demand for heating, with plunging temperatures knocking off nearly 10% of production.”
US natural gas futures in New York jumped nearly 20% to more than $6 per million British thermal units when trading opened up on Sunday (read here). Gains have largely held into early Monday, with prices still up about 17% as of 0715 ET.
Highest since 2022.
January could be the largest NatGas futures spike on record.
With 10% of US natural gas production knocked offline just as heating demand surges, this week shapes up as a major stress test for the nation’s power grids. Stack the firewood high and make sure the whole house generator is fueled up.
END
California’s Billionaire Tax: A Mirror Of EU Green Socialism
Sunday, Jan 25, 2026 – 04:20 PM
Submitted by Thomas Kolbe
The mid-19th century Gold Rush earned California the nickname “Golden State.” Over generations, the region became a place of aspiration— a projection screen for ambition and prosperity. Here, the American Dream coalesced into tangible stories of social mobility. Today, the state has become the stage for a political experiment that mirrors Europe’s globalist ideology.
This year’s World Economic Forum in Davos was entirely overshadowed by Donald Trump’s speech. The U.S. President declared the centrally planned EU-style climate socialism a failure, sending a chill through those who had benefited economically from the past years’ policies and fully embraced the green transformation agenda.
A politician who seems particularly devoted to this European-style centralist approach is California Governor Gavin Newsom. The day after Trump’s grand Davos performance, Newsom had the chance to present his perspective—a performance that quickly struck observers as bizarre. He labeled the Western leaders’ response to Trump’s policies as pathetic, accusing them of cowardice and bowing to the Trump administration. Symbolically, he carried a pair of bright red Trump Signature Knee Pads as a political prop, claiming he should have brought a full set for every world leader.
This hardly reflects the conduct of a serious statesman, particularly as his policies at home have generated genuine economic problems and deep social upheavals.
California on a Green Course
Newsom, a prospective Democratic presidential hopeful, governs the world’s fourth-largest economy—if California were its own nation.
He stages himself as a champion of the supposedly progressive, preferring the role of climate activist over that of a sober governor. The 2024 California wildfire disaster was apodictically attributed by him, in a blunt “Basta-style,” to climate change—opportunistic, eager to push through his climate agenda in the immediate shock of catastrophe.
Repeatedly, the state-induced water shortages in California are stylized as consequences of extreme drought linked to CO₂ emissions. California finds itself trapped in a familiar argumentative loop: every storm, every hail event is reinterpreted as a climate catastrophe, while normal conditions recede behind a veil of media-induced panic.
Newsom would prefer to exclude skeptics of the CO₂ debate from political discourse—a faint echo of Daniel Günther, but in woke-American design. Under his governance, California has become North America’s LGBTQ mecca: gender politics over academic excellence, paternalistic state control replacing the principle of autonomous individual action. The American spirit of the minimal state, which respects private life, is disappearing piece by piece in Newsom’s California.
Since taking office in 2019, California has mirrored the European Union in textbook fashion. The state has become the U.S. model for the most radical implementation of the Green Deal. Regulatory codes for industry, agriculture, and transportation read like translations of Brussels’ bureaucratic playbook.
As in the EU, California’s green transformation and debt-financed subsidy machinery have rapidly driven up public debt: over the past three years, the budget deficit reached roughly $110 billion, and the total debt now stands at $1.8 trillion—including unfunded social obligations.
Debt King Newsom governs his ideal state on clay feet.
One wonders at the audacity of his Davos performance as a supposed savior of the American Dream. Of course, it was home turf. In the WEF halls, at the heart of globalist think tanks, there is still faith in a centrally planned Net-Zero economy—without crashing the existing economic model or provoking a severe societal crisis.
In California, CO₂ emissions are to end by 2045. The cult lives, beneath the state’s radiant sun, which has simultaneously spawned a veritable homeless industry alongside its green art economy.
During Newsom’s tenure, a hybrid system of state-funded private homelessness care emerged. The number of beneficiaries managed by California’s social complex has multiplied tenfold to 180,000. Much like in Minnesota, where a network of Somali immigrant-run daycares created a tax-extraction model, California has a comparable system: poverty is managed and monetized, with major beneficiaries being Democratic Party members—a vast political donation machine ensuring campaign financing for future elections.
Ever-Increasing Taxes
California’s increasingly centralist regulatory policies are matched by aggressive fiscal measures aimed at delaying the inevitable economic collapse. Alongside heavy burdens on the middle class, businesses, and rising social contributions, a so-called billionaire tax is nearing enactment—a populist instrument, mirroring Germany’s current policy moves. In the 2026 super-election year, Germany’s ruling coalition seeks moral credibility by blaming the wealthy for social and economic decay. Similarly, future inheritance taxes on mid-sized corporate assets are planned. It sells well, a sound of social justice, distracting from the true culprits of the crisis.
This is Newsom in full form. California — a slice of Europe on the American West Coast.
Of course, Newsom’s billionaire tax is a Trojan horse. Once codified, the initially one-time plunder of the private wealth of roughly 200 California billionaires will soon be recast as a recurring “public welfare” levy: five percent of total net worth, payable once, or stretched over five years.
As usual, politics disregards that this capital is often tied up in corporate investments, funding the future of the state and securing jobs. Newsom needs liquidity. The green transformation must be funded—especially as the Trump administration in Washington deregulates the energy sector, prompting businesses to flee California in droves. The Red States are in demand now more than ever.
California billionaires voice unified disapproval. Larry Page, former CEO of Alphabet/Google, spins off parts of his companies to Delaware. Elon Musk had long since relocated Tesla. Peter Thiel, co-founder of Palantir, moves capital to Miami, Florida. David Sachs of Craft Ventures also leaves California for Austin, Texas.
The green transformation chaos has become a boost for U.S. business locations that value private property and market freedom.
We know this industrial exodus from Germany—a near-identical outcome under the same policies. And, like the German government under Friedrich Merz, which layers media spectacles over economic decline alongside the EU Commission, Newsom stages his media skirmishes with Donald Trump. The NGO-prince Newsom rhetorically flees into moralism. His tax-funded social state shields him from economic reality, capital flight, and growing criticism over misplaced priorities.
In Europe, this sound is all too familiar. It preempts criticism that grows louder as Net-Zero policies produce severe collateral damage and social upheaval. The solutions preferred by Newsom and the EU complex follow the same controlled green socialism principle: social scoring models based on individual carbon footprints, a maximalist censorship apparatus in social media, and digital central bank currencies granting the state total power over the private sector. Society is forcibly molded to fit the political ideology—regardless of the cost. Woke softening rhetoric attempts to paint this new socialism in gentle tones, masking its brutal reality.
