JAN 29//ATTEMPTED RAID ENDS IN FAILURE; GOLD CLOSED UP $23.65 TO $5329.75 WTH SILVER UP $2.80 TO $115.50//PLATINUM HOWEVER FELL BY $207.65 TO $2613.80 WHILE PALLADIUM ALSO SUFFERED A LOSS OF $124.05 TO $2013.65//SILVER INVENTORY AT THE COMEX CONTINUES TO DECLINE WITH REGISTERED SILVER AT 108 MILLION OZ//GOLD COMMENTARY TONIGHT COURTESY OF ALASDAIR MACLEOD//WAR DRUMS BEATING HARD AND A THREAT OF THE CLOSING OF THE STRAIT OF HORMUZ CAUSES OIL TO BREAK OUT WITH BRENT OIL CLIMBING ABOVE $70.00//IRAN VS USA UPDATES//ISRAEL VS HAMAS UPDATES//USA DATA RELEASE: HUGE INCREASE IN FACTORY ORDERS//USA STARTS TALKS WITH DENMARK ON THE SECURITY ARRANGEMENT IN THE ARCTIC//LOOKS LIKE THE USA IS GOING TO HAVE ANOTHER SHUTDOWN//SWAMP STORIES FOR YOU TONIGHT//
*CANADIAN GOLD: $7229.70 DOWN 69.50 CDN dollars per oz( * NEW ALL TIME HIGH $7290.00CDN DOLLARS PER OZ//JAN 28/2026)
*BRITISH GOLD: 3880.00 DOWN $110.00 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//3999.00 BRITISH POUNDS/OZ) JAN 28.2027/2025
*EURO GOLD: 4477.75 DOWN 24.00 Euros per oz //* (ALL TIME CLOSING HIGH: 4501.00 EUROS PER OZ/ JAN 28//2026)
Bitcoin morning price:$88,001 DOWN 1266 DOLLARS (MANY SWITCHING TO PHYSICAL GOLD)
Bitcoin: afternoon price: $83,933 down 5334 DOLLARS (a massive drop in value)
Platinum price closing UP $48.60 TO $2,821.45
Palladium price; UP $109.25 TO $2137.10
END
EXCHANGE: COMEX
NIL
JPMORGAN STOPPED 2/25
JANUARY
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 0 CONTRACTs NOTICES FOR 0 OZ or 0.000 TONNES
total notices so far: 11,851 contracts for 1,185,100 OR 36.861 tonnes)
FOR JANUARY
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SILVER NOTICES: 246 NOTICE(S) FILED FOR 1.230 MILLION OZ OZ/
total number of notices filed so far this month : 9854 CONTRACTS (NOTICES) for 49.270 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 $23,65 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 1089.96TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $2.80 AT THE SLV: HUGE CHANGES AT THE SLV: A FRAUDULENT WITHDRAWAL OF 6.798 MILLION OZ FROM THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 502.712 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A SMALL SIZED 135 CONTRACTS TO 156,772 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS MEGA SMALL SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE $5.60 GAIN IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’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 OUR LAST MAJOR HURDLE OF $100.00 SILVER.
WE HAVE A HUGE SIZED GAIN OF 961 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE SIZED 826 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO WEDNESDAY TRADING WITH OUR HUGE GAIN IN PRICE ALONG WITH COMMENCEMENT OF SPREADER LIQUIDATION /// 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 $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON WEDNESDAY 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 $112.70 UP $5.60 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A MAMMOTH SIZED 5708 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING AGAIN THE 100.00 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 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A HUGE SIZED 826 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS SIZED 5708 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 HUGE SIZED GAIN OF 961 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE GAIN IN PRICE OF $5.60 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 WEDNESDAY NIGHT//THURSDAY MORNING: A MAMMOTH SIZED 5708 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 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
WE HAD:
/ SMALL COMEX OI GAIN+// A HUMONGOUS SIZED 826 EFP ISSUANCE CONTRACTS (/ VI) A MAMMOTH NUMBER OF T.A.S. CONTRACT ISSUANCE 5708 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A MASSIVE 500 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 19 DAY(S), total 25,953contracts: OR 129.765 MILLION OZ (1365 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 129.765 MILLION 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: 129.765 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 135 CONTRACTS WITH OUR GAIN IN PRICE OF $5.60 IN SILVER PRICING AT THE COMEX// WEDNESDAY,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE: 826 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 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
THE NEW TAS ISSUANCE WEDNESDAY NIGHT (5708) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 246 NOTICE(S) FILED TODAY FOR 1.230 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 MEGA MEGA HUGE SIZED 23,340 OI CONTRACTS DOWN TO 465,123 OI AND FURTHER FROM 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 HUGE AND CRIMINAL 2954 CONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A MEGA MEGA SIZED LOSS IN COMEX OI (23M340 ONTRACTS) . THIS OCCURRED DESPITE OUR HUGE GAIN OF $218.00 IN PRICE// WEDNESDAY///.
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 0.0TONNE 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 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
E.F.P. ISSUANCE/FOR OPENING JANUARY GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3201 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 465,123 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 156,772 CONTRACTS//
IN ESSENCE WE HAVE A MEGA HUGE SIZED LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 20,179 CONTRACTS WITH 23,340 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 3201 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 20,179 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED BUT CRIMINAL 2618 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON.
GOLD PRICE ON WEDNESDAY ROSE BY $218.00
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(3201) ACCOMPANYING THE STRONG LOSS IN COMEX OI OF 23,340 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 20,179 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 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117 NEW TOTAL QUEUE JUMP OF 30.7117 TONNES//NEW NORMAL DELIVERY ADVANCES TO 36.8958 TONNES FOLLOWED BY OUR 6 EXCHANGE FOR RISK OF 22.315 TONNNES//NEW STANDING A HUGE TO 59.2108 TONNES
NEW STANDING ADVANCES TO 59.2108 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
3) HUGE T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION AND HUGE MONTHLY SPREADER LIQUIDATION // AND A HUGE GAIN OF EQUITY SHARES/JAN 27 AS WE HAD 1)A $218.00 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 MEGA HUGE SIZED LOSS OF 20,128 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN JAN. (59.2108TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL WITH THE HUGE GAIN IN PRICE WEDNESDAY
4)A MEGA HUGE COMEX OI LOSS 5) V) HUGE SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (3201) AND A STRONG T.A.S. ISSUANCE (2618) 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: 57,407 CONTRACTS OR 5,740,700 OZ OR 178.55 TONNES IN 19 TRADING DAY(S) AND THUS AVERAGING: 3021 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN19 TRADING DAY(S) IN TONNES: 178.55 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 178.55 TONNES DIVIDED BY 3550 x 100% TONNES = 5.02% 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: 178.55 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 SMALL SIZED 135 CONTRACTS OI TO 156,772 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 826 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 826 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 635 CONTRACTS AND ADD TO THE 826 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 961 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $5.60 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 4.805 MILLION PAPER OZ
OCCURRED DESPITE OUR GAIN IN PRICE.OF $5.60
2.ASIAN AFFAIRS JAN 28/2025
SHANGHAI CLOSED UP 6.75 PTS OR 0.16%
//Hang Seng CLOSED UP 141.19 PTS OR 0.51%
// Nikkei CLOSED UP 65.79 PTS OR 0.12%
//Australia’s all ordinaries CLOSED DOWN 0.36%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9468
/ OFFSHORE CLOSED DOWN AT 6.9451 Oil UP TO 64.61 dollars per barrel for WTI and BRENT UP TO 69.51 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 6.9451 OFFSHORE YUAN TRADING DOWN TO 6.9445 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 HUMONGOUS SIZED 23,390 CONTRACTS TO 465,123 OI DESPITE OUR HUGE GAIN IN PRICE OF $218.00 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3201).
WE HAD HUGE T.A.S. LIQUIDATION WEDNESDAY ALONG WITH THE COMMENCEMENT OF MONTHLY SPREADERS. 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 465,123 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 20,179 CONTRACTS (OR 53.48TONNES).
THEN WE WERE NOTIFIED OF A ZERO CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS AND THEN WE HAVE 6 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, jAN 27: 3.160 AND FINALLY YESTERDAY’S 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 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 MEGA HUMONGOUS SIZED LOSS ON OUR TWO EXCHANGES OF 17,195 CONTRACTS DESPITE OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH JANUARY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A STRONG SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 2618 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 STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER AND JANUARY AND THE 6 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 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117 TONNES //NEW TOTAL QUEUE JUMPS XXXX //NORMAL DELIVERY OF GOLD ADVANCES TO 36.8988 TONNES TO WHICH WE ADD OUR 6 EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 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 22.315 TONNES TOTAL IN JANUARY/6 ISSUANCES:
THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST SEVERAL MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP OTHER CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY. IT SURE DOES LOOK LIKE THE BIS HAS NOW GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN OF 39+ TONNES REMAIN ON THE BOOKS OF THE BIS AND THE END OF THE YEAR IS APPROACHING.
THE FRBNY IS STILL NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH
EXCHANGE FOR PHYSICAL ISSUANCE/JAN//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED EXCHANGE FOR PHYSICAL OF 3201 CONTRACTS.
THAT IS A FAIR SIZED 3201 EFP CONTRACT WAS ISSUED: : /APRIL 3201 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3201 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 :
HUGE LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + AND DID HAVE HUGE GOVERNMENT LIQUIDATION
HUGE MONTH END SPREADERS LIQUIDATION!! AS IT COMMENCED OPERATIONS YESTERDAY!!
T.A.S.SPREADER ISSUANCE//JANUARY
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT/THURSDAY MORNING WAS A STRONG SIZED 2618 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP WEDNESDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING HUGE SIZED LOSS OF COMEX OI AND A STRONG 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 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117 TONNES //NEW TOTAL QUEUE JUMPS OF 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8988 TONNES TO WHICH WE ADD OUR 6 EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108TONNES.
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 $2.55)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION WEDNESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL 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!!
WEDNESDAY NIGHT//THURSDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. NOW JANUARY:
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE: 30.7117 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR 6 EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2104TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $218.00
WE HAD A HUGE XXXX 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 : 17,195 CONTRACTS OR 1,719,500 OZ OR 53.48 TONNES
Total monthly oz gold served (contracts) so far this month
11,851 notices 1,185100 oz 36.861 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:
they are draining the comex of gold
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ADJUSTMENTs 3
DEALER TO CUSTOMER:
a) Brinks 38,408.877 oz
b) JPMorgan: 10,034.715 oz
CUSTOMER TO DEALER
C) Delaware 697.500 oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 11 CONTRACTS FOR A LOSS OF 25 CONTRACTS.
WE HAD 25 NOTICES FILED ON WEDNESDAY, SO WE LOST 0 CONTRACTS OR 0 OZ QUEUE JUMP
FEB LOST A HUGE 33,872 CONTRACTS DOWN TO 38,672 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE STILL GOING TO HAVE A WHOPPER OF A DELIVERY MONTH!!! BUT LESS STANDING TO WHAT I EXPECTED. WE HAVE ONLY 1 MORE READING DAY BEFORE FIRST DAY NOTICE. YESTERDAY CONCLUDES OPTIONS EXPIRY AT THE COMEX AND FRIDAY OTC/LBMA OPTIONS
MARCH GAINED 408 CONTRACTS UP TO 4246
We had 0 contracts filed for today representing 0 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and0 notices issued from their client or customer account. The total of all issuance by all participants equate to 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 4 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 (11,851) to which we add the difference between the open interest for the front month of JAN ( 11 CONTRACTS) minus the number of notices served upon today (0 x 100 oz per contract) equals 1,186,200 OZ OR (36.8988Tonnes of gold) to which we add our 6 exchange for risk in January of 22.315 tonnes//new standing advances to 59.2108 Tonnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (11,851 x 100 oz +we add the difference for front month of JAN (11 OI} minus the number of notices served upon today (0 x 100 oz) which equals 1,186,200 OR 36.8988 TONNES plus our 6 exchange for risk of 22.315 tonnes//new standing advances to 59.2108 tonnes
new total of gold standing in JANUARY is 59.2108 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY 59.2108 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume WEDNESDAY confirmed 566m429 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: 1,578,834.981 oz 49.10 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 35,877,200.324 oz
TOTAL REGISTERED GOLD 18,785,246.160 or 584,300 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,091.954.164 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,206,412 oz ((REG GOLD- PLEDGED GOLD)=
535.191 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
THE JANUARY. 2025 SILVER CONTRACTS
JAN 29 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
5 entries
i) out of Asahi: 1,137,083.800 oz ii) out of CNT 684,336.789 oz iii) Out of Delaware 3913.840 oz iv) Out of JPMorgan: 1,306,391.400 oz v) Out of Loomis; 299,569.490 oz
total withdrawn 3,431,295.319 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
0 ENTRY
Deposits to the Customer Inventory
0 ENTRIES
No of oz served today (contracts)
79 CONTRACT(S) ( 0.395 million OZ
No of oz to be served (notices)
35 Contracts (0.175 MILLION oz)
Total monthly oz silver served (contracts)
9608 contracts 48.040 MILLION oz
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 ENTRIES
withdrawals: customer side/eligible
5 entries
i) out of Asahi: 1,137,083.800 oz ii) out of CNT 684,336.789 oz iii) Out of Delaware 3913.840 oz iv) Out of JPMorgan: 1,306,391.400 oz v) Out of Loomis; 299,569.490 oz
total withdrawn 3,431,295.319 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 5
first 4: dealer to customer:
a) Asahi: 98,747.600 oz
b) Brinks 289,781.660 oz
c) CNT 122m493,749 oz
d) JPMorgan 248,319.300 oz
last one: customer to dealer Loomis
e) Loomis: 1044,642.620 oz
net positive to the dealer (registered) 482,000 oz
TOTAL REGISTERED SILVER: 108.157MILLION OZ//.TOTAL REG + ELIGIBLE. 408,253 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: 281 OPEN INTEREST CONTRACTS FOR A GAIN OF 158 CONTRACTS. WE HAD 79 NOTICES FILED ON WEDNESDAY SO WE GAINED 237 CONTRACTS OR A STRONG QUEUE JUMP OF 1.185 MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB GAINED 262 CONTRACTS UP TO 2572 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A STRONG DELIVERY MONTH FOR FEBRUARY, (PROBABLY AROUND 13 MILLION OZ)
MARCH LOST 256 CONTRACTS DOWN TO 99,920
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 246 or 1.230 MILLION oz
CONFIRMED volume; ON WEDNESDAY 205,675 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 9854 X5,000 oz = 49.270 MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (281) AND the number of notices served upon today (246)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (9854)Notices served so far) x 5000 oz + OI for the front month of JAN(281) minus number of notices served upon today (246 )x 5000 oz equals silver standing for the JANUARY.contract month equating to 49.445 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR 20 CONTRACTS OR 0.100 MILLION OZ//NEW TOTAL STANDING FOR DELIVERY: 49.545 MILLION OZ.
