JAN 27/OPTIONS EXPIRY INDUCED RAID ON ALL OF OUR PRECIOUS METALS: GOLD HOWEVER CLOSED UP $2.55 TO $5087.60 BUT SILVER WAS WHACKED $.700 TO $107.00/PLATINUM WAS HIT HARD FALLING BY A HUGE 257.90 DOWN TO $2563.55 WITH PALLADIUM ALSO FALLING BY A HUGE 271.15 DOWN TO $1866.95.. THUS MARK TO MARK LOSSES ON THOSE DERIVATIVE CONTRACTS WERE SAVED FOR A LITTLE WHILE//CHRIS POWELL ON THE MORE IMPORTANT GATA DISPATCHES//SILVER AND GOLD NEWS RE: ROBERT LAMBOURNE//IRAN UPDATES/ISRAEL UPDATES/EXCELLENT COMMENTARY TONIGHT FROM MIKE EVERY OF RABOBANK ON EVERY MAJOR STORY TOUCHING THE GLOBE//VENEZULA’S REPLACEMENT OF MADURO AND NOW DEFACTO HEAD OF THIS COUNTRY HAS SAID SHE HAS HAD ENOUGH OF TRUMP//USA DATA RELEASES//EXCELLENT COMMENTARY TONIGHT FROM DR. LACALLE/SWAMP STORIES FOR YOU TONIGHT/GREG HUNTER INTERVIEWS BILL HOLTER//
132 C SG AMERICAS 12 363 H WELLS FARGO SECURITI 42 624 H BOFA SECURITIES 47 661 C JP MORGAN SECURITIES 81 40 685 C RJ OBRIEN 1 709 C BARCLAYS 29 737 C ADVANTAGE FUTURES 1 905 C ADM 65
TOTAL: 159 159 MONTH TO DATE: 11,826
JPMORGAN STOPPED 40/108
JANUARY
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 159 CONTRACTs NOTICES FOR 15,900 OZ or 0.4945 TONNES
total notices so far: 11,826 contracts for 1,182,600 OR 36.722 tonnes)
FOR JANUARY
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SILVER NOTICES: 348 NOTICE(S) FILED FOR 1.740 MILLION OZ OZ/
total number of notices filed so far this month : 9529 CONTRACTS (NOTICES) for 47.645 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $2.55 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 1086.53TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $7.00 AT THE SLV: SMALL CHANGES AT THE SLV: A WITHDRAWAL OF 4.17 MILLION OZ FROM THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 513.588 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A MEGA HUGE SIZED 2,395 CONTRACTS TO 161,943 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS MEGA HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE $12.92 GAIN IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S // TRADING.
THE LONG SPECULATORS ARE STILL QUITE RELENTLESS AS THEY POUR INTO THE OPEN INTEREST AT THE COMEX AS YOU WILL WITNESS WITH TODAY’S TRADING. THE FRBNY CONTINUES TO SUPPLY THE NECESSARY PAPER AS THEY TRY TO DRIVE THE PRICE SOUTHBOUND WITH THE HELP OF HIGH FREQUENCY TRADERS , T.A.S. SPREADERS AND NOW MONTH END SPREADERS.
WE HAVE REVERTED BACK TO NORMAL WITH THE SPECS NOW GOING ON THE LONG SIDE AND THE BANKER (FRBNY) ON THE SHORT SIDE AND PROVIDING THE NECESSARY SHORT PAPER.
IT IS OUR SILVER SPECULATORS THAT WERE PILING INTO THE SILVER COMEX. WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW SURPASSING SURPASS OUR LAST MAJOR HURDLE OF $50.00 SILVER AGAIN.
WE HAVE A MEGA HUGE SIZED GAIN OF 3325 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A STRONG SIZED 884 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY TRADING WITH OUR HUGE GAIN IN PRICE /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $50.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON MONDAY WITH SILVER’S HUGE GAIN IN PRICE AS THE SPECS PILED INTO THE SILVER ARENA. .
THE PRICE FINISHED STILL HUGELY ABOVE THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE CLOSING AT $114.10 UP $12.92 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A MAMMOTH SIZED 4642 T.A.S. CONTRACTS (AND A LITTLE DOWN FROM THE MEGA MEGA HUGE SIZED 5,000 PLUS CONTRACT ISSUANCE DURING NOVEMBER)!!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING AGAIN THE 50.00 DOLLAR MARK!!.MAMMOTH SIZE T.A.S ISSUANCE IS BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 50.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A HUGE SIZED 930 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS SIZED 4642 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A MEGA HUGE SIZED GAIN OF 3325 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE GAIN IN PRICE OF $12.92 WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION AND NO DOUBT REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE SPECULATOR LONGS STILL REMAIN STOIC EVEN ON OUR HUGE PRICE FALLS. EASTERN CENTRAL BANKER WENT TO THE LONG SIDE. THEY WILL TENDER FOR THE BADLY NEEDED PHYSICAL SILVER.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT//TUESDAY MORNING: A MAMMOTH SIZED 4692 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.615 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 47.915 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 48.015 MILLION OZ!!
WE HAD:
/ MEGA MEGA HUMONGOUS COMEX OI GAIN+// A HUGE SIZED 930 EFP ISSUANCE CONTRACTS (/ VI) A MAMMOTH NUMBER OF T.A.S. CONTRACT ISSUANCE 4632 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A MASSIVE 1074 SILVER CONTRACTS!!!!!
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JAN.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JAN.
TOTAL CONTRACTS for 17 DAY(S), total 23,669contracts: OR 118.345 MILLION OZ (1392 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 118.345MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 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: 118.345 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
RESULT: WE HAD A MEGA MEGA HUMGONOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3325 CONTRACTS WITH OUR GAIN IN PRICE OF $12.92 IN SILVER PRICING AT THE COMEX// MONDAY,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE: 930 CONTRACTS ISSUED FOR MARCH, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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LAST 10 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.615 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 47.915 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 48.015 MILLION OZ
THE NEW TAS ISSUANCE MONDAY NIGHT (4642) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 348 NOTICE(S) FILED TODAY FOR 1.740 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 14,103 OI CONTRACTS DOWN TO 525,061 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A RELATIVELY LOWISH OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A RECORD HUGE AND CRIMINAL 6548 ONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A STRONG SIZED LOSS IN COMEX OI (14,103 ONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $106.10 IN PRICE// MONDAY///.
LAST 9 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO /DECEMBER 25 AND NOW JAN 26)
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
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 0.2519 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.3542TONNES //NEW TOTAL QUEUE JUMPS 30.5051//NORMAL DELIVERY OF GOLD ADVANCES TO 36.82 TONNES TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK OF 17.656 TONNES//NEW STANDING ADVANCES TO 54/476 TONNES.
E.F.P. ISSUANCE/FOR OPENING JANUARY GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUMONGOUS SIZED 9055 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 525,061 AND WE NOW WITNESSING A NOW BIGGER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW EASIER TO FLEECE SPECS.
SILVER ALSO HAS A FAIR SIZED COMEX OI OF 161,943 CONTRACTS//
IN ESSENCE WE HAVE A STRONG SIZED LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5048 CONTRACTS WITH 14,103 CONTRACTS DECREASED AT THE COMEX// AND A HUMONGOUS SIZED 9055 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 5048 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED BUT CRIMINAL 1867 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON.
GOLD PRICE ON MONDAY ROSE BY $106.10
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUMONGOUS SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(9055) ACCOMPANYING THE STRONG LOSS IN COMEX OI OF 14,103 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 5048 CONTRACTS..
WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND NEWBIE SPECULATORS GOING TO THE LONG SIDE AND POURING IT ON WITH RECKLASS ABANDON!! . ,2.) STRONG INITIAL STANDING FOR GOLD FOR JAN AT 13.285 PLUS OUR NEXT QUEUE JUMP OF 0.2519 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.121 NEW TOTAL QUEUE JUMP OF 30.5051 TONNES//NEW NORMAL DELIVERY ADVANCES TO 36.82 TONNES FOLLOWED BY OUR 5 EXCHANGE FOR RISK OF 17.656 TONNNES//NEW STANDING A HUGE TO 54.476 TONNES
NEW STANDING ADVANCES TO 54.576 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 54.576 TONNES OF GOLD
3) ZERO T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION // AND A HUGE GAIN OF EQUITY SHARES/JAN 26 AS WE HAD 1)A $106.10 COMEX PRICE GAIN AND WE HAD 2) NEWBIE SPEC SHORTS GETTING LIQUIFIED AND ON A NET BASIS, THE SPECS LOST HUGELY IN NUMBERS + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A STRONG SIZED LOSS OF 5048 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN JAN. (54.476TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL WITH THE HUGE GAIN IN PRICE FRIDAY
4)A STRONG COMEX OI LOSS 5) V) HUMONGOUS SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (9055) AND A FAIR T.A.S. ISSUANCE (1867) FOR RAID PURPOSES
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN :
TOTAL EFP CONTRACTS ISSUED: 52,287 CONTRACTS OR 5,228,700 OZ OR 162.634 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 3075 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN17 TRADING DAY(S) IN TONNES: 162.634 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 162.634 TONNES DIVIDED BY 3550 x 100% TONNES = 4.59% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
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: 162.634 TONNES (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
SPREADING OPERATION
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 2395 CONTRACTS OI TO 161,943 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 930 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 930 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 2395 CONTRACTS AND ADD TO THE 930 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUGE SIZED GAIN OF 3325 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $12.92 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 16.63 MILLION PAPER OZ
OCCURRED DESPITE OUR GAIN IN PRICE.OF $12.92
2.ASIAN AFFAIRS JAN 26/2025
SHANGHAI CLOSED UP 7.30 PTS OR 0.18%
//Hang Seng CLOSED UP 361.43 PTS OR 1.35%
// Nikkei CLOSED UP 408,75 PTS OR 0.77%
//Australia’s all ordinaries CLOSED UP 0.45%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9566
/ OFFSHORE CLOSED DOWN AT 6.9540 Oil DOWN TO 60.37 dollars per barrel for WTI and BRENT DOWN TO 65.32 Stocks in Europe OPENED MOSTLY GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 6.9561 OFFSHORE YUAN TRADING UP TO 6.9540 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 14,103 CONTRACTS TO 525,061 OI DESPITE OUR HUGE GAIN IN PRICE OF $106.10 WITH RESPECT TO MONDAY’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 HUMONGOUS NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (9055).
WE HAD ZERO T.A.S. LIQUIDATION MONDAY. 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 525,061 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 5048 CONTRACTS (OR 15.70TONNES).
THEN WE WERE NOTIFIED OF A MONSTER 1016 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 101,600 OZ OR 3.160 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 5 ISSUED IN JANUARY: 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES AND FINALLY TODAY’S jAN 27: 3.160 TONNES//TOTAL EXCHANGE FOR RISK JANUARY 17.656 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!! (17.656 TONNES)
DETAILS ON OUR NEW JANUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 5048 CONTRACTS WITH OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH JANUARY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A FAIR SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 1867 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 5 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 0.2519 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.3542 TONNES //NEW TOTAL QUEUE JUMPS 30.5051 //NORMAL DELIVERY OF GOLD ADVANCES TO 36.82 TONNES TO WHICH WE ADD OUR 5 EXCHANGE FOR RISK OF 17.656 TONNES//NEW STANDING ADVANCES TO 54.476 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 HUMONGOUS SIZED EXCHANGE FOR PHYSICAL OF 9035 CONTRACTS.
THAT IS A HUGE SIZED 9055 EFP CONTRACT WAS ISSUED: : /FEB 9055 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 9055 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 MONDAY NIGHT/TUESDAY MORNING WAS A FAIR SIZED 1867 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
GOLD STANDING AT THE COMEX FOR GOLD LAST 12 MONTHS OF 2025
YEAR 2025:
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.
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 0.2519 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.3542 TONNES //NEW TOTAL QUEUE JUMPS OF 30.5051//NORMAL DELIVERY OF GOLD ADVANCES TO 36.820 TONNES TO WHICH WE ADD OUR 5 EXCHANGE FOR RISK OF 17.656 TONNES//NEW STANDING ADVANCES TO 54.476TONNES.
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)
2023:STANDING FOR GOLD/COMEX
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
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: 66.276TONNES (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 $106.10)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL MONDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR JANUARY IN AN OFF MONTH. THE COMEX IS ONE BIG MESS!!
MONDAY NIGHT//TUESDAY 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 MONDAY EVENING/TUESDAY 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 0.2519 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30,3542TONNES //NEW TOTAL QUEUE: 30.5051 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 36.56 TONNES TO WHICH WE ADD OUR 5 EXCHANGE FOR RISK OF 17.656 TONNES//NEW STANDING ADVANCES TO 54.476TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $106.10
WE HAD A HUGE 6548 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
NET LOSS ON THE TWO EXCHANGES : 5048 CONTRACTS OR 504,800 OZ OR 15.70 TONNES
Total monthly oz gold served (contracts) so far this month
11,836 notices 1,183,600 oz 36.782 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: 0
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DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
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 1 adjustments
DEALER TO CUSTOMER
JPMorgan: 14,008.215 oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 171 CONTRACTS FOR A LOSS OF 9 CONTRACTS.
WE HAD 90 NOTICES FILED ON MONDAY, SO WE GAINED 81 CONTRACTS OR 8100 OZ OF A QUEUE JUMP (0.2519 TONNES)
FEB LOST 56,956 CONTRACTS DOWN TO 132,930 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A WHOPPER OF A DELIVERY MONTH!!! LESS ROLLING TO THE NEXT DELIVERY MONTH WE HAVE ONLY 3 MORE READING DAYS BEFORE FIRST DAY NOTICE. TODAY CONCLUDES OPTIONS EXPIRY AT THE COMEX.
MARCH LOST 46 CONTRACTS DOWN TO 3516
We had 159 contracts filed for today representing 15,900 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 81 notices issued from their client or customer account. The total of all issuance by all participants equate to 159 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 40 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 (11,836) to which we add the difference between the open interest for the front month of JAN ( 171 CONTRACTS) minus the number of notices served upon today (159 x 100 oz per contract) equals 1,183,800 OZ OR (36.82Tonnes of gold) to which we add our 5 exchange for risk in January of 17.656 tonnes//new standing advances to 54.476 Tonnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (11,826 x 100 oz +we add the difference for front month of JAN (171 OI} minus the number of notices served upon today (159 x 100 oz) which equals 1,183,800 OR 36.82 TONNES plus our 5 exchange for risk of 17.656 tonnes//new standing advances to 54.476 tonnes
new total of gold standing in JANUARY is 54.476 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY 54.476 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume MONDAY confirmed 655,742 mega mega mammoth/
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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: 1,602,770l58 oz 49.85 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 35,941.502.324 oz
TOTAL REGISTERED GOLD 18,833,472l202 or 585.800 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,054,421.407 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,230,702 oz ((REG GOLD- PLEDGED GOLD)=
535.947 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
THE JANUARY. 2025 SILVER CONTRACTS
JAN 27 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
2 entries
i) out of Delaware 4851.600 0z ii) Out ofLoomis 85,759.920 oz
total withdrawn 100,611.530 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
1 ENTRY
i) Into Brinks dealer: 5071.000 oz
total deposit: dealer 5071.000 oz
Deposits to the Customer Inventory
0 ENTRIES
No of oz served today (contracts)
348 CONTRACT(S) ( 1.749 million OZ
No of oz to be served (notices)
54 Contracts (0.270 MILLION oz)
Total monthly oz silver served (contracts)
9529 contracts 47.645 MILLION oz
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
DEPOSITS INTO DEALER ACCOUNTS
1 ENTRY
i) Into Brinks dealer: 5071.000 oz
total deposit: dealer 5071.000 oz
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 ENTRIES
withdrawals: customer side/eligible
2 entries
i) out of Delaware 4851.600 0z ii) Out ofLoomis 85,759.920 oz
total withdrawn 100,611.530 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 3 all dealer to customer;
a) Loomis 63,318.970 oz
b) Manfra 766,812.771 oz
c) Stonex 35,468.780 oz
total adjusted out of registered 865,565.481 oz
TOTAL REGISTERED SILVER: 112.409MILLION OZ//.TOTAL REG + ELIGIBLE. 415.145 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: 402 OPEN INTEREST CONTRACTS FOR A LOSS OF 12 CONTRACTS. WE HAD 335 NOTICES FILED ON MONDAY SO WE GAINED A MONSTER 323 CONTRACTS OR A HUMONGOUS QUEUE JUMP OF 1.615 MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB GAINED 77 CONTRACTS UP TO 2277 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 578 CONTRACTS UP TO 104,650
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 348 or 1.740 MILLION oz
CONFIRMED volume; ON MONDAY 360,981 mammoth//
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 9529 X5,000 oz = 47/545 MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (402) AND the number of notices served upon today (348)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (9529)Notices served so far) x 5000 oz + OI for the front month of JAN(402) minus number of notices served upon today (348 )x 5000 oz equals silver standing for the JANUARY.contract month equating to 47.915 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR 20 CONTRACTS OR 0.100 MILLION OZ//NEW TOTAL STANDING FOR DELIVERY: 48.015 MILLION OZ.
NEW STANDING: 48.015 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 48.015 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 112,409 million oz of registered silver
JPMorgan as a percentage of total silver: 174.158/415.158.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 27/2026/WITH GOLD UP $2.55 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1086.53 TONNES
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 27 WITH SILVER DOWN $7.00 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 4.17 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 513.598 MILLION OZ /
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 513.588 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
MATHEW PIEPENBURG/EGON VON GREYERZ
3.CHRIS POWELL AND HIS GATA DISPATCHES
China’s Zijin Gold is buying Canada’s Allied Gold for about $4 billion
Submitted by admin on Mon, 2026-01-26 09:57 Section: Daily Dispatches
From Reuters Monday, January 26, 2026
Zijin Gold will buy Canada’s Allied Gold for about C$5.5 billion ($4.02 billion) in cash, the companies said today 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 mine
The deal also comes as Canada and China move to mend ties, having reached a preliminary agreement 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. …
Submitted by admin on Sun, 2026-01-25 19:35 Section: Daily Dispatches
By James Jackson The Telegraph, London Sunday, January 25, 2026
Germany has been urged to withdraw gold worth more than L100 billion from American vaults because Donald Trump’s unpredictability has made keeping it there too “risky.”
The country stores 1,236 tons of gold, roughly the same weight as three Air Force 1 jets, at the U.S. Federal Reserve in New York, worth around E164 billion (E122 billion).
Economists and politicians warned that this vast wealth was exposed to the whim of an increasingly erratic U.S. president, who this month alone threatened Europe with crippling sanctions over Greenland, captured the president of Venezuela, and was poised to launch air strikes on Iran.
Emanuel Monch, the former head of research at the Bundesbank, Germany’s central bank, told Handelsblatt, the financial newspaper: “Given the current geopolitical situation, it seems risky to store so much gold in the U.S.
“In the interest of greater strategic independence from the U.S., the Bundesbank would therefore be well advised to consider repatriating the gold.”
Germany keeps more than a third of its total gold reserve of 3,552 tons in New York, the second-largest reserve in the world behind the 8,130 tons stored by the U.S.
Achim Wambach, the president of the Liebniz Centre for European Economic Research, said that America was “not a reliable partner of the European Union” and so the “dependencies arising from the storage of German gold reserves” must be reassessed. …
A discussion is underway regarding Germany’s gold reserves. Even if the Bundesbank, as the entity responsible for the national treasury, doesn’t want to hear it, at least a significant portion should be withdrawn from the United States.
This is dictated by the realization that the U.S. administration no longer fundamentally adheres to applicable law or existing agreements. Furthermore, President Donald Trump is undermining the independence of the Federal Reserve, in whose custody the gold is stored.
This means that Germany’s assets, worth approximately E160 billion, could potentially be used as leverage against Germany. This risk exists and can be avoided by repatriating the gold.
Panic is not warranted, but sending a message is. The mere intention of such an action would signal a significant loss of confidence in American financial policy and demonstrate its vulnerability to former partners. Until now, only the financial markets have been able to restrain the president. He depends on their trust.
Moving the gold would not have practical consequences, such as those expected from selling U.S. bonds.