KING NEWS
| The King Report for January 26, 2026 Issue 7666 | Independent View of the News |
| China is unraveling due to a military purge and possible coup. China’s top general, President Xi Jinping’s second-in-command, is under investigation, marking the highest-profile purge of senior military leadership amid Beijing’s military modernization https://reut.rs/4pXLesC @jenniferzeng97: According to revelations by former CCP official Du Wen, Zhang Youxia and Liu Zhenli were arrested over an attempted coup. Du Wen said that Zhang Youxia, together with Chief of the Joint Staff Liu Zhenli, planned to mobilize troops to launch a coup against Xi Jinping under the banner of “saving the Party and saving the nation,” but they were betrayed by people close to them… This is the most brutal and thorough purge in the history of the Chinese Communist Party and the international communist movement as a whole. It is also a direct manifestation of a structural collapse within the CCP’s military. The scale and intensity of Xi Jinping’s purge now far exceed those of Stalin and Mao Zedong. At the same time, a counter-strike by Zhang Youxia’s remaining faction could occur at any moment. Du Wen also strongly advised friends in Beijing to limit going out, and in particular to avoid rashly approaching the Chang’an Avenue area. Large-scale troop mutinies could break out at any time, the CCP regime could change overnight, and Xi Jinping could be eliminated at any moment, according to @duwen2023. https://x.com/jenniferzeng97/status/2015083318925283555 The CCP Central Military Commission Has Become “Functionally Paralyzed” According to the latest information, it can now be stated clearly: the Central Military Commission (CMC) of the Chinese Communist Party is no longer operating normally. The original General Staff command system has been taken over. The current situation is, in essence, martial law within the military: the office of the CMC chairman has replaced the normal command structure, issuing direct orders to theater commands and units via encrypted telegrams. The entire military has been placed on emergency alert, with troops assembled and ammunition confiscated… There is only one objective: to stabilize the military, prevent mutiny, and eliminate any possibility of a coup… By purging the PLA, Xi Jinping eliminated those who might threaten him—and in doing so, also eliminated the army’s soul. This army may still appear powerful on the parade ground, but it is extremely fragile in real war or systemic crisis. In building an army that “will not stage a coup” for his personal security, he has also built an army that “may fail at a critical moment… ”https://t.co/cCmGTuayou WSJ: China’s Top General Accused of Giving Nuclear Secrets to U.S. Bribery allegations have also been leveled against Gen. Zhang Youxia, whose downfall carries implications for the country’s military readiness The usual suspects wanted to play for the Friday Rally for equities. However, precious metals soared, and equities declined moderately, except Fangs, which rallied on buying for results that appear this week. Spot Silver hit 102.974. Physical Gold hit 4989.90. Friday’s King Report: Traders are likely to try to push Spot Gold to $5k and Spot Silver to $100. The other big story on Friday was the apparent Fed intervention in the yen/$. Speculation Mounts Japan to Buy Yen, Perhaps With US Help – BBG The jump in the US session came as traders reported that the Federal Reserve Bank of New York had called financial institutions to ask about the yen’s exchange rate. Wall Street saw it as an indication that the bank was preparing to assist Japanese officials to intervene directly in the currency market to prop up the yen… In a sign of US concern, US Treasury Secretary Scott Bessent said this week he had spoken with Katayama about the selloff in Japanese debt, adding it had affected the Treasuries market. “…The fact that US involvement in FX intervention is plausible could speed a sudden unwind of yen shorts even if no such US intervention actually materialized.” https://finance.yahoo.com/news/yen-jumps-most-since-august-195335182.html The Treasury is responsible for forex. It, possibly at the behest of Japan, told the Fed to intervene. After hitting 159.23 at 2:32 ET, the yen/$ plunged to 157.37 at 2:44 ET. After a rebound to 158.48 at 3:36 ET, the yen/$ rolled over and settled into a 1-handle range until another assault appeared at 11:16 ET. Just in time to frighten European trading before they exited for the weekend. Yen buying (short covering) continued on intervention expectations. The yen/$ hit 155.69 at 14:49 ET. ESHs opened moderately lower on Thursday night due to Intel’s Q1 EPS and Sales warning. But traders wanted to get long for the expected Friday Rally. Aggressive buying quickly appeared; ESHs rallied to 6963.25 (+18.25) at 1:05 ET. After the 1:00 ET Nikkei close, traders but loose; ESHs tumbled to 6925.50 (-19.50) at 4:44 ET. ESHs then went inert for about 75 minutes. After a quick pop to 6943.75 at 6:31 ET, ESHs fell to a daily low of 6924.75 (-20.25) at 9:00 ET. ESHs then gyrated wildly until sellers were absorbed by 9:54 ET. ESHs then surged to a daily high of 6964.00 (+19.00) at 11:03 ET. Alas, sellers returned; ESHs sank to 6931.00 at 13:00 ET. An A-B-C rally took ESHs to6956.25 at 14:22 ET. Sellers returned; ESHs fell to 6939.25 at 15:11 ET. ESHs traded sideways into the close; but sank to 6932.50 (-12.50) at 16:20 ET. @GlobalMktObserv: US freight shipments are COLLAPSING: The Cass Freight Index, a key measure of freight volumes, FELL TO 0.93 in December, the lowest since the 2020 CRISIS low. Excluding 2020, this is the lowest level since the Great Financial Crisis. Freight shipments have declined for 3 years STRAIGHT. This signals weakening demand for shipping and goods movement, and a slower economy. Is the real economy in a recession? https://t.co/lAGnMs2x8t Positive aspects of previous session Fangs rallied moderately on buying for this week’s results Negative aspects of previous session Precious metals and energy commodities rallied sharply. Stocks, ex-Fangs, declined moderately. Ambiguous aspects of previous session Japan intervened in the yen/$. First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6914.69 Previous session S&P 500 Index High/Low: 6932.96; 6895.50 NIPSCO customers are fed up about their utility bills, saying what they’re paying for electricity and gas has doubled or even tripled in some cases within the last year. https://t.co/35H6hmexjG NBC: Russia and Ukraine to hold joint peace talks with U.S. for the first time @realDonaldTrump (Saturday): If Governor Carney thinks he is going to make Canada a “Drop Off Port” for China to send goods and products into the United States, he is sorely mistaken. China will eat Canada alive, completely devour it, including the destruction of their businesses, social fabric, and general way of life. If Canada makes a deal with China, it will immediately be hit with a 100% Tariff against all Canadian goods and products coming into the U.S.A… @DrJStrategy: Bessent’s warning to Canadians is simple: Mark Carney may talk like a middle‑class champion, but his career, running the Bank of England, the Bank of Canada, and serving as a UN climate czar, marks him as a committed globalist, not a defender of Canadian workers or sovereignty. https://x.com/JackPosobiec/status/2014423710200160270 Mark Carney canceled the Canada‑China trade deal just 3 days after announcing it… Foreign direct investment in China slides 9.5% (y/y) in 