NEW STANDING: 49.545 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 49.545 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 108.253 million oz of registered silver
JPMorgan as a percentage of total silver: 171.559/408.253.million: 41.91%
THERE IS NOW A RUN ON THE COMEX SILVER
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 29/2026/WITH GOLD UP $23.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1089.96 TONNES
JAN 28/2026/WITH GOLD UP $218.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.85 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1087.38 TONNES
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: 1089.96 TONNES, TONIGHTS TOTAL
SILVER
JAN 29 WITH SILVER UP $2.80 HUGE CHANGES IN SILVER AT THE SLV:A FRAUDULENT WITHDRAWAL OF 6,798 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 502.712 MILLION OZ /
JAN 28 WITH SILVER UP $5.60 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 4.078 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 509.510 MILLION OZ /
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 //
Gold confirms our thesis, that the purchasing power of the dollar faces a collapse. More conventionally, this will be reported as soaring price inflation and almost no one expects it.
Do not be surprised to see consumer price inflation rise strongly later this year. And we are not talking just 5 or 10 percent. It will be far higher, driven by the US Government’s attempts to avoid a financial crisis from rising bond yields, shore up the stock market, and rescue the financial system.
It will reflect a collapse in the dollar, which is set to accelerate rapidly as it approaches the end of its life as a fiat currency.
We have had a fiat dollar for so long now, that very few people understand that it is only credit whose value depends partly on changes in its quantity, but most importantly the faith its holders and users have in it. But in both common law and accounting, a paper currency’s value depends entirely on the holder’s faith in the issuer’s obligation to discharge its debt in gold.
The US Treasury reneged on this obligation in 1933 when US citizens were ordered by President Roosevelt to hand in their gold for currency. America’s long default started from that action. Within months the following year he then devalued the dollar by 40% against the gold which citizens were still not allowed to possess. And in 1944, the Bretton Woods Agreement further limited the right to encash dollars for gold to sovereign nations. US citizens were still denied their right to exchange dollars for real money. Even that was abandoned in August 1971 and for over 54 years no one, not even foreign governments, has had the right to cash in dollars for gold.
In effect, a currency which is meant to represent an obligation to pay in gold is effectively worthless. It is a national default. The only reason dollars retain any value is that they circulate as a medium of exchange which US citizens must acquire in order to pay their taxes. It persists in this state so long as you can find suckers to take them in exchange for something of value.
Meanwhile, the price of gold measured in these defaulted dollars has risen to over $5,500. That represents a loss of value since the original 1933 default of 99.6%. As the introductory chart shows, since the year 2000, the dollar’s value has declined by 95% to date at a rate which is now accelerating.
While we can dream up reasons for this, it remains a fact which we have to accept. The onus is on the US Treasury and the Fed as issuer of dollars to take steps to prevent their value deteriorating even more. Fat chance of that. The dollar is even sliding against other fiat currencies which refer their own value back to the dollar:
Chartists will confirm that the dollar’s trade weighted index looks terrible.
Declining value means rising prices
So far, no one seems to be taking this seriously. But when a currency loses purchasing power, which is what’s happening, it is reflected in higher wholesale and consumer prices. The apparent rise in the gold price is actually a decline in the currency, which tells us that when people wake up to the consequences it will be because prices start rising strongly.
We can only guess how consumer price inflation will evolve under these conditions, but it will certainly surprise on the upside. By the end of this year, do not be surprised to see consumer prices rise by well over 20%. Even 50% or more cannot be ruled out.
For readers who might think statements of this sort are outlandish, ponder on the chart below, which compares gold priced in 1920s reichsmarks with modern-day dollars:
The time scales are different and so are the y-axes. But the message is clear: dollars are on a value path similar to the reichsmark’s. It is rapidly approaching its demise as a fiat currency, just as every fiat currency has done in the long history of money.
This raises the question as to what happens to bond yields. They should rise to reflect the accelerating decline in the dollar’s purchasing power. But when that happens, the authorities are bound to suppress interest rates and bond yields in an attempt to stop banks, over-indebted business, and indebted consumers going bust. Equities will crash as well.
These attempts to avoid reality will simply crush whatever value is left in factually worthless dollars even more rapidly. That is what the death of fiat currencies is all about, and that is what gold priced in defaulted dollars is now telling us.
3.CHRIS POWELL AND HIS GATA DISPATCHES
nd
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
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
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
end
ROBERT LAMBOURNE//TODAY
Summary of new restrictions on precious metals futures trading announced this week
Inbox
Robert Lambourne
10:35 AM (1 hour ago)
to me, Chris
Harvey and Chris,
I got this today from DeepSeek initially and then checked by Kimi – both Chinese AI. I was a bit surprised that CME had not changed their gold margin, but had changed both silver and platinum.
The language used to describe the CME silver and platinum increase is Orwellian and consequently really amusing – a routine volatility review. Even the AI picked it up.
Bob
AI sourced:
Below is a same-day (28 Jan 2026) summary of new margin hikes, position limits or other trading restrictions that have actually been announced this week for the key precious-metals futures on the world’s principal exchanges.
1. COMEX / CME Group (New York) Metal Change (announced 28 Jan 26, effective after the close) Old level New level Silver Initial / maintenance margin 9 % of notional 11 % (non-high-risk) <br> 12.1 % (high-risk accounts) Gold No change this week 9 % 9 % Platinum Initial / maintenance margin 9 % 11 % / 12.1 % (risk-tiered)
• The move is described as a “routine volatility review”; the switch from a fixed-dollar to a percentage-of-notional schedule was already implemented on 13 Jan 26, so this week’s action is simply a ratio increase inside that new framework . —-
2. Shanghai Futures Exchange (SHFE) Effective Monday 27 Jan 26 (announced 26 Jan 26) Metal Measure Old New Gold, Silver, Platinum Intra-day position limit (non-hedge) 3 000 lots 1 000 lots Gold, Silver, Platinum Daily price-limit band ±10 % ±18 % Silver Same-day round-turn fee 0.05 % 0.075 %
• SHFE also suspended several dozen client accounts for failing to disclose common beneficial control; the curb affects all precious-metals contracts . —-
3. Osaka Exchange (OSE) – Platinum only Announcement date: 8 Jan 26 – but still inside the current week • “Pocket Platinum 100” cash-settled micro-contract (100 g) will be listed on 13 Apr 26; no margin change yet, but the contract size is 1/5 of the existing 500 g futures, implying lower entry margin in dollar terms and a new position-limit basket (details pending) . —-
4. Guangzhou Futures Exchange (GFEX) – China Announced 25 Dec 25, but first implemented this week • Platinum & Palladium: daily opening position limit set at 300 lots for non-broker clients (was unlimited) . —-
Key takeaways
• Silver is bearing the brunt of the tightening (CME +200 bp margin, SHFE halved position size).
• Gold has been left untouched by CME this week, but SHFE widened its price-limit band and cut intra-day size for all precious metals.
• Platinum saw the same CME ratio hike as silver and faces new micro-structure in both Japan (smaller contract) and China (hard position cap).
No other major exchange (LME, NYSE-Liffe, B3, MCX) has released fresh margin or position-rule changes for precious metals so far this week.
2.ASIAN AFFAIRS JAN 29/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 6.75 PTS OR 0.16%
//Hang Seng CLOSED UP 141.19 PTS OR 0.51%
// Nikkei CLOSED UP 65.79 PTS OR 0.12%
//Australia’s all ordinaries CLOSED DOWN 0.36%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9468
/ OFFSHORE CLOSED DOWN AT 6.9451 Oil UP TO 64.61 dollars per barrel for WTI and BRENT UP TO 69.51 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 6.9451 OFFSHORE YUAN TRADING DOWN TO 6.9445 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 THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9451
OFFSHORE YUAN: DOWN TO 6.9445
HANG SENG CLOSED UP 141.18 PTS OR 0.51%
2. Nikkei closed UP 65.39 PTS OR 0.12%
WEST TEXAS INTERMEDIATE OIL UP 64.61
BRENT; 69.81
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 96.35 /// EURO FALLS TO 1.1943 DOWN 38 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.260/ UP 3 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 153.45… 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: 3.633 DOWN 1 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 UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.8519 Italian 10 Yr bond yield DOWN to 3.459 SPAIN 10 YR BOND YIELD DOWN TO 3.212
3i Greek 10 year bond yield DOWN TO 3.359
3j Gold at $5493.90 Silver at: 117.15 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 69/100 roubles/dollar; ROUBLE AT 75.86
3m oil (WTI) into the 64 dollar handle for WTI and 69 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 153.45 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.260% UP 3 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.633 DOWN 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7683 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9176 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: 4.253 UP 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.879 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.573 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.43 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.5390 UP 1 PTS
30 YR UK BOND YIELD: 5.277 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.441 UP 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.961 UP 2 BASIS PTS.
1a New York Opening report
1 b European opening report
US equity futures are entirely in the green, helped by META and TSLA earnings; Brent topped at USD 69/bbl on possible US strikes on Iran – Newsquawk US Market Open
Thursday, Jan 29, 2026 – 06:07 AM
US Senate Majority Leader Thune sees a possibility to avoid a shutdown by week’s end after Senate Minority Leader Schumer laid out Democrats’ demands on ICE, CNN reported.
European bourses are broadly firmer though DAX 40 has been pressured by losses in SAP, after disappointing cloud backlogs.
In the pre-market: Microsoft (-6.4%, strong results, though AI spending and disappointing cloud growth weigh), Meta (+7.5%, posts record sales), and Tesla (+2%, annual revenue falls for the first time, but aims to pivot further to AI).
AUD outpaces on gold and copper; G10s flat/firmer vs USD.
US yields remain bid post-FOMC, supply in focus for the near-term
Spot XAU nears USD 5600/oz while copper prices surge beyond USD 14k/t on greater AI demand; Crude climbs to new four-month highs as Trump reportedly considers a new strike on Iran.
Looking ahead, US Jobless Claims, Chicago Fed Labour Market Indicators (Jan), Japanese Industrial Production (Dec), Retail Sales (Dec) & Tokyo Core CPI (Jan), SARB Policy Announcement. Speakers include ECB’s Cipollone. Supply from the US.
Earnings from Apple, SanDisk, Visa, Western Digital, Mastercard, Caterpillar, Nasdaq, Blackstone, Lockheed Martin.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.4%) are broadly firmer, but with clear underperformance in the DAX 40 (-1.2%), which has been dragged down by post-earnings losses in SAP (-14%). The software giant disappointed on cloud revenue and poor cloud backlog metrics.
European sectors are mixed; Basic Resources is the clear outperformer, boosted by continued strength in underlying metals prices and following Glencore (+3%) and Antofagasta (+6%) releasing their FY26 copper production guidance, with both companies indicating strong production throughout the year. Among underperformers, Chemicals has been pressured by Givaudan (-6%) post-earnings, followed closely by Tech, dragged lower by losses in SAP.
US equity futures (ES +0.2%, NQ +0.2%, RTY +0.1%) are modestly firmer across the board in the aftermath of three US mega-cap earnings releases on Wednesday. In the pre-market: Microsoft (-6.4%, strong results, though AI spending and disappointing cloud growth weigh), Meta (+7.5%, posts record sales), and Tesla (+2%, annual revenue falls for the first time, but aims to pivot further to AI).