One argument for storing assets in international financial centers is the ability to intervene immediately on-site in the event of market disruptions — for example, to counter currency turmoil. However, given today’s digitized trading systems, which are available around the clock anywhere in the world, this should also be possible through other means.
At the very least the Bundesbank should explain in concrete terms what advantages the vaults in New York still offer today.
Repatriation would not only send a strong signal externally that a lack of trust could prove costly for the U.S. itself. It would also send an important signal internally. Across the country, the impression of a helpless, ever-compromising Europe and Germany is growing stronger. A little less dependence on decisions made across the Atlantic would be beneficial.
end
German economists advise withdrawal of nation’s gold from U.S. vaults
Submitted by admin on Sat, 2026-01-24 10:01 Section: Daily Dispatches
By Kate Connolly The Guardian, London Saturday, January 24, 2026
BERLIN — Germany is facing calls to withdraw its billions of euros’ worth of gold from U.S. 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 United States, of which approximately E164 billion (L122 billion) worth — 1,236 tonnes — is stored in New York.
… Dispatch continues below …
Emanuel Monch, 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 U.S. under the current administration.
“Given the current geopolitical situation, it seems risky to store so much gold in the U.S.,” 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 Monch 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 U.S. in recent months.
Michael Jager, the head of the European Taxpayers Association as well as the Association of German Taxpayers, has also said Berlin should make its move, arguing that the U.S.’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,” Jager 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.”
Jager 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, 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” that “must not become pawns in geopolitical disputes.”
However, Clemens Fuest, the president of the Institute for Economic Research 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 E450 billion.
Just over half are held at the Bundesbank in Frankfurt am Main, 37% in the vaults of the U.S. 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 autumn meetings in Washington, 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 U.S. are closely linked in terms of financial policy.”
But amid Trump’s hardening rhetoric toward 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 U.S. is no longer a reliable partner,” Ulrike Neyer, a professor of economics at the University of Dusseldorf, told the Rheinische Post.
* * *
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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.
END
EARLY TUESDAY MORNING
Silver – New trading rules
Inbox
Robert Lambourne
Mon, Jan 26, 2:57 PM (11 hours ago)
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 % →
Chris Powell
Mon, Jan 26, 7:18 PM (7 hours ago)
Thanks, Bob. Sounds like they see the risk of things getting out of control. cp
Robert Lambourne
2:41 AM (13 minutes ago)
to Chris, me
Chris,
In the same note, it was reported that solar panel production in China had been stopped for two weeks in at least one manufacturing facility because of no silver. If correct, and normally it’s accurate, that reinforces the likelihood of limited silver exports from China.
Hence I think you’re right that officials in China and in the West must be really concerned.
Bob
END
LONGI Ditches Silver for Base Metals as Solar Industry Faces Price Crunch
Inbox
Robert Lambourne
7:30 AM (3 hours ago)
to me, Chris
Chris and Harvey,
This article provides an explanation of the silver price increase impact on the economics of solar panel production. It also covers some of the process changes being made to reduce silver consumption including copper being used as a substitute.
One major producer in China, LONGI, is seeking to replace silver with a mainly copper based alloy of base metals in Q2 of 2026.
The note quotes the cost impact at a silver price of $84 per Troy ounce which it claims has risen to 17% of the per watt cost of the solar panel from 3% in 2023. It’s reported that in Q4 of 2025 alone the silver cost increased to 17% from 12%.
Current silver prices of over $100 will have reinforced this push to reduce silver usage.
The article explains that such substitution of silver might not be repeatable in alternative technologies such as TOPCon used by many of LONGI’s competitors. But the need to contain product costs is clear given the scale of silver’s recent price increases.
5B. COMMODITY REPORT//GOLD OR /SILVER LEASE RATES:/GOLD
GOLD LEASE RATES CLIMB TO AROUND 3.0 TO 4.0%
Robert Lambourne
7:56 AM (4 minutes ago)
to me
Harvey,
Interesting comment for you on gold from Chinese AI. Gold lease rates are ticking up in all markets, c3%/4% and inventories draining. Reportedly demand in Asia is strong, including Japan as confidence in bonds there is probably fraying. Possibly gold is slightly under the radar here because of silver.
I’ve no idea how Trump will handle his latest tariff threats re Greenland, but the situation seems quite unstable. Gold might well move strongly here.
No December 2025 BIS gold swap data yet. I’ve emailed Chris to suggest it might only appear right at the month end. This is no great surprise, but we can guess plausibly that the BIS will be under some pressure to end the gold swaps. Whatever you think about Jerome Powell, his influence is already reduced and this will also apply to any successor when they attend the BIS meetings.
Regards,
Bob
2.ASIAN AFFAIRS JAN 27/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 7.30 PTS OR 0.18%
//Hang Seng CLOSED UP 361.43 PTS OR 1.35%
// Nikkei CLOSED UP 408,75 PTS OR 0.77%
//Australia’s all ordinaries CLOSED UP 0.45%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9566
/ OFFSHORE CLOSED DOWN AT 6.9540 Oil DOWN TO 60.37 dollars per barrel for WTI and BRENT DOWN TO 65.32 Stocks in Europe OPENED MOSTLY GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 6.9561 OFFSHORE YUAN TRADING UP TO 6.9540 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9561
OFFSHORE YUAN: DOWN TO 6.9540
HANG SENG CLOSED UP 361.43 PTS OR 1.35%
2. Nikkei closed UP 408.75 PTS OR 0.77%
WEST TEXAS INTERMEDIATE OIL DOWN 60.37
BRENT; 65.32
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX UP TO 96.98 /// EURO FALLS TO 1.1866 DOWN 7 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.286/ UP 5 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.63… 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: 3.662 UP 4 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.8800 Italian 10 Yr bond yield UP to 3.493 SPAIN 10 YR BOND YIELD UP TO 3.241
3i Greek 10 year bond yield UP TO 3.373
3j Gold at $5085.50 Silver at: 111.50 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 13/100 roubles/dollar; ROUBLE AT 76.66
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 154.63 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.286% UP 5 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.663 UP 4 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7773 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9224 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: 4.217 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.802 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.591 DOWN 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.40 UP 3 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.5090 UP 1 PTS
30 YR UK BOND YIELD: 5.245 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.380 DOWN 4 BASIS PTS
5 YR CANADA BOND YIELD: 2.911 DOWN 4 BASIS PTS.
1a New York Opening report
Futures Rise Ahead Of Tech Earnings As Gold, Silver Resume Surge
Tuesday, Jan 27, 2026 – 08:33 AM
US futures are higher, led by Tech, and approaching record levels from earlier this month as geopolitical and headline risk subsides while the market focuses on looming Mag 7 earnings and Wednesday’s Fed decision is expected to be a non-event. Equities are poised for another attempt at 7k. As of 8:00am ET, S&P futures are up 0.2% and set for a fifth day of gains; Nasdaq futures lead gains, up 0.6% with all Mag7 members higher while Healthcare stocks hammered on headlines related to Medicare pricing. Micron jumped 5% in premarket trading on plans to expand its memory-chip capacity. Big tech has started to wake up, with Apple having its best day in three months yesterday and Meta also strong. Both are due to report later this week. So far, the earnings season has been good but not great, according to strategists at BofA. The dollar hit the lowest level since March 2022, while the yen fluctuated as jitters over intervention lingered, before rising to session highs. The yield curve is twisting steeper as JGB-induced vol subsides; In commodities, precious metals continue to move vertically with gold +1.5% and silver +8%, though PGMs are being sold. Today’s macro focus is on the weekly ADP print, home price data, Consumer Confidence, and regional Fed activity indicators.
In premarket trading, Mag 7 stocks are all higher (Microsoft +0.6%, Apple +1.2%, Tesla +0.4%, Nvidia +0.4%, Alphabet +1.1%, Amazon +0.5%, Meta +0.3%).
Health insurers including Humana (HUM), UnitedHealth (UNH) and CVS (CVS) slide after the US proposed holding payments to private
Medicare plans flat next year. Analyst note that investors are disappointed as they expected mid-single digit-percentage rises. Humana -15%, UnitedHealth -16%, CVS -13%.
UnitedHealth also forecast a decline in 2026 revenue, the first annual contraction in more than three decades
Agilysys Inc. (AGYS) falls 12% after the hospitality software firm posted fiscal third quarter adjusted earnings per share that fell short of expectations.
American Airlines Group Inc. (AAL) rises 3% after reporting fourth-quarter results.
CoreWeave (CRWV) gains 4%, set to extend Monday’s 5.7% rally, after Nvidia invested an additional $2 billion in the cloud computing firm. Following the latest investment announcement, Deutsche Bank raised the recommendation on the stock to buy.
General Motors Co. (GM) climbs 4% as the company expects profits to grow as much as $2 billion this year and plans to return more of that to shareholders with a higher dividend and buybacks.
JetBlue Airways Corp. (JBLU) falls 3% after reporting a wider loss than expected last quarter, highlighting challenges in its strategy to win over higher-paying customers.
Northrop Grumman (NOC) slips 1% after the military contractor gave a forecast for full-year adjusted earnings per share below what analysts had expected.
Redwire Corp. (RDW) climbs 15% after being awarded a contract for the Missile Defense Agency Scalable Homeland Innovative Enterprise Layered Defense contract.
RTX Corp. (RTX) gains 3% after the maker of aircraft engines and missiles reported fourth-quarter adjusted earnings per share above what analysts expected.
Sanmina (SANM) falls 8% after the electronics manufacturing services provider gave a revenue outlook for the second quarter that fell short of the consensus estimate.
United Parcel Service Inc. (UPS) gains 3% as the courier forecast full-year sales above Wall Street’s expectations as it forges ahead with plans to cut less-profitable package volume out of its network.
Even as stocks are set to make new record highs, there are still numerous reasons to be cautious: Trump and Senate Democrats are hurtling toward another government shutdown, while North Korea fired what appeared to be ballistic missiles off its east coast days after the US released a new defense strategy for the region. While the Greenland drama has died down, there are still some tariff headlines. The EU and India concluded a free-trade agreement after almost two decades of negotiations, part of an effort to deepen economic ties amid Trump’s aggressive trade policies. And Trump threatened to hike tariffs on South Korea to 25%.
Citigroup said that short-covering dominated the latest weekly US large-cap futures flows, while new long risk was added to the Russell 2000. Goldman Sachs strategists, meanwhile, said that a proprietary measure of risk appetite hit the highest level since 2021 last week despite elevated policy and geopolitical uncertainty.
“In the US, while very elevated valuations and the dollar weakness make us more cautious than in Europe, there’s possibly still one or two interest-rate cuts lined up for this year,” said Laurent Chaudeurge, an investment committee member at BDL Capital Management in Paris. “Investors are still chasing the AI trade, and at the moment this is done through semiconductors.”
Precious metals rallied again after gold and silver erased much of their advance in the previous session, with bullion trading near $5,080 an ounce.
“Gold prices could potentially exceed $7,000 by the end of the year,” said Frederique Carrier, head of investment strategy for RBC Wealth Management in the British Isles and Asia. “The main drivers that were there last year — trade tensions, geopolitical instabilities — are still very much there.”
In earnings, of the 69 S&P 500 companies to have reported so far this earnings season, about 77% have beaten analysts’ forecasts, while nearly 15% have missed. American Airlines, Boeing, General Motors and UPS are among companies scheduled to report before the market open. Texas Instruments is among those due after the close.
In Europe, the Stoxx 600 is up 0.4%, with banks and insurance names leading gains after India and the European Union reached a free trade agreement, with a raft of upbeat earnings also lifting sentiment. Banks and telecoms outperform, while miners and carmakers are the biggest laggards. Here are the biggest movers Tuesday:
Puma shares rise as much as 21%, before quickly paring gains, after China’s Anta Sports Products agreed to buy a ~29% stake for €1.5 billion, becoming the biggest shareholder in the German company
Siegfried shares rise as much as 15%, the most in over three years, after the contract development and manufacturing organization serving the pharmaceutical industry bought two new sites in the US and one in Australia
HSBC shares gain as much as 3.1% in London, to the highest on record, taking the bank’s market capitalization above $300 billion for the first time, as Citigroup (buy) lifts its price target
Comet shares rise as much as 7.7% to the highest since October 2024 after ZKB said the Swiss technology firm’s share price doesn’t reflect the benefits it will likely see from the upcoming investment cycle in memory chips
HMS Networks surges as much as 14% after releasing its fourth-quarter results, which DNB Carnegie says came in “better-than-feared”
Spirax rises as much as 3.7% after analysts at Barclays raised their price target on the maker of pumps and steam management systems. Analysts say the stock has lagged the broader capital goods sector and is now trading at a discount
Getinge shares drop as much as 7.2%, the most in more than six months, after the Swedish health-care equipment firm reported weaker-than-expected sales and earnings for the fourth quarter
Amplifon shares drop as much as 3.7%, second-worst performer in the Stoxx 600 Health Care Index on Tuesday morning, after Kepler Cheuvreux cut its earning estimates for the hearing-aid retailer and decreased its price target
Demant shares slip as much as 3.4%, among the worst performers in the Stoxx 600 Health Care Index on Tuesday morning, after Bank of America decreased its price target on the stock to the lowest among analysts tracked by Bloomberg
Capgemini shares fall as much as 3.3%, with traders citing a TV report that highlighted a contract between the IT group and the US’s Immigration and Customs Enforcement
Aker BP shares fall as much as 3.2% after Danske Bank cut its recommendation on the Norwegian oil and gas exploration firm to sell from hold on high valuation and the outlook for commodity prices
Earlier in the session, Asian equities extended gains, lifted by a continued rally in technology stocks in Taiwan and South Korea. The MSCI Asia Pacific Index gained as much as 0.9%, with Samsung, SK Hynix and TSMC offering the biggest boost. South Korea’s Kospi led advances in the region with a nearly 3% gain, as investors bought the dip spurred by President Donald Trump’s latest tariff threat. Markets were mostly in the green, with benchmarks in Hong Kong, Singapore, Malaysia and Thailand rising more than 1%. Traders are awaiting mega-cap tech earnings, which will shape expectations for the sustainability of the AI-driven rally. The Federal Reserve’s rate decision on Wednesday will also hold sway over rate-sensitive stocks.
In FX,the Bloomberg Dollar Spot Index drops to the lowest level since March 2022 as the greenback loses ground against almost all its G-10 peers. USD/JPY is down 0.6% near 153.35 after another bout of choppy price action. The pair dropped ~130 pips in relatively short order before recovering, a move that looked similar to price action observed during the European morning session on Friday. There did not appear to be a obvious catalyst for the move.
In rates, treasuries dip following limited price action during Asia session and London morning, similar to European bonds.10-year yields are 4.23%, about 2bps higher on the day and slightly outperforming bunds and gilts in the sector. Focal points of US include consumer confidence data and a 5-year note auction.
In commodities, spot silver rises 8% and is closing in on Monday’s record high. US crude futures rise 0.5% to around $61 a barrel.
US economic calendar includes weekly ADP employment change (8:15am), November FHFA house price index and S&P Cotality home prices (9am), January Richmond Fed manufacturing index and consumer confidence (10am) and Dallas Fed services activity (10:30am)
Market Snapshot
S&P 500 mini +0.3%
Nasdaq 100 mini +0.6%
Russell 2000 mini +0.4%
Stoxx Europe 600 +0.3%
DAX little changed, CAC 40 little changed
10-year Treasury yield +1 basis point at 4.22%
VIX -0.2 points at 16
Bloomberg Dollar Index little changed at 1187.28
euro unchanged at $1.188
WTI crude +0.3% at $60.83/barrel
Top Overnight News
President Trump has received multiple U.S. intelligence reports indicating that the Iranian government’s position is weakening, according to several people familiar with the information. The reports signal that the Iranian government’s hold on power is at its weakest point since the shah was overthrown in the 1979 revolution. WSJ
South Korea scrambled on Tuesday to assure the U.S. it remained committed to implementing a trade deal after U.S. President Donald Trump said he would hike tariffs on autos and other imports from its ally, blaming a delay in enacting the pact agreed last year. RTRS
India and the European Union said Tuesday they have reached a free-trade agreement that will open a new market for European cars and other products, showing how the world’s middle powers are expanding alliances in response to President Trump’s tariffs. WSJ
The Trump administration has indicated to Ukraine that US security guarantees are contingent on Kyiv first agreeing a peace deal that would likely involve ceding the Donbas region to Russia. FT
China’s industrial enterprises had their first annual gain in profits since 2021, as producer deflation showed signs of easing in the wake of government efforts to curb excess competition and cut capacity. Profits climbed 5.3% in December from a year earlier, rising for the first time in three months and recovering from a plunge of more than 13% in November. BBG
Japan’s bond meltdown sparked speculation that the $1.8 trillion GPIF might shift its portfolio allocation to JGBs while reducing foreign bond holdings, particularly Treasuries. BBG
Trump said he will increase the tariff rate on South Korean imports from 15% to 25% unless the South Korean National Assembly approved the trade deal struck back in July. NYT
US natural gas fell, with traders taking profits after prices shot up almost 30% on Monday amid freezing temperatures that pushed up heating demand. BBG
Republicans and President Trump designed their tax cuts for this moment, creating a refund bonanza that will land in Americans’ bank accounts well ahead of the midterm elections. The annual tax-filing season that opened Monday will produce a cash surge estimated at $100 billion beyond last year’s $329 billion total. WSJ
Philippines said they conducted joint military exercises with the US in the South China Sea: Al Arabiya.
US ambassador to China Perdue said in Bloomberg TV interview that China and the US completed most agreements made in Busan, South Korea.
Trade/Tariffs
US President Trump announces he is “increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS, from 15% to 25%”.
South Korea Legislature Trade Committee head said that passages of such trade bills usually take six to seven months.
South Korea’s ruling party said it aims to pass special act on US trade deal by end of February, according to Yonhap Infomax.
South Korean ruling party official said bills to enact US investment have been introduced and will soon be reviewed.
South Korean Industry Ministry said Minister is to visit the US soon and meet with Commerce Secretary Lutnick.
EU Commission begins 2 set of proceeding on Google under the DMA; Google is designated as a core platform service, requiring interoperability with third-party services.
China reportedly signs deals to buy at least 8 cargoes or approximately 520k tonnes of Canadian Canola following PM Carney’s visit, according to sources.
Chinese Foreign Minister said UK PM Starmer will visit China between January 28-31st.
European Commission President von der Leyen said EU and India finalised a trade deal, and called it “the mother of all deals”.
Japan and the US are reportedly to announce several projects in a first batch under the USD 550bln scheme.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher following on from the rebound on Wall Street, but with some of the gains capped ahead of key events and big tech earnings stateside, while participants also digested Trump’s latest tariff salvo against South Korea. ASX 200 rallied on return from the long weekend, with risk appetite also facilitated by M&A-related headlines and improved business sentiment. Nikkei 225 gained despite the initial indecision following recent currency moves and after Services PPI cooled but remained above the BoJ’s price target. KOSPI sold off at the open following US President Trump’s announcement to raise tariffs on South Korean autos, lumber, pharma, and all other reciprocal tariffs to 25% from 15% due to its legislature not yet enacting the US-Korea trade deal. However, the index then clawed back its losses and more, with the TACO trade likely in play and with South Korean officials attempting to appease Trump. Hang Seng and Shanghai Comp traded somewhat mixed with firm gains in Hong Kong led by Zijin Mining, which is to buy Canada’s Allied Gold for USD 4bln, while the mainland index lagged despite an acceleration in Chinese Industrial Profits and the PBoC’s liquidity efforts.
Top Asian News
China is to roll out policy document on boosting jobs amid AI impact, according to Xinhua. China will roll out policies to support employment amid AI shift and will boost support for employment among key groups.
European bourses (STOXX 600 +0.3%) are broadly in the green this morning, following a similar theme seen in the APAC session. The DAX 40 (-0.2%) is mildly pressured whilst the FTSE 100 (+0.4%) outperforms slightly, benefitting from strength in Banking names. European sectors are mixed; Banks lead followed closely by Insurance names whilst Basic Resources lags given the broader losses seen in underlying metal prices. In terms of key movers, Puma (+4%) opened higher by 20%, but has since pared much of that move – Jefferies highlighted that ANTA may find it hard to boost Puma’s brand in China, given it already has high presence in the region.