2025 Despite the overall fall, investment from Switzerland, the United Arab Emirates and Britain into China last year increased by 66.8%, 27.3% and 15.9% respectively, according to the ministry… https://www.reuters.com/world/asia-pacific/foreign-direct-investment-china-slides-95-2025-2026-01-23/ @Barchart: Fund Manager Cash Level plunges to 3.2%, the lowest level in history https://x.com/Barchart/status/2014510179375841735 The US reportedly moved air defense systems to the Middle East (Iran missile attacks). Reports said Khamenei has moved to an underground bunker. A US massive attack on Iran appears to be imminent. Mississippi State Senator Chris McDaniel: Somewhere along the way, taxes stopped being about roads, courts, and national defense. They now exist to sustain worthless politicians and to reward the friends, donors, contractors, and constituencies that keep them in power. Money is taken from everyone, filtered through DC, and handed back to the favored few, all while being sold as compassion. That isn’t a revenue system. It’s a patronage system. A system built to serve itself has forfeited the right to exist. It’s time to bring the current federal income tax system to an end. Schumer, due to pressure for the Dem’s whack left base, stated on Saturday, “Senate Democrats will not provide the votes to proceed to the appropriations bill if the DHS (ICE) funding bill is included.” @DataRepublican: Congratulations Republicans. You played yourself in financing NED (National Endowment for Democracy) to avoid a shutdown. Only to find out that Democrats were going to shutdown no matter what. 81 Republicans Vote with Democrats to Fund Deep State Slush Fund (NED) That Targeted Conservatives https://dailycaller.com/2026/01/14/national-endowment-democracy-republicans-house-vote/ Today – Traders want to play for the Monday, Fed Week, Fang results rallies. But, at least on Sunday night, the ugly geopolitical and domestic landscapes are chilling bullish sentiment. For months, stocks have ignored negative news. It’s anyone’s guess if that trend continues today. NQHs were -373.00 at 18:00 ET, but aggressive buying appeared on above reasons. ESHs are -74.00, NQAs are -94.00; USHs are +8/32; Spot Silver is 108.21; and Spot AU is 5078.42 at 20:34 ET. S&P Index 50-day MA: 6838; 100-day MA: 6758; 150-day MA: 6611; 200-day MA: 6387 DJIA 50-day MA: 48,126; 100-day MA: 47,277; 150-day MA: 46,326; 200-day MA: 45,087 (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 6894.58 triggers a sell signal Trump (Sunday): Minnesota is a Criminal COVER UP of the massive Financial Fraud…! @mrddmia: Corrupt Democrat politicians are very happy to sit behind their gates, in their mansions, with their armed guards. Then have their mentally unstable pawns get killed. To distract from their corruption. (Looking at you, @GovTimWalz.) @DHSgov (Sat): At 9:05 AM CT, as DHS law enforcement officers were conducting a targeted operation in Minneapolis against an illegal alien wanted for violent assault, an individual approached US Border Patrol officers with a 9 mm semi-automatic handgun, seen here. https://x.com/DHSgov/status/2015115351797780500 The officers attempted to disarm the suspect but the armed suspect violently resisted. More details on the armed struggle are forthcoming. Fearing for his life and the lives and safety of fellow officers, an agent fired defensive shots. Medics on scene immediately delivered medical aid to the subject but was pronounced dead at the scene. The suspect also had 2 magazines and no ID—this looks like a situation where an individual wanted to do maximum damage and massacre law enforcement. About 200 rioters arrived at the scene and began to obstruct and assault law enforcement on the scene, crowd control measures were deployed for the safety of the public and law enforcement… (Video): https://x.com/AutismCapital/status/2015137094394679618 @KimKatieUSA: Alex Pretti reaching for his holster and pulling out something, possibly a magazine just before he was shot. If you have a CCL, you are universally taught to NEVER physically engage with LEO while you are carrying. https://x.com/KimKatieUSA/status/2015465926498648214 Slow motion video of shooting: https://x.com/TheOfficerTatum/status/2015216178424148189 @JayTC53: Why is no one talking about this?! Alex Pretti was NOT at a Protest there was no protest happening at all! Alex followed DHS federal agents, armed and fully loaded, to impede them from serving a lawful arrest on a criminal migrant charged with domestic assault. That is not a just a “protestor at a protest.” @WellsJorda89710: Alex Pretti Was ACTIVELY Tracking & Targeting ICE in Secret Minnesota Signal Group Chat. A neighbor just told The Mirror US: The man shot by Border Patrol was deep in an anti-ICE “rapid response” Signal network designed to hunt down agents, dox them, swarm locations, and interfere with operations… https://x.com/WellsJorda89710/status/2015512297545040125 @jonnyqwest22: Walz and the rest are pushing these lunatics out there and encouraging them to bring firearms. They want the optics of icy streets soaked in human blood to incite nationwide violence and activate the deranged to attack law enforcement of every kind. This is 100% inevitable. The violence-inspiring rhetoric of Dems, notably MN Gov Walz, AG Ellison, and Minneapolis Mayor Frey have consequences. There have been numerous calls for citizens to fight and take up arms against ICE and US Border Control agents. It was inevitable that someone would heed those calls. @nicksortor (Saturday): The man who brandished a firearm before being shot by Border Patrol is a 37-year-old White male, believed to be from Minneapolis. Another “white savior” lost his life while attempting to shield child rapists from deportation. https://x.com/nicksortor/status/2015122573965644057 The… suspect involved in today’s Border Patrol shooting can be seen reaching for his firearm as agents attempt to take him down. Totally justified… https://x.com/nicksortor/status/2015117739635953808 Fires are ALREADY being set in the streets of Minneapolis as riots intensify. It’s going to be a long night… Walz and Frey are going to make sure we have a “Winter of Love.” @KimKatieUSA: South Minneapolis deceased suspect who was arguing with CBP agents took an offensive posture just before the shooting. https://x.com/KimKatieUSA/status/2015119149740314662 @Rightanglenews: A self-described antifa general in Minneapolis is urging people to arm themselves against the federal government following the defensive shooting of a man by CBP. “It’s time for boots on the ground. I’m not talking about protest. Get your guns.” https://x.com/Rightanglenews/status/2015140208363090259 Trump: “This is the gunman’s gun, loaded (with two additional full magazines!), and ready to go – What is that all about? Where are the local Police? Why weren’t they allowed to protect ICE Officers? The Mayor and the Governor called them off? It is stated that many of these Police were not allowed to do their job, that ICE had to protect themselves — Not an easy thing to do! Why does Ilhan Omar have $34 Million Dollars in her account? And where are the Tens of Billions of Dollars that have been stolen from the once Great State of Minnesota? We are there because of massive Monetary Fraud, with Billions of Dollars missing, and Illegal Criminals that were allowed to infiltrate the State through the Democrats’ Open Border Policy. We want the money back, and we want it back, NOW. Those Fraudsters who stole the money are going to jail, where