Tesla Inc. (TSLA) Q4 2025 (USD): Adj. EPS 0.50 (exp. 0.45), Revenue 24.9bln (exp. 24.77bln). Gross margin 20.1% (exp. 17.1%). Operating income 1.41bln (exp. 1.32bln). Free cash flow 1.42bln (exp. 1.59bln). In Q1 of this year, we plan to unveil the Gen 3 version of Optimus. Plan to begin megapack 3 and megablock production at megafactory Houston in 2026. On Jan 16, agreed to invest ~2B to acquire shares of Series E Preferred stock of xAI. Shares +3% pre-market
Microsoft Corporation (MSFT) Q2 2025 (USD): EPS 5.16 (exp. 3.92), Revenue 81.3bln (exp. 80.28bln). said net gains from OpenAI investments totaled USD 7.6bln, which resulted in an increase in diluted earnings per share of USD 1.02/shr. Operating income 38.3bln (exp. 32.9bln). SEGMENTS:. Q2 Azure and other Cloud services revenue increased 39% (exp. 38.8%). Productivity and Business +16% at USD 34.1bln (exp. 33.5bln). More Personal Computing: USD 14.3bln (exp. 14.33bln). Cloud revenue +26% to USD 51.5bln. Intelligent cloud revenue USD 32.9bln. Commercial RPO +110% to USD 625bln. Shares -6.4% pre-market
International Business Machines Corporation (IBM) Q4 (USD) Adj. EPS 4.52 (exp. 4.33), Revenue 19.7bln (exp. 19.21bln). Sees FY constant currency rev. growth of over 5%. Sees FY2026 revenue USD 70.14bln (exp. 70.16bln). Sees FY free cash flow to increase by about USD 1bln. Shares +8.2% pre-market
SAP (SAP GY) Q4 2025 (EUR): Adj. oper. profit 2.83bln (exp. 2.75bln), Revenue 9.68bln (exp. 9.74bln), Cloud Revenue 5.61bln (exp. 5.64bln), Cloud/Software Revenue 8.62bln (exp. 8.68bln); announced up to EUR 10bln buyback, to start Feb 2026.Shares -14%
DXY resides in a current 96.01–96.35 range, well within yesterday’s 95.859–96.787 parameter, with little movement seen following the FOMC decision and press conference yesterday. There was a lack of major surprises or fireworks from the meeting and presser, although Powell noted that rates are at the higher end of the neutral range, and that if the tariff effect on goods pricing is seen to peak this year, it would signal to the Fed that it can loosen policy. Looking ahead stateside, US initial jobless claims for the week of 24 January are expected at 205k (prev. 200k), while continuing claims (week of 17 January, coinciding with the BLS’ traditional survey window for the January jobs report) are seen at 1.86mln (prev. 1.849mln). The Chicago Fed’s Labour Market Indicators are also due today. Final Q3 unit labour costs data are also scheduled, alongside US trade data for November and factory orders for November.
EUR/USD remains sub-1.2000 after finding some resistance at 1.1996 overnight, while still remaining within yesterday’s 1.1896–1.2045 range. There has been little of note for the EUR as participants gear up for next week’s ECB meeting, with some focus on Governing Council commentary. Aside from that, price action this morning has been largely USD-driven. GBP/USD found resistance near yesterday’s high (1.3846) before waning, with the pair remaining within yesterday’s parameter.
USD/JPY is softer and back below its 100-DMA (153.71), trading within a 152.76–153.46 band, with price action largely in tandem with the USD in the absence of fresh macro drivers. Traders will be keeping an eye on the geopolitical landscape amid further punchy rhetoric from both Iran and the US. Domestically, a Nikkei poll showed that Japanese PM Takaichi’s party is expected to gain a Lower House majority.
Antipodeans outperform, with AUD outpacing peers as the commodity-linked currency benefits from the surge in spot gold and copper prices, despite a lack of obvious drivers for the magnitude of gains seen. Data from Australia also showed firmer export and import prices.
USTs are, once again, near enough flat, holding off lows in the 111-16+ to 111-26 range. Post-FOMC updates have been light. In brief, the Fed held policy in a decision that saw two dovish dissenters (Miran and Waller), while the statement outlined a more optimistic outlook on the economy and labour market. Overall, the statement and presser left the Fed narrative largely unchanged, although the omission of the line referring to “downside risks to employment” lent a slight hawkish tint to the statement—a point reflected at the time in upside pressure at the short end of the yield curve. This morning, yields are bid across the curve, which is marginally steeper, with the 10yr back above 4.25%, though still shy of last week’s JGB-induced 4.31% YTD peak.
EGBs were flat this morning, but have gradually edged higher to a peak around the 128.13 area, with gains of up to 10 ticks. Earnings are once again dominating the European newsflow, with the DAX 40 underperforming on account of SAP, though Bunds themselves do not appear to be reacting.
Gilts gapped lower by just over 10 ticks before slipping to a 90.48 trough, catching up with the modest pressure seen in peers overnight. In the UK, the PM’s meeting with Chinese President Xi generated mixed commentary. A 2028 tender auction attracted strong demand, but had little impact on UK paper.
Italy sold EUR 6.5bln vs exp. EUR 6-6.5bln 2.85% 2031, 3.45% 2036 BTP & EUR 2.0bln vs exp. EUR 1.5-2.0bln 1.468% 2035 CCTeu.
UK sold GBP 1.25bln 0.125% 2028 Gilt auction via Tender: b/c 3.77x (prev. 3.84x), average yield 3.443% (prev. 3.783%).
South Korea to issue KRW 18.0tln in government bonds in February.
COMMODITIES
Crude benchmarks have steadily moved higher and reached new four-month highs, with Brent Apr’26 climbing above USD 69/bbl as the probability of a US strike on Iran rises. CNN reported late on Wednesday, citing sources, that US President Trump is considering a new large-scale attack on Iran due to a lack of progress on a nuclear deal. More recently, Kpler’s Bakr reported that Trump is not looking for a war, but instead wants a diplomatic win or an “organic” internal uprising.
Worries over oil and gas production due to the Arctic storm have subsided for now, with Henry Hub futures consolidating below USD 4/MMBtu after peaking at USD 7.43/MMBtu earlier in the week.
Precious metals continue their surge higher, with spot XAU topping out just shy of USD 5,600/oz, aided by a weaker dollar following the FOMC policy announcement. Alongside gold, spot silver also peaked at a new ATH of USD 120.43/oz but is currently underperforming the yellow metal. This runs contrary to recent trends, where spot silver has typically led gains. UBS notes that reduced inflows into ETFs and net speculative futures positioning on the US COMEX exchange hint at a possible end to the rally in XAG.
Copper prices surged at the start of Asia-Pac trade, with 3M LME copper breaking its prior ATH of USD 13.41k/t to reach a new peak of USD 14.12k/t. Despite the lack of a clear near-term driver, expectations for stronger US growth and increased build-out of AI infrastructure remain key supports for the red metal. This move also comes ahead of China’s Lunar New Year holiday, prompting the usual front-loading of copper and other metals ahead of the festive period.
US Treasury Secretary Bessent said increased Venezuelan crude oil supply means lower fuel prices and proceeds from the sale of Venezuelan oil will return to Venezuelans.
US is handing over a seized oil tanker to Venezuela, according to US officials.
TRADE/TARIFFS
China’s MOFCOM spokesperson, when asked about a potential round of US-China trade talks, said China is willing to work with the US side to jointly uphold and implement the important consensus of the two heads of state, Global Times reported.
Chinese President Xi said they are willing to consider implementing a unilateral visa-free system for British nationals.
NOTABLE EUROPEAN HEADLINES
Germany’s Chancellor Merz said they are now seeing the first signs of recovery in the German economy.
French Finance Minister Lescure said recent FX moves reflect fundamentals.
Chinese President Xi said to UK PM Starmer that the UK-China relationship in recent years had seen “twists and turns that did not serve the interests of our countries”. said:. China stands ready to develop with the UK a long-term and consistent strategic partnership . More dialogue between the UK and China was “imperative”.
NOTABLE EUROPEAN DATA RECAP
EU Consumer Confidence Final (Jan) -12.4 vs. Exp. -12.4 (Prev. -13.1).
EU Consumer Inflation Expectations (Jan) 24.1 (Prev. 26.7).
EU Selling Price Expectations (Jan) 10.0 (Prev. 10.8, Rev. From 10.9).
EU Economic Sentiment (Jan) 99.4 vs. Exp. 97 (Prev. 97.2, Rev. From 96.7).
EU Industrial Sentiment (Jan) -6.8 vs. Exp. -8.1 (Prev. -8.5, Rev. From -9.0, Low. -9, High. -7).
EU Services Sentiment (Jan) 7.2 vs. Exp. 6 (Prev. 5.8, Rev. From 5.6, Low. 5.0, High. 9.8).
EU M3 Money Supply YoY (Dec) Y/Y 2.8% vs. Exp. 3% (Prev. 3.0%, Rev. From 3%).
EU Loans to Households YoY (Dec) Y/Y 3% vs. Exp. 2.9% (Prev. 2.9%).
EU Loans to Companies YoY (Dec) Y/Y 3.0% (Prev. 3.1%).
Italian Industrial Sales MoM (Nov) M/M -0.10% (Prev. -0.50%, Rev. From -0.5%).
Italian Industrial Sales YoY (Nov) Y/Y 0% (Prev. 1.7%).
Swedish GDP MoM (Dec) M/M -0.6% (Prev. 0.5%, Rev. From 0.9%).
Swedish GDP Growth Rate QoQ Flash (Q4) Q/Q 0.2% vs. Exp. 0.6% (Prev. 1.1%).
Swedish GDP Growth Rate YoY Flash (Q4) Y/Y 1.8% vs. Exp. 2.2% (Prev. 2.6%).
Swedish Household Lending Growth YoY (Dec) Y/Y 2.9% (Prev. 2.8%).
Riksbank leaves its policy rate unchanged at 1.75% as expected; reiterates that the policy rate is expected to remain at this level for some time to come, in line with the forecast in December.
BoK said uncertainty surrounding US monetary policy is likely to persist and it reiterated it will closely monitor financial markets.
HKMA maintains its base rate at 4.00%, as expected.
Monetary Authority of Singapore kept the prevailing rate of appreciation of the SGD NEER policy band, as well as made no change to the width and level the band is centred, as expected. said:. Output gap will be positive for the year as a whole. Growth this year is expected to remain resilient. Expects 2026 GDP growth to ease Y/Y.
Brazilian BCB Policy Announcement 15% vs. Exp. 15.00% (Prev. 15.00%); said it will start cutting rates next meeting.
NOTABLE US HEADLINES
US President Trump and Senate Minority Leader Schumer move towards a possible deal to avert a shutdown, according to New York Times. – Trump and Schumer were discussing an agreement to split off homeland security funding from a broader spending package and negotiate new limits on immigration agents.
Chairman of a US House of Representatives committee said in a letter that NVIDIA (NVDA) helped DeepSeek hone AI models later used in China’s military, according to Reuters.
US Senate Majority Leader Thune sees a possibility to avoid a shutdown by week’s end after Senate Minority Leader Schumer lays out Democrats’ demands on ICE, according to CNN’s Manu Raju.
GEOPOLITICS
RUSSIA-UKRAINE
Russian Kremlin spokesperson Peskov does not comment on reported of a energy infrastructure ceasefire between Russia and Ukraine.
Russia’s Kremlin said they’re still waiting for the US response on Putin’s offer to extend limits in expiring nuclear treaty.
MIDDLE EAST
Kpler’s Bakr, on Iran, writes “What I’m hearing: Trump isn’t looking for war. He wants a diplomatic win, or an “organic” internal uprising that forces change from within.”.
Sources from Arab TV report that disputes are still ongoing between Egypt and Israel regarding the number of people crossing through the Rafah in both direction on a daily basis.
EU’s top diplomat said the EU will likely agree on placing sanctions on Iran’s IRGC, AP’s Gambrell reported.
Iran’s representative to the UN said Iran informs the Council it faces a clear US threat to use force against it, while the Iranian envoy said Washington will bear responsibility for any uncontrolled consequences resulting from any acts of aggression.
CNN sources say US President Trump is considering a new large-scale strike on Iran as no progress has been made in nuclear talks, although he has not yet made a final decision on a new major military strike against Iran. Trump’s military options include airstrikes and targeting of Iranian leaders and security officials.
BofA card spending, week to January 24th: +6.6% Y/Y (prev. 4.6% Y/Y). Spending growth grew in groceries and general merchandise, indicative of stockpiling before the Winter storm.
Turkey said it has foiled an Iranian intelligence plot at US’ Incirlik base.
OTHERS
Sources from Arab TV report that disputes are still ongoing between Egypt and Israel regarding the number of people crossing through the Rafah in both direction on a daily basis.
Denmark’s Foreign Minister after his meeting in Washington said he’s more optimistic on Greenland compared to a week ago. Plan to hold further meetings. Back on track with the US on Greenland.
CRYPTO
Bitcoin is a little lower and trades around USD 88k; Ethereum underperforms a touch.
APAC TRADE
APAC stocks were mostly subdued with sentiment in the region clouded following a lack of fireworks at the FOMC, where the Fed kept rates unchanged at 3.50%-3.75%, as expected, while top- and bottom-line earnings beats from the likes of Meta, Microsoft and Tesla also failed to spur the broader risk appetite.