Top European News
China’s Industry Ministry announces that they have renewed the cooperation MOU regarding green maritime tech and shipbuilding with Denmark.
India to sign a security and defence partnership with EU today in addition to advancing the free trade agreement at the 16th India-EU Summit, according to The Print.
UK government plans to tighten scrutiny of Chinese influence in the UK, with PM Starmer seeking to bolster the registration scheme while still deepening Sino-British ties, according to FT.
FX
G10s were initially broadly lower against the USD, but following recent JPY strength, G10s are now broadly higher. JPY leads the pile (vs initially underperforming), whilst the NZD and CAD hold around the unchanged mark. EUR/USD is mildly lower, and ultimately within a narrow 1.1850-1.1899 range. Earlier, the EU and India announced an FTA, which cut circa EUR 4bln of tariffs on the bloc’s exports.
Delving into USD/JPY, the pair fell from 154.49 to a session low of 153.16 within a few minutes, but has since pared back towards 153.90. This drove the pair below the prior day’s low, and also below its 100 DMA at 153.61. A move that also weighed on the Dollar index, which fell from 97.10 to a session low of 96.90. Nothing fresh behind that move, with participants ultimately mindful of potential intervention risks, or further rate checks being carried out by the US and/or Japan. Note, the JPY move occurred alongside reports of an explosion near Iran’s Parchin site, a development that potentially influenced the JPY; however, the lack of follow-through to other assets, particularly crude, diminishes this narrative.
DXY is flat this morning and trades within a 96.90 to 97.28 range, and currently holding within the prior day’s ranges. On the trade front, US President Trump said South Korea had delayed its trade agreement with the US and imposed a 25% tariffs on various Korean sectors – the Korean Industry Minister is to visit the US, and aims to pass a special act on the deal by end-February. The Korean Won was initially pressured at the reopen of trading, but has pared about half of the move. Back to the US, markets await ADP Weekly Average figures, Richmond Fed and Consumer Confidence. Participants also count down to the FOMC tomorrow. Barring any surprises in the data, the DXY may find itself relatively rangebound into the confab.
Fixed Income
A modestly bearish start for fixed income. Action driven by the mostly constructive risk tone, though there are some pockets of weakness in Equities.
USTs a tick or two softer in a 111-23 to 111-26+ band, within Monday’s 111-22+ to 111-30 parameters. Aside from supply, which follows a solid 2yr auction last night, the US docket is headlined by ADP.
Bunds are also lower, with magnitudes slightly larger to losses of 15 ticks at most. No follow through to Bunds or EGBs generally from the morning’s German and Italian supply, taps that were unremarkable but robust enough.
Gilts gapped lower by 15 ticks, acknowledging the pressure seen in peers overnight from the constructive risk tone. Since, the benchmark has stabilised slightly off lows and trades broadly in line with European benchmarks. The morning’s 2033 UK auction was well received, with a b/c above the 3x mark, though this did not spur any move in Gilts.
Italy sold EUR 3bln vs exp. EUR 2.5–3bln 2.20% 2028 BTP & EUR 2bln vs exp. EUR 1.5–2bln 1.10% 2031, 2.55% 2056 BTPei.
UK sold GBP 3.25bln 4.125% 2033 Gilt: b/c 3.18x (prev. 3.04x), average yield 4.296% (prev. 4.191%), tail 0.2bps (prev. 0.3bps).
Germany sells EUR 4.633bln vs exp. EUR 6bln 2.10% 2028 Schatz: b/c 2.1x, average yield 2.14%, retention 22.8%.
Germany opens books to sell EUR-denominated 20-year Bund via syndicate; guidance seen +3bps to DBR.
EIB to sell EUR-denominated 5-year bonds, guidance seen +9bps vs mid-swaps.
Australia sold AUD 1bln 1.50% June 2031 bonds, b/c 3.46, avg. yield 4.4382%.
Commodities
Crude benchmarks softened in the earlier hours of the Asia-Pac session. WTI futures fell from USD 60.85/bbl to a trough of USD 60.17/bbl following the report, but have since rebounded slightly as the European session gets underway, but remains just shy of the USD 61/bbl figure. It was recently reported that explosions were heard near Iran’s Parchin nuclear site, but no damage was reported. Some reports suggest it could have been a routine missile test – no move in crude benchmarks on the initial or subsequent reports.
Nat Gas prices remain elevated, Dutch TTF holds above EUR 40/MWh while Henry Hub futures hover near USD 7/MMBtu, as the Arctic storm provides a short-term shock to gas production.
Precious metals continue to rise, despite selling off late in the US session, which was seemingly led by profit-taking in silver. Spot XAU found support at USD 5,000/oz and is currently trading just shy of USD 5,100/oz. Spot silver returns above USD 112/oz after a USD 15/oz selloff from its ATH of USD 117.70/oz on Monday.
3M LME Copper re-opened lower, as it reacted from the selloff in the precious metals space, but found support at USD 13k/t before oscillating in a USD 13k-13.15k/t band.
Explosions have reportedly been heard near Iran’s Parchin nuclear site, no damage has been reported – details light, awaiting verification.
Largest US power grid PJM Interconnection has issued alerts amid storm bolstering energy demand.
Deutsche Bank expects a quarterly peak of USD 13k/t in Q2, with price moderation onwards as production recovers at several major mines. Threat of US tariffs on refined copper should lead to continued metal flows to the US in H1’26. On aluminium, they assume some moderation from current levels in H2 (2026 Avg. of USD 2.9k/t, peak of USD 3.1k/t in Q2).
German’s Economic Minister said they will move forward with the wind power tenders to expand capacity.
Deutsche Bank thinks USD 6,000/oz for spot gold is achievable this year due to a weaker dollar; in alternative scenarios, USD 6,900/oz would be in line with the past 2-year outperformance. An eventual moderation of XAU/XAG ratio may result in higher absolute silver prices.
ADNOC Gas (ADNOC) CEO said they’re investing more than USD 20bln to increase processing capacity by approximately 30% by 2029.
DTEK Power Company said the Russian attack damaged an energy facility in Ukraine’s Odesa region.
UAE’s ADNOC chief revises forecast and sees oil demand above 100mln barrels per day until 2040.
US President Trump is said to be mulling a cap on California state fuel tax and vowed to drive down the state’s gas prices, according to NY Post.
Geopolitics: Ukraine
DTEK Power Company said the Russian attack damaged an energy facility in Ukraine’s Odesa region.
Infrastructure facilities in the Lviv region of western Ukraine were hit by a Russian strike, according to the regional governor.
US President Trump’s administration has signalled to Ukraine that US security guarantees are contingent on Kyiv first agreeing a peace deal that would likely involve ceding the Donbas region to Russia, according to sources cited by FT.
Geopolitics: Middle East
Intensive diplomatic efforts are currently underway between Iran and the US across multiple channels, Kann news reported; efforts aimed at reducing the level of “escalation” between parties. However, no significant breakthrough reported at this stage.
Explosions have reportedly been heard near Iran’s Parchin nuclear site, no damage has been reported – details light, awaiting verification.
Palestinian media reported Israeli artillery shelling targeting areas in Khan Yunis in the southern Gaza Strip, according to Sky News Arabia.
The Rafah crossing is estimated to be opened on Wednesday or Thursday, Israeli media reported.
The explosions heard on the outskirts of Tehran are a routine missile test, Al Hadath reported citing Iranian TV.
Geopolitics: Other
South Korea’s National Security Office reportedly urges North Korea to immediately stop its launches of ballistic missiles.
North Korea reportedly fired several ballistic missiles, according to the South Korea military.
North Korean missile appears to have landed outside of Japan’s Exclusive Economic Zone (EEZ), according to NTV.
Japan’s Coast Guard sends second notice that a possible North Korean ballistic missile has already fallen.
Projectile believed to be North Korean-fired ballistic missile has already fallen, according to the Japanese Coast Guard.
Japanese Coast Guard issues second notice regarding North Korean projectile.
North Korea fires projectile towards sea, according to Yonhap; details light.
China said US-Philippines patrol in South China Sea undermines regional peace, while China’s military vows to safeguard sovereignty and maritime rights, uphold regional peace amid US-Philippines patrol.
US President Trump said he is pleased to report that Venezuela is releasing its political prisoners at a rapid rate, which rate will be increasing over the coming short period of time. Full post: “I am pleased to report that Venezuela is releasing its Political Prisoners at a rapid rate, which rate will be increasing over the coming short period of time. I’d like to thank the leadership of Venezuela for agreeing to this powerful humanitarian gesture! PRESIDENT DONALD J. TRUMP”.
US Event Calendar
9:00 am: Nov FHFA House Price Index MoM, est. 0.26%, prior 0.4%
9:00 am: Nov S&P Cotality CS 20-City YoY NSA, est. 1.2%, prior 1.31%
9:00 am: Nov S&P Cotality CS U.S. HPI YoY NSA, est. 1.3%, prior 1.36%
10:00 am: Jan Richmond Fed Manufact. Index, est. -5, prior -7
10:00 am: Jan Conf. Board Consumer Confidence, est. 91, prior 89.1
DB’s Jim Reid concludes the overnight wrap
The post-Greenland rally has continued over the last 24 hours, with the S&P 500 (+0.50%) posting a fourth consecutive advance that left the index within half a per cent of its record high. For 2026 standards it was a quiet but solid day for bonds and equities ahead of the FOMC tomorrow and four out of the Mag-7 reporting tomorrow and Thursday. However, we did see some extreme moves in precious metals, with gold prices (+0.43%) closing above $5,000/oz for the first time ever, while silver (+0.57%) gave up almost all of its +14% intra-day gain before rallying again this morning in the Asia session.
That precious metal pullback began shortly after the European close yesterday but it’s proving short-lived, with gold back up +1.23% to $5,070oz as I type, with silver up +5.39% to $109.38/oz. And even though it’s still January, gold had already seen a YTD return of +16% as of yesterday’s close, whilst silver has surged +45% since the start of the year. Silver prices are up over +260% since the start of 2025, although unlike gold they still haven’t exceeded their real terms peak back in 1980. My CoTD yesterday (link here) showed the 235 year history for both gold and silver in real terms. The fascinating thing is that on January 9th this year (ie 2.5 weeks ago) silver in real terms was no higher than it was at the start of 1790! So while I’ve generally been a precious metal bug in recent years given my belief that fiat money is inherently inflationary, over the medium to longer-term precious metals are unlikely to compete with equities, especially from this starting point. It doesn’t mean you shouldn’t hold in a diversified portfolio but some realism of future long-term returns should be factored at these levels.
The volatility in precious metals came as the US dollar lost further ground, with the dollar index (-0.55%) closing less than half a percent from the post-2022 lows it reached back in September. In part, that was driven by the Japanese Yen’s strength, which moved up +0.99% against the US Dollar yesterday, making it the strongest-performing G10 currency. That followed the weekend comments from PM Takaichi that the government was prepared to “take all necessary measures to address speculative and highly abnormal movements”. But on top of that, investors also had to grapple with the prospect of a fresh government shutdown this week, which is now considered a 79% probability on Polymarket, not long after the longest-ever government shutdown back in Q4. Those odds did decline a couple of percent age points from earlier yesterday as we saw some de-escalation of the tensions between the White House and local officials over the recent events in Minnesota. Our economists note that a shutdown could delay the big refund cheques about to go out so there are incentives to compromise and avoid any lasting disruption.
Looking at the equity moves in more detail, as mentioned at the top, the S&P 500 (+0.50%) posted a 4th consecutive advance. The NASDAQ (+0.43%) and Mag-7 (+0.46%) saw similar gains, while blue chip names helped a slight outperformance for the Dow Jones (+0.64%). By contrast, the small cap Russell 2000 (-0.36%) lost ground for a second session running. The index is still up +7.16% YTD compared to a +1.53% gain for the S&P 500, having outperformed the S&P for fourteen consecutive sessions at the start of the year prior to Friday.
Those equity gains were bolstered by another batch of stronger-than-expected US data which added to the buoyancy of risk assets there. For instance, the Dallas Fed’s manufacturing activity hit a six-month high of -1.2 in January (vs. -8.5 expected). And the durable goods orders for November were up +5.3% (vs. +4.0% expected). So that cemented the optimistic view around Q4 growth, with the Atlanta Fed’s GDPNow estimate remaining at an annualised pace of +5.4%.
Earlier in Europe, the performance was a bit more subdued by comparison to the US, with the STOXX 600 only up +0.20%. That followed an underwhelming set of data, with the Ifo’s business climate indicator in Germany remaining at 87.6 in January (vs. 88.2 expected). Plus the expectations component unexpectedly fell to an 8-month low of 89.5 (vs. 90.3 expected). So that dampened sentiment a bit, with investors dialling up the probability of an ECB rate cut this year. And in turn, sovereign bonds rallied across Europe, with yields on 10yr bunds (-3.9bps), OATs (-5.8bps) and BTPs (-4.7bps) all falling back. US Treasuries also rallied a bit, with the 10yr yield (-1.3bps) falling to 4.21%. Elsewhere, the Canadian dollar was the worst performing of the G10 currencies yesterday after Trump’s weekend threat of 100% tariffs against Canada if it strikes a trade deal with China. In response, Canada’s trade minister LeBlanc said he had reassured US Trade Representative Greer that the recent pact with China was a “narrow arrangement”. We saw further tariff headlines just after the US close, as Trump posted that he was raising tariffs on South Korea from 15% to 25% in response to South Korea’s legislature not yet enacting the trade agreement reached last year. So tariff threats remain an active policy tool for the White House, even if last week’s episode over Greenland shows that the resulting tensions can also decline quickly.
Asian equities are mostly higher this morning. The KOSPI (+2.43%) is higher after dipping at the open following the tariff news. However, sentiment improved when South Korea’s presidential office clarified that it had not received prior notification of any tariff increase plans. Additionally, it was noted that Trade Minister Kim Jung-kwan, who is currently in Canada, would travel to Washington for discussions with US Commerce Secretary Howard Lutnick. In other markets, the CSI (+0.34%), Shanghai Composite (+0.25%), the Nikkei (+0.69%), the ASX (+0.92%) and the Hang Seng (+1.01%) are all higher. S&P 500 (+0.28%) and NASDAQ 100 (+0.55%) futures are both higher. Meanwhile, 10yr USTs are +1.6bps higher standing at 4.23% as we go to print.
The Japanese yen (-0.18%) is experiencing a small decline after two days of gains, with 10 and 30yr JGB yields back up +5.3bps and +4.8bps respectively. In terms of data, China’s industrial profits have returned to growth, ending a two-month contraction with a rise of +5.3% year-on-year in December, significantly surpassing expectations of a -13.1% decline.
Looking at the day ahead, US data releases include the Conference Board’s consumer confidence for January and the Richmond Fed’s manufacturing index for January. Otherwise, central bank speakers include the ECB’s Nagel, and earnings releases include Boeing, UnitedHealth, UPS and General Motors.
1b European opening report
1 c Asian opening report
Trump raises tariffs on South Korean sectors; Equities trade higher ahead of a busy week of earnings – Newsquawk EU Market Open
Tuesday, Jan 27, 2026 – 01:45 AM
APAC stocks were mostly higher following on from the rebound on Wall Street, but with some of the gains capped ahead of key events and big tech earnings stateside.
KOSPI sold off at the open following US President Trump’s announcement to raise tariffs on South Korean autos, lumber, pharma, and all other reciprocal tariffs to 25% from 15% due to its legislature not yet enacting the US-Korea trade deal.
Spot gold rebounded from the prior session’s trough with a brief pullback cushioned after finding support around the USD 5,000/oz level.
US aircraft carrier and warships reached the Middle East, according to the Washington Post, while it was also reported that a US official said Washington is “open for business” if Iran wishes to contact them.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with gains of 0.2% on Monday.
Looking ahead, highlights include US Richmond Fed (Jan), Consumer Confidence (Jan), ADP Employment Change Weekly, NBH Policy Announcement. Speakers include ECB President Lagarde & ECB’s Nagel, US President Trump. Supply from UK, Italy, Germany and US. Earnings from Texas Instruments, UnitedHealth, Boeing, UPS, General Motors, RTX, American Airlines, Logitech & LVMH.
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US TRADE
EQUITIES
US stocks closed higher on Monday as sentiment recovered ahead of a busy and important week of earnings (MSFT, META, TSLA, AAPL, ASML). Futures had initially dipped on Sunday, with downside 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, but then gradually recouped the losses throughout APAC and EU trade.
Sector performance was led by Communications and Tech, but Consumer Discretionary lagged and was the sole sector in the red, while Microsoft gained after it announced the Maia 200 chip, in the latest challenge to NVIDIA, which resulted in modest losses in NVDA shares.
SPX +0.5 at 6,950, NDX +0.4% at 25,713, DJIA +0.6% at 49,412, RUT -0.4% at 2,659.
US President Trump posted “Because the Korean Legislature hasn’t enacted our Historic Trade Agreement, which is their prerogative, I am hereby increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS, from 15% to 25%”.
South Korean Industry Ministry said the Minister is to visit the US soon and meet with Commerce Secretary Lutnick. In relevant news, a South Korean ruling party official said bills to enact US investment have been introduced and will soon be reviewed, while the ruling party aims to pass a special act on the US trade deal by the end of February.
European Parliament International Trade Committee Chair Lange said there is no decision on the US-EU trade agreement vote, and the decision on moving ahead with the US trade agreement is delayed until February 4th.
NOTABLE HEADLINES
US President Trump posted that he “had a very good telephone conversation with Mayor Jacob Frey, of Minneapolis. Lots of progress is being made! Tom Homan will be meeting with him tomorrow in order to continue the discussion”. It was also reported that top Border Patrol official Bovino was removed from his role as US Border Patrol commander at large.
US President Trump’s admin proposes keeping the rates that Medicare pays insurers steady, according to WSJ citing officials from the CMS and the White House. Under the proposal, payments to the plans would increase by an estimated .09% on average in 2027, and the CMS is also proposing to eliminate a lucrative industry billing practice that has raised concerns with government watchdogs and was among the tactics examined in reporting by WSJ on Medicare insurers.
APAC TRADE
EQUITIES
APAC stocks were mostly higher following on from the rebound on Wall Street, but with some of the gains capped ahead of key events and big tech earnings stateside, while participants also digested Trump’s latest tariff salvo against South Korea.
ASX 200 rallied on return from the long weekend, with risk appetite also facilitated by M&A-related headlines and improved business sentiment.
Nikkei 225 gained despite the initial indecision following recent currency moves and after Services PPI cooled but remained above the BoJ’s price target.
KOSPI sold off at the open following US President Trump’s announcement to raise tariffs on South Korean autos, lumber, pharma, and all other reciprocal tariffs to 25% from 15% due to its legislature not yet enacting the US-Korea trade deal. However, the index then clawed back its losses and more, with the TACO trade likely in play and with South Korean officials attempting to appease Trump.
Hang Seng and Shanghai Comp traded somewhat mixed with firm gains in Hong Kong led by Zijin Mining, which is to buy Canada’s Allied Gold for USD 4bln, while the mainland index lagged despite an acceleration in Chinese Industrial Profits and the PBoC’s liquidity efforts.
US equity futures kept afloat following yesterday’s rebound but with upside capped as markets await Mag 7 earnings and after Dow futures wobbled as UnitedHealth shares were pressured on news that the Trump administration proposes keeping the rates steady that Medicare pays insurers.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with gains of 0.2% on Monday.
FX
DXY was rangebound after weakening yesterday as the continued trade conflict left the de-dollarisation trade intact after US President Trump threatened Canada with 100% tariffs and announced to raise tariffs on South Korean autos, lumber, pharma, and all other reciprocal tariffs to 25% from 15% due to its legislature not yet enacting the US-Korea trade deal. Nonetheless, price action is contained as participants await tomorrow’s FOMC and with several data releases scheduled later today, including US Consumer Confidence, Richmond Fed and ADP Weekly Employment Change.
EUR/USD briefly reapproached the 1.1900 handle before hitting resistance, while newsflow from the bloc was light, although ECB’s Lagarde and Nagel are scheduled to speak later today.
GBP/USD initially retested the 1.3700 level to the upside amid a softer dollar, and with the latest UK BRC Shop Price Index showing that major retailer prices rose at the fastest pace in almost two years, although later returned to flat territory.