they belong! This is no different than a really big Bank Robbery. Much of what you’re witnessing is a COVER UP for this Theft and Fraud. The Mayor and the Governor are inciting Insurrection, with their pompous, dangerous, and arrogant rhetoric! Instead, these sanctimonious political fools should be looking for the Billions of Dollars that has been stolen from the people of Minnesota, and the United States of America. LET OUR ICE PATRIOTS DO THEIR JOB! 12,000 Illegal Alien Criminals, many of them violent, have been arrested and taken out of Minnesota. If they were still there, you would see something far worse than you are witnessing today!” @realDonaldTrump: AMONG OTHER THINGS, THIS IS A “COVER UP” FOR THE BILLIONS OF DOLLARS THAT HAVE BEEN STOLEN FROM THE ONCE GREAT STATE (BUT SOON TO BE GREAT AGAIN!) OF MINNESOTA! It is actually possible that the total amount of money stolen, over the years, by Corrupt Politicians and Fraudsters, from Minnesota, will exceed $100 Billion Dollars. In any event, whether it is or isn’t, the Theft, Incompetence, and Fraud is MASSIVE! Sadly, whatever numbers we find, California, and other Democrat run States, WILL BE WORSE. Border Patrol Union @BPUnion: Border Patrol agents are trained extremely well to protect themselves, their fellow agents, and innocent third parties. When a supposed “peaceful” protester brings a weapon (such as a loaded handgun) and brandishes it, there are going to severe consequences and repercussions. We have pleaded with and warned the media and the politicians that their irresponsible, hate-filled and false rhetoric is going to get people unnecessarily hurt, or worse, killed when they portray our agents and officers as the aggressors. They have encouraged these reckless confrontations and attacks on our agents and officers who are performing their lawful duties and enforcing the laws that Congress has put on the books. The fake and dishonest media and the shameless politicians should be held accountable for willfully misleading the public and enticing these protesters and agitators. We have full confidence that when more facts are revealed, our agents and officers will be shown to have utilized justifiable force in eliminating the threat. Walz made a highly inflammatory speech after the shooting. He is under investigation for massive fraud. He apparently wants a ‘blood in the streets’ diversion from his legal morass. (Obama, too, see below) Prof @JonathanTurley: Gov. Walz is again inflaming the mob. He is effectively declaring this to be the murder of a citizen who had a permit to carry this weapon. He is saying that the state not the federal government will control the investigation. He does not have that authority… With thousands in the streets, Walz just did all that he could to give them license for their rage. Most of us would never call this a lawful or unlawful shooting based on one videotape… Walz just said “quit referring to these people as law enforcement.” That is a new low from the governor. These are law enforcement officers who put their lives on the line every day. To say that they are not law enforcement is to further enable the rage… Walz just said we are being “shot in the face coming out of donut shops.” This is not a presser, it is a rage fest by Walz Walz is saying that they are “slandering this individual” and saying that the federal government “does not want you to trust your eyes and ears.” In other words, he is conveying, again, that the facts are clear from the video… I am still dumbfounded by Walz’s presser. It was logically incoherent… he video (again shot from across the street over cars) does not show what the man is doing as he obviously resists his arrest. Yet Walz offers a sputtering, chest-thumping press conference that insisted that these officers should not be viewed as actual law enforcement. @OliLondonTV: Tim Walz compares ICE in Minnesota to Nazi’s capturing Anne Frank: “We have got children in Minnesota hiding in their houses…many of us grew up reading that story of Anne Frank. Somebody’s going to write that children’s story about Minnesota…” https://x.com/OliLondonTV/status/2015532475120861387 Ex-federal prosecutor @shipwreckedcrew: Gov. Walz: “If you see ICE, take out your phone and record them. And remember, if you have a carry permit, feel free to get into a disagreement with ICE Officers while armed, and don’t offer to surrender your weapon for officer safety purposes until the matter is resolved. Don’t let them bully you. Take a round if you have to — for the cause.” Minneapolis Mayor Jacob Frey on 1/16: “We have residents that are asking the very limited number of police officers that we have to fight ICE agents on the street.” https://x.com/america/status/2012301380803768409 MN Lt. Gov Peggy Flanagan: “Show up, use your voice, and put your bodies on the line… our neighbors are being… kidnapped.” https://x.com/GrageDustin/status/2015269589991485684 Left-Wing Activists Run Shadow Police Force on Signal to Target ICE in Minneapolis https://www.zerohedge.com/political/left-wing-activists-run-quasi-police-operation-signal-target-ice-agents-minneapolis MN State Senate Candidate Anita Smithson identified as ‘dispatcher’ in anti-ICE Signal group. https://twitter.com/officer_Lew/status/2015181660967350759?s=02 Local Minneapolis politician David Snyder identified as an admin in anti-ICE Signal group. https://twitter.com/InsiderWire/status/2015182132612563166?s=02 Minnesota Signal group leader identified as Amanda Koehler, A ‘Protest’ organizer & campaign strategist for Tim Walz. https://twitter.com/InsiderWire/status/2015175635308511353?s=02 @MrAndyNgo: Great thread and reporting showing how thousands are part of a conspiracy in Minnesota using aliases on @signalapp to plan violent criminal conspiracies. As has been revealed in multiple state and federal court cases involving Antifa, Signal is the app where they plan their terrorist direct actions, though they reserve that for smaller cells of people recruited from real-life encounters… https://twitter.com/MrAndyNgo/status/2015167237771194703?s=02 @0hour1: Lt. Gov. Peggy Flanagan is one of the admins of Signal Chat. This means the State of Minnesota is behind the protests. It’s not organic it’s a insurrection at the very top. @chad_mizelle: If this is true, and if the Signal chat can be tied to the Pretti shooting, LG Flanagan is in serious trouble. Let me spell it out: If you are involved in a conspiracy (here, interfering with ICE operations) and someone dies as part of that conspiracy, even if the deceased is a co-conspirator, all participants in the conspiracy can be charged with murder. LG Flanagan better lawyer up. She may have some federal agents who want to talk to her… @anthonycabassa: MN National Guard members have arrived at the site of the federal building, and have been ordered to distribute donuts, coffee and hot chocolate to anti-ice protestors. They were given reflective vests, so protestors don’t confuse them with federal agents. https://x.com/anthonycabassa/status/2015515107363549485 @BreitbartNews: @PeterSchweizer says a secret Chinese police station in the Twin Cities “is tied to a group called Minnesota Global, which is a Tim Walz organization.” https://t.co/eW7M8ifqiT Axis of Anarchy: Minnesota anti-ICE ‘shutdown’ backed by DSA, Communists, unions, CCP-tied network https://justthenews.com/nation/states/minnesota-anti-ice-shutdown-backed-dsa-communists-unions-activists-ccp-tied-singham @C_3C_3: There are 42,861 NGOs and nonprofits handling $120 billion per year in