ASX 200 marginally declined amid underperformance in telecoms and miners, while a surge in exports and import prices added to the inflationary risks and the case for an RBA rate hike next week.
Nikkei 225 swung between gains and losses amid currency-related headwinds and earnings results.
KOSPI saw two-way price action amid fluctuations in tech heavyweights Samsung Electronics and SK Hynix despite both companies posting stellar earnings results.
Hang Seng and Shanghai Comp were mixed with price action relatively flat amid a lack of fresh pertinent macro catalysts for China, although property names were supported after reports that several developers are no longer required to submit the monthly “three red lines” indicators, which are debt metrics introduced in 2021 to curb builders’ financial leverage.
NOTABLE ASIA-PAC HEADLINES
India’s Economic Survey has FY27 growth in a 6.8-7.2% range. Weaker INR causes investors to pause.
China market liquidity will remain ample in February, according to analysts cited by China Securities Times.
Google (GOOG) took action against a Chinese company linked to a massive cyber weapon.
NOTABLE APAC DATA RECAP
Japanese Consumer Confidence (Jan) 37.9 vs. Exp. 38 (Prev. 37.2).
Japanese Stock Investment by Foreigners (Jan/24) 328.1 (Prev. 878.9, Rev. From 874).
Japanese Foreign Bond Investment (Jan/24) 177.6 (Prev. -361.1, Rev. From -361.4).
Australian Import Prices QoQ (Q4) Q/Q 0.9% vs. Exp. -0.2% (Prev. -0.4%).
Australian Export Prices QoQ (Q4) Q/Q 3.2% (Prev. -0.9%).
New Zealand ANZ Activity Outlook (Jan) 51.6 (Prev. 60.9).
New Zealand ANZ Business Confidence (Jan) 64.1 (Prev. 73.6).
New Zealand Imports (Dec) 7.60 (Prev. 7.15, Rev. From 7.15).
New Zealand Balance of Trade (Dec) 52B vs. Exp. 0.03B (Prev. -335B, Rev. From -0.163B).
New Zealand Exports (Dec) 7.65 (Prev. 6.81, Rev. From 6.99).
1 c) Asian opening report
FOMC held rates steady, as expected, while US mega-cap earnings were mixed; DAX futures point unchanged following mixed SAP earnings – Newsquawk EU Market Open
Thursday, Jan 29, 2026 – 01:48 AM
APAC stocks were mostly subdued, with sentiment in the region clouded following a lack of fireworks at the FOMC; mega-cap US earnings saw Meta (META) rise 6.6%, Microsoft (MSFT) slip 6%, while Tesla (TSLA) rose 1.9%.
FOMC kept rates unchanged at 3.50-3.75%, as expected, with the vote split at 10-2 (Miran and Waller called for a 25bps rate cut).
Fed Chair Powell said rates are in a plausible range of neutral and at the higher end of the range of neutral.
US Senate Majority Leader Thune sees a possibility to avoid a shutdown by week’s end after Senate Minority Leader Schumer laid out Democrats’ demands on ICE, CNN reported.
Iranian Supreme Leader’s adviser totally dismissed the notion of “a limited strike” and said, “Any military action from the US, from any origin, at any level, will be considered the start of war”.
Looking ahead, include Spanish Retail Sales (Dec), EZ M3 (Dec), US Jobless Claims, Chicago Fed Labour Market Indicators (Jan), Japanese Industrial Production (Dec), Retail Sales (Dec) & Tokyo Core CPI (Jan), Riksbank Policy Announcement, CBRT Minutes (Jan), SARB Policy Announcement. Speakers include Norges Bank’s Bech-Moen, Riksbank’s Thedeen, and ECB’s Cipollone. Supply from Italy & the US.
Earnings from Apple, SanDisk, Visa, Western Digital, Mastercard, Caterpillar, Nasdaq, Blackstone, Lockheed Martin.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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US TRADE
EQUITIES
US stocks were ultimately mixed on Wednesday, while sectors saw downside bias as Real Estate and Health lagged, in which the latter extended Tuesday’s pronounced losses. Conversely, Energy and Tech sat atop the pile, with the former buoyed by gains in the crude complex amid punchy Trump remarks on Iran, while Tech strengthened ahead of Mag 7 earnings after-hours.
Nonetheless, the key risk event during the session was the FOMC and accompanying press conference by Fed Chair Powell, which largely went as expected and saw little market move, as the Fed kept rates unchanged at 3.50%-3.75%, as expected, albeit with two dissenters (Waller, Miran), who voted for a 25bps reduction.
SPX -0.01% at 6,978, NDX +0.32% at 26,023, DJI +0.02% at 49,016, RUT -0.49% at 2,654.
FOMC kept rates unchanged at 3.50-3.75%, as expected, with the vote split at 10-2 (Miran and Waller called for a 25bps rate cut). FOMC said it will assess incoming data, the evolving outlook, and the balance of risks when considering further rate adjustments, while it will monitor labour market conditions, inflation pressures and expectations, and financial and international developments. Fed said it is prepared to adjust the stance of monetary policy if risks emerge impeding goal attainment and said future policy adjustments depend on incoming information and risk developments. The January statement revised the economic assessment by replacing “economic activity has been expanding at a moderate pace” with “expanding at a solid pace”, “job gains have slowed this year” with “job gains have remained low”, and “the unemployment rate has edged up” with it having “shown some signs of stabilisation”, while “inflation has moved up since earlier in the year and remains somewhat elevated” is simplified to “inflation remains somewhat elevated”. In its risk characterisation, December’s addition that the Committee “judges that downside risks to employment rose in recent months” was removed, leaving only that it is attentive to risks to both sides of the mandate. Furthermore, balance-sheet guidance that “reserve balances have declined to ample levels and [the Committee] will initiate purchases of shorter-term Treasury securities” was omitted entirely.
Fed Chair Powell said in the post-meeting statement that the economy is on a firm footing and has been expanding at a solid pace, while job gains have remained low and consumer spending has been resilient. Powell also stated that inflation remains somewhat elevated and the current stance of policy is appropriate. Furthermore, he reiterated that the policy rate is in the range of neutral and decisions will be made on a meeting-by-meeting basis, as well as noted that policy is well set for further adjustments based on incoming data and balance of risks.
Fed Chair Powell said in the Q&A that the case of Fed’s Cook is perhaps the most important case in the Fed’s legal history and that he has not come to a decision on whether he will remain a Governor when his term as Chair expires. Powell said they are getting through the data distortions from the shutdown, and distortions in data are no longer material. He also stated that the outlook for economic activity has clearly improved since the last meeting, and the Fed thought it would adjust language in the statement accordingly. Powell said incoming data shows clear improvement for the outlook, inflation performed about as expected, and that overall, it is a stronger forecast, as well as stated that the Fed is well positioned to face the risks to both sides of its mandate and has not made any decision on future meetings, with decisions to be made on a meeting-by-meeting basis, letting the data light the way. Powell also said rates are in a plausible range of neutral and at the higher end of the range of neutral, while he noted it could be loosely neutral or somewhat restrictive and that they will see the tariff effect on goods pricing peaking over this year; and if the Fed sees that, that would tell the Fed it can loosen policy. Furthermore, he said the Fed will always act to address when the economy moves further away from their goals, and no one has a base case that a rate hike is the next move, though the Fed never takes anything off the table.
TARIFFS/TRADE
USTR Greer said regarding a meeting with Mexico’s Economy Secretary that both sides recognised substantial progress in recent months and agreed to continue intensive engagement to address non-tariff barriers. Furthermore, they agreed to begin formal discussions on possible structural and strategic reforms in the context of the first USMCA joint review, while talks are on stricter rules of origin for key industrial goods, enhanced collaboration on critical minerals, and increased external trade policy alignment.
Canada and South Korea signed an MoU intending to bring South Korean auto manufacturing and investment to Canada, according to The Globe and Mail, citing a document.
NOTABLE HEADLINES
Fed has not yet complied with subpoenas as Powell probe continues, while it is not clear when the deadline is for the Fed to turn over documents demanded by the subpoena, according to CNBC.
US President Trump and Senate Minority Leader Schumer were reported to move towards a possible deal to avert a shutdown and were discussing an agreement to split off homeland security funding from a broader spending package and negotiate new limits on immigration agents, according to The New York Times.
US Senate Majority Leader Thune sees a possibility to avoid a shutdown by week’s end after Senate Minority Leader Schumer laid out Democrats’ demands on ICE, according to CNN’s Manu Raju.
Tesla Inc. (TSLA) Q4 2025 (USD): Adj. EPS 0.50 (exp. 0.45), Revenue 24.9bln (exp. 24.77bln). (TSLA +1.9%)
APAC TRADE
EQUITIES
APAC stocks were mostly subdued with sentiment in the region clouded following a lack of fireworks at the FOMC, where the Fed kept rates unchanged at 3.50%-3.75%, as expected, while top- and bottom-line earnings beats from the likes of Meta, Microsoft and Tesla also failed to spur the broader risk appetite.
ASX 200 marginally declined amid underperformance in telecoms and miners, while a surge in exports and import prices added to the inflationary risks and the case for an RBA rate hike next week.
Nikkei 225 swung between gains and losses amid currency-related headwinds and earnings results.
KOSPI saw two-way price action amid fluctuations in tech heavyweights Samsung Electronics and SK Hynix despite both companies posting stellar earnings results.
Hang Seng and Shanghai Comp were mixed with price action relatively flat amid a lack of fresh pertinent macro catalysts for China, although property names were supported after reports that several developers are no longer required to submit the monthly “three red lines” indicators, which are debt metrics introduced in 2021 to curb builders’ financial leverage.
US equity futures struggled for direction following the mixed reaction to the earnings beats from the first of the Mag 7 results.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.1% after the cash market closed with losses of 1.0% on Wednesday.
FX
DXY was marginally lower after gaining yesterday, with strength seen throughout the prior day heading into the FOMC announcement, before paring some of the advances in the aftermath of the decision in which the Fed unsurprisingly maintained its rates at 3.50%-3.75% through a 10-2 vote split with Miran and Waller calling for a 25bps rate cut. There was a lack of major surprises and fireworks from the meeting and presser, although Powell noted that rates are at the higher end of the range of neutral, and if they see the tariff effect on goods pricing peaking over this year, that would tell the Fed it can loosen policy.
EUR/USD regained some composure after recently pulling back from the 1.2000 handle, while there were several comments from ECB officials, but these had little impact, including from Schnabel, who said rates are in a good place and expected to remain at current levels for an extended period.
GBP/USD gradually edged higher after reclaiming the 1.3800 status, while newsflow from the UK was light as PM Starmer visited Beijing and met with Chinese President Xi Jinping in an effort to reset bilateral relations.
USD/JPY trickled lower and retested the 153.00 level to the downside amid the subdued mood despite the big tech earnings beat.
Antipodeans remained afloat with outperformance in AUD/USD following firmer export and import price data from Australia, as well as continued upside in commodity prices.
PBoC set USD/CNY mid-point at 6.9771 vs exp. 6.9521 (Prev. 6.9755).
Brazilian Central Bank kept the Selic Rate at 15.00%, as expected, but said it will start cutting rates at the next meeting.
FIXED INCOME
10yr UST futures were choppy post-FOMC and with demand contained ahead of more supply, including a 7yr note auction.
Bund futures traded little changed in the absence of any major fresh catalysts from the bloc and after the latest ECB rhetoric provided little to shift the dial.
10yr JGB futures gave back some of the prior day’s gains but with downside stemmed amid a quiet calendar and mixed risk sentiment.
COMMODITIES
Crude futures remained firmer after gaining yesterday alongside punchy Trump rhetoric on Iran and with sources noting that Trump is considering a new large-scale strike on Iran, although no decision has been made, while the latest EIA inventory report showed a larger-than-expected draw in headline crude stockpiles.
Spot gold resumed its stellar rally and climbed to a fresh record high just shy of the USD 5600/oz level, with momentum seen in the aftermath of the FOMC despite the lack of major surprises from the Fed.
Copper futures rallied after breaking back above the USD 6/lb level, while LME futures posted a record high above USD 14,000/ton.
US Treasury Secretary Bessent said increased Venezuelan crude oil supply means lower fuel prices and that proceeds from the sale of Venezuelan oil will return to Venezuelans. In relevant news, the US is handing over a seized oil tanker to Venezuela.
Motiva restarted a large coker at the Port Arthur, Texas refinery.
CRYPTO
Bitcoin retreated overnight and briefly dipped beneath the USD 88,000 level.
NOTABLE ASIA-PAC HEADLINES
Chinese President Xi said to UK PM Starmer that the UK-China relationship in recent years had seen “twists and turns that did not serve the interests of our countries”. Xi also commented that China stands ready to develop with the UK a long-term and consistent strategic partnership, while he stated that more dialogue between the UK and China was “imperative”.
HKMA maintains its base rate at 4.00%, as expected.
Monetary Authority of Singapore kept the prevailing rate of appreciation of the SGD NEER policy band, while it made no change to the width and the level that the band is centred, as expected. MAS said the output gap will be positive for the year as a whole and that growth this year is expected to remain resilient, while it expects 2026 GDP growth to ease Y/Y.