USD/JPY continued its rebound from the prior day’s trough and the brief dip beneath the 154.00 level, amid the positive risk appetite and following the latest Services PPI data in Japan, which slightly softened from prior but remained above the central bank’s price target.
Antipodeans were little changed in the absence of tier-1 data releases and amid the somewhat cautious gains in stocks.
FIXED INCOME
10yr UST futures were contained heading closer to Wednesday’s FOMC, and as markets continue to await President Trump’s Fed Chair pick, while participants are also looking ahead to data releases and a 5-year note auction due later.
Bund futures pulled back from yesterday’s peak after hitting resistance around the 128.00 level, and with demand constrained as supply looms, including a EUR 6.0bln Schatz issuance due later, followed by a similar amount in tomorrow’s Bund offering.
10yr JGB futures declined amid a resumption of the upside in JGB yields and with the curve steepening, following the latest Japanese Services PPI data, which slightly cooled from previous to 2.6% (Prev. 2.7%) but remained above the central bank’s price target.
COMMODITIES
Crude futures were lacklustre following the prior day’s flimsy performance, with Kazakhstan set to resume production at its biggest oilfield, while a previous report also noted that OPEC+ is likely to maintain its supply pause in March.
US President Trump is said to be mulling a cap on California state fuel tax and vowed to drive down the state’s gas prices, according to the NY Post.
Spot gold rebounded from the prior session’s trough with a brief pullback cushioned after finding support around the USD 5,000/oz level.
Copper futures continued to fade their recent gains after failing to sustain a brief return above the USD 6/lb level, and with demand not helped by the cautious mood in its largest buyer, China.
CRYPTO
Bitcoin gradually climbed higher throughout the session amid the cautiously positive sentiment overnight, but remained beneath the USD 90k level.
NOTABLE ASIA-PAC HEADLINES
China is to roll out a policy document on boosting jobs amid AI impact, while it will launch policies to support employment alongside the AI shift and will boost support for employment among key groups, according to Xinhua.
DATA RECAP
Chinese Industrial Profits YY (Dec) 5.3% (Prev. -13.1%)
Chinese Industrial Profits YTD YY (Dec) 0.6% (Prev. 0.1%)
Japanese Services PPI (Dec) 2.6% vs Exp. 2.7% (Prev. 2.7%)
Australian NAB Business Confidence (Dec) 3 (Prev. 1)
Australian NAB Business Conditions (Dec) 9 (Prev. 7)
GEOPOLITICS
MIDDLE EAST
Palestinian media reported Israeli artillery shelling targeting areas in Khan Yunis in the southern Gaza Strip, according to Sky News Arabia.
US President Trump said Iran wants a deal as the US “armada” arrives and the situation with Iran is “in flux” because he sent a “big armada” to the region, although he thinks Tehran genuinely wants to cut a deal, according to Axios. Sources with knowledge of the situation said that Trump hasn’t made a final decision and will likely hold more consultations this week and be presented with additional military options, while he said diplomacy remained an option and that Iran wants to make a deal and wants to talk, and has called on numerous occasions.
US aircraft carrier and warships reached the Middle East, according to the Washington Post, while it was also reported that a US official said Washington is “open for business” if Iran wishes to contact them.
RUSSIA-UKRAINE
Ukrainian President Zelensky said regarding talks with Russia that the primary discussions were about military issues. Zelensky also commented that the delegation discussed steps to end the war and its monitoring, while he added that a Ukraine-Russia meeting can happen on Sunday, but it would be good if it is sooner, and they need real results from diplomacy, not Russia once again postponing pressure.
US President Trump’s administration has signalled to Ukraine that US security guarantees are contingent on Kyiv first agreeing a peace deal that would likely involve ceding the Donbas region to Russia, according to sources cited by FT.
White House said President Trump is not giving up on the Ukraine peace process, while it was separately reported that Germany said it cannot supply Ukraine with new Patriot systems.
OTHER
US President Trump said he is pleased to report that Venezuela is releasing its political prisoners at a rapid rate, which will be increasing over the coming short period of time.
Brazilian President Lula agreed to visit Washington soon in a call with US President Trump, while they discussed Venezuela and emphasised the importance of maintaining peace and stability in the region.
EU/UK
NOTABLE HEADLINES
BoE Governor Bailey said in an article in The Banker that banks’ present stability is hard won and that banks are now better equipped to absorb losses in crises, while he added there is an urgent need to boost resilience in market-based finance.
DATA RECAP
UK BRC Shop Price Inflation (Jan) 1.5% vs. Exp. 0.7% (Prev. 0.6%, Rev. From 0.7%)
end
NORTH KOREA/SOUTH KOREA/JAPAN
JAPAN
3. CHINA
4./EUROPEAN AFFAIRS
UK
Shakespeare Was A Black Jewish Woman – Claims Feminist Historian
Let it alone, thou fool; it is but trash.The Tempest IV.1
One of the positive sides to radical feminist historical scholarship is the opportunity to learn about revelations that might otherwise have gone unnoticed. The latest is that William Shakespeare was a “black Jewish woman” according to a new book covered in the Telegraph.
END
Who knew? The book, The Real Shakespeare, is by Irene Coslet. She expounds her theory on a blog page of the London School of Economics:
A new piece of research evidence that I outline in my upcoming book shows that Shakespeare was not a man, but a woman: a black woman, Anglo-Venetian, of Moroccan descent, and covertly Jewish, named Emilia Bassano (London, 1569-1645). She was the daughter of a Venetian Court musician. Following the passing of her father when she was seven, Bassano was fostered into a noble household in England, where she received a high level of education. She spent her youth at the English Court as a favourite of Queen Elizabeth I before she was banished and forced into an unwanted marriage in 1592. She published a feminist theology poem, Salve Deus Rex Judaeorum, in 1611. She has been associated with Shakespeare since the 1970s, when the historian Alfred Leslie Rowse of Oxford found evidence that Bassano was the mistress of the patron of Shakespeare’s acting company.
The reason for why Emilia Bassano’s contribution has been overlooked, says Coslet, is that “substantial scientific or literary contributions made by women are constantly overlooked. … The pattern is so common that it could be regarded more as the rule than an exception.”
Of course!
Back to the Telegraph which summarises some of the book’s key content:
Bassano, it is claimed, used the pen-name “Shakespeare” and wrote the Shakespearean canon of plays, only for her work to be stolen by an uneducated interloper from Stratford-upon-Avon.
This interloper, whom we now know as William Shakespeare, was then revered by posterity because the idea of a “white” genius was preferred to a black female playwright, the book argues.
Of course, Occam’s Razor would argue that the simplest explanation is always likely to be the correct one, in this case that William Shakespeare was the William Shakespeare who wrote the plays.
One slight problem is that a portrait of Emilia Bassano, on the book’s cover, shows a white woman. But that is easily explained – her skin was deliberately lightened by painters.
Coslet told the Telegraph:
“If Shakespeare was a female of colour, this would draw attention to issues of peace and justice in society.”
She added: “What if women had a pivotal role and a civilising impact in history, but they have been silenced, belittled and erased from the dominant narrative?
“What would a paradigm shift reveal about ourselves? Such a reflection challenges us to reconsider our understanding of society.”
Coslet’s publisher Pen & Sword, well-known for publishing literally anything submitted to it, has no doubts about the credibility of the hypothesis, says the Telegraph:
It claims that scholars have been “unable to explain why” Shakespeare was able to incorporate influences of various cultures in his work, as a humble man from Warwickshire.
On the other hand, the book argues, the Jewish and multi-racial Bassano embodied a “diverse identity” that would give her the necessary expertise.
The book claims that she was a Jew and a Moor – a person of north African origin – with family ties to the cosmopolitan Venice of the 16th century.
This argument concludes that “English-speaking world has a mother with a multi-cultural identity”, and that Bassano was the “mother of a civilisation”.
The Telegraph reminds us of the conventional thinking about the Bard.
Shakespeare, in the consensus view of scholars, was born in Stratford in 1564 to a glove-maker. He attended the local grammar school, and at the age of 18 married the 26 year-old Anne Hathaway.
By 1592 he was being mentioned as part of the London theatre scene. Shakespeare died in 1616, well before Bassano, who died in 1645.
Interesting then that Bassano managed to write no more plays in the 29 years after the thief who stole her pen name died.
The Telegraph has another piece, by Philip Womack, refuting Coslet’s theory, called ‘No, Shakespeare wasn’t a black woman‘, linking to a longstanding tradition of coming up with different candidates for Shakespeare:
We know, with certainty, that William Shakespeare wasn’t even slightly a woman, or black. He was a white bloke from [Warwickshire], of yeoman stock. You might as well try to argue that the sun was, in fact, cold. Why does this madness continue?
In short:
What rubbish and what offal, when it serves for the base matter to illuminate.Julius Caesar I.3
The Telegraph’s coverage of Coslet’s book is worth reading in full.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL TBN LAST 24 HRS
IRAN UPDATES
POTATO HEAD HAS HIS FINGER ON THE TRIGGER
IRGC Has ‘Finger On The Trigger’ As US Carrier Strike Group Enters Waters Near Iran
Monday, Jan 26, 2026 – 06:50 PM
The US Navy’s aircraft carrier strike group USS Abraham Lincoln has arrived in the Middle East, this week entering CENTCOM waters in the Indian Ocean, and is awaiting orders
Fox correspondent Jennifer Griffin cites a senior American official who said the carrier is not yet on station for any possible future strikes against Iran, however.
The same outlet has further reported, “U.S. officials say Washington is reinforcing its military posture in response to growing instability inside Iran, boosting its presence by air, land and sea, while closely monitoring developments in Syria.”
“A squadron of F-15 fighter jets has deployed to the region, and C-17 aircraft carrying heavy equipment have arrived,” Fox adds.
This all comes after President Trump’s apparent climb-down after threatening military intervention against Tehran in the wake of large deadly protests which rocked the Islamic Republic early this month, amid an internet blackout.
But Trump has put Iran on notice, despite that Iranian streets have been clear of unrest for well over a week at this point. He said on Thursday he has ordered a “massive fleet” to be sent toward Iran “just in case” he wants to take action – although he underscored that “maybe we won’t have to use it.”
Just in terms of the strike group, this includes the following advanced assets:
The strike group is comprised of the Lincoln, an aircraft carrier, and three guided missile destroyers: the USS Frank E. Petersen, Jr., the USS Spruance and the USS Michael Murphy. On board the Lincoln are squadrons of F/A-18E/F Super Hornets, EA-18G Growlers, F-35C fighter jets and MH-60R/S helicopters.
The naval force was not necessarily “on station” as of Monday morning Eastern Time, meaning it was not in its intended ultimate position.
This is being taken seriously by Tehran leaders given the month kicked off with a shock US military intervention in Caracas – which was actually among Iran’s few Latin American allies – to overthrow longtime socialist leader Nicolás Maduro.
State affiliated Nournews, which is close to Iran’s Supreme National Security Council, reported on its Telegram channel that Gen. Mohammad Pakpour, commander of the Islamic Revolutionary Guard Corps (IRGC), warned the US and Israel “to avoid any miscalculation.“
“The Islamic Revolutionary Guards and dear Iran stand more ready than ever, finger on the trigger, to execute the orders and directives of the Commander-in-Chief,” Pakpour stated.
Iran’s military capability is nowhere close to being on par with the US; however, it does have a feared and sophisticated ballistic missile program, and has mass quantities of drones, which could threaten a carrier group through potential ‘drone swarm’ attacks, aimed at overwhelming naval defenses.
Cameron Chell, CEO and co-founder of drone technology firm Draganfly, has been widely quoted in various media outlets this week as explaining, “If hundreds are launched in a short period of time, some are almost certain to get through,” and added: “These drones give Iran a very credible way to threaten surface vessels.”
END
ISRAEL/IRAN
Israel prepared for evacuation of tourists in event of Iran attack, says Tourism Ministry Director
“If and when the skies close, we have the means, and all the managers know what to do in that moment,” Director General of the Tourism Ministry, Michael Itzhakov, said.
Airplanes at the Ben Gurion International airport. February 11, 2026.(photo credit: NATI SHOHAT/FLASH90)By103FMJANUARY 27, 2026 01:40Updated: JANUARY 27, 2026 02:03
Israel’s plan to evacuate approximately 42,000 tourists amid the possibility of an Iranian attack is ready, Director General of the Tourism Ministry, Michael Itzhakov, announced on Monday.
Itzhakov explained that Israel has been preparing for an evacuation scenario for about a month now, after he discussed with Tourism Minister Haim Katz that the country needs to learn its lesson from previous scenarios, alluding to the 12-day war with Iran in June of last year.
He noted that the Tourism Ministry has developed internal procedures designed to provide certainty and reassurance to tourists in the event of an airspace closure.
Although data from the Population and Immigration Authority estimated that there are around 42,000 tourists in Israel, the data is incomplete regarding Israelis with dual citizenship who may be tourists but are not counted as such upon entering the country, he explained.
Itzhakov’s remarks come amid rising tensions with Iran and the possibility of a security escalation as Trump weighs US strikes on the regime.
Volunteers clean and evacuate apartments that were hit by the Iranian missiles during the war between Iran and Israel, in Bat Yam. July 03, 2025. (credit: Dor Pazuelo/Flash90)
‘We want to be ready’
“This is general preparedness. We are not predicting trouble, but we want to be ready. The Tourism Ministry has created an internal procedure, and we want to provide certainty for tourists,” he said.
END
ISRAEL IRAN
US Weighs Precision Strikes On Iranian Officials As Govt Is ‘Weakest’ Since 1979
Tuesday, Jan 27, 2026 – 11:25 AM
On the one hand there are reports that the Trump administration “is open for business” when it comes to negotiations with Iran. “If they want to talk, and they know our terms, we are open to have a conversation,” a senior US official has told Axios. But on the other, amid this ‘openness’ toward cutting a deal (presumably on the nuclear and ballistic missile fronts), President Trump is said to be weighing a menu of escalation options aimed squarely at forcing regime change in the Islamic Republic, according to fresh regional and US reporting.
Middle East Eye, citing Arab officials, reports that Washington is actively considering direct strikes on senior targets in Tehran. “The US is weighing precision strikes on ‘high-value’ Iranian officials and commanders who it deems responsible for the deaths of protesters, a Gulf official familiar with the discussions told Middle East Eye.”
The Jerusalem Post reports that another option under discussion is a full blockade of Iranian oil exports – a replay of last year’s Venezuela playbook. That campaign saw Washington impose an embargo, seize oil tankers, and ultimately kidnap Venezuelan President Nicolás Maduro in the Jan.3rd military raid on Caracas.
Treasury Secretary Scott Bessent has emerged as a leading advocate of economic warfare, arguing that collapsing Iran’s economy would create conditions severe enough to trigger an internal uprising against the government, or starve the system until it breaks (as also happened in Iran’s ally Syria). US Treasury days ago began hitting Tehran officials with new protest-related sanctions.
Other senior officials are pushing for a more kinetic approach. Members of Trump’s Cabinet have urged targeted military strikes against Iranian government and military assets, but say these could be limited in scope akin to military action in the June 12-day war involving Israel.
Earlier this month, Trump reportedly held back from striking Iran, citing concerns that the Pentagon lacked sufficient forces in the region to decisively topple the government, also at a moment the US Navy strike force was built up on the southern Caribbean.
But a former US official told Middle East Eye that the odds of a strike are now higher than they were just weeks ago. Currently there’s a major military buildup ensuing across the Middle East, including the deployment of an aircraft carrier strike group (the USS Abraham Lincoln strike group), additional fighter jets, and advanced air defense systems – signaling ‘all options’ are indeed on the table.
Protests is in Iran have long gone quiet, but what has changed? The NY Times reports Tuesday:
President Trump has received multiple U.S. intelligence reports indicating that the Iranian government’s position is weakening, according to several people familiar with the information.
The reports signal that the Iranian government’s hold on power is at its weakest point since the shah was overthrown in the 1979 revolution.
But the dilemma remains as hawks in the administration urge action: “Mr. Trump warned that he could strike Iran as the government’s bloody crackdown on the protests expanded. Still, his advisers have been divided on the benefits of strikes, particularly if they were simply symbolic strikes against elements of the government involved in the crackdown,” The NY Times report adds.
Washington logic: Give them an ultimatum that they’ll never accept anyway and consequently you have the perfect reason to start bombing them…
One anti-Iran think tank hawk, Jason Brodsky, who is Policy Director at United Against Nuclear Iran (UANI), writes that “Iran’s regime wants a JCPOA-like deal. It is highly unlikely Khamenei will agree to the terms America is demanding because it would basically amount to a form of regime change. But the Islamic Republic will try and lead the U.S. on to think it will negotiate meaningfully to avoid an attack and entrap the U.S. in endless negotiations.”
But we should note that Tehran also has little reason to ever trust Washington, given the original JCPOA was collapsed when the first Trump administration unilaterally pulled out of it.
ISRAEL VS HAMAS
IDF Recovers Final Slain Hostage From Gaza, All 251 Returned To Israel
Tuesday, Jan 27, 2026 – 02:45 AM
Israel is calling it “painful moment of closure” – as the Israeli military (IDF) has confirmed the return of the final captive’s remains from Gaza.
“There are officially no more hostages in captivity in Gaza,” the IDF announced on X Monday. Finally, all of the 251 people taken during the Hamas-led October 7, 2023 attack on Israel have been returned, whether living or dead.
The Israeli army launched an operation beginning Sunday to search a cemetery in the Gaza Strip for the remains of the last captive, Ran Gvili. It involved the cooperation of Hamas and local Palestinians.
Gvili’s body has now been brought back to Israel 843 days after being kidnapped in the October 7 Hamas/Islamic Jihad attacks, which overwhelmed southern IDF posts as well as several Jewish settlements during the large assault.
The office of Defense Minister Israel Katz said of the recovery of the remains of police Master Sgt. Gvili: “It is a moment that underscores the State of Israel’s commitment to its soldiers and citizens: to bring every single one home, as we promised the families and the Israeli public.”
According to details of how his remains were positively identified:
The IDF began exhuming hundreds of bodies at a Muslim cemetery in eastern Gaza City over the weekend, and until today, had tested around 250 of them for a potential match to Gvili.
A few hours ago, dentists deployed to the cemetery were able to confirm that the dental structure of one body matched Gvili’s. In addition, fingerprints and other tests were carried out to confirm his identity, according to the military.
The Gaza war that ensued after Oct.7 lasted over two years, and killed over 71,000 Palestinians, according to Gaza sources, which doesn’t categorize combatants vs. civilian deaths.
Israel has long maintained that tens of thousands of these included armed Hamas and Islamic Jihad fighters, disputing the death figures put out by the Gaza health office. But even the Trump administration has acknowledged Israeli forces and aerial bombardments have slain an appalling amount of Palestinian civilians.
According to Israeli media, “Gvili served as a combat fighter in the Negev Border Police in the Southern District. On October 7, despite being injured with a broken shoulder from a motorcycle accident and scheduled for surgery, he went into combat.”
The report notes that “He succeeded in saving the lives of dozens of revelers at the Re’im music festival before being killed and abducted.”
Hamas says that in allowing the IDF recovery mission, this demonstrates the group’s commitment to observing the ceasefire. “We will continue to adhere to all aspects of the agreement, including facilitating the work of the National Committee for the Administration of Gaza and ensuring its success,” the Hamas statement indicated.
“We call on the mediators and the United States to compel the [Israeli] occupation to cease its violations of the agreement and implement its required obligations,” the group added. Israel has agreed to reopen the vital Rafah crossing upon conclusion of this hostage recovery mission, another milestone in the truce process.
RUSSIAN VS UKRAINE UPDATES
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
issue; this is wrong; Dr. Avery Brinkley Jr. reported “Ice agents are minimally trained in how to deal with crowds of people threatening them with guns, throwing rocks, screaming, etc. How do ICE
agents train for online videos that promote killing Federal ICE agents? This is the type of behavior that these agents have to cope with. These are actual cannibals “protesting” on the streets of Minneapolis. Authorities forced the perpetrator to cough up the remains of the finger, but it appears to be too damaged to be reattached.