Minnesota. None of the anti-ICE protests are organic. There are 1.8 million NGOs and nonprofits handling $3.7 trillion per year. 80% of them are Left leaning. Americans are funding the Leftist ideology that is destroying America. Funding the protests. Funding the Marxists. Funding our demise. It all must stop. https://t.co/fluCQodoDb You know Tim Walz is likely a CCP asset right? Chinese Communist Party. He’s clearly purposely trying to destroy Minnesota… He went to China 20-30 times. He honeymooned in China. If we’re being real here, it’s quite obvious. America has a Communism problem. F.A. United States Attorney Bill Essayli @USAttyEssayli: If you’re upset over what is happening in Minnesota, be upset with the state and local leaders who have declared themselves a sanctuary from federal law and elected to harbor criminal illegal immigrants. States do not get to opt out of federal laws, i.e., Confederate states. Antifa tactics are on full display today. What you’re seeing is straight from their playbook to undermine government: 1. Agitate law enforcement (get in their face, spit on them, assault them, etc.) 2. Trigger a response and use of force by law enforcement 3. Film the use of force and publicize it out of context 4. Use mainstream media and social media to inflame the public with a false narrative 5. Trigger a riot to overthrow the government They tried this last summer in Los Angeles, and it did not work. We aggressively arrested and charged violators on the spot and called in the National Guard. We restored law and order in California. @TheJusticeDept will do the same in Minnesota. @DesireeAmerica4: Fox News just said the quiet part out loud today. The people on the streets of Minneapolis tonight aren’t “concerned citizens.” They are a Paid Operation. The reporter confirms it: Comms: They have radios and a command structure. Logistics: They have supply lines and food drops. Organization: They move like a unit, not a mob. We know this playbook. The Democrats do this every time. They bus them in. They fund the supplies. They give the orders. This is the NGO Industrial Complex at work. https://x.com/DesireeAmerica4/status/2015246754451464600 @EricLDaugh: They have a full-blown lengthy training manual for leftist insurrectionists stalking, harassing and ambushing ICE and Border agents in Minneapolis. This is a well-organized and well-funded network. These people need to be in PRISON. https://x.com/EricLDaugh/status/2015478589244809249 The US is beset with the great insurrection since Southern politicians, notably George Wallace, fomented hate, distrust, and unrest in the ‘60s. Once again, it’s Dems leading the insurrection, which includes Antifa, Islamists, Marxists/Communists/ and Mexican Nationalists that what to reclaim US territory. @WallStreetApes: Peter Schweizer exposes Mexico runs 53 consulates in the United States, and THEY’RE ORGANIZING ICE PROTESTS – The Mexican consulates in America ARE MEETING WITH THE DEMOCRAT PARTY and organizing protests. There‘s a consulate in Minneapolis. “A top Mexico Senator on the Mexican National Defense Committee says, Quote, “Mexicans are in our territories. California, Nevada, Texas, Utah, New Mexico, Arizona, Kansas, Oklahoma, Colorado, and Wyoming. We’re going to take back the territory that was stolen from us. We already know that the Mexican population in the United States reaches 39.2 million. We Mexicans are reclaiming our territory.” The Democrats Party is helping Mexico take over America for votes and power. https://t.co/vcchVhNhTN Democrats will sell out the US to retain and procure political power – even though the end game costs them power – and MUCH MORE! @Clay4MainStreet: Obama deported over 3 million illegals, yet no riots or protests erupted. 56 people died in ICE custody under Obama, but the media didn’t overreact or rush to blame agents. What we’re seeing in Minneapolis isn’t just leftist hypocrisy, it’s incitement. Barack Obama issues rare political statement condemning DHS over Alex Pretti shooting — as Dems rally against Trump admin https://trib.al/PkIgbt2 @DrewHLive: The Obama’s are now dunking on the Trump administration feeding into the narrative that mass deportations are the problem and not the insurrectionists attempting to obstruct them. This is what happens when you fail to imprison Barak Obama over Russia Gate @AGPamBondi @AAGDhillon https://x.com/DrewHLive/status/2015493964531630514 @ginamilan_: For the record: ICE made repeated attempts to have 5-year-old Liam Ramos released to his mother. She refused to take custody of her own child. @CassandraRules: This Minneapolis mom took her 18 month old baby outside to do “ICE patrol” in below freezing weather (-21 degrees actual on Friday) because she thinks her babies “aren’t more important” than the children of random strangers. These women are SO BROKEN… How did these women get like this? https://t.co/FfpdciijYS Arizona AG wildly suggests residents can shoot masked ICE agents under state’s self-defense laws: ‘Recipe for disaster’ https://trib.al/Yj7bROj @JimHansonDC: This is how you get federal officers killed. And that is obviously her goal as there is no other reason to say something designed to incite violence. This is a senior Democrat leader trying to recruit the citizens of her state to join the insurrection. Officer ‘will lose finger’ after unhinged Minnesota rioters bite him during protests: DHS https://nypost.com/2026/01/24/us-news/unhinged-rioters-face-off-against-feds-as-anger-violence-in-minneapolis-spirals-out-of-control/ Fox: AG Bondi says an arrest has been made after someone allegedly bit a federal agent’s finger off in Minneapolis. https://t.co/LLxoIkgUel @DHSgov: During the riots, one individual was apprehended for obstructing law enforcement personnel and utilizing caltrops to deflate the tires of law enforcement vehicles. Upon apprehension, the subject was found in possession of a bag containing several similar devices. The subject (Woman) was arrested. https://x.com/DHSgov/status/2015273624174023098 @GraduatedBen: The high-pitched whistles used by anti-ICE activists overload neural processing circuits, leading to decrements in mental performance. The purpose is to put the ICE officers into a high-stress state. Here’s how one pro-illegal immigrant activist group described the effects: https://x.com/GraduatedBen/status/2015454521405677700 @ClayTravis: The NBA canceled its game in Minneapolis today because the league felt it wasn’t safe to play. The NHL is currently playing in Minneapolis and had zero issues with playing its game. The NBA’s decision was 100% political. Good for the NHL on playing. @EndWokeness: Ashli Babbitt: Unarmed, 5’2″, 115 lbs – Lt. Michael Byrd killed her point-blank on Jan 6th because she was climbing into a Capitol window. He got a promotion https://t.co/N9Hgp3a3Q3 @WallStreetApes: Wheelchair bound ICE protester seems to temporarily have a divine intervention and is able to stand up out of his wheelchair and grab what he dropped. These are paid actors. https://x.com/WallStreetApes/status/2015124347921510402 @BuckSexton: Enforcing immigration law in Minneapolis is more important now than ever. Trump must double down, triple down, whatever it takes. Democrats think they can subvert Trump’s single most important policy by throwing a tantrum. They must be proven wrong. @WallStreetApes: Wisconsin voter rolls show they have 7.14 million people registered to vote but only 4 million adults that live in the state. Again, Wisconsin HAS ALMOST TWICE as many registered voters vs adults who