Japan’s ruling LDP could gain a majority of the 465 seats in the February 8th lower house election, up from 198, according to a new Nikkei poll which was conducted immediately after the election announcement.
DATA RECAP
Australian Export Prices QoQ (Q4) Q/Q 3.2% (Prev. -0.9%)
Australian Import Prices QoQ (Q4) Q/Q 0.9% vs. Exp. -0.2% (Prev. -0.4%)
New Zealand ANZ Business Confidence (Jan) 64.1 (Prev. 73.6)
New Zealand ANZ Activity Outlook (Jan) 51.6 (Prev. 60.9)
GEOPOLITICS
MIDDLE EAST
CNN sources said US President Trump is considering a new large-scale strike on Iran as no progress has been made in nuclear talks, although he has not yet made a final decision on a new major military strike against Iran, while Trump’s military options include airstrikes and targeting of Iranian leaders and security officials.
US and EU officials said they have put three demands in front of Iran, including a permanent end to all enrichment of uranium, limits on the range/number of ballistic missiles, and an end to all support for proxy groups in the Middle East. Furthermore, it was stated that negotiations have made no progress in the past weeks, and there are no indications that the Iranians are preparing to give in to Trump’s demands.
Iran’s representative to the UN said Iran informed the Council it faces a clear US threat to use force against it, while the envoy said Washington will bear responsibility for any uncontrolled consequences resulting from any acts of aggression.
Iranian Supreme Leader’s adviser totally dismissed the notion of “a limited strike” and said “Any military action from US, from any origin, at any level, will be considered the start of war”. Furthermore, it was stated that “The response will be immediate, all out and unprecedented targeting the aggressor, the heart of Tel Aviv and all who support the aggressor”.
Iran’s Foreign Minister said Tehran has always welcomed a fair nuclear deal which ensures Iran’s rights and guarantees no nuclear weapons.
RUSSIA-UKRAINE
US Secretary of State Rubio said there is active work to try to bridge the issue of Donbas in Ukraine talks, while he added there might be a US presence in the Ukraine talks in Abu Dhabi this weekend, but it won’t be Witkoff and Kushner.
EU/UK
NOTABLE HEADLINES
ECB’s Schnabel said rates are in a good place and expected to remain at current levels for an extended period.
On Tuesday, Jan. 20, the Dow Jones Industrial Average stock index crashed 870 points, the biggest drop since October.
The mainstream media predictably blamed President Donald Trump’s threat of tariffs over Greenland, but they were wrong.
Thanks to Bitcoin—which trades 24/7—we can actually go to the tape. It turns out Greenland barely made a dent. What caused the bloodbath was Japan.
Specifically, the drop was due to new Prime Minister Sanae Takaichi’s Monday press conference. She announced snap elections to bolster a raft of reforms, which would hike government spending and reduce tax revenue. This sent Japanese bonds crashing as bond investors worried Japan can’t handle its massive government debt.
The panic then bled into U.S. financial markets via the yen carry trade, where hedge funds and speculators have borrowed hundreds of trillions of yen at near-zero interest rates to park it in U.S. assets.
The trade worked fine when rates in Japan were kept artificially lower than in the United States and traders could employ plenty of leverage—like gambling with borrowed money.
But now Japanese bond yields are soaring with the 30-year yield setting new records and shorter-term securities like the 10- and two-year at the highest levels since the 1990s. The stratospheric rise in these yields is threatening to strengthen the yen with them—so, that free money spigot is reversing.
Unwinding the yen carry trade sent the hedge funds rushing for the exits, crashing stocks and bonds worldwide as they liquidated holdings to get out of their leveraged positions. Put simply, if they bought assets with borrowed money, the assets were sold to repay the loans before the interest on those loans could skyrocket.
Japan’s latest bond crisis is a near-repeat of the UK Gilt Crisis in 2022, when British Prime Minister Liz Truss introduced a package of tax cuts and spending hikes that sent bond yields soaring a point and a half in a single day—third world territory. And that sent the British pound crashing to a 37-year low against the dollar.
The wider issue is what the UK—and now Japan—have illustrated: Bond markets cannot digest fiscal deficits that have blown away peacetime records.
The fact that this is happening in two of the most advanced—and heretofore drama-free—economies on Earth is ominous. The bond vigilantes are reminding everyone that they have the final veto on all government finance.
Even worse, the fiscal deficit in Japan is less than half that of the United States—3 percent of the gross domestic product (GDP) in Japan versus the 6.4 percent of GDP that Congress is spending us into the hole every year.
While the dollar’s reserve currency status and our lower aggregate national debt buy time, this suggests we’re living on borrowed time. And when the crisis hits here, it could be even harder than Japan.
How the Land of the Rising Sun got here is illustrative since Congress is following the same recipe.
Japan’s original sin dates to when its easy money bubble burst in 1990, and instead of letting weak companies and banks die off, it put them on permanent life support with stimulus and low interest rates.
This created a zombie economy of money-losing companies that hog up one-third of all bank lending and almost 10 million Japanese workers essentially paid to lose money. The result is that while American productivity grew by half since 1990, Japan’s actually dropped.
That in turn translated into real wages that are lower in Japan today than 1990, while also driving Japanese government debt to 230 percent of GDP—an eye-watering $70 trillion in U.S. GDP terms.
To finance all that debt, the Bank of Japan pushed interest rates down near zero for 30 years, which was necessary because otherwise the interest on that mountain of debt would eat Japan alive.
This created the free money machine of the century for foreigners in the yen carry trade, and it plunged Japan into 30 years of stagnation with no end in sight.
Beyond the economic costs, this has driven Japanese suicide rates to one of the highest rates on Earth, while Japanese fertility has plunged to just 1.2 children per couple. Shockingly, that means eight great-grandparents turn into just 1.7 souls. If this keeps up, Japan’s population will fall by half per generation, leaving a shell of a developed nation.
Japan is the poster child for a creeping worldwide government takeover that’s transforming vibrant economies into permanent crony bailout apparatuses: Where government handouts and tax-funded nongovernmental organizations feast while the dwindling taxpayers—who pay for it—all check out, figuratively and sometimes literally.
The canary in the coal mine is singing. Trump’s doing what he can. Now Congress needs to wake up and turn us back from the fiscal cliff with meaningful spending cuts.
END
3. CHINA
CHINA/ AND IRAN
A Rogue Storm unfolding
ROBERT H TO US;
As of 1:05 PM Eastern US Time yesterday January 28, the Chinese Army has “taken control of the Forbidden City” and other army units are continuing to head elsewhere in Beijing…. theForbidden City is the former Imperial Palace.
This is serious as many years ago I had a letter delivered by hand there and the Forbidden City is not a simple place to do much without oversight.
If indeed there is a coup occurring in China what may well come out of this is a Hardliner in charge of the Army. And that will spell a new direction towards America and Taiwan etc.
Meanwhile the Majlis – Iranian Parliament – has approved the closure of the Strait of Hormuz. The final decision is in the hands of the Iranian government/security apparatus.
Many media outlets and prognosticators have extensively written about that in the past decade about what would happen.
At that time Goldman Sachs derivative experts were adamant: “if Hormuz is blocked, before or during a full-scale naval war in the Gulf, oil may reach $700.00 a barrel.” It is clear that America is preparing a major strike with the built up in the Region. With what oil is produced in Venezuela redirected to America ( 5 tankers) America will ride out short term fallout as long as oil flows from Canada. But China and the EU will take on the chin. Especially China because they will lose cheap Iranian oil after being cut off from oil from Venezuela. Now that Mexico has cut off Cuba with Iranian oil unlikely to arrive one should expect Cuba to fall.
Thus if you are wondering why Gold and Silver are parabolic in price surge do not. Because while there is ample reason to understand the nature of massive short positions on Silver by Banks which they unlikely can cover in the midst of demand from industrial users. China has restricted the export of silver and they are 70% of the production. So whatever comes forth from China or the Middle East or both places expect serious currency and metal pricing volatility as capital seeks a safe haven from the storm that arrives.
4./EUROPEAN AFFAIRS
EU/IRAN
EU Poised To Label IRGC A Terror Org, Boosting Potential Trump Strikes On Iran
Thursday, Jan 29, 2026 – 05:45 AM
The European Union may be on the verge of taking a step it has long avoided: formally branding Iran’s Islamic Revolutionary Guard Corps (IRGC) a terrorist organization. This as France and Spain, previously the bloc’s vocal key holdouts, abruptly signaled a change of heart.
Paris and Madrid’s reversal injects new momentum into what has so far been a largely symbolic but politically explosive move, one Brussels has repeatedly delayed despite mounting pressure. The timing of this impending potential change could signal that Europe is collectively ready to sign off on President Trump’s potential new military attacks on the Islamic Republic. It will make it ‘legally’ easier to wage war.
Europe has long been more restrained when it comes to US military actions abroad, but the Jan.3rd attack on Venezuela and forced removal of longtime President Maduro resulted in a muted EU response, which was widely interpreted as quiet approval. So for the EU, its leaders might be fine with Tehran being targeted next.
On Wednesday, just one day before EU foreign ministers are scheduled to convene in Brussels to debate the issue, the Elysée announced its change in thinking in the following:
“France supports the designation of the Islamic Revolutionary Guard Corps in the European list of terrorist organizations.“
The IRGC stands accused by the West of directing Iran’s crackdown of domestic unrest, after economic-driven protests took over town and city streets this month.
Thousands died, but Iran officials have pointed to armed saboteurs being mixed in among the peaceful demonstrators, leading to mayhem and a high death toll.
The United States, Canada, and Australia have already blacklisted the IRGC, while Germany and the Netherlands have for years pressed the EU to follow suit. Italy has also shifted its position earlier this week related to the recent protests.
Importantly, the US had branded Maduro as head of a ‘terrorist organization’ (the so-called Cartel of the Suns, which had a dubious existence) just before launching regime change action against him, resulting in him facing federal charges in New York.
The IRGC being branded as such in Europe would also aid in Washington’s case for war against Iran, given the organization reports directly to the Ayatollah, and is effectively the most important military-security group at the top of the command chain.
On Wednesday, just one day before EU foreign ministers are scheduled to convene in Brussels to debate the issue, the Elysée announced its change in thinking in the following:
“France supports the designation of the Islamic Revolutionary Guard Corps in the European list of terrorist organizations.“
The IRGC stands accused by the West of directing Iran’s crackdown of domestic unrest, after economic-driven protests took over town and city streets this month.
Thousands died, but Iran officials have pointed to armed saboteurs being mixed in among the peaceful demonstrators, leading to mayhem and a high death toll.
The United States, Canada, and Australia have already blacklisted the IRGC, while Germany and the Netherlands have for years pressed the EU to follow suit. Italy has also shifted its position earlier this week related to the recent protests.
Importantly, the US had branded Maduro as head of a ‘terrorist organization’ (the so-called Cartel of the Suns, which had a dubious existence) just before launching regime change action against him, resulting in him facing federal charges in New York.
The IRGC being branded as such in Europe would also aid in Washington’s case for war against Iran, given the organization reports directly to the Ayatollah, and is effectively the most important military-security group at the top of the command chain.
END
HUNGARY/GERMANY/UKRAINE
Orbán Backs Weidel’s Demands That Ukraine Pay Germany Reparations For Nord Stream 2 Sabotage
Ukrainian anti-corruption authorities have appealed to Interpol to issue an international warrant against Ukrainian-Israeli Timur Mindics and his business partner Alexander Zuckerman, both considered fugitives from justice and both reported to hold Israeli citizenship.
The corruption scandal centers on bundles of money, a toilet made of gold, and threads leading to the Ukrainian president.
The National Anti-Corruption Bureau (NABU) and the Special Anti-Corruption Prosecutor’s Office (SAPO) have officially submitted to Interpol the documents aimed at launching the international arrest of both Mindics and Zuckerman. The announcement was made by Oleksandr Klimenko, head of SAPO, wrote Ukrainian outlet Strana Today.
Mindics is currently in Israel, which he reportedly fled to an hour before anti-corruption officers raided his apartment, leading to suspicion someone in the government tipped him off that the raid was coming.
He is being tried in absentia for corruption crimes in the energy sector. The entrepreneur, who has a long history with Zelensky and played a key role in his rise to power, previously claimed that he was scapegoated in the scandal, while Zuckerman also denies the allegations.
“The case is particularly sensitive, as Mindich had close ties with President Volodymyr Zelensky for many years,” writes Starna Today.
During the house search, Ukrainian investigators seized bundles of cash from the fugitive businessman and also found a golden toilet in his home. Zelensky is reported to have celebrated his birthday in this apartment during the coronavirus pandemic.
The investigation focuses on abuses surrounding state and semi-state energy companies. According to the authorities, inadequate procurement procedures, embezzled money, parallel management structures and “shadow” accounting were behind it.
The damage caused is estimated at about $100 million and led to 70 properties being searched and numerous arrests made. Ukraine’s Anti-Corruption Bureau (NABU) has conducted searches at the home of the driver of Andriy Yermak, the notorious figure in the Ukrainian corruption scandal known as “Ali Baba.” Another friend of Zelensky’s, former Deputy Prime Minister Oleksiy Chernyshov, was remanded into custody. Justice Minister German Galushchenko was also suspended after his house was searched. He had been serving as energy minister at the time of the events.