BTW- this is all being planned and coordinated from the top levels of NGOs run by democrat party leaders and Soros.
City and state officials in MN, rather than cooperating with Federal officials to help find ILLEGAL aliens, are working to cause riots and mayhem. They are encouraging violence and mob action.”
Does this demand that ICE agents shoot people or react punitively? I do not know what I would do if I were them, but they are under attack and maybe some think their lives are in imminent danger and the truth is what matters is YOUR own perception of your threat risk. So many issues at play here. Not the quarter back morons like you and me, talking and we are not IN THE MIX…so we must step back too.
I am with ICE first, with law enforcement, but not with anyone who takes life, I do not stand for that especially BLINDLY, and needlessly. I want everything examined to figure out if justified or if there was malice. always.
END
NEWSWIZE
Americans Shocked as Chilling New Details Surface From Minnesota Church ProtestA federal affidavit filed by Homeland Security Investigations has detailed a disturbing incident at Cities Church in St. Paul, Minnesota, on Jan. 18, when anti-Immigration and Customs Enforcement (ICE) protesters appeared to storm a Sunday worship service.According to investigators, the group’s actions went far beyond political protest, creating chaos, intimidating congregants and preventing parents from reaching their children.The affidavit, submitted …READ THE FULL REPORT
A Simple Question Sparks Morning Terror as Brutal Attack Leaves Community StunnedA Washington man and his dog were critically injured Sunday morning in a targeted attack at a Parkland corner store, reportedly because of the man’s Christian faith.According to KOMO News, Eddie Nitschke called 911 at 6:24 a.m. after being approached by a man who asked about his religion.When Nitschke identified as Christian, the assailant reportedly attacked him and his dog …READ THE FULL REPORT
Beloved Actor Desperately Needs Prayers After Frightening EpisodeThe actor who brought a beloved football story to the big screen is now fighting a serious medical crisis in an Atlanta hospital. Quinton Aaron, who starred in a major 2009 sports film, has been placed on life support after a sudden collapse in his home.Aaron, 41, fell while climbing the stairs at his Atlanta residence when his legs unexpectedly gave …READ THE FULL REPORT
Holocaust Museum Issues Rare Rebuke After Walz’s ‘Deeply Offensive’ CommentGov. Tim Walz (D-MN) is under fire after drawing a controversial comparison between President Trump’s immigration enforcement operations in his state and the experiences of Anne Frank during Nazi occupation, prompting a swift rebuke from the United States Holocaust Memorial Museum.During a Sunday press conference, Walz suggested that children in Minnesota are living in conditions comparable to those endured by …READ THE FULL REPORT
Bizarre Moment Kanye West Shocks Newspaper Readers, Then Reveals Devastating Health BattleRapper Kanye West has issued a public apology for his antisemitic statements through a full-page advertisement in the Wall Street Journal, attributing his controversial behavior to an undiagnosed brain injury from a 2002 car accident that he claims led to bipolar disorder.The paid advertisement, which appeared in the January 26 print edition and was funded by Yeezy, marks West’s latest …READ THE FULL REPORT
A MUST READ: A REVIEW OF THE WORLD’S MOST CONTENTIOUS ISSUES!!!!
(MIKE EVERY)
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
The Gold Move Is A Vote Of No Confidence In The Entire Global Financial Architecture
Tuesday, Jan 27, 2026 – 11:45 AM
By Michael Every of Rabobank
As Axios puts it, ‘Wall Street’s playbook for 2026 already needs to be rewritten’. Many players’ do.
Gold is through $5,000 and silver up 5.5% at over $109 – it was even higher intraday. You might not trade either, and I remain sceptical that we are moving back to a gold or silver standard, even for limited international trade. Yet besides the notable industrial implications from silver (and copper), this is hoarding, and a vote of no confidence in the entire global financial architecture. Wall Street is calling it “the Debasement Trade.’ That fails to see that, in time, it can lead to Wall Street being put in a basement, or up against a wall. Plenty to think about there.
The IMF head warned the world to ‘prepare for a global run on the US dollar’, adding the EU should issue more common debt to provide investors with an alternative safe asset to gold and US Treasuries. There are vast structural changes implied in every part of that sentence.
In Japan, 10-year yields are +4.5bps, reversing the recent JGB rally. As the WSJ notes, ‘Wall Street Is Fixated on a Possible Yen Intervention.’ After all, Japanese CPI is 2.1%, 30-year yields are 3.66%, the BOJ can’t do too much because public debt is so high, the country has run five annual trade deficits in a row, removing its protective shield, and a weak JPY isn’t helping, just feeding inflation. Some see Japan needing a US bailout before these JGB problems flow back to US Treasuries… even as markets are wondering who is going to bail the US out.
There, note that, the US is breaking the global architecture to bail itself out. That starts with geopolitics and geoeconomics, then flows back to markets:
PM Takaichi just underlined her country’s alliance with the US would ‘collapse’ if Japan fled a Taiwan crisis. As a result, the US-Japan trade deal –which isn’t an FTA because time is too short for technocratic politesse– is logically likely to hold; Japan’s industry will be worked into US military supply chains; and the US could logically extend its still-powerful fiat largesse to Tokyo. What other options do Japan or the US have? “Because markets”?
Yet South Korea has seen Trump threaten to increase US tariffs back to 25% because Seoul is “not living up to” the trade deal struck last year. As another stick there, the latest US National Defence Strategy makes clear South Korea, as others, is expected to do far more for its own defense under the US umbrella: but the implication could be that umbrellas can be closed if those under them don’t contribute to holding tightly against strong geopolitical winds.
In Europe, the EU parliament delayed its decision to unfreeze the EU-US trade deal after the Greenland crisis, while an FTA with India is on the cards. However, NATO chief Rutte warned Europe can’t defend itself without the US, and “The EU should stop dreaming of creating a European pillar for NATO and continue to build ties with the US despite Trump.” The New York Times adds, ‘As Europe’s reliance on natural gas grows, so does Trump’s leverage’, noting concern that “Trump could turn the strong position that the US has gained in the oil and gas industry into a weapon to try to coerce other countries…” So, what is the ultimate EU decision to be?
Carney’s retort that he has no intention of signing an FTA with China (which allows the US to dissolve the USMCA), leaves one wondering what exactly a “strategic partnership” with Beijing, as part of a “New World Order”, involves: the political or military sphere? Meanwhile, in the geoeconomic one, again as predicted, the Canadian press notes the US has broached the idea of “something approaching a North American customs union… The partners would apply a common trade policy to other countries, even globally.” And the US would set it. That would, as its press also notes, render Canada’s status akin to that of Hong Kong within China. Meanwhile, Canada, like the EU, is looking to India for more trade – but that ‘Hong Kong’ issue is in the background.
Meanwhile, as middle powers talk about propping up the liberal world order without the US, the USS Lincoln Carrier Strike Group has arrived in Middle East, showing what real power is. On one hand, Trump says ‘Iran wants to make a deal,’ yet we may see US strikes against regime targets to trigger new mass protests, and there are suggestions it may impose a Venezuela-style blockade on Iranian oil exports – the kind of upstream disruption of commodity supply chains to China we flagged last year as a trump card vs. Beijing’s control of rare earths (where Japan-China tensions are driving high-tech mineral prices to record highs). Markets will be watching closely.
In the broader region, the Houthis said they may close the Red Sea and Suez Canal again if the US strikes Iran; Hezbollah also said, “we are not neutral,” but it remains to be seen if it is still lethal or not. More broadly, key players are realigning on the expectation that in near future Iran will be less of a threat and the US will be less involved: we see an emerging Saudi-Qatar-Egypt-Turkey-Somalia-Sudan-Yemen-Pakistan alignment vs. the UAE-Israel-Somaliland-South Sudan-South Yemen-India. How will the liberal middle powers tread those waters?
In short, expect domestic politics to stay as ‘interesting’ as geopolitics – and the two are inextricably linked. Indeed, even as Trump appears to be taking a more conciliatory stance over ICE in Minnesota for now, hedge fund star Ray Dalio warns of ‘a more clear civil war.’ Is a Birkin or a Rolex much help in one of those? I’m asking for a friend.
THAT DID NOT TAKE LONG: VENEZUELA’S NUMBER TWO HAS HAD ENOUGH OF TRUMP!!
(ZEROHEDGE)
‘Enough Of Washington’s Orders’ – Venezuela’s Interim President Tells Populace
Monday, Jan 26, 2026 – 07:40 PM
Venezuela’s interim president Delcy Rodríguez has publicly pushed back against Washington in a rare first since the US military invasion and overthrow of Nicolás Maduro, assering she has had “enough” of US directives.
While President Trump initially declared that Washington would effectively “run” Venezuela, he later endorsed Rodríguez as a temporary caretaker during the transition, despite her being as hardcore a Leftist pro-Maduro figure as anyone.
“Enough already of Washington’s orders regarding politicians in Venezuela,” Rodríguez told oil workers gathered in Puerto La Cruz on Sunday, in remarks broadcast on state television.
She further urged that Venezuela’s political disputes be handled internally, saying: “Let Venezuelan politics resolve our differences and our internal conflicts” – and warned that the small oil-rich country has already paid a steep price confronting what she described as fascism and extremism.
Rodríguez soon after being sworn in had vowed that no “foreign agent” would rule Venezuela or reduce it to a “colony” – despite that Trump has made clear that his appointed team of American officials would effectively run the country and its oil.
Among the first US actions has been to cut off Venezuela’s oil supply to nearby ally Cuba, which threatens to sink the island-nation’s economy further, after it has endured many decades of Washington sanctions.
Despite this big talk of distancing herself from American interests, Rodríguez warmly greeted CIA Director John Ratcliffe this month, and there was even a photo op. Ratcliffe, as the first top US official to meet with her in the wake of the Jan.3rd military operation, reportedly delivering Trump’s conditions for resetting relations.
The fact that she has even remained in power this long suggests that she is playing ball behind the scenes, and that any anti-American public declarations are primarily for domestic consumption.
Domestic messaging: …has to pretend otherwise not to upset her support base:
ÚLTIMA HORA | Delcy Rodríguez: «Basta de órdenes de Washington sobre políticos en Venezuela»
«Que sea la política con P mayúscula y con V de Venezuela. Que sea la política venezolana quien resuelva nuestras divergencias y nuestros conflictos internos» https://t.co/0rPRjxySgJpic.twitter.com/Ir3SUFQ2KB
Three weeks after U.S. forces whisked President Nicolás Maduro away from Caracas, the capital, his vice president and replacement, Delcy Rodríguez, is rapidly liberalizing the economy without ceding any political control in an autocratic nation.
With President Trump’s blessing, Ms. Rodríguez has moved to redirect Venezuela’s oil exports from China to the much more lucrative market in the United States. Earlier this month she funneled the first tranche from these oil sales, $300 million, to Venezuela’s banking system, halting the collapse of the national currency and putting hyperinflation fears to rest.
She is rapidly rewriting laws to bring in foreign investment and boost wages, leading many economists to forecast double-digit economic growth in Venezuela this year. She is promising economic transparency and accountability, an implicit recognition of years of looting of state funds by the government that she has served for decades.
Anticipation of an economic windfall has sparked a rally on Caracas’s thinly traded stock exchange and driven a sharp jump in real estate prices, NYT also describes. The country’s long-defaulted bonds have climbed, fueled by speculation that the former Maduro number two could move to restructure the country’s debt, also in anticipation of Washington potentially rolling back sanctions.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1866 DOWN 0.0007 PTS OR 7 BASIS POINTS/WITH STOCKS IN EUROPE ALL MOSTLY GREEN
USA/ YEN 154.63 UP 0.252 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 1.3672 DOWN 0.0017 OR 17 BASIS PTS
USA/CAN DOLLAR: 1.3723 UP 0.0009 CDN DOLLAR DOWN 9 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 7.30 pts or 0.18%
Hang Seng CLOSED UP 361.43 PTS OR 1.35%
AUSTRALIA CLOSED UP 0.45%
// EUROPEAN BOURSE: ALL MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 361.43 PTS OR 1.35%
/SHANGHAI CLOSED UP 7.30 PTS or 0.18%
AUSTRALIA BOURSE CLOSED UP 0.45 %
(Nikkei (Japan) CLOSED UP UP 408.75 PTS OR 0.77%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 5091.50.
silver:$109.71
USA DOLLAR VS TRY: 43.40
USA DOLLAR VS RUSSIAN ROUBLE: 76661 ROUBLE// DOWN 13 BASIS PTS
UK 10 YR BOND YIELD: 4.5090 UP 1 BASIS PTS
UK 30 YR BOND YIELD: 5.245 UP 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.380 DOWN 4 BASIS PTS
CDN 5 YR BOND YIELD; 2.911 DOWN 4 BASIS PTS
USA dollar index early TUESDAY morning: 96.99 UP 13 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.222% DOWN 0 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.280% UP 4 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.666 UP 4 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.234 UP 1 in basis points yield
ITALY 10 YR BOND: 3.476 UP 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8719 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1947 UP 0.0073 OR 73 basis points
USA/Japan: 153,00 DOWN 1.373 OR YEN IS UP 137 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.5120 UP 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.246 UP 2 BASIS POINTS.
‘Trump Sparks Bullion Bid As Goldman Sees Dollar Demise ‘Just Getting Going’; ‘Gamma Wall’ Gags Equity Gains
by Tyler Durden
Tuesday, Jan 27, 2026 – 04:00 PM
‘Buy America’ is back as tech leads the broad market higher (while healthcare hit hedgies hard), USTs were bid (at the short end), gold and silver rebounded from some overnight weakness, but crypto was puked again alongside the dollar.
WRAP UP
De-dollarisation continues as markets await FOMC & Mag-7 earnings – Newsquawk US Market Wrap
Tuesday, Jan 27, 2026 – 04:11 PM
SNAPSHOT: Equities up, Treasuries steepen, Crude up, Dollar down, Gold up
REAR VIEW: Trump doesn’t think the dollar declined too much & not concerned about the decline; Consumer Confidence hits 12yr low; Richmond Fed Mfg shows slight uptick, albeit still negative; Trump raises tariffs on South Korea; Japanese Finance Minister said to take appropriate steps on FX in coordination with the US; Healthcare insurers hit on upcoming proposal to keep Medicare rates to insurers steady; LMVH tops earnings expectations; Average 5yr US auction.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
US stocks closed firmer, driven largely by mega-cap names as markets look towards MSFT, TSLA, and META earnings on Wednesday after the FOMC. Unsurprisingly, Healthcare was the worst performer, weighed by broad weakness in insurers (UNH -19.6%, CVS -14.2%, HUM -21.1%) after a WSJ report late on Monday that the Trump admin is proposing to keep the rates steady that Medicare pays insurers, lower than the St. expectations of 5%. Financials also saw losses while Tech, Utilities, and Energy outperformed. The latter was supported by upside in crude prices as the winter storm in the US continues to curtail production, with analysts noting that US oil producers lost up to 15% of national production over the weekend. US data largely had little impact on FX, but did add to downside in US 2yr yields as US Consumer Confidence hit a 12yr low; Richmond Fed showed slight improvement, albeit still negative, while ADP weekly growth marginally eased. The main move came near the US cash close, namely existing broad dollar weakness extending after Trump remarked that he doesn’t think the Dollar declined too much and is not concerned with its decline, leaving DXY at levels not seen since 2022. For JPY, another sharp bout of strength was seen in the European morning, keeping speculation over FX intervention or rate checks at recent heights. T-Notes were sold on the long end as the curve steepened; little reaction was seen on an average 5yr note auction. In commodities, gold and silver pared some of the weakness seen late on Monday, and saw further strong on Tuesday, even accelerating after the dollar weakened on Trump’s aforementioned comment; gold climbed above USD 5,185/oz with silver back above USD 112/oz.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 1 TICK LOWER AT 111-25
T-Notes steepen as Trump ramps up pressure on South Korea over stalled trade talks, while US Consumer Confidence sinks to a 12-year low. At settlement, 2-year -2.5bps at 3.573%, 3-year -2.0bps at 3.643%, 5-year -1.1bps at 3.819%, 7-year -0.3bps at 4.021%, 10-year +0.8bps at 4.229%, 20-year +2.5bps at 4.793%, 30-year +2.6ps at 4.836%.
THE DAY: T-Notes gradually moved lower throughout APAC trade before stabilising until the US morning. Newsflow at the time was contained to trade as Trump aimed at South Korea, raising tariffs to 25% from 15% on multiple goods over the lack of progress in the trade deal that was agreed last year. Thereafter, updates were sparse until US Consumer Confidence hit a 12yr low, allowing for a continued rally in the 2yr as money markets slightly increased rate cut bets for March and April. Meanwhile, the Richmond Fed Manufacturing Survey was slightly firmer in January, supported by increases in Shipments and New Orders, while employment fell. In the US afternoon, the 5yr note auction was met with average demand, showing the 7th tail out of the last 8 auctions. Now the focus turns to the Fed tomorrow, where the Committee is expected to hold rates, but likely with at least two dovish dissents, Governors Bowman and Miran. ZN H6 traded in a 111’21-111’29 range. Click here for the Newsquawk FOMC Preview.
SUPPLY:
Notes
US sold USD 70bln of 5yr notes.
Overall, an average 5yr note auction, marking the 7th tail out of the last 8 auctions. The tail printed 0.3bps, above the prior 0.1bps, but more-or-less in line with the 0.4bps six-auction average. B/C was little changed at 2.34x from the prior 2.35x, close to the 2.36x average. Dealer’s bid proportion rose to 10.9% from 8.8% above the 10.4% average, a result of directs bid dropping to 28.5% from 31..7%, beneath the average of 28.7%. Indirects took 60.7% of the bid, up from 59.5%, but slightly shy of the 61.0% average.
Bills
US sold 6-week bills at a high rate of 3.635%, B/C 2.64x
US is to sell USD 69bln of 17-wk bills on January 28th, and USD 105bln of 4-wk bills and USD 95bln of 8-wk bills on January 29th; all to settle on February 3rd
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: January 0bps (prev. 0bps), March 3.4bps (prev. 2.8bps), April 6.7bps (prev. 6.2bps), December 46.7bps (prev. 45.2bps).
NY Fed RRP op demand at 1.25bln (prev. 1.49bln) across 5 counterparties (prev. 7)
EFFR at 3.64% (prev. 3.64%), volumes at USD 83bln (prev. 99bln) on January 26th.
SOFR at 3.66% (prev. 3.65%), volumes at USD 3.143tln (prev. 3.137tln) on January 26th.
CRUDE
WTI (H6) SETTLED USD 1.76 HIGHER AT 62.39/BBL; BRENT (H6) SETTLED USD 1.98 HIGHER AT 67.57/BBL
The crude complex was firmer and gained from troughs throughout the duration of the US session. There was no specific headline driver for the turnaround in prices, but it appears to be closely associated with the winter storm in the US, as it has curtailed production and even drove US Gulf Coast crude exports to zero over the weekend. Analysts add that US oil producers lost up to 2mln BPD or ~15% of national production over the weekend. While the impact is only going to be in the immediate short-term, desks write that the cold weather will likely cause quite notable drawdowns in oil stocks over the next few weeks, particularly if this weather continues. Further on the supply footing, Reuters source reports notes that Kazakhstan’s biggest oilfield, Tengiz, is likely to restore less than half of its normal production by February 7th as it slowly recovers from a fire and power outage. While there wasn’t too much to add from a geopolitical standpoint on Tuesday, Trump said a big armada is going over to Iran, but hopefully won’t have to use it. While on Ukraine/Russia, remarked that very good things are happening. After-hours we get the weekly private inventory data, whereby current expectations are (bbls): Crude +1.8mln, Distillate -0.6mln, Gasoline +1.0mln.
EQUITIES
CLOSES: SPX +0.41% at 6,979, NDX +0.88% at 25,940, DJI -0.83% at 49,003, RUT +0.26% at 2,667
SECTORS: Health -1.66%, Financials -0.74%, Communication Services +0.02%, Materials +0.04%, Real Estate +0.14%, Consumer Staples +0.33%, Industrials +0.42%, Consumer Discretionary +0.67%, Energy +0.99%, Utilities +1.25%, Technology +1.42%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.58% at 5,993, Dax 40 -0.10% at 24,908, FTSE 100 +0.58% at 10,208, CAC 40 +0.27% at 8,153, FTSE MIB +1.09% at 45,440, IBEX 35 +0.70% at 17,804, PSI +0.90% at 8,654, SMI +0.46% at 13,206, AEX +0.29% at 1,002
STOCK SPECIFICS:
Following NVIDIA’s (NVDA) investment on Monday, CoreWeave (CRWV) was upgraded at Deutsche Bank.