live there. “We only have 4 million adults in the state of Wisconsin. We’re approaching, in the 7.13 million number on the voter rolls, that grows almost daily… It’s even worse than this because there’s the 4.4 million adults in Wisconsin, not all of them registered, not all of them vote. We’re really down around about 3.6 million, 3.7 million.” So what he’s saying is only about 3.7 million people are registered voters but they have 7.13 million registered voters. https://x.com/WallStreetApes/status/2015031840982356412 @EpecTeam: DOJ’s lawsuit against VA’s election commissioner points out a registration duplication rate of 33.2% in 2024 — compared to the national average of 12.7%, among other eyebrow-raising stats. https://x.com/EpecTeam/status/2014336485684584880 AI bot swarms threaten to undermine democracy When AI Can Fake Majorities, Democracy Slips Away Because humans update their views partly based on social evidence—looking to peers to see what is “normal”—fabricated swarms can make fringe views look like majority opinions. If swarms flood the web with duplicative, crawler-targeted content, they can execute “LLM grooming,” poisoning the training data that future AI models (and citizens) rely on. Even so-called “thinking” AI models are vulnerable to this… https://garymarcus.substack.com/p/ai-bot-swarms-threaten-to-undermine @bennyjohnson: I don’t think Gavin Newsom will ever recover from this savage Scott Bessent nuke: “He is in over his hairdo. The National stage is very different than being governor with no achievements.” “Brain the size of a walnut. He brought kneepads, maybe that was for his meeting with Alex Soros.” https://t.co/iviaUmiR1D Trump tells The Post he’s skipping the Super Bowl, slams halftime performers Bad Bunny and Green Day: ‘I’m anti-them’.. all it does is sow hatred…”https://trib.al/wraTP6w Bad Bunny wearing dress for Super Bowl show sparks fury (NFL & its commish are woke panderers) The outfit is intended as “a political thunderbolt disguised as couture.” The anonymous source, who has reportedly worked closely with the Puerto Rican star, said the costume is designed to honor Puerto Rican queer icons and push cultural boundaries on one of the world’s biggest stages… Reverend Jordan Wells, a pastor and conservative commentator, added to the criticism: “This is exactly why I’m skipping the game this year. The NFL went full woke—picked a guy who’s turning the biggest football stage into a pride parade… (NFL Commish) Goodell also emphasized the importance of reflecting the NFL’s broad audience… https://www.msn.com/en-us/news/offbeat/bad-bunny-wearing-dress-for-super-bowl-show-sparks-fury/ar-AA1UOk3C Pro Football Talk’s Mike Florio on Chicago sports talk station “The Score” said an NFL coach told him the NFL presently has “the worst group of owners in its history.” Israeli official said to slam Witkoff: ‘He’s become a lobbyist for Qatari interests After the Saturday meeting between Prime Minister Benjamin Netanyahu and US officials Steve Witkoff and Jared Kushner to discuss the second phase of the Gaza ceasefire, an Israeli official reportedly voices sharp criticism of Witkoff. According to the Ynet news site, there has been anger in Jerusalem as the White House envoy pressures Israel to open the Rafah Border Crossing between Gaza and Egypt this week, even if Hamas fails to return the remains of Ran Gvili, the last hostage held by the Palestinian terror group…. “Witkoff pushed for placing our big rival Turkey on the border. The clock is ticking backwards to the confrontation with Turkey, which will be a tangible danger to our security,” the official is quoted as saying. https://www.timesofisrael.com/liveblog_entry/israeli-official-said-to-slam-witkoff-hes-become-a-lobbyist-for-qatari-interests/ Reportedly Witkoff, Jared Kushner, and Saudi Arabia are against the US attacking Iran. Witkoff’s son solicited billions from Qatar as his dad negotiated ceasefires — report https://www.timesofisrael.com/witkoffs-son-solicited-billions-from-qatar-as-his-dad-negotiated-ceasefires-report/ Ex-federal prosecutor @shipwreckedcrew: In INS v. Lopez-Mendoza the Supreme Court held that because deportation is a CIVIL proceeding, the Fifth Amendment right to remain silent does not apply. If a suspected illegal alien is asked a question but does not answer, the ICE Officers are allowed to infer from his silence that an answer would incriminate him… and that contributes to the “totality of circumstances” that justifies an investigatory detention. https://x.com/shipwreckedcrew/status/2014969541298888712 @IanJaeger29: Democratic Senator John Fetterman: “ICE agents are just doing their job, and I fully support that... People in my party treat them as criminals, that’s inappropriate and outrageous.” https://x.com/IanJaeger29/status/2015509782921191624 @Tyler2Oneil: The invasion of Cities Church was even worse than we thought. Agitators blocked stairs so “parents were unable to get to their children” at Sunday School. One told a kid, “Do you know your parents are Nazis, they’re going to burn in hell?”.. William Kelly, “DaWoke Farmer,” shouted, “This ain’t God’s house. This is the house of the devil.”… One woman broke her arm. Congregants “were terrorized, our children were weeping, college students and young women were sobbing, it was impactful and it will take time to work through.”… An agitator “continued to scream in the faces of young children while they were crying.”… https://x.com/Tyler2ONeil/status/2015520247898427874 Trump on Sunday night: During the four years of Crooked Joe Biden and Democrat failed leadership, Tens of Millions of Illegal Alien Criminals poured into our Country, including Hundreds of Thousands of Convicted Murderers, Rapists, Kidnappers, Drug Dealers, and Terrorists. I won the Election in a Historic Landslide, and Republicans won Majorities in both the House and Senate, in large part, because we pledged to SEAL THE BORDER, which we have done, and launch the largest Mass Deportation of Illegal Alien Criminals in American History. This Deportation effort is underway, and in Republican run Cities and States, these operations are going peacefully and smoothly, because Local Law Enforcement Officers are allowed to work with their Federal counterparts. For example, in the five Republican run States of Texas, Georgia, Florida, Tennessee, and Louisiana, ICE has arrested 150,245 Criminal Illegal Aliens over the past year — with ZERO protests, riots, or chaos. Why? Because Local Police and ICE are cooperating and working together. Meanwhile, Democrat run Sanctuary Cities and States are REFUSING to cooperate with ICE, and they are actually encouraging Leftwing Agitators to unlawfully obstruct their operations to arrest the Worst of the Worst People! By doing this, Democrats are putting Illegal Alien Criminals over Taxpaying, Law-Abiding Citizens, and they have created dangerous circumstances for EVERYONE involved. Tragically, two American Citizens have lost their lives as a result of this Democrat… mchaos. That is why I am hereby calling on Governor Walz, Mayor Frey, and EVERY Democrat Governor and Mayor in the United States of America to formally cooperate with the Trump Administration to enforce our Nation’s Laws, rather than resist and stoke the flames of Division, Chaos, and Violence: 1. Governor Walz and Mayor Frey should turn over all Criminal Illegal Aliens that are currently incarcerated in their State Prisons and Jails to Federal Authorities, along with all Illegal Criminals with an active warrant or known Criminal History, for Immediate Deportation. 