According to NABU, the group’s goal was to gain illegal benefits from Energoatom’s contractual partners and control personnel decisions, procurement and financial flows through informal contacts.
According to Die Welt newspaper, several top leaders, active and former politicians are involved in the case, as well as actors who can be linked to Moscow.
Mindics’ escape triggered separate speculations. According to the German newspaper, he was seen in Kyiv a day before the house search, which may indicate that he was warned in time. Since it would have been difficult to get out of the country by car, it was also suggested that he left Ukraine by helicopter, which “in wartime conditions would only have been possible with official permission.”
Rubio Says We Must “Preemptively Prevent” Iran From Attacking US Forces Already In Region
Wednesday, Jan 28, 2026 – 04:29 PM
Update(1629ET): One Mideast regional analyst has pointed to a significant contradiction in the current White House stance and rhetoric on Iran, amid the military threats and build-up, and suggests this time the warnings of US action are much more serious:
If you read Trump’s latest post on Iran carefully, you will understand what America’s real worry is. Until now, Trump was talking about the protesters. But today, he said time is running out for Iran to make a nuclear deal. “No nuclear weapons”, he wrote. If you remember correctly, after the June 22 attack on Iran, Trump had claimed that he had “obliterated” Iran’s nuclear program. And Iran’s nuclear program had gone dark after the June war because Iran denied access to the IAEA to the bombed facilities. If Trump had obliterated Iran’s nuclear program in June 2025, why does he want a nuclear deal in January 2026
“This is the core issue, not democracy and human rights,” the analyst, Stanly Johny, writes. Indeed in the halls of power it’s very unlikely that Western officials actually believe this is all about “standing with Iranian protesters” (which by the way many days ago subsided). Another X commenter pointed back to the several regime change conflicts of the last couple decades:
“Free Iran” means exactly what “Free Iraq,” “Free Libya,” and “Free Syria” meant. That is the material reality, however you try to spin it. Either you’re calling for another US-engineered destruction, or you’re so politically naive your opinion can be automatically disregarded.
In the meantime, America’s top diplomat has just come up with a whole new category and ‘justification’ for potential US attack on Iran: “preemptively prevent”… Watch below:
Rubio says US forces are amassing in the region to potentially "preemptively prevent" Iran from attacking US forces already in the region. Pristine logic. Especially after Trump just announced he's sending a "Massive Armada," and threatened a "far worse" attack than last June pic.twitter.com/dbHMXuUhC9
Rubio said during the Wednesday Senate Foreign Relations Hearing focused on Venezuela, “And so I think it’s wise and prudent to have a force posture within the region that could respond and potentially, not necessarily what’s going to happen, but if necessary, preemptively prevent the attack against 1000s of American servicemen and other facilities in the region. And our allies.” But ironically this is just after admitting the US ordered additional assets to the region in the first place, which are the same assets now supposedly under threat by Tehran.
“I hope it doesn’t come to that, but that’s I think what you’re seeing now is the ability to posture assets in the region to defend against what could be an Iranian threat against our personnel,” the secretary of state said.
* * *
Things between Tehran and Washington are moving fast according to an eerily familiar pattern hearkening back to the lead-up to the 12-day June war, when there was some wrangling over negotiations – and talk of good faith efforts at dialogue – just before the US greenlighted a surprise Israeli attack which also saw US entry into the conflict by the close of it (whereupon nuclear facilities were hit by American bombers).
“Our stance is clear,” Iran’s Foreign Minister Abbas Araqchi said Wednesday as the US has expressed the desire to strike a deal. “Negotiations don’t go along with threats, and talks can only take place when there are no longer menaces and excessive demands.”
IRAN SAYS WILL RESPOND TO US ‘LIKE NEVER BEFORE’ IF PUSHED
IRAN SAYS READY FOR TALKS WITH US BASED ON MUTUAL RESPECT
OIL PARES GAINS AS IRAN SAYS ITS READY FOR TALKS WITH US
Araqchi confirmed his country has had no recent communication with US special envoy Steve Witkoff and has not sought talks with Washington. President Donald Trump said Tuesday that another US “armada” was moving “beautifully” toward Iran, but he hoped Tehran would ultimately strike a deal and avoid conflict.
via The Australian
The Iranian FM noted, however, that unnamed intermediaries were “holding consultations” and remained in touch with Iranian officials.
Separately, Iranian President Masoud Pezeshkian told Saudi Crown Prince Mohammed bin Salman on Tuesday that Tehran supports any process “within the framework of international law” that helps avert war. The Saudis have joined the UAE in declaring that the US cannot use its airspace for aggression against Iran.
This shouldn’t pose too big a challenge for the Pentagon, however, which has a build-up of assets at its Qatar base and with a carrier group near Iran in regional waters.
But The Wall Street Journal disagrees, saying this could be a significant setback if the White House wishes to pursue war plans:
The declarations from the two Gulf states represent a foreign policy setback for the Trump administration as it seeks to ratchet up pressure on Tehran, which has defied Washington’s demand that it halt uranium enrichment and end the suppression of protesters.
Crown Prince Mohammed bin Salman, the kingdom’s de facto leader, outlined his country’s position while talking by phone with Iranian President Masoud Pezeshkian.
A Saudi readout of the Tuesday call said the crown prince had stressed that the kingdom “will not allow its airspace or territory to be used for any military actions against Iran.”
Previously, during Monday remarks, President Trump said “They want to make a deal. I know so. They called on numerous occasions. They want to talk.” He added ominously, “We have a big armada next to Iran. Bigger than Venezuela.”
US forces stationed across the Middle East are also meanwhile taking part in large-scale war games aimed at showcasing combat readiness, as Washington ramps up its military footprint, and as Trump is presented with an array of ‘options’. All of this supposedly steps from Washington ‘concern’ for large-scale protests from earlier this month, where thousands died – but which also included the deaths of police and security services.
In a statement which kicked off the week, US Central Command said: “Ninth Air Force will be conducting a multi-day readiness exercise to demonstrate the ability to deploy, disperse, and sustain combat airpower across the Central Command (CENTCOM) area of responsibility.”
President Trump issued the following “time is running” out message Wednesday morning:
The command added that “this exercise is designed to enhance asset and personnel dispersal capability, strengthen regional partnerships and prepare for flexible response execution throughout CENTCOM.”
The sweeping drills are unfolding against the backdrop of sharply rising tensions with Tehran in which an oil blockade and potential strikes on senior officials in the Islamic Republic are being considered. But in terms of blockades, two can play at that game, as the Strait of Hormuz remains among the most vital waterways for the global market, and the IRGC has threatened that its forces can shut it to international transit.
END
Israeli, Saudi Officials Swarm DC As Trump Weighs Iran Strike Options
Thursday, Jan 29, 2026 – 01:40 PM
Senior Saudi and Israeli defense and intelligence officials are converging on Washington this week as the Trump administration weighs potential US strikes on Iran, according to Axios. This as the same report also observes:
“A ‘limited strike’ is an illusion. Any military action by the U.S. — from any origin and at any level — will be considered an act of war and the response will be immediate, all out, and unprecedented, targeting the heart of Tel Aviv and all those supporting the aggressor,” Ali Shamkhani, a top adviser to Iran’s supreme leader, wrote on X.
Israeli officials, including IDF Intelligence Directorate chief Maj. Gen. Shlomi Binder, are reportedly presenting intelligence on Iranian targets to Pentagon, CIA, and White House officials, while Saudi counterparts are attempting to slow-walk Washington away from outright war. The Saudis lately joined the Emirates in barring the Pentagon for using airspace for any strikes.
Gen. Binder met with senior US defense and intelligence officials on Tuesday and Wednesday, while Saudi Defense Minister Khalid bin Salman – brother of Crown Prince Mohammed bin Salman – is expected to hold talks with Secretary of State Marco Rubio and Trump envoy Steve Witkoff later this week.
Behind closed doors, Trump is said to be considering targeted strikes on Iranian security forces and leadership figures in a bid to trigger internal unrest, Reuters has reported. Secretary Rubio yesterday floated before a Senate hearing the idea that the US must “preemptively prevent” Iran from attacking American forces already in the region, in an interesting display of war logic.
But CNN says stalled US-Iran talks over Tehran’s nuclear and missile programs have only hardened Washington’s appetite for escalation – raising the odds that diplomacy is giving way to force once again, or rather, placing the diplomatic bar so high that it would be next to impossible for Iran to comply.
Currently, Trump officials are reportedly insisting that Iran be stripped of any missile capability capable of striking Israel. Israel, meanwhile, would retain its full missile arsenal – including the undeclared nuclear weapons that everyone in the world knows about – capable of hitting Iran. According to CNN:
The biggest sticking point, sources said, has been the US demand that Iran agree to put limits on the range of its ballistic missiles — an acute concern for Israel, which expended much of its missile interceptor stockpile shooting down Iranian ballistic missiles during last June’s 12-day war. Iran has balked at that and told the US it would only discuss its nuclear program. The US has not replied, leaving both sides at a dead end, the sources said.
Which leaves the so-called “sticking point” glaringly obvious: Washington is demanding that Tehran agree to unilateral disarmament, rendering itself defenseless against Israeli air and missile strikes. In other words, total capitulation – or else.
And about that supposedly “obliterated” Iranian nuclear program?
It’s not clear why Trump has since shifted his focus back to Iran’s nuclear program, which he said last summer had been “obliterated” by US strikes. But Iran has been trying to rebuild its nuclear sites even deeper underground, according to a person familiar with recent US intelligence on the issue, and has long resisted US pressure to halt its uranium enrichment. The regime has also barred the UN’s nuclear watchdog from inspecting its nuclear sites.
Like with Venezuela before – or even hearkening all the way back to Bush’s Iraq invasion – the justifications for war will keep on shifting, until something sticks in a thinly veiled effort to manufacture consent.
Tucker Carlson has revealed that during the brief Iran-Israel war earlier this year, Israeli soldiers were barging into U.S. military meetings at the Pentagon, issuing demands, and telling American officers what to do.
…And then the pretext will soon after be forgotten about when the bombs fall.
As one commenter pointed out related the several regime change conflicts of the last couple decades: “Free Iran” means exactly what “Free Iraq,” “Free Libya,” and “Free Syria” meant. That is the material reality, however you try to spin it. Either you’re calling for another US-engineered destruction, or you’re so politically naive your opinion can be automatically disregarded.
IRAN/USA/TURKEY
Turkey Says It Foiled Iranian Intelligence Plot At US Incirlik Base
Thursday, Jan 29, 2026 – 02:45 AM
Various Turkish and Middle East sources are reporting that Iranian intelligence attempted to spy on the major US airbase at Incirlik, and that a cell of Iranian agents has been busted.
The report, originally in Turkey’s Sabah newspaper on Wednesday, said that Turkish intelligence and Istanbul police detained six people across five provinces. The report claims the cell was led by Iranian intelligence codenamed “Haji” and another codenamed “Doctor”.
A Turkish asset is alleged to have hired people to take photos and videos of the Incirlik Air Base in Adana, which has been jointly controlled by Ankara and Washington for decades, and which plays host to American tactical nuclear weapons as part of a broader NATO nuclear-sharing program.
Incirlik Air Base played a vital role in US and allied covert operations to oust Assad in Syria, and has over the past decade been featured in global headlines, especially connected with the CIA’s ‘Timber Sycamore’ regime change operation aimed at Damascus.
The Iranians were of course closely allied with Assad during the lengthy proxy war, and have since retreated from Syria, also as Lebanon’s Hezbollah has been removed from the country.
The region is on edge amid a US naval and air force build-up in the Gulf, and as President Trump threatens action against Tehran. If a major conflict were to break out, US officials fear that Iran could hit regional US bases in retaliation.
They have closely watched threats out of Tehran officials, including the latest from Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, who warned earlier this month:
“In the event of an attack on Iran, both the occupied territories and all American military centres, bases, and ships in the region will be our legitimate targets,” Qalibaf said during a parliamentary session.
“We do not consider ourselves limited to responding after the act and will take action based on any objective signs of a threat,” he added.
Sabah reported that one among the some half-dozen people belonging to the alleged Iranian intelligence cell is an Iranian citizen. They’ve been detained by Istanbul Criminal Courts of Peace on charges of“obtaining confidential state information for political or military espionage purposes.”
As for what specific intel or photographs they were able to capture, such details are undisclosed at this point. The story has since been picked up by The Washington Post and other US media.
The government of Turkey is actually against any potential new Washington regime change war in Iran. For one, it could unleash a wave of refugees, as far eastern Turkey actually borders the Islamic Republic. The two countries share a nearly 350-mile border, and have lately tried to keep relations stable, even amid Washington’s threatened action.
END
Erdogan Urges Trump To Let Him Mediate Iran Crisis, Amid Fears Of Refugee Explosion
Thursday, Jan 29, 2026 – 03:40 PM
Turkish President Recep Tayyip Erdogan is pushing the idea of hosting a direct teleconference between US President Donald Trump and Iran’s President Masoud Pezeshkian in a last-ditch bid to cool rising tensions, and avoid US military action.