Meta (META) reportedly agreed a deal to pay Corning (GLW) as much as USD 6bln for fibre optic cables in data centres.
Micron (MU) is to invest USD 24bln over 10 years in Singapore NAND plant.
Salesforce (CRM) subsidiary Computable Insights awarded USD 5.64bln Army contract
Trump admin proposes keeping the rates steady that Medicare pays insurers. Of note for insurers, Humana (HUM), UnitedHealth (UNH), CVS Health (CVS).
Amazon (AMZN) to close Amazon Go and Amazon Fresh physical stores; now planning to invest in opening more than 100 new whole foods market stores over the next few years. To launch new same-day deliveries in more cities in 2026.
EARNINGS:
American Airlines (AAL): Midpoint of FY profit view surpassed Wall St. consensus
Boeing (BA): Profit beat, but only topped as results incl. $9.6bln gain on digital aviation solutions deal
General Motors (GM): Profit topped & approves new $6bln share repurchase programme.
HCA Healthcare (HCA): Profit topped & authorised additional share repurchase programme for up to $10bln
JetBlue (JBLU): Deeper loss per shr. than expected
Nucor (NUE): EPS & rev. light
RTX (RTX): Strong Q metrics w/ midpoint of FY EPS view also above exp.
Sanmina (SANM): Next quarter sales outlook disappointed
UnitedHealth (UNH): Profit & rev. was short w/ FY26 top line guidance light
UPS (UPS): Top & bottom line surpassed exp; Strong FY rev. outlook
FX
The Dollar was once again sold, as the “de-dollarisation” trade is still very much in effect, with renewed pressure stemming from US/Japan rate checks and Trump’s latest tariff threats on Canada and South Korea. On the latter, he announced he is “increasing South Korean tariffs on Autos, Lumber, Pharma, and all other reciprocal tariffs, from 15% to 25%. US data came in the form of Consumer Confidence, Richmond Fed, and the weekly ADP, but did little to move the Greenback as participants await FOMC and Mag-7 earnings on Wednesday. Briefly recapping the data, Consumer Confidence disappointed, Richmond Fed was slightly better than expected, albeit still negative, and ADP added 7.75k jobs a week (prev. 8k). The Dollar Index hit a low of 95.953 against an earlier high of 97.118 as the week’s key risk events come into view.
G10 FX was firmer across the board and benefited from the broad Dollar weakness. Swissy was the clear gainer, and seemingly buoyed by its haven status, while all other G10s also saw decent strength. On the in-vogue Yen, a large bout of strength was seen in the EU session, which led USD/JPY to tumble below 153.20, from around from 154.55, and the move lacked a fresh catalyst. Markets no doubt will speculate the move being either a) intervention or b) a rate check, which, of course, follows a rate check conducted by the NY Fed on Friday. On this front, Finance Minister Katayama said they are coordinating with the US, and will take appropriate steps on FX – a comment which led the pair down to make a fresh trough below the 153.00 mark. The pair continued lower and found a floor at 152.57, a level it resides around at the time of writing.
There was little currency-specific newsflow, but Cable printed a 4-year high of 1.3791, while EUR/USD hit a high of 1.1990. On the central bank footing, ECB’s Nagel said there is no reason to change rates anytime soon, and agrees with Chief Economist Lane that there is no good argument for changing rates in either direction. ECB’s Kocher remarked officials must be ready to act if needed. Precious metals once again saw strength, as spot silver peaked at c. USD 117/oz and spot gold at USD 5140/oz, with Citi raising silver 0-3month price forecast to USD 150/oz (prev. 100 oz), citing strong speculative demand and tightening physical supply outside the US, and it also warns short-term profit-taking from Chinese investors could pressure prices.
In EMFX, and to avoid repeating myself saw gains on the known themes, while CNB Deputy Governor Frait said the domestic economy does not justify rate cuts; 50bps of easing is the maximum for this year.
CENTRAL BANK PREVIEWS
FED: The Federal Reserve is widely expected to leave the policy rate unchanged at 3.50-3.75%, with the latest Reuters poll showing unanimous expectations for no change at this meeting, and also 58% of economists surveyed by Reuters also see rates staying on hold through the quarter. Money markets are pricing in around 45bps of cuts by year-end, with the first 25bps reduction seen by July. Goldman Sachs said the meeting is likely to be uneventful, with no change to the Federal Funds Rate, only minor statement tweaks, and few clues on the future policy path. The bank expects Chair Powell to stress that the FOMC has already delivered three cuts to help stabilise the labour market and is well positioned to assess the impact. As in recent meetings, guidance is likely to matter more than the decision itself, particularly around how long policymakers intend to remain patient before easing eventually comes into view. Click here for the full FOMC Newsquawk Preview.
BOC: The BoC is widely expected to keep rates on hold at 2.25%, as reflected in the unanimous view of a Bloomberg survey of analysts and current OIS pricing. A Reuters poll shows about 75% of the 35 economists surveyed expect rates to remain unchanged in 2026, up from around 60% in December. The shift reflects worsening US-Canada trade relations and elevated uncertainty ahead of USMCA renegotiations later this year, prompting participants to scale back bets on a return to tightening. The latest escalation followed comments by US President Trump, who threatened 100% tariffs on Canada over closer ties with China, including reduced tariffs on Chinese EVs and the reopening of channels for investment, energy cooperation and long-term trade growth. Money markets now price about 12 bps of hikes by year-end, down from around 35 bps in December. Data since the December meeting have been mixed, giving the BoC scope to cite greater economic uncertainty in a decision to hold rates. The unemployment rate again proved volatile, rising in December despite full-time job gains offsetting a decline in part-time employment. Headline inflation accelerated, while average BoC core measures eased slightly. The meeting will include the latest MPR, with attention on any changes to the neutral rate estimate, although desks say this is not expected. Click here for the full BOC Newsquawk Preview.
USA DATA RELEASES
US Home Prices Surged In November As Mortgage Rates Tumble
Tuesday, Jan 27, 2026 – 09:05 AM
For the fourth straight month, US home prices rose on a MoM basis in November (according to the admittedly lagged and smoothed Case-Shiller data released today). The 0.47% MoM rise is the hottest since Dec 2024
Source: Bloomberg
On a year-over-year basis, there is a very modest inflection higher in the price appreciation (up from +1.32% to +1.39%).
“November’s results confirm that the housing market has entered a period of tepid growth,” said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.
Regional patterns continue to illustrate a stark divergence.
Chicago leads all cities for a second consecutive month with a 5.7% year-over-year price increase, followed by New York at 5.0% and Cleveland at 3.4%.
These historically steady Midwestern and Northeastern markets have maintained respectable gains even as overall conditions cool.
By contrast, Tampa home prices are 3.9% lower than a year ago – the steepest decline among the 20 cities, extending that market’s 13-month streak of annual drops.
Other Sun Belt boomtowns remain under pressure as well: Phoenix (-1.4%), Dallas (-1.4%), and Miami (-1.0%) each continue to see year-over-year declines, a dramatic turnaround from their pandemic-era strength.
Declining mortgage rates suggest the rebound in aggregate prices could be about to explode…
Source: Bloomberg
However, home price appreciation does seem to track very closely with bank reserves at The Fed (6mo lag), which implies prices are going continue to lag for the next few months…
Source: Bloomberg
Still, November’s data is not exactly what President Trump is looking for from ‘lower rates’ helping his ‘affordability’ message.
END
Conference Board Consumer Confidence Crashes To 12 Year Lows
Tuesday, Jan 27, 2026 – 10:10 AM
After Boomers and Gen X dragged The Conference Board Confidence measure down to eight month lows to end 2025, expectations were for a rebound to start 2026.
But, reality was far worse with the headline plunging from 94.2 (revised up from 89.1) to 84.5 (well below the 91.0 expected) – the lowest since May 2014.
The Present Situation Index – based on consumers’ assessment of current business and labor market conditions – plummeted by 9.9 points to 113.7 in January (from an upwardly revised 123.6).
The Expectations Index – based on consumers’ short-term outlook for income, business, and labor market conditions – tumbled to 65.1 (from 74.6).
Source: Bloomberg
The Expectations Index has now tracked under 80 for 12 consecutive months, the threshold below which the gauge signals recession ahead.
Under the hood, The Conference Board survey shows the trend of a weaker labor market continued to accelerate…
Source: Bloomberg
So, the stock market soars near record highs, GDP is ripping, but consumer sentiment is collapsing?
USA ECONOMIC COMMENTARIES
Winter Storm Fern To Lower Q1 GDP By 0.5% To 1.5%
Monday, Jan 26, 2026 – 09:20 PM
Winter storm Fern is mostly over, its resulting damage, however, will linger for a long time.
To assess the economic impact of the brutal winter storm, BofA chief economist Aditya Bhave looked back at Winter Storm Viola, which hit the US in February 2021. Both storms put roughly half the country under a winter weather advisory. Consumer spending fell by 0.9% m/m in February 2021, after a 1.3% increase in January. However, this swing probably wasn’t entirely due to Viola: January 2021 spending was also boosted by the passage of the CAA in December 2020, and favorable seasonal adjustments.
In his analysis Bhave used the latest BofA aggregated credit and debit card data (report available to pro subs) to zoom in on the effect of Viola. Total card spending was down 3.7% y/y in the week ending February 19, 2021, compared to a trend of about +6% y/y in prior weeks.
Accounting for a pickup in card spending growth in the weeks after the storm, the BofA economist estimates that at least 0.6% of spending was lost over a one-month period due to Viola. That’s a little more than a quarter of the Jan-Feb swing in total consumer spending, and works out to about a 0.5% drag on Q1 2021 GDP growth.
The slowdown in total spending due to Viola might have been larger than the impact on BAC card spending, because cash transactions would most likely have taken a bigger hit. Moreover, some of the rebound in spending growth after Viola might have happened for other reasons. Finally, the bank’s estimate above only looks at spending: other components of GDP would also have been affected by Viola.
Accounting for these factors, Bank of America thinks the headwind to Q1 2021 GDP growth from Viola might have been as large as 1.5%, which means that with strategist consensus expecting a roughly 1.5%-2% growth in Q1 before the winter storm, the US economy may be stagnant in the first quarter.
That said, the analogy isn’t perfect as Viola caused significant damage in the South, with extended disruptions to the power grid in Texas. It now appears that Winter Storm Fern won’t be as disruptive, partly because the region is now better prepared. But Fern has resulted in a lot more snowfall in the Northeast, which has a larger concentration of higher-income HHs. So it isn’t clear whether Fern will cause more or less economic damage than Viola.
In any case, BofA’s initial estimate is that the drag on Q1 2026 growth will be in the range of 0.5-1.5%.
The good news is that the bank does not expect any lasting impact on the trajectory of the economy. This means there is as much upside to 2Q GDP growth as there is downside to 1Q.
END
“Mother Nature Stops For No One”: All Eyes On Next Winter Storm Threat For US East
Tuesday, Jan 27, 2026 – 03:40 PM
A day or so after the historic winter blast buried much of the eastern half of the US in snow and ice and unleashed dangerously cold air that strained power grids from ERCOT to PJM, forecasters are now tracking another winter threat with potential impact on the Southeast, Mid-Atlantic, and Northeast later this weekend.
Meteorologist Ben Knoll published a note earlier today that warned of “high confidence that a powerful storm, packing blizzard conditions, will form near the East Coast. How close or far that storm is from the coast is less certain.”
On X, Knoll wrote:
Another day, another weather update! The last week has been among the busiest I’ve had in my career so far.
Mother Nature stops for no one, so the forecasts must keep flowing. Compared to yesterday, there’s a little more clarity in the weekend forecast, but it isn’t set in stone.
Will this weekend’s powerful storm be closer to the coast or farther offshore? That’s the key question. For now, the highest chances for impacts are along the coast from North Carolina’s Outer Banks to southeast New England.
He noted:
This storm’s strongest snow signals are located in the Carolinas, coastal Mid-Atlantic and coastal New England. Of course, there’s a chance things trend back west, so keep watching!
Will this weekend's powerful storm be closer to the coast or farther offshore?
That's the key question.
For now, the highest chances for impacts are along the coast from North Carolina's Outer Banks to southeast New England. pic.twitter.com/HYsXLyJhhL
Other meteorologists and private weather forecasters are beginning to post model guidance showing a potential winter storm threat for the Mid-Atlantic this weekend.
Despite the consensus narrative, what we are currently experiencing globally is not “de‑dollarization,” but a broad loss of confidence in developed economies’ fiat currencies and sovereign debt as a reserve asset for central banks and institutions. This fundamental loss of confidence in the solvency of developed economies’ sovereign issuers is boosting demand for gold.
However, the latest data shows no crossover or fiat alternative substitution. The US dollar’s central role in the fiat system remains intact.
Gold over debt: the key shift
MMT supporters state that monetary sovereign nations can issue all the debt they want without inflationary and confidence risk. However, monetary sovereignty is not a given; it is not perennial and governments face three limitations when it comes to issuing debt. Domestic and global confidence in sovereign issuers begins to decline once they surpass those limits.
The three limits for governments are:
the economic limit, when more government debt leads to stagnation and productivity growth decline;
the fiscal limit, when interest expenses and debt burdens soar despite central bank easing and rising tax receipts;
and the inflationary limit, when the loss of the purchasing power of currencies becomes large and persistent, eroding citizens’ standards of living.
Over the last few years, the most important trend in global reserves has been the rotation from government bonds of advanced economies toward gold, not “out of dollars,” as some media highlights, and even less so into other fiat currencies.
Many analysts blame the recent sanctions against Russia as a factor that has triggered the move to other forms of reserve. However, this does not seem like a plausible cause when most of the gold reserves that have been added globally are stored in countries that enforce those sanctions. The evidence is more complex and different: Central banks globally stopped trusting in developed nations’ debt as their core asset in 2021 when inflationism and lack of fiscal responsibility started generating losses at major central banks. Sovereign debt stopped being the quality, stable, and income-generating asset that provided real economic returns to institutions all over the world.
Despite the media and social media comments, the slump of euro and yen assets as reserves has been more aggressive than that of the US dollar. Bloomberg and the World Gold Council data show central banks and sovereign funds have doubled the pace of gold purchases in roughly three years, accumulating around 80 metric tons a month and driving record demand and record prices. This buying comes on top of strong private-sector investment demand, turning gold into the main beneficiary of rising concerns about debt sustainability and currency debasement in the US, Europe, Japan, and the UK. At the same time, analysts at JP Morgan highlight that much of this official gold buying is opaque, with significant “unreported” flows via hubs such as Switzerland, which reinforces the idea of a stealth shift into a real asset outside the fiat system.
The real underlying driver is the deterioration in the fiscal and monetary credibility of developed economies. Government debt is close to peacetime record levels, while long‑term spending commitments, unfinanced liabilities, weak growth, and aging populations make future fiscal consolidation politically challenging. Since the pandemic, major central banks have combined ultra‑loose policy, large balance sheets, and implicit financial repression to maintain the illusion of solvency of sovereign issuers, which has strengthened the view that fiat currencies will be used to manage debt through inflation and negative real rates for a long time. The freezing of Russian reserves in 2022 and the weaponization of sanctions only served as a confirmation of the debasement risk and convinced many emerging‑market central banks that holding large stocks of G7 sovereign debt and deposits entails growing political and legal risk. Faced with a mix of fiscal excess, financial repression, and geopolitical risk, reserve managers have finally returned to the strategy of adding reserves in an asset with no counterparty risk. The famous “gold is money, everything else is debt” sentence becomes more relevant than ever.
Dedollarization requires a fiat alternative crossover.
The same sources that show soaring gold demand also show that there is no true “dedollarization” in the sense of a fiat‑to‑fiat substitution. This also makes sense. The US dollar is the world’s strongest weak currency because it has a higher level of liquidity, more independent institutions, and better legal and investor security than any alternative. The US dollar is losing its place as a global reserve to gold but not losing its position relative to the euro, yen, pound, or yuan.
IMF COFER figures show that the US dollar’s share of allocated FX reserves remains at 59.6%, and when adjusted for exchange‑rate moves, the IMF itself concludes that the dollar’s share has been broadly stable, with recent declines explained mostly by valuation effects, not active selling. The euro, at 20.3%, is not even close to being a contender. The euro, yen, sterling, and even the Chinese renminbi have not captured the supposed “lost” dollar share. Their combined importance in reserves is flat or declining, while the rising share belongs to gold and “other assets,” including silver, oil, or domestic equities in the case of Japan.
BIS FX turnover and SWIFT payment data allow us to reach the same conclusion. The dollar is on almost 90% of all FX transactions and roughly half of global SWIFT payments, with the euro a distant second and the renminbi still only a low‑single‑digit share. There is no crossover where another fiat currency replaces the dollar’s role in trade, finance, or reserves. The real story is that all major fiat currencies are losing relative trust to an asset outside the system, like gold.
Institutions all over the world have suffered losses with sovereign debt since 2021 and see no end to the inflationary currency debasement policy, while solvency is under question as governments reject any form of spending control.
Calling this “de‑dollarization” is misleading, because it suggests a transition from a dollar‑centric order to a euro‑, yuan‑ or BRICS‑centric fiat order, something the data clearly do not show. What is actually happening is better described as “de‑fiatization at the margin,” a shift away from all heavily indebted, policy‑managed fiat currencies towards real assets that do not depend on governments. The dollar remains the least‑imperfect fiat currency, with unmatched liquidity, legal and investor security, and support in trade and finance, so there is no scalable alternative that reserve managers can move into without assuming even greater risk. That is why central banks diversify some of the marginal flow into gold but keep the bulk of their liquid reserves, payment systems, and FX operations in US dollars.
The world is penalizing the fiscal and monetary excesses of developed economies by demanding less of their debt and more gold, not by building a new fiat‑currency alternative. The record highs of gold and the constant purchases by central banks indicate a lack of confidence in the long-term purchasing power and credit quality of sovereign issuers, not in a competing fiat currency. Meanwhile, the dollar’s share in reserves, trade invoicing, FX turnover, and payments remains dominant and broadly stable, with no evidence of a large‑scale substitution into euros, renminbi, or any other fiat unit.
The global system is therefore not moving from “dollar hegemony” to “yuan hegemony” or a multipolar fiat regime; it is moving from unchallenged trust in developed‑market paper to a world where gold re‑emerges as the ultimate reserve asset, and the dollar stays at the declining fiat center because nothing else can replace its security, infrastructure, and depth.
While investors legitimately worry about America’s credit credibility and the US dollar’s purchasing power, no one is naive enough to consider the euro area, Japan, China, or a basket of serial devaluators like the BRICS as viable alternatives to the US dollar.
The solution is to go back to sound money policies. However, no fiat currency issuer seems to want that shift. No government desires a strong currency because it undermines their illusion of paper promises.
General Motors exceeded Wall Street’s fourth-quarter earnings expectations and forecast another year of “strong financial performance” in 2026. While revenue fell slightly short, the company announced a 20% dividend increase and a new $6 billion stock buyback program, according to CNBC and GM.
GM reported adjusted earnings per share of $2.51, beating estimates of $2.20, though revenue of $45.29 billion missed expectations.
Shares rose about 7% in early trading.
For 2026, GM projects net income of $10.3 billion to $11.7 billion, adjusted EBIT of $13 billion to $15 billion, and earnings per share between $11 and $13. These forecasts reflect continued investment of $10 billion to $12 billion as the company reevaluates its shift toward electric vehicles.
CEO Mary Barra said GM expects North American profit margins of 8% to 10% this year, up from 6.8% in 2025. She added that GM remains “in a strong position to return capital to shareholders.”
In 2025, GM posted net income of $2.7 billion and adjusted EBIT of $12.7 billion, both down sharply from 2024. Revenue fell 1.3% to $185.02 billion.