2. State and Local Law Enforcement must agree to turn over all Illegal Aliens arrested by Local Police. 3. Local Police must assist Federal Law Enforcement in apprehending and detaining Illegal Aliens who are wanted for Crimes. 4. Democrat Politicians must partner with the Federal Government to protect American Citizens in the rapid removal of all Criminal Illegal Aliens in our Country. Some Democrats, in places like Memphis, Tennessee, or Washington, D.C., have done so, resulting in safer streets for ALL. In addition, I am hereby calling on the United States Congress to immediately pass Legislation to END Sanctuary Cities, which is the root cause of all of these problems. American Cities should be Safe Sanctuaries for Law Abiding American Citizens ONLY, not Illegal Alien Criminals who broke our Nation’s Laws. All of these requests are rooted in COMMON SENSE… The Trump Administration is standing by, and waiting for ANY Democrat to do the right thing… Minutes after DJT’s above posts, the WSJ infers he is about to TACO again and kneecap his supporters! WSJ: Trump Says Administration Is ‘Reviewing Everything’ About Minneapolis Shooting In an interview, the president says immigration-enforcement officers will ‘at some point’ leave the area. The globalist, immigration loving WSJ wants DJT to pause ICE operations in the Twin Cities. If Trump caves, the leftist insurrectionists win. What will they then want? What happens to the rule of law? DJT then unfathomably posted this: I’m building, on top of everything else that I am doing, one of the greatest and most beautiful Ballrooms anywhere in the World, with more than 300 Million Dollars of Great American Patriots’ money… as usual, I got sued, this time by the Radical Left National (No!)Trust for Historic Preservation, a group that couldn’t care less about our Country!… The so-called “preservationists,” who get their money from the most unusual of places, should not be allowed to stop this desperately needed addition to our GREAT White House, a place that a President has never needed permission to change or enhance, because of the special grounds on which it sits… The mere bringing of this ridiculous lawsuit has already, unfortunately, exposed this heretofore Top Secret fact (New underground WH bunker)… https://truthsocial.com/@realDonaldTrump/posts/115956692372915783 | |
SWAMP STORIES FOR YOU TONIGHT
“Let Our ICE Patriots Do Their Job”: Trump Rages After Armed Suspect Shot By Border Patrol Dies
Saturday, Jan 24, 2026 – 01:43 PM
Update (1430ET):
President Trump has taken to social media to express his anger and frustration at the events in Minneapolis. Specifically, that the suspect was armed… and where were the police!
“This is the gunman’s gun, loaded (with two additional full magazines!), and ready to go – What is that all about? Where are the local Police? Why weren’t they allowed to protect ICE Officers? The Mayor and the Governor called them off? It is stated that many of these Police were not allowed to do their job, that ICE had to protect themselves — Not an easy thing to do!”
And he knows who is to blame:
“Much of what you’re witnessing is a COVER UP for this Theft and Fraud. The Mayor and the Governor are inciting Insurrection, with their pompous, dangerous, and arrogant rhetoric!“
Trump concludes with a clear message:
“LET OUR ICE PATRIOTS DO THEIR JOB! 12,000 Illegal Alien Criminals, many of them violent, have been arrested and taken out of Minnesota. If they were still there, you would see something far worse than you are witnessing today!”
Full statement below:
Update (1344ET):
New angle of the shooting incident:
(Update: 1240ET):
The armed man shot by federal agents today in Minneapolis has died, according to the city’s police chief.
DHS has issued a statement regarding the incident:
At 9:05 AM CT, as DHS law enforcement officers were conducting a targeted operation in Minneapolis against an illegal alien wanted for violent assault, an individual approached US Border Patrol officers with a 9 mm semi-automatic handgun, seen here.
The officers attempted to disarm the suspect but the armed suspect violently resisted. More details on the armed struggle are forthcoming.
Fearing for his life and the lives and safety of fellow officers, an agent fired defensive shots. Medics on scene immediately delivered medical aid to the subject but was pronounced dead at the scene.
The suspect also had 2 magazines and no ID—this looks like a situation where an individual wanted to do maximum damage and massacre law enforcement.
About 200 rioters arrived at the scene and began to obstruct and assault law enforcement on the scene, crowd control measures were deployed for the safety of the public and law enforcement.
As noted by DHS, protesters have come out in force, resulting in the deployment of tear gas.
RELATED: Odds of a shutdown just spiked on Polymarket – as DHS legislation that funds ICE at current levels without policy restrictions is now in the Senate and needs 60 votes to pass by next Friday. With today’s shooting, it’s going to be an uphill battle to say the least.
Stay tuned for updates, it’s about to go off…
* * *
Weeks after a left-wing legal observer was shot and killed in Minneapolis amid pressure campaigns against federal officers carrying out immigration enforcement operations in the sanctuary city – reports of another federal agent involved in a shooting has hit social media feeds.
“Multiple law enforcement sources tell me there has just been a Border Patrol involved shooting in Minneapolis near 26th Street & Nicollet Ave. with Border Patrol shooting a person. I’m told the person is “down” and medics are working on them. No details yet on who it was or what led up to the shooting. Working sources and will update when I have more,” Fox News reporter Bill Melugin wrote on X.
Melugin noted that the Department of Homeland Security told him the suspect was armed with a pistol. The reporter posted an image of what appears to be a Sig Sauer P320, possibly a 9 mm, with a Sig optic on the slide.
Citizen journalist Collin Rugg posted footage that appears to show the final moments before the suspect was shot. It appears he was in a struggle with multiple federal agents. About 20 seconds into the video, an apparent gunshot is heard, with the suspect lying on the ground.
City of Minneapolis on X responds to the incident:
*This story is developing. Check back for more updates.
end
Minnesota Business Owner Claims ICE Will Start ‘Putting People In Ovens’
Monday, Jan 26, 2026 – 09:25 AM
Authored by Steve Watson via Modernity.news,
An unhinged leftist business owner from Minnesota told CNN’s Jake Tapper that there is no question ICE is running “concentration camps” and that federal officers could start “putting people in ovens” soon.
Tapper was platforming the deranged lunatic as a smattering of leftist-leaning shops in the city have shuttered their doors in “solidarity” against basic immigration enforcement, painting law-abiding agents as invaders while conveniently ignoring the chaos of open borders.
amie Schwesnedl, co-owner of Moon Palace Books in Minneapolis was there to explain why his business had closed for the day in protest against ICE operations, yet Tapper was provided a peak under that veneer and into the world of TDS radicalism.
“We can’t do business as usual right now, anyway, because our city has been invaded by masked gunmen kidnapping family members and friends and neighbors of ours to send them to concentration camps,” Schwesnedl proclaimed.