Regional sources have newly revealed that in a phone call with Trump on Monday, Erdogan urged Washington to pursue diplomacy over escalation and offered Turkey’s services as an intermediary, a Turkish official said.
Trump reportedly signaled interest in the proposal, though Tehran has yet to respond. According to the same official, the Iranian president has not issued any public reaction.
Iran’s Foreign Minister Abbas Araghchi is actually currently in Istanbul amid a diplomatic scramble to avert war. One big problem is that Tehran is willing to talk about its nuclear program, but the reported Washington push for it to limit or abolish its ballistic missile arsenal is seen as nothing less than suicide.
The Iranians see this request as simply a non-starter, given the same limitations would not be imposed on Israel, and the Israelis have already mounted a surprise attack on the Islamic Republic last June.
Turkey is against any US-led strikes or a war, but is still pressuring Tehran to make meaningful internal reforms:
Speaking to Al Jazeera, Turkey’s foreign minister, Hakan Fidan, said: “It is wrong to attack Iran. It is wrong to start the war again. Iran is ready to negotiate in the nuclear file.”
He admitted Iran faced challenges at the bargaining table, saying: “It might seem humiliating for them. It will be very difficult to explain not only to themselves but to the leadership. So if we can make things better tolerated I think it will help.”
Fidan argued Iran also had to present a new face to the Middle East, saying he had been “very frank” with the Iranians that they “need to create trust in the region [and] they need to pay attention how they are perceived by the regional countries”.
Turkey has some other pressing interests, given the fact that it shares a far eastern border with Iran, and Iranian migrants and tourists have long played a role in its economy.
Ragıp Soylu of Middle East Eye has put it this way: “Lack of EU initiative to stop this escalation is worrisome. If Iran explodes, 90 million people wouldn’t stay only in the region and Turkey; they will definitely migrate to Europe.”
He added, criticizing absent EU leadership: “But Von der Leyen is more interested in yoga camps in India.”
If Turkey isn’t happy about how things unfold regarding the US, Iran, and Israel – it could once again weaponize a potential new migrant crisis and hold it over Europe’s head, as Erdogan did in 2015.
SYRIA
Inside Syria’s Largest Oilfield After The Battle For Control
Abu Aicha patrols the desert in northeastern Syria by car and on foot, an armed man permanently at his side. Around him stretches an apocalyptic landscape: rusted pipelines, shredded buildings, scorched earth and the traces of explosions.
“This is more important to protect than a bank. Oil is what brings money into a bank,” Abu Aicha tells Middle East Eye on 23 January. A former head of banking security in Deir Ezzor, Abu Aicha has been urgently reassigned to secure al-Omar, Syria’s largest oilfield – recently reclaimed by Syrian government forces after nearly a decade under Kurdish-led control.
His words reflect the strategic value long attached to al-Omar, a site that has repeatedly funded competing authorities throughout Syria’s war. For more than 10 years, al-Omar, located in the Deir Ezzor province east of the Euphrates River, formed a part of the economic backbone of northeastern Syria.
It was first seized by armed opposition groups, then transformed into a pillar of the Islamic State’s war economy, before falling under the control of the Syrian Democratic Forces (SDF) in 2017.
It even supplied oil back to Damascus across front lines. Today, it is once again under state control – a battlefield where oil has repeatedly reshaped Syria’s balance of power.
On 18 January, under pressure from advancing government troops, SDF commander Mazloum Abdi signed an agreement with Damascus that formally ended the Kurdish autonomous administration in the northeast and transferred control of oil and gas fields back to the Syrian state.
Fighting around al-Omar lasted nearly two hours the day before. Abu Taim, a soldier from the internal security forces who took part in the clashes, recalls the urgency of the operation.
“It was very important to take control of this place,” he says. “Before, we were forced to buy oil from them. These are resources that belong to the country. Now they benefit the whole country.”
Among the soldiers deployed that day, many were from the region itself – Syria’s Jazira. “I lived on the other side of the line,” says Omar, 23. “I felt my land had been colonised by the SDF. Everything was transported to Hasakah. Deir Ezzor suffered economically from losing access to its own resources.”
Another soldier, Mohamed Othman, 25, from Shahee in Deir Ezzor, sums up the moment: “It’s as if we were born again. It’s important because the resources belong to all of Syria, not just one group.” For some, the return carried a deeply personal meaning. “I hadn’t been here in 14 years,” says Abu Soeb Achjel quietly.
Oil transport resumed just five days after the site was retaken. Abdel-Karim Haluch, a truck driver wearing a red and white turban, prepares to head west. “I’m happy to help the country,” he says.
Dozens of trucks like his – each carrying up to 40,000 litres of crude oil – now travel daily from al-Omar toward refineries in Baniyas in the west and Homs in central Syria.
Yet securing the field remains a daily struggle. Al-Omar spans a vast expanse of desert, where opportunistic looters still attempt to siphon oil.
Abu Aicha gestures toward the sand, where motorcycle tracks cut across the site. “Each motorcycle can take up to 300 litres in five minutes,” he says, pointing to shallow pools of oil formed near damaged infrastructure. At night, patrols intensify. Vehicles suspected of theft are stopped, and sand barriers are erected around sensitive areas. “This is what preserves the future of the state,” Abu Aicha repeats.
Al-Omar today is a site held together by improvisation.Raed al-Sadoun, an engineer working on the field, describes the scale of destruction as overwhelming.
“The field requires complete rehabilitation – from the wells at the source to the destroyed secondary and main stations, all the way to the transfer points,” he explains. “Each well needs to be studied individually.”
The damage, he says, exceeds 90 percent. “We hope to reach more than 30,000 barrels per day from al-Omar alone,” he adds.
“But the timeline depends on who carries out the work. With foreign companies operating under international standards, it would take at least a year. “With local companies, everything depends on financing and equipment – and it could take even longer.” Artificial lifting systems remain largely inoperative, leaving only a handful of wells capable of natural production.
Al-Omar’s importance goes far beyond symbolism. According to Benjamin Fève, an economist specializing in Syria at the consultancy Karam Shaar Advisory, oil revenues were decisive for the survival of Kurdish self-rule.
“In the first half of 2025, the Autonomous Administration of North and East Syria generated $542m in revenues,” Fève explains. Some $416m came from oil, accounting for nearly 77 percent of total revenues, he says. “These revenues financed military spending and public salaries, allowing the administration to function with around 220,000 employees and an armed force of roughly 85,000 fighters.”
Without oil rent, he adds, Kurdish autonomy would not have been financially viable – just as the Islamic State’s territorial project had once depended on oil revenues.
Today, Al-Omar remains a strategic asset for Damascus. “It is Syria’s largest oilfield, with recoverable reserves estimated at around 520 million barrels,” Fève says.
“Despite more than $1bn in damage, production was still around 14,000 barrels per day at the end of 2025. Its light crude is crucial because it is compatible with the Baniyas refinery.”
In the short term, Fève cautions, al-Omar will not dramatically boost Syria’s budget. “But in the medium term, it is the key asset to reduce imports and partially relaunch national production,” he says.
For Fève, the battle for northeastern Syria’s oilfields has been a structuring factor of the conflict. “Oil did not trigger the Syrian conflict, but it financed its prolongation,” he says. “Control over oilfields allowed armed actors to capture hundreds of millions of dollars annually and build rival systems of governance.”
That dynamic, he argues, made the recapture of al-Omar and other fields like Conoco, a major gas installation in Deir Ezzor province, economically decisive for Damascus in early 2026.
As dusk settles over the desert, trucks continue to roll westward, soldiers tighten their patrols, and engineers work amid ruins. Even in devastation, al-Omar remains a strategic prize.
END
RUSSIA VS UKRAINE
Unprecedented: Trump Gets Putin To Halt Strikes On Kiev For One Week In Call
Thursday, Jan 29, 2026 – 03:00 PM
In a surprising Thursday development, President Trump has claimed that Russia agreed to pause strikes on the Ukrainian capital and some other cities “for a week” – a decision he said came after direct personal intervention with Russian President Vladimir Putin. If accurate, this could represent a huge advance in the direction of peace, given the positive precedent it sets.
“Because of the extreme cold…I personally asked President Putin not to fire on Kiev and the cities and towns for a week,” Trump told reporters during a cabinet meeting. According to Trump, Putin “agreed to do that,“ adding that “we’re very happy” with the outcome. Watch:
President Putin agreed not to strike Kiev for a week due to the record-cold winter — President Trump
“I personally asked Putin not to bomb Kyiv and other cities for a week, and he agreed to this,” pic.twitter.com/0UH9O9pbyC
The claim comes amid growing speculation about behind-the-scenes de-escalation talks. Earlier in the day, Kremlin spokesman Dmitry Peskov declined to comment on reports suggesting Moscow and Kiev had agreed to a so-called “energy ceasefire.”
Early in the Trump administration, there had been perhaps a few weeks of such an energy ceasefire, where strikes seemed minimal and limited – but it ultimately failed to stick or take off. Ukraine has not acknowledged any such fresh energy ceasefire.
As for Trump’s assertion, it appears to rest on personal diplomacy, with no formal confirmation from the Russian or Ukrainian sides. It reportedly happened in a phone call, which Russian state media has also featured a readout of. Here’s a fresh TASS report:
According to Trump, the Russian leader “agreed to do that.” “And I have to tell you, it was very nice. A lot of people said ‘Don’t waste the call.’ You’re not going to get that. And he did it, and we’re very happy…, because on top of everything else, that’s not what they [Ukrainians] need, [that is] missiles coming into their towns and cities. So I just thought, I should say, I thought it was a very, very good thing, and Ukraine almost didn’t believe it, but they were very happy about it, because they are struggling badly,” Trump added.
It was only on Wednesday that Russian drones struck Kiev and the surrounding region, killing two people and injuring others, and damaging a residential building.
So the coming days and week will determine whether it’s accurate, and if it holds. Likely President Putin and his military will indeed refrain, given the Russian leader is not going to want to embarrass or make angry his American counterpart.
Again, this is somewhat unprecedented and a positive sign for Trump’s personal ability to de-escalate with world leaders. Let’s hope he has the same sense when it comes to avoiding major military conflict with Iran.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
Brent Surges To 4 Month High Above $70 After Trump Threatens Iran With Military Force
Thursday, Jan 29, 2026 – 09:35 AM
By Charles Kennedy of OilPrice.com
Brent Crude prices topped $70 per barrel – and $71 shortly after – early on Thursday for the first time since September, as U.S. President Donald Trump warned Iran that a “massive armada” of U.S. Navy ships is headed to the Persian Gulf.
At the time of writing, Brent Crude prices had jumped by 3.38% at $70.71. This was the highest in more than five months and the first time the international benchmark has topped $70 per barrel since early August. The U.S. benchmark, WTI Crude, was also trading higher, up by 3.51% to $65.43. WTI topped $65 per barrel for the first time since September.
After a week or so of relative calmness in the U.S. rhetoric toward Iran, which continued to brutally suppress mass protests, President Trump warned the Islamic Republic of a Venezuela-style “mission,” at least this is what the President suggested in a post on his Truth Social platform.
“A massive Armada is heading to Iran. It is moving quickly, with great power, enthusiasm, and purpose,” President Trump posted.
“It is a larger fleet, headed by the great Aircraft Carrier Abraham Lincoln, than that sent to Venezuela. Like with Venezuela, it is, ready, willing, and able to rapidly fulfill its mission, with speed and violence, if necessary,” the President continued.
He urged Iran “to make a deal” pledging “NO NUCLEAR WEAPONS,” otherwise, President Trump said, “The next attack will be far worse! Don’t make that happen again.”
Markets reacted to the renewed tension in the world’s most important oil-producing and exporting region, and oil and gold soared.
Iran, for its part, said that its army is ready to “immediately and powerfully” respond to any possible attack by the United States.
“Our brave Armed Forces are prepared—with their fingers on the trigger—to immediately and powerfully respond to ANY aggression against our beloved land, air, and sea,” Iran’s Foreign Minister Abbas Araghchi posted on X.
Commenting on the latest flare-up in the Middle East, ING commodities strategists Warren Patterson and Ewa Manthey said on Thursday, “Clearly, this more aggressive rhetoric has left the oil market nervous about the potential for supply disruptions.”
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/USA/CHINA
GM CEO Warns Of ‘Very Slippery Slope’ As Canada To Import Cheap Chinese EVs
Wednesday, Jan 28, 2026 – 08:30 PM
Shortly before Davos, Canada and China announced a 5-point ‘strategic partnership’ which includes slashing tariffs on Chinese EVs from 100% to 6.1% for the first 49,000 units, in exchange for China cutting tariffs on Canadian canola from 85% to 15% until at least the end of the year.
After Donald Trump stomped his feet and threatened to slap a 100% tariff on Canadian exports, PM Mark Carney assured the US that the deal with China was simply ‘rectifying’ some ‘issues’ that developed over the last several years.
Yet, the reduced EV tariffs remain…
In response, General Motors CEO Mary Barra told employees at an all-hands meeting that the EV deal is a risk to North American auto manufacturing, WSJreports.
“I can’t explain why the decision was made in Canada,” Barra told employees, warning “It becomes a very slippery slope,” and noting that Chinese automakers benefit in China from high tariffs imposed on importers, plus technology restrictions that prevent other companies from entering their market.