The company reported a fourth-quarter net loss of $3.3 billion, driven largely by more than $7.2 billion in special charges tied to EV cutbacks, legal issues, restructuring in China, and the shutdown of Cruise.
Barra said GM’s smaller Detroit headquarters is expected to save “hundreds of millions of dollars” each year.
The report says that the new buyback and dividend increase to 18 cents per share continue GM’s effort to reduce shares outstanding, which fell to 904 million at the end of 2025.
North America remained GM’s strongest region, though profits declined 28.1% to $10.45 billion. International operations improved, while losses in China narrowed.
CFO Paul Jacobson said U.S. tariffs cost GM $3.1 billion in 2025. Barra said the company is “hopeful” the U.S. and South Korea will finalize a trade deal with a 15% tariff, warning that higher tariffs could hurt costs.
“We’re really encouraging the countries to get the trade deal done,” Barra said.
GM continues to rely on South Korea for entry-level vehicles such as the Chevrolet Trax and Buick Envista, making trade policy a key issue for its future performance.
KING NEWS
The King Report for January 27, 2026 – Issue 7667
Independent View of the News
Spot Silver soared 14.1% to a high of $117.7132. Spot Gold hit $5111.07. Shanghai Silver has been selling at a low double-digit premium to US Spot Silver! Something is broken somewhere!
Silver peaked at 13:03 ET. Someone then assaulted silver, driving it down to 108.8427 at 14:03 ET.
February Natural Gas soared 41% on Monday! NatGas rallied over 130% from January 19 to its high.
The yen rallied sharply (1.5% vs $) on short covering due to speculation that the US and Japan will coordinate intervention in the yen/$. Bessent and his team reportedly believe this will aid US bonds. It might in the short term; but ‘the adult in the room’ must know this is nothing but a Band-Aid on massive US debt hemorrhaging.
Fangs rallied smartly on buying for coming results. The DJTA declined modestly on the reverse of the valuation rotation. The DJIA rallied moderately.
ESHs opened sharply lower on Sunday night but quickly commenced a rally that went from the daily low of 6879.00 (-66.75) near the 18:00 ET opening to 6950.25 at 4:09 ET. After a retreat to 6921.75 at 4:51 ET, ESHs commenced a steady rally that accelerated at the NYSE opening.
Persistent buying took ESHs to a daily high of 6995.50 (+49.75) at 13:29 ET. ESHs then went inert and traded in a 5-handle range until they broke lower at 15:51 ET. ESHs fell to 6979.00 at 16:02 ET.
BlackRock Credit Fund Hit With 19% Markdown as Loans Go Bad BlackRock TCP Capital Corp., a publicly traded private-credit fund structured as a business development company, filed an 8-K with the SEC late Friday afternoon, disclosing a 19% markdown in net asset value as troubled loans weighed on performance. The move marks one of the first major private credit signal woes of the new year. The credit fund told investors in the 8-K filing that NAV fell from $8.71 as of Sept. 30 to $7.05 to $7.09, or about a 19% markdown.. https://www.zerohedge.com/markets/blackrock-credit-fund-hit-19-markdown-loans-go-bad
Nvidia Invests $2 Billion in CoreWeave … at a purchase price of $87.20 per share… as they expand their partnership to boost CoreWeave’s data center build-out ambitions…https://t.co/f9Adl93hJ0
Positive aspects of previous session Fangs and the DJIA rallied smartly on buying for this week’s Fang/tech results. USHs were +16/32 at the NYSE close.
Negative aspects of previous session Precious metals soared; copper rallied sharply. The DJTA declined 39.17 points.
Ambiguous aspects of previous session Did someone intervene in the yen/$? The yen rallied sharply.
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]: 6945.50 Previous session S&P 500 Index High/Low: 6964.66; 6921.60
Today – Monday’s King Report: Traders want to play for the Monday, Fed Week, Fang results rallies. But… 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.
ESHs hit their Monday low near the Sunday night opening. The upward seasonal biases trumped the ugly foreign and domestic landscapes. Traders aggressively bought Fangs and trading sardines. However, the rally momentum peaked at 10:23 ET. ESHs inched higher until 13:29 ET and then went inert.
Traders got massively long early; but there were few organic buyers after 10:23 ET – and ESHs declined during late trading – and there was no late manipulation. This implies traders are very long.
ESHs are +4.25, NQAs are +60.50; USHs are -6/32; Silver is 110.17; and AU is 5067.42 at 20:22 ET.
Expected economic data: Nov FHFA House Price Index 0.3% m/m; Nov S&P Cotality 20-city prices 0.2% m/m & 1.2% y/y; Jan Richmond Fed Mfg. Index -5; Jan Conference Board Consumer Confidence 90.6; 2-day FOMC begins.
S&P Index 50-day MA: 6840; 100-day MA: 6763; 150-day MA: 6617; 200-day MA: 6397 DJIA 50-day MA: 48,156; 100-day MA: 47,318; 150-day MA: 46,374; 200-day MA: 45,145 (Green is positive slope; Red is negative slope)
@monkieboy99: ICE agents shot people during the Obama administration. ICE was involved in at least 59 shootings, resulting in 24 injuries and 23 deaths across 26 states. The difference isn’t that it didn’t happen- it’s that it didn’t get the same national attention. Manufactured outrage.
@josh_hammer: This country quite literally fought a brutal and bloody civil war over the proposition that today’s Dems seem insistent on relitigating: That states and localities may “nullify” federal law.
@RepBrandonGill: Democrats deliberately put federal law enforcement officers in impossible situations and weaponize the resulting chaos for political gain. Sanctuary cities prohibit local law enforcement from aiding federal immigration officers. Left wing rioters take advantage by harassing, doxxing, threatening, and violently assaulting officers – because in sanctuary jurisdictions, they can do it with impunity. At the same time, Democrat politicians and media figures rile up agitators, calling ICE the Gestapo, Trump Hitler, and encouraging demonstrators to resist law enforcement. Democrats set the stage for violence, and when it happens, weaponize it to stop immigration enforcement. Republicans cannot respond with weak-kneed capitulation or cowardice. We were elected with a mandate to deport illegal aliens, end sanctuary city policies, and secure our border. And we should keep going.
After the leftist insurrectionists’ anti-ICE Signal chat was exposed, messaging has halted, for now. FBI Director Patel said the FBI is looking into the Signal Chat groups. “If they broke the law, you should be worried…” Suddenly, both Gov Walz and Mayor Brey are cooperating with Trump!
@DC_Draino: The rioters in Minneapolis have access to license plate databases – this proves state involvement. Their Signal chats have elected leaders and exposed money trails from Canada – this proves foreign involvement…
The complex far-left network that helped put Alex Pretti in harm’s way — including encrypted chats, street alerts – Over the following hours, a national network of socialist, communist and Marxist-Leninist cells in the United States leveraged the tragic fatality into a nationwide protest operation… The encrypted Signal messages obtained by Fox News Digital in real time show that anti-ICE “rapid responders” were actively tracking, broadcasting and summoning “backup” around federal agents outside Glam Doll Donuts on Nicollet Avenue, where the shooting happened. Local “rapid responders” made at least 26 entries into a database called “MN ICE Plates” in the critical hours before and after the killing, documenting the license plate numbers and details of alleged ICE vehicles they claimed to see around Nicollet Avenue… Within hours, socialist leaders turbocharged their “rapid responders” in Minneapolis and mobilized street protesters from New York City to Los Angeles… Media outlets, including CNN and MSNOW, described “angry protesters” but failed to identify the ideological networks behind the mobilization, even as protesters flashed their signs with their logos and names, touting socialism, communism and Marxism, on camera… (Much more at link) https://nypost.com/2026/01/26/us-news/the-far-left-network-that-helped-put-alex-pretti-in-harms-way/
@realDonaldTrump: I am sending Tom Homan to Minnesota tonight. He has not been involved in that area but knows and likes many of the people there. Tom is tough but fair and will report directly to me. Separately, a major investigation is going on with respect to the massive 20 Billion Dollar, Plus, Welfare Fraud that has taken place in Minnesota, and is at least partially responsible for the violent organized protests going on in the streets. Additionally, the DOJ and Congress are looking at “Congresswoman” Illhan Omar, who left Somalia with NOTHING, and is now reportedly worth more than 44 Million Dollars… (Reports indicate that DHS and ICE officials are livid with DHS Director Noem’s injudicious and premature remarks after crises – and her grandstanding – just like AG Bondi!)
Trump: Governor Tim Walz called me with the request to work together with respect to Minnesota. It was a very good call, and we, actually, seemed to be on a similar wavelength. I told Governor Walz that I would have Tom Homan call him, and that what we are looking for are any and all Criminals that they have in their possession. The Governor, very respectfully, understood that, and I will be speaking to him in the near future. He was happy that Tom Homan was going to Minnesota, and so am I! We have had such tremendous SUCCESS in Washington, D.C., Memphis, Tennessee, and New Orleans, Louisiana, and virtually every other place that we have “touched” and, even in Minnesota, Crime is way down, but both Governor Walz and I want to make it better! (Obama put Homan in charge of deportations)
@DC_Draino: I find it very interesting that Tim Walz called President Trump to work with him on ICE less than 24 hours after all the 5,000+ donors to the anti-ICE domestic terror network were indexed and exposed by Data Republican…
Trump: “I just had a very good telephone conversation with Mayor Jacob Frey, of Minneapolis. Lots of progress is being made! Tom Homan will be meeting with him tomorrow…”
In a WH Presser, WH Spokeswoman Leavitt noted that Obama honored Tom Homan for his deportations. Washington Post headline from 2016L “Meet the man the White House has honored for deporting illegal immigrants.” “It was former President Barack Hussein Obama who awarded a medal to Mr. Homan.” https://x.com/townhallcom/status/2015859887444566168
Apparently, Trump did NOT tell the whole truth about his phone call with Walz.
Inside The Trump Administration’s Growing Divide Over Mass Deportation Raids Fed sources are fuming over the admin’s handling of the situation in Minneapolis, telling me “people who have no business being in charge in law enforcement operations at DHS f***ed up.” “Noem lost control and never knew what she was doing. She hated Homan because he reminded her daily that she knew nothing about law enforcement operations and that pissed her off.”… https://www.dailywire.com/news/inside-the-trump-administrations-growing-divide-over-mass-deportation-raids
Trump hired too many people on their looks instead of their abilities! Reportedly Trump top advisor Corey Lewandowski prodded DJT to hire Noem as DHS Chief. Kristi Noem’s Alleged Boyfriend Is Back to Run DHS Behind the Scenes – Corey Lewandowski, who was just supposed to be a temp, is still at the Department of Homeland Security. https://newrepublic.com/post/205613/corey-lewandowski-noem-homeland-security
Gregory Bovino has been removed from his role as Border Patrol “commander at large.” He will return to his former job in El Centro, California, where he is expected to retire… – The Atlantic
Asst DHS Secretary @TriciaOhio: Chief Gregory Bovino has NOT been relieved of his duties. As @PressSec stated from the White House podium, @CMDROpAtLargeCA is a key part of the President’s team and a great American.
@Schwalm5132: As a former Special Forces Warrant Officer with multiple rotations running counterinsurgency ops—both hunting insurgents and trying to separate them from sympathetic populations—I’ve seen organized resistance up close. From Anbar to Helmand, the pattern is familiar: spotters, cutouts, dead drops (or modern equivalents), disciplined comms, role specialization, and a willingness to absorb casualties while bleeding the stronger force slowly. What’s unfolding in Minneapolis right now isn’t “protest.” It’s low-level insurgency infrastructure, built by people who’ve clearly studied the playbook… This isn’t spontaneous outrage. This is C2 (command and control) with redundancy, OPSEC hygiene, and task organization that would make a SF team sergeant nod in recognition. Replace “ICE agents” with “occupying coalition forces” and the structure maps almost 1:1 to early-stage urban cells we hunted in the mid-2000s. The most sobering part? It’s domestic. Funded, trained (somewhere), and directed by people who live in the same country they’re trying to paralyze law enforcement in. When your own citizens build and operate this level of parallel intelligence and rapid-response network against federal officers—complete with doxxing, vehicle pursuits, and harassment that’s already turned lethal—you’re no longer dealing with civil disobedience. You’re facing a distributed resistance that’s learned the lessons of successful insurgencies: stay below the kinetic threshold most of the time, force over-reaction when possible, maintain popular support through narrative, and never present a single center of gravity… That should keep every thinking American awake at night. Not because I want escalation. But because history shows these things don’t de-escalate on their own once the infrastructure exists and the cadre believe they’re winning the information war… from where I sit, this isn’t January 2026 politics anymore. It’s phase one of something we’ve spent decades trying to keep off our own soil. https://x.com/Schwalm5132/status/2015470661490057540
The Anti-ICE Demonstrations Look More Like Mao’s ‘People’s War’ Doctrine Than Civil Disturbances – Most observers looking at the mob action directed against federal officers engaged in immigration enforcement in Minneapolis, in particular, are, in my opinion, losing the plot. What we are seeing in the coordinated attacks on federal law enforcement officers is not a popular resistance to removing welfare-guzzling layabouts from our country. It is the visible part of Mao Zedong’s ‘People War’ or ‘revolutionary warfare triad.’… What you see is that this “movement” is not organic; it resembles the typical Soros/NGO astroturf. A tactics manual has been written, using, I might add, standard U.S. Army procedure. Secure communications channels have been established with some attempt at Operational Security. What we know from the chats we’ve seen in those channels is that political figures in Minnesota and the Minneapolis government are involved. https://redstate.com/streiff/2026/01/25/the-anti-ice-demonstrations-look-more-like-maos-peoples-war-doctrine-than-civil-disturbances-n2198506#google_vignette
Minnesota Business Owner Claims ICE Will Start ‘Putting People in Ovens’ 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… Jamie Schwesnedl, co-owner of Moon Palace Books in Minneapolis… “…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… https://modernity.news/2026/01/24/minnesota-business-owner-claims-ice-will-start-putting-people-in-ovens/
@spreadsheeticus:There is about a 90-99% chance that the Minneapolis Signal groups have been turned over to DNI and CIA who are actively conducting a warrantless investigation into an active terror organization that appears to connect foot soldiers to the Walz administration…
@GoldenAgeTimes2: Minnesota Lt. Gov. Peggy Flanagan’s Anti-ICE Signal Gate involvement EXPOSED in NEW leaked screenshots! Sender: “Why would we be in trouble… relax.” Recipient: “SIGNAL IS NOT SECURE. I worked in communications. Once they figured out where we were, it’s only a matter of time. Flan has been exposed. We’re all f***ed. I need to leave this state.” Sender: “Should I leave too? Maybe best to get out of country.” It’s time for Peggy Flanagan to either resign, or to start naming names. She is a criminal who conspired with designated Domestic Terrorists to engage in insurrection that resulted in multiple deaths, a man having his finger gnawed off & countless injuries… Screenshot via @camhigby https://x.com/GoldenAgeTimes2/status/2015586049171329112
@ErikaC47: Minnesota State Representative, Brad Tabke, is in charge of one of the sign-up sheets for “ICE Watch” on Sign Up Genius. You can see his name at the top as the creator. https://x.com/ErikaC47/status/2015831626526105915
@Real_RobN: Amanda Noelle Koehler, a Tim Walz campaign strategist, also known by the code name HAH and an admin of the MN ICE Watch Signal chat group, is the leader and organizer behind the protests across Minnesota against ICE deporting murderers, rapists, pedophiles and child pornographers from American cities… https://x.com/Real_RobN/status/2015660868634296477
@GoldenAgeTimes2: Minnesota State Senate candidate Anita Smithson CAUGHT in the anti-ICE Signal group chat operation EXPOSED by Cam Higby! Anita was dumb enough to use a selfie as her Signal avatar. This is state-funded insurrection at this point. Insurrection Act NOW! Screenshots from @Ryan_Arthur_xyz https://x.com/GoldenAgeTimes2/status/2015504706173382768
@0hour1:What do we have on these signal chats -Government officials -Anarchists -Antifa -Gang members -Journalists Coordinating and attacking ICE AGENTS across the country. This my friends is Organized Crime not Protesting. RICO
@PaulDMauro:If this is accurate, the subpoenas will soon be flying. It shows you how deeply penetrated the Minnesota leadership is. Federal conspiracy charges likely, at the least…
@P_J_Kopp: Hi Ship, appreciate what you do here. With regard to the Signal chats, do you think DOJ/FBI are aware and investigating? I suppose they wouldn’t announce that to the public would they… But I hope they are diving into it, seems suspicious as a conspiracy to obstruct as you say. @shipwreckedcrew: 1000% While Signal is encrypted, if they get a phone with the App still on the phone, the messages are still in the memory of the phone. My guess is they have Good’s phone and Pretti’s phone. No warrant needed for either.
@LauraLoomer:She (MN Lt Gov Flanagan) just deleted her Facebook. If Minnesota’s elected officials don’t go to jail for this, then we don’t have a justice system in America.
@PatriotVerity: Meet Laura Bohen and Chris Baddeley of the anti-ICE Signal chat filled with criminals engaged in unlawful activities.Laura is listed in the “Social and Racial Justice Scholar Directory” at University of Minnesota @UMNews and disturbingly works for @HennepinHC. Chris Baddeley is Chairman of the Special Board of Appeal and Equalization of Dakota county, MN and a digital strategy and Marketing consultant… https://x.com/PatriotVerity/status/2015692124033794106
@0hour1: You got workers in that Signal chat connected to @USBANK. How many people has she looked up using the bank tools? I hope @USBANK is investigating Anita Smithson bank database access. https://twitter.com/0hour1/status/2015464373062447539?s=02
@jimmy_rustlin: Meet Andrea Harrell of Shakopee, MN. Also, an ICE Signals Chat admin for that community. Outside of that, she’s a grant writer for the city of Shakopee and an avid beer drinker. Thanks to @BubblyBlu29353 for the admin list. https://t.co/sS43b63TOR
@MarioNawfal: A Minnesota Public Radio journalist was caught lurking in a Signal chat that tracks ICE agents. Ben Hovland’s name shows up right alongside protesters calling out fed locations and tailing cars in real time. He reports on immigration, has his Signal handle in his Instagram bio, and now his X account is locked tight. People are asking: was he covering the story, or part of it? https://x.com/MarioNawfal/status/2015581702475714610
@johnkonrad: Here’s the ICE watch training video @camhigby found. Let’s deconstruct the first few minutes. Lead by Eric Ward, a senior fellow at the Southern Poverty Law Center, a far-left NGO with nearly a billion-dollar endowment. His academic work is in “Stochastic terrorism,” which is “using hostile public rhetoric, repeated and amplified across media and communication platforms.”… https://x.com/johnkonrad/status/2015827790373998803
@CreasonJana: Washington State Auditor Pat McCarthy is warning that what they have been able to audit, in regards to the state childcare program, shows $415.5 million is unaccounted for. This is only WHAT she is aware of. She has also claimed that the State of Washington has made it impossible for her to fully track federal expenditures or verify compliance with federal rules. “Because the department did not comply with HHS requirements to allow for the tracing of grant expenditures to a payment level, we are questioning all $415,579,473 in federal program costs it incurred during the audit period! We haven’t been able to get that information for the last 4 years!”https://t.co/dBD4MdUSd2
Besides ‘the votes,’ it appears Dems used illegal immigrants and programs for immigrants for ‘the skim.’
@shipwreckedcrew: The National Dems are now coming out thinking this is the moment to pour cold water on what they know is coming if it isn’t stopped — a 2030 Census with 10 million fewer illegal aliens that will cost blue states 20-30 seats in Congress and make the electoral map pretty much unwinnable for the Democrat party.
@TrumpWarRoom: “Innocent Americans like Jocelyn Nungaray, Laken Riley, and Rachel Morin are just a few of the many victims, savagely murdered by illegal alien criminals,” says @PressSec. “Yet we never saw outrage from Democrats or their allies in the liberal media over these horrifying crimes against U.S. citizens. The pain of American angel families was ignored and dismissed because it undermined the Democrat narrative.” https://x.com/TrumpWarRoom/status/2015858669292765650 “More than 80 percent of Americans favor deporting illegal aliens convicted of violent crimes. A country unable to deport criminals who enter it illegally is no country at all…” https://x.com/TrumpWarRoom/status/2015858132182819110
@Osint613: In Minneapolis clashes, an anti-ICE protester was severely injured after trying to throw a flashbang back at federal agents, losing part of her fingers in the explosion.