He added, “Additionally, there’s a lot of businesses in our area that have staff or customers or owners who are afraid to come to work, afraid to come in and shop. People are closing down today, and we felt like it wouldn’t be kind or fair for us to stay open, so we’re closing in solidarity to help send a message.”
This over-the-top rhetoric frames ICE agents – who are simply doing their job to enforce laws passed by Congress – as some kind of Nazi militia. It’s a classic leftist tactic: demonize border control to keep the floodgates open, even as communities suffer from the fallout of Biden-era lax policies that invited millions across unchecked.
Things escalated when Schwesnedl doubled down on his terminology, prompting Tapper to interject.
The CNN host, known for his establishment leanings, surprisingly pushed back, stating “Just one note, I’m not here to defend ICE, but I’m not a big fan of people using the term ‘concentration camp’ to describe detention camps. That has a very specific meaning.”
Schwesnedl wasn’t deterred. He fired back with historical references twisted to fit his narrative.
“I understand that, but they take people to Fort Snelling here, which literally was built as a concentration camp, and Alligator Alcatraz, which I think we can all agree is a concentration camp,” he replied.
Then came the kicker.
“I’m not saying they’re Dachau. I’m not saying they’re putting people in ovens — yet — but these are concentration camps. I don’t need to argue with you about that.”
That “— yet —” slips in like a Freudian admission, hinting at the wild conspiracy theories bubbling under the surface of anti-ICE activism. It’s not just exaggeration; it’s a deliberate smear against efforts to secure the nation, echoing the same hysteria that labeled Trump-era policies as “fascist” while ignoring the human trafficking and fentanyl crises fueled by porous borders.
For context, ICE detention facilities are civil holding centers for noncitizens caught illegally in the U.S., awaiting due process or deportation. They’re a far cry from the historical concentration camps Schwesnedl invokes, like those under Nazi Germany, which were instruments of genocide. Fort Snelling, a 19th-century military site in Minnesota, has a complex history including internment of Native Americans, but equating it to modern ICE ops is a stretch designed to inflame rather than inform.
The remarks underscore how these protests rely on emotional hyperbole over facts. In addition, the store closures involved only a “handful” of businesses, hardly a mass uprising, hardly worth even mentioning, yet CNN amplifies it as if it’s a national crisis.
Tapper’s stunned reaction highlights a rare crack in the media facade: even CNN hosts balk at rhetoric that veers into Holocaust trivialization. But Schwesnedl’s refusal to back down shows the depths of progressive entitlement, where enforcing borders is akin to invasion, and detaining lawbreakers is oppression.
It’s the perfect snapshot of leftist media propagandists and TDS activists spiraling as America First policies finally bite back against unchecked migration. Instead of addressing real community threats like crime waves tied to illegal entries, they’re equating detentions to historical atrocities – all to stir fear and undermine border security.
GREG HUNTER..INTERVIEWING STEVE QUAYLE
Mega Quakes, Mega Drought & Mega Volcanoes – Steve Quayle
By Greg Hunter On January 25, 2026 In Market Analysis, Political Analysis2 Comments
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Six years ago, filmmaker, book author and renowned radio host Steve Quayle warned “the West Coast of America is sleepwalking into a coming geologic catastrophe.” In 2019, Quayle was releasing his documentary called “Cascadia is the Big One.” Back then, Quayle said, “While the San Andreas is the most studied fault in the world, it’s like peanuts compared to what’s going to be happening in Cascadia. Cascadia (located in the Pacific Northwest) is the most dangerous with a one in three chance of going off in our time. I am not talking about hundreds of years or thousands of years, I am talking about the back-room hush of USGS (United States Geological Service) scientists, and many of them are silent. I am actually getting information from scientists that left the United States because there is a gag order on the true seismic nature of what’s going on in the United States. Our film “Cascadia: The Big One” will be previewed on USAWatchdog.com. This is really a critical situation.”
Fast-forward to today, and you are seeing recent earthquake activity up and down the West Coast starting with a 6.0 earthquake on the Cascadia Subduction Zone (off the coast of Oregon) that went right on down to San Francisco and LA. This warning from Quayle is now more important than ever! Quayle says, “Everything is on a hair trigger . . . The number of significant earthquakes are rising. . .. I am hoping people will recognize this thing is a big deal. The Kamchatka Peninsula is one of the most active regions on the Ring of Fire for earthquakes, but it also has three of the biggest volcanoes erupting from time to time. . .. What I am talking about is the synchronous eruption of mega volcanoes in the Ring of Fire. It goes all the way around from Japan to the Kamchatka Peninsula, Aleutian Islands, down the West Coast of the US and down into South America. Also, one of the most critical things to watch is Antarctica and all the volcanoes there. . .. Cascadia is the most dangerous subduction zone in the world that can set off some of the most dangerous volcanoes on the planet. This is why it’s important.”
On top of that, Quayle points out a nasty side effect of all this increased earthquake activity. Quayle explains, “These fractures are draining the aquifers of the Desert Southwest. . .. All the water is going to disappear from the Desert Southwest. . ..I said this 35 years ago, the greatest migration in American history will not be ‘head west young man.’ It’s going to be get away from the West Coast as fast as you can.”
Quayle thinks millions could die when Cascadia goes off. Quayle says geological experts in his film say (behind the scenes) they expect an earthquake greater than 10 on the Richter scale.
On the financial front, Quayle, who has sold physical gold and silver for 40 years, thinks record high metal prices could blow up the banks’ balance sheets. Quayle says, “The banks don’t have enough money to cover their shorts. Watch the markets Sunday night. . .. Don’t sell your gold and silver at this level.”
In closing, Quayle says, “We are barking as loud as we can bark. You better take this seriously. For those who believe that God the Father warns his people, this is the time to hit your knees and seek His direction. Jesus truly loves those who will call upon His name . . .. This should drive everybody into a position of prayer. If you don’t believe in God, it is at your eternal determent.”
There is much more in the 56-min interview.
There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm. You can get more information on Sat phones and backup battery power at Sat123.com. You can get all the information on Starlink at Starlink.com. You can get all the new Faraday bags and clothing at DarkBags.com. You can also call 855-980-5830 and talk to a real human. Same goes for EscapeZone.com where you can get Faraday bags big and small, and the newest Faraday clothing. You can also talk to a real human at EscapeZone.com by calling 702-825-0005.
Join Greg Hunter of USAWatchdog as he goes one-on-one with Steve Quayle warning you to prepare for violent financial and society meltdowns that could start with a Cascadia Subduction Zone earthquake or volcano for 1.24.26.
After the Interview:
You can get more information at Sat123.com, Darkbags.com and Starlink123.com. You can also call 855-980-5830.
Go to EscapeZone.com for Faraday bags and new Faraday clothing or call 702-825-0005 and talk to a real human.
SEE YOU ON TUESDAY
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