Ex-federal prosecutor @shipwreckedcrew: The State of Minnesota is engaging in what the law calls “self help”. A state has no legal authority to disregard or oppose the federal gov’t in its enforcement of federal law. At one time early in our nation’s history, the Whiskey Rebellion in Western PA was a similar episode, as a protest over the collection of federal liquor taxes. It was met by President Washington accompanied by military force of approximately 13,000 soldiers drawn from surrounding states — the only time in history that a sitting U.S. President has led a military force into conflict. While I’m certain Pres. Trump will not “lead” a military force into Minn., because of the outcome of Illinois v. Trump, I think we are approaching a moment where he may have no choice but to send a large contingent of active duty military into Minnesota to re-enforce the point that illiterate Gov. Tim Walz seems to have never learned — that the Civil War was fought over the question of whether the Confederate States could ignore federal law and then engage in self-help to manage their own affair in contravention of ACTIVE EFFORTS by the federal government to enforce federal law.
The Mouth that Roared commanded Iran to NOT kill protestors. He told Iranians he would smite the regime if they killed protestors. At least 30,000 Iranian protestors have reportedly been killed. Reports say due to the influence of Witkoff (Qatar), his son-in-law (whose advise harmed his 1st term), Saudi Arabia, and other, will not attack the Iran regime but will try to squeeze them via a naval blockade.
Axios: Exclusive: Trump says Iran wants a deal as U.S. “armada” arrives President Trump told me in an interview on Monday that the situation with Iran is “in flux” because he sent a “big armada” to the region but thinks Tehran genuinely wants to cut a deal. My story: https://www.axios.com/2026/01/26/trump-iran-deal-strike-protests
NYT: President Trump has received multiple U.S. intelligence reports indicating that the Iranian government’s position is weakening, according to several people familiar with the information.
@libsoftiktok: Meet Melinda, a healthcare worker at @VCUHealth. She posted a series of videos encouraging people to inject ICE agents with succinylocholine, a temporary paralysis drug, and spray poison on them. She also encourages woman to go on dates with agents and drug their food… https://x.com/libsoftiktok/status/2015941489516245223 (Why would any sane person post this on social media?)
SWAMP STORIES FOR YOU TONIGHT
Appeals Court Denies DOJ’s Bid To Arrest More Minnesota Church Protesters
Late last week, a federal appeals court denied the Justice Department’s (DOJ’s) request to arrest more individuals involved in an anti-ICE protest that occurred inside a church in Minnesota earlier this month.
Protesters disrupted a Sunday service at Cities Church in St. Paul on Jan. 18, chanting phrases such as “Justice for Renee Good,” following claims that one of the church pastors serves as the acting field office director for Immigration and Customs Enforcement (ICE) in Minnesota. Several people were arrested on Jan. 22 for allegedly organizing the protest.
The Eighth U.S. Circuit Court of Appeals on Jan. 23 rejected the DOJ’s emergency petition for a writ of mandamus after Minnesota Chief District Judge Patrick Schiltz refused to issue five more arrest warrants related to the protest.
In a Jan. 23 letter to the appeals court, Schiltz said the DOJ had requested arrest warrants for eight people on Jan. 20, but Magistrate Judge Douglas Micko issued warrants for only three, finding no probable cause to arrest the remaining five.
The five individuals allegedly entered the church and yelled “horrible things at the members of the church” but committed no violence, according to the judge’s letter.
“It is important to emphasize that what the U.S. Attorney requested is unheard of in our district or, as best as I can tell, any other district in the Eighth Circuit,” Schiltz said, referring to the DOJ’s request to review Micko’s denial of arrest warrants.
“The reason why this never happens is likely that, if the government does not like the magistrate judge’s decision, it can either improve the affidavit and present it again to the same magistrate judge or it can present its case to a grand jury and seek an indictment,” the judge added.
The DOJ said that arresting the five individuals was necessary to deter potential “copycats” from disrupting churches, synagogues, and religious services. Schiltz disagreed.
“The leaders of the group have been arrested, and their arrests have received widespread publicity. There is absolutely no emergency,” Schiltz said, suggesting that the DOJ could instead take its case to a grand jury.
The Epoch Times has reached out to the DOJ for comment but did not receive a response by publication time.
Among the five individuals for whom the DOJ sought arrest warrants is former CNN journalist turned YouTuber Don Lemon, who livestreamed the protest on social media.
Lemon’s attorney, Abbe Lowell, said in a statement on Jan. 23 that the magistrate’s actions “confirm the nature of Don’s First Amendment protected work this weekend in Minnesota as a reporter.”
“Should the Department of Justice continue with a stunning and troubling effort to silence and punish a journalist for doing his job, Don will call out their latest attack on the rule of law and fight any charges vigorously and thoroughly in court,” Lowell said.
Harmeet Dhillon, the DOJ’s assistant attorney general for civil rights, posted on X on Jan. 18 that a house of worship is not a public forum for protest.
“It is a space protected from exactly such acts by federal criminal and civil laws,” Dhillon said.
end
Maryland Jury Rules Walmart Liable For Selling Shotgun Used In Employee Suicide
There is a notable torts verdict in Maryland where a jury handed down a multi-million dollar verdict against Walmart for selling a shotgun to an employee who used it to commit suicide.
The verdict raises difficult questions over Walmart’s responsibility for the suicide of Jacob Mace, who lied to store employees, under common law torts.
The family of Mace brought the lawsuit, alleging that Walmart employees knew that he was suicidal and struggling with mental health issues. They focused on his communications with a co-worker Christina O’Shea in which he wrote about feeling “broken” and “nothing helps. I just want it to end. Goodbye.” He also wrote that he intended to “Slit wrists. Buy a gun.”
O’Shea told assistant manager, Brennan Jones, about her concerns. Jones said that police should be called and, when Mace returned to work, spoke to Mace about the company’s counseling services and asked him how he was doing. He told him that “You know, we were worried about you,” but Mace assured him that he was fine.
Neither Jones nor O’Shea was involved in selling the gun to Mace. The sale was made by Eric McLaughlin, who testified that he had no idea of Mace’s mental health struggles. Mace told McLaughlin that the gun would be a present for his wife.
The family argued that Jones should have alerted other store managers about the conversation between O’Shea and himself. Moreover, the awareness of employees like Jones was then attributed to the company as a whole.
I find the verdict concerning on a number of levels.
First, employers have to straddle a difficult line between protecting employees’ privacy and addressing threats to employees or the public. In this case, Mace insisted that he was doing fine and Jones had taken steps to confirm his status.
Second, Mace lied to the Walmart employee. There was no reason why McLaughlin would refuse the sale.
The case reminds me of Tarasoff v. Regents of University of California, which I teach in my torts class. In the 1974 case, Prosinjit Podder, an Indian Graduate student at Berkeley, fell in love with Tatiana Tarasoff. When she stated that she wanted to date other men, Podder went to counseling at the University Health Service and was treated by psychologist, Dr. Lawrence Moore. When he told Moore that he wanted to get a gun and kill Tarasoff, Moore sent a letter to campus police, who interviewed Podder and decided that he was not a risk. Podder then went ahead and murdered Tarasoff.
Justice Mathew O. Tobriner held that “… the confidential character of patient-psychotherapist communications must yield to the extent that disclosure is essential to avert danger to others. The protective privilege ends where the public peril begins.”
As a result, the hospital was held liable for the criminal actions of a third party — something that usually (but not always) cuts off proximate causation. It also rejects strong arguments made by doctors that such liability would create a chilling effect on counseling. A large number of patients often express their anger by focusing it on individuals and stating an intent to “kill that guy.” In the vast majority of such cases, the open disclosure allows the matter to be addressed and defused. However, if the patient knows that the doctor will have to tell authorities, such feelings are less likely to be expressed and addressed.
In this case, you have a retailer with an employee who expressed suicidal ideations. Jones did the right thing in seeking police involvement and then personally speaking with Mace. According to this verdict, the store should have barred the purchase. But for how long? What steps are necessary to satisfy this duty?
As with Tarasoff, there is no clear line on what employers should do and when they should do it.
The Second Amendment protects the right to gun ownership, though that right is not absolute. Additionally, this employee has privacy rights. Indeed, a memo to all employees could have been the subject of a different tort action for the disclosure of embarrassing private information, negligent infliction of emotional distress, or other claims.
From the perspective of Jones, he had one employee who expressed concerns over another employee’s mental health. He spoke to the second employee, who assured him that he was doing fine. Under these circumstances, Mace could have purchased the gun from any other store.
This is a tragic case, and it may be difficult to overturn on appeal. I understand the family’s anger that more was not done to save Mace from himself. I am unsure of how far the store could have gone. Jones would have needed to tell all employees not to sell Mace, any sharp objects, guns, or products capable of inducing overdoses or harm. That could trigger a lawsuit. If he fired or suspended Mace, he might be sued under disability laws.
If he did fire or suspend Mace, it is not clear that a gun sale could be withheld without something more than the word of a friend when the individual is denying such ideations. The right move is to seek police intervention, which Jones suggested.
The complaint does allege that Walmart had a “blacklist” for individuals who were suspected of any mental problems. If so, that does raise a legitimate question about why Mace was not added to the list, at least as a precautionary matter. However, these are difficult and fluid circumstances for a manager to address, particularly in a relatively short time period.
The jury awarded approximately $2.5 million in economic damages and $8 million in non-economic damages. Those damages may be reduced due to state caps on non-economic damages.
Federal officials have referred Minnesota to the Justice Department (DOJ) over alleged civil rights violations stemming from the state’s refusal to halt male participation in female sports.
The referral came from the Education Department (ED) and Department of Health and Human Services (HHS), which concluded in September that the state violated Title IX’s prohibition on sex-based discrimination in federally funded education.
In a news release on Monday, Education Secretary Linda McMahon accused state officials of failing to uphold federal law.
“Despite repeated opportunities to comply with Title IX, Minnesota has chosen defiance—continuing to jeopardize the safety of women and girls, deny them fair competition, and erode their right to equal access in educational programs and activities,” McMahon said. “The Trump Administration will not stop until accountability is delivered for Minnesota’s students.”
HHS Secretary Robert F. Kennedy said the federal government “will not look the other way” on this matter.
“When states allow males to compete in girls’ sports, they deny young women and girls the protections the law guarantees,” he said in the release.
The referral came amid escalating tensions between the Minnesota officials and the Trump administration, which has taken a number of recent executive actions in response to concerns about the fraudulent use of federal money in the state.
“Today’s letter notifies Minnesota that ED and HHS will refer the matter to DOJ for proceedings, which could result in termination of Minnesota’s Federal funding from ED and HHS,” the news release states.
Last year, an investigation by the administration determined that Minnesota’s education department and its official high school athletic league violated Title IX by allowing males to both compete in multiple female sports programs and occupy female-only bathrooms and locker rooms as well.
The Epoch Times reached out to the Minnesota Department of Education and the Minnesota High School State League for comment.
A proposed resolution agreement was provided to the state agencies to voluntarily resolve this issue, but the state agencies initially ignored the request and later announced that they would not accept the resolution agreement or engage in negotiations, McMahon said in the news release.
The investigations, which were opened in June, determined that a biological male had competed on the Champlin High School girls’ varsity fastpitch softball team since 2023, leading the squad to a winning record against all-girl opponents all three seasons. It also found that other districts had male athletes competing on girls’ lacrosse, volleyball, track and field, and ski (alpine and Nordic) teams.
According to a “toolkit“ on the Minnesota Department of Education website, “Title IX requires schools provide transgender students with the right to participate in such activities, including athletics, in a manner consistent with their gender identity.”
“The Minnesota State High School League allows participation for all students regardless of their gender identity or expression in an environment free from discrimination with an equal opportunity for participation in athletics and fine arts,” the document says.
The U.S. Supreme Court recently heard oral arguments from state leaders in West Virginia and Idaho asking justices to uphold their state laws preventing males from participating in female sports.
end
Government Steams Towards Partial Shutdown Amid Democrat Demands Over ICE
Tuesday, Jan 27, 2026 – 02:20 PM
As a Friday deadline approaches for a partial government shutdown, Republicans are backed into a corner following national uproar over two deadly ICE shootings by federal agents in Minneapolis amid growing concern over the agency’s tactics.
Senate Majority Leader John Thune (R-SD) plans to move forward with a six-bill spending package, which includes funding for the Department of Homeland Security (DHS) which runs ICE. Democrats are insisting that R’s drop the DHS language from the package, however Republicans are refusing to do so.
The House-passed bill would allocate another $10 billion for ICE on top of the $76 billion the agency is already slated to receive over four years from the One Big Beautiful Bill Act, which was signed into law last year.
Right now Trump is focusing on “de-escalatory measures,” as one administration official tells Punchbowl News. To that end, the admin has already demoted Gregory Bovino, the CBP official in charge of Minneapolis operations – who’s been replaced by border czar Tom Homan. Trump also spoke by phone with Minnesota Gov. Tim Walz and Minneapolis Mayor Jacob Frey on Monday. Meanwhile, DHS Secretary Kristi Noem has agreed to testify before the Senate Judiciary Committee after months of refusing to do so. According to Punchbowl, Noem “has a real problem on both sides of the aisle on the Hill,” and her top aide, Corey Lewandowski, met with Trump for two hours on Monday night.
Polymarket odds of a shutdown by Jan. 31 (Saturday) are now hovering around 79%.
Democrats Are Still A No
Senate Democrats – who are vowing to block the funding if it includes the DHS language, say the proposals being floated the the White House and Senate Republicans are unrealistic, and they’re a ‘no’ until they see significant reforms to the conduct of federal immigration officers in Minneapolis and other cities – including prohibiting them from wearing masks during federal operations and requiring judicial search warrants before entering a suspect’s home.
On Monday, Senate Democratic Leader Chuck Schumer (D-NY) announced that Democrats will gladly speed through procedural obstacles to pass the funding package as long as it doesn’t include DHS funding.
“If [Senate Majority Leader John Thune (R-S.D.)] puts those five bills on the floor this week, we can pass them right away. If not, Republicans will again be responsible for another government shutdown,” said Schumer.
Of note, stripping the DHS / ICE funding from the FY2026 package would require a new vote in the House, which is on recess this week – so there would be a short-term shutdown at minimum.
GOP congressional leaders and the White House are desperate to avoid a scenario in which the funding package has to go back to the House, which explains their opposition to splitting off the DHS bill.
Here’s the concern gripping the top levels of the Trump administration — the House simply can’t pass another DHS funding bill under any circumstances.
Even if Trump were to cut a deal with Democrats that can get through the Senate, House Republicans believe they can’t round up 218 votes to pass a rule to get it on the House floor. Or alternatively, find 290 lawmakers willing to pass it under suspension of the rules. Republicans just don’t believe there’s a coalition in the House that can pass another DHS bill.
That’s why Trump has been focused on “de-escalatory measures,” as one administration official told us, a first step toward placating Democrats. –Punchbowl News
The Senate is expected to hold an initial vote to advance the package on Thursday, the day before Friday’s deadline.
Republican Lawmakers Scramble
Following the incidents in Minnesota, Republican lawmakers in both chambers began calling for a thorough investigation into Saturday’s shooting, and have asked the Trump administration to immediately ease tensions in Minneapolis.
“If I were President Trump, I would almost think about, ‘OK, if the mayor and the governor are going to put our ICE officials in harm’s way and there’s a chance of losing more innocent lives, then maybe go to another city,” said Rep. James Comer (R-KY), chairman of the House Oversight and Government Reform Committee in a Sunday comment to Fox News’ Maria Bartiromo.
Sen. Ted Cruz (R-TX) called for “everyone” to “ratchet the anger down,” while noting that the two US citizens “who have been killed in confrontations with law enforcement” were “from all appearances … not violent criminals,” The Hill notes.
Sen. Rand Paul (R-KY) who chairs the Senate Homeland Security Committee, sent letters to the heads of CBP, ICE, and US Citizenship and Immigration Services on Monday calling on them to testify on Feb. 12 before his committee.
How Far Will Dems Push?
While Democrats currently appear to have the upper hand in this fight, Punchbowl asks how far should they push it? While specific targeted policy changes and reforms are likely to gain traction with the White House – which is desperate to get past the moment, calls to “abolish ICE” will be ignored.
There’s also the obvious risk for Democrats: The political fallout from triggering a partial government shutdown just a couple of months after instigating a record 43-day funding lapse. And for DHS, this would hit FEMA at a time when much of the country is dealing with the aftermath of a severe winter storm. The Coast Guard and TSA are under DHS too. Plus, ICE would be funded anyway because of the cash infusion it got from the GOP’s One Big Beautiful Bill last year. -Punchbowl
Then there’s the Pentagon, Labor, Transportation, and HUD departments which would be directly affected by the shutdown. The risk for Democrats is that Trump makes concessions on ICE but Democrats continue to ‘resist.’
END
Person In Critical Condition After Border Patrol-Involved Shooting In Arizona
Tuesday, Jan 27, 2026 – 01:48 PM
A person is in critical condition following a shooting incident early Tuesday morning in Pima County, Arizona.
Emergency responders from the Santa Rita Fire District (SRFD) and American Medical Response arrived on the scene around 7:30 a.m., where they found one individual in custody who was in critical condition, KVOAreports.
First responders provided immediate medical care before the patient was transferred to a local medical helicopter, which took the person to a regional trauma center.
The Pima County Sheriff’s Department and the FBI are assisting in the investigation.
Stay tuned for updates..
END.
GREG hUNTER INTERVIEWING BILL HOLTER
Failure to Deliver Gold & Silver Calamity Coming – Bill Holter
Financial writer and precious metals expert Bill Holter (aka Mr. Gold) has been predicting record high gold and silver prices. We are nowhere finished with record prices for the metals happening every week and sometimes every day. Mr. Gold now has a new prediction about paper exchanges not being able to deliver physical metal. Holter says, “We exploded through $100 per ounce silver, and we went through $5,000 per ounce on gold, but that’s not the story.
The story is there are already over 40 million ounces standing for delivery in January. January is a non-delivery month. If you go back in past years, you might see delivery in January that might be a million ounces, two million ounces or a small amount. We are already at 40 million ounces of silver in January with only a few days left in the month. March is a delivery month. That’s the month where I am going to be really interested to see what the number is for how much is standing for delivery at the beginning of the month. If you get 70 million or 80 million ounces of silver standing for delivery at the beginning of the month . . . that would be enough to knock out the inventory in March, which is a primary delivery month for COMEX..”
Holter goes on to say, “They reportedly have 110 million ounces to 120 million ounces registered for delivery. Is any of that incumbered? We just don’t know. If we get a failure to deliver that completely negates any and all value of a COMEX contract. . .. If the contract cannot perform, it is worth zero. A failure to deliver wipes out any credibility of COMEX pricing. . .. A failure to deliver in silver will immediately spill over into gold. A failure to deliver in gold will immediately spill over to the credit markets because gold is truly the anti-dollar or the anti-US Treasury.”
Holter says some of the big metal dealers and banks shorting the monetary metals are in financial trouble. Holter says, “This is all caused by rising metals prices, mainly rising silver prices. . .. Some people may think the rally is over, and it’s not. We are still early in this price rise. Any price you hear is going to be laughably too low, and I am going to include that $600 figure for silver that came out several years ago. I think any number you put out there for gold or silver will end up being laughably low.”
Holter contends if you look at all the commitment and debt, there is $200 trillion for the US. Holter says, “If you take just the $38 trillion in debt for the federal government and you want to back the debt with the 8,000 tons of US gold, you are talking around $200,000 per ounce for gold.”
In closing, Holter predicts, “There will be failure to deliver silver in the first part of March 2026. The currencies will zero out. It is a collapse of the entire financial system. . .. The real economy runs on credit. Everything you touch, everything you do . . . credit has been involved in its creation. If credit becomes unattainable, the real economy completely shuts down, and that is where your Mad Max comes in.”
There is much more in the 39-minute interview.
Join Greg Hunter of USAWatchdog as he goes one-on-one with financial writer and precious metals expert Bill Holter/Mr. Gold as the financial system resets for 1.26.26.
harveyorganblog.com 