Under the agreement between China and Canada, at least half of the EVs imported would be required to have a price of $35,000 Canadian dollars (US$26,000), according to Carney’s office. Canada will also work with Chinese automakers to ensure timely vehicle certifications, and that they meet the country’s motor-vehicle safety standards.
Canada, meanwhile, is a major market for Detroit automakers. In 2025, Ford, GM and Jeep owner Stellantis sold over 700,000 vehicles combined in Canada. One factor which makes this easy is that Canada’s emissions standards closely mirror those of the US.
That said, Canada’s auto industry has been burnt, badly by Trump’s tariffs on vehicles and parts made there, causing US automakers to scale back manufacturing as a result. Last year GM made the decision to stop making slow-selling electric vans at an Ingersoll, Ontario factory, while Stellantis has canceled plans to build the electric Jeep Compass in Ontario – and will instead make them in Illinois.
Chinese automakers, meanwhile, have been rapidly gaining global market share in recent years, but continue to be effectively barred from entering the massive US car market due to triple-digit tariffs on Chinese vehicle imports. Meanwhile, they’re making roughly 25% of new Chinese cars in Mexico.
Trump Officials Held Secret Meetings With Prominent Canadian Group Seeking To Secede
Thursday, Jan 29, 2026 – 11:05 AM
A new bombshell report in Financial Times says that US officials have held recent talks with Canadian separatists seeking to break Alberta, Canada’s oil-rich western province, away from Ottawa.
“Officials in the [US President] Donald Trump administration discussed loaning Alberta $500 million to break up Canada and make it the 51st state,” one source told the FT.
This follows on the heels of Trump earlier this month posting a fictitious map showing Canada as part of the United States. The report also comes days after Canadian Prime Minister Mark Carney’s speech in Davos before the World Economic Forum (WEF). He called out President Trump for creating a “rupture” in the existing world order.
Carney has also told his parliament, “The world has changed. Washington has changed. There is almost nothing normal in the US now – that’s the truth.”
Trump famously fired back: “Canada lives because of the United States. Remember that, Mark, the next time you make your statements” while adding that Carney “wasn’t so grateful” and that Canada “gets a lot of freebies from us.”
Recall too the words of US Treasury Secretary Scott Bessent at Davos: “Alberta is a natural partner for the US. People are talking. People want sovereignty. They want what the US has got.“
And now the FT article, along with other media, claim Trump is destabilizing Canada by these secret meetings between the Canadian separatists and “very, very senior” officials in the US administration.
Jeff Rath, legal adviser to the movement in question – the Alberta Prosperity Project (APP) – has gone so far as to proclaim that Washington is pushing for an “independent” Alberta.
APP leaders are now seeking follow-up meetings with the US State and Treasury Departments next month to request a $500 million credit facility to bankroll secession, while also pressing for US recognition and new pipeline routes that would bypass Canadian federal approval, according to the reports. They are said to be ‘taking advantage’ of the ongoing friction between the US and its northern neighbor.
Sources briefed on the discussions told the Financial Times that representatives from the province, where it turns out Carney himself was raised, have met with US State Department officials in Washington on no less than three separate occasions over the past nine months.
Per The Daily Beast, a State Department spokesperson has admitted that the meetings took place but suggested nothing has been agreed to, stressing that “no commitments were made.”
That same report cites Carlo Dade from the Canada West Foundation, a Calgary think tank, who described: “The Americans are more than happy to continue to play Canadians off each other.”
VENEZUELA
Venezuela Signals Historic Energy Reset As Oil Laws Open To Foreign Capital
Venezuela is moving to overhaul its hydrocarbons law, opening the door to deeper foreign and private-sector participation.
The reforms introduce far more flexible operating and fiscal structures, allowing private and mixed companies to take on operational control.
If paired with sanctions relief, the changes could mark a true reopening of Venezuela’s oil sector, shifting policy from ideological rigidity toward pragmatic, investment-led recovery.
Venezuela is edging toward what could become the most consequential energy shift in a generation. Interim President Delcy Rodriguez reportedly met with senior international oil executives this week at a PDVSA facility, as the government opens consultations on a partial reform of the country’s Organic Hydrocarbons Law.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
USA DOLLAR VS EURO: 1.1943 FOR A LOSS OF .0038 OR 38 BASIS PTS.
USA/ YEN 153.45 UP 0.375 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 1.3789 DOWN 0.0039 OR 39 BASIS PTS
USA/CAN DOLLAR: 1.3559 UP 0.0022 CDN DOLLAR DOWN 22 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 6.75 pts or 0.16%
Hang Seng CLOSED UP 699.96 PTS OR 2.58%
AUSTRALIA CLOSED UP 0.02%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 141,18 PTS OR 0.51%
/SHANGHAI CLOSED UP 6.75 PTS or 0.16%
AUSTRALIA BOURSE CLOSED UP 0.02 %
(Nikkei (Japan) CLOSED UP UP 65.79 PTS OR 0.12%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 5493.40.
silver:$117.15
USA DOLLAR VS TRY: 43.43
USA DOLLAR VS RUSSIAN ROUBLE: 75.86 ROUBLE// UP 86 BASIS PTS
UK 10 YR BOND YIELD: 4.5390 UP 1 BASIS PTS
UK 30 YR BOND YIELD: 5.291 DOWN 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.441 UP 2 BASIS PTS
CDN 5 YR BOND YIELD; 2.961 UP 2 BASIS PTS
USA dollar index early THURSDAY morning: 96.25 DOWN 4 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.185% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.260% UP 3 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.621 DOWN 1 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.200 DOWN 2 in basis points yield
ITALY 10 YR BOND: 3.453 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8290 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1928 DOWN 0.0053 OR 53 basis points
USA/Japan: 152.85 DOWN 0.228 OR YEN IS UP 23 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.5090 DOWN 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.265 DOWN 4 BASIS POINTS.
‘Bitcoin Battered As Everything Else (Ex-MSFT) Bounces Back From Early Bloodbath
the smell of liquidation in the morning…”
WRAP UP’:
MSFT leads tech losses as USD sees two-way trade – Newsquawk US Market Wrap
Thursday, Jan 29, 2026 – 03:51 PM
SNAPSHOT: Equities mixed, Treasuries up, Crude up, Dollar down, Gold down
REAR VIEW: MSFT sinks on Azure growth miss; Trump reportedly mulling new large-scale strike on Iran; Iran reportedly warned ships of upcoming drill this weekend that would include live firing in the Strait of Hormuz; Initial claims little changed W/W, continued claims unexpectedly fall; Widening US trade deficit in Nov. points to slower Q4 GDP growth than exp.; Trump said Putin agreed not to fire on Kyiv for a week, given the cold; META rallies on strong revenue growth outlook; TSLA lower as Musk looks to pivot into physical AI; Weak US 7yr note auction; AMZN in talks to invest up to $50B in OpenAI; Trump said Fed Chair announcement next week
COMING UP: Data: French/Spanish/German/Italian GDP Flash (Q4), German Import Prices (Dec), Unemployment (Jan), Prelim. HICP (Jan), Spanish Prelim. CPI (Jan), EZ GDP Flash Prelim. (Q4), Canadian GDP (Dec), US PPI (Dec). Speakers: Fed’s Musalem, Bowman; Riksbank’s Jansson. Supply: Australia, Japan. Earnings: SoFi, American Express, Verizon, Chevron, Exxon, Colgate.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
US indices saw weakness with the tech-heavy Nasdaq 100 lagging and weighed on by Microsoft (MSFT, -10%) plunging after-earnings as Azure growth and next quarter guide disappointed lofty Wall St. expectations. As such, Technology was the clear sectorial laggard, which overall held an upside bias, with Communications sitting atop of the pile, buoyed by stellar Meta (+10.4%) earnings. Tesla (-3.5%) was the other Mag-7 name to report, and eventually saw weakness amid MSFT and broad risk-off sentiment, despite initially seeing gains pre-market amid earnings beat but attention was on the path ahead given CapEx hike. In FX, the Dollar ultimately saw mild losses, but that only tells half the story. After the cash open, there was a heavy bout of risk-off sentiment, which saw chunky stock and gold selling, with the Greenback firming as a result. Precious metals have seen hefty gains in recent days/week so profit taking was likely at play, but some traders suggested gold was hit hard as people liquidated profitable gold longs to cover losses in tech. WTI and Brent saw chunky gains as US/Iran tensions heighten, as reports suggested Trump is considering a new large-scale attack on Iran due to a lack of progress on a nuclear deal, before later AP reported that Iran has warned ships that it intends to run a drill over the weekend that would include live firing in the Strait of Hormuz. Treasuries saw gains across the curve, albeit within pretty contained parameters, as a weak 7yr auction seemed to have little sway. Crypto assets also got hit hard, with Bitcoin hitting a low of c. USD 83k. Ahead, attention will be on Waller’s Fed dissent, which may be explained on Friday, Trump’s Fed Chair pick, any further geopolitical updates, whether that be Iran or Russia/Ukraine, and major earnings, starting with Apple after-hours.
US
JOBLESS CLAIMS: Initial jobless claims (w/e Jan. 24th) were largely unchanged W/W as it marginally dropped to 209k from 210k, but printed above the expected 205k – this left the 4-wk average ticking higher to 206.25k from 204k. For the headline, seasonal factors had expected a decrease of 39,910 W/W. Continuing claims (w/e Jan. 17th) fell to 1.827mln from 1.840mln, but beneath Wall St. consensus of 1.860mln. Overall, Oxford Economics notes that the initial claims print reinforces their baseline forecast that unemployment will edge down over 2025, and as claims lead joblessness by four months, the latest numbers push back against concerns around high-profile layoff announcements. Continuing, a proxy for hiring, fell to its lowest since last November, but stayed at levels consistent with a ‘low-hire, low-fire’ environment that is leading to a divided labour market.
US INTL TRADE: The US goods and services trade deficit increased in November to USD 56.8bln from USD 29.2bln (exp. deficit of 40.5bln), a result of a decline in exports to 292.1bln from 302bln and an increase in imports to 348.9bln from 331.4bln. The US recorded surpluses with Switzerland (7.8bln), the Netherlands (5.6bln), South and Central America (5.1bln), the UK (4.2bln), and Hong Kong (2.2bln). Meanwhile, deficits were recorded with Mexico (17.8bln), China (14.7bln), the EU (14.5bln), Japan (4.7bln), India (4.4bln), South Korea (3.7bln), and Canada (3.5bln). Following the data, the Atlanta Fed revised down its GDPnow model estimate for real GDP growth in Q4 to 4.2% from 5.4%. Oxford Economics writes that data from major US ports suggests exports decreased again in December, while imports rose, meaning another widening of the trade deficit may occur in the next trade report.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 7 TICKS HIGHER AT 111-27+
T-Notes steepen despite oil gains, arousing inflation concerns. At settlement, 2-year -2.2bps at 3.555%, 3-year -2.3bps at 3.620%, 5-year -2.6bps at 3.807%, 7-year -2.1bps at 4.010%, 10-year -1.8bps at 4.229%, 20-year -0.5bps at 4.809%, 30-year -0.2ps at 4.854%.
THE DAY: T-Notes were bid across the curve as markets looked past any inflationary concerns arising from the continued oil rally amid increased geopolitical risks between the US and Iran. Data this morning was mixed, as initial claims were little changed W/W while continued claims unexpectedly fell back to a level not seen since last November. On trade, the widening deficit, due to a drop in exports and a rise in imports in November, has seen the Atlanta Fed revise down its Q4 GDP growth estimate to 4.2% from 5.4%. T-Notes saw a lift amid broad-risk off trade across markets, whereby equity downside on Mag-7 weakness, particularly in Microsoft, sparked a sell-off in precious metals as traders suggested participants used profits in commodities to offset equities losses; USD was also bid, but pared most strength against major peers. The 7-year note auction was weak, yet failed to stir a sustained reaction. T-Notes again saw low volatility, trading between 111’16+-111’28+.
SUPPLY:
Notes
US sold USD 44bln of 7yr notes; tails 0.4bps
A weak 7yr note auction seen by the 0.4bps tail after the last auction’s stop through of 0.3bps and a six-auction average stop through of 0.1bps. B/C fell to 2.45x from 2.51x, remaining beneath the 2.52x average. The rise in indirect’s bid proportion to 66.8% from 59.0% above the 61.8% average failed to offset the drop in direct demand to 22.2% from 31.6%, now below the 28.0% average. This left dealers with more of the bid at 10.9% from the prior 9.3%, surpassing the 10.2% average.
Bills
US sold USD 105bln of 4-wk bills at high-rate 3.630%, B/C 2.86x; sold USD 95bln of 8-wk bills at high-rate 3.635%, B/C 2.87x.
US to USD 77bln 26-week bills and to sell USD 89bln 13-week bills on February 2nd; to sell USD 90bln 6-week bills on Feb 3rd; all to settle on Feb 5th.
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: March 2.8bps (prev. 2.3bps), April 7.2bps (prev. 5.8bps), June 18.8bps (prev. 17.3), December 47.7bps (prev. 44.7bps).
NY Fed RRP op demand at USD 2.85bln (prev. 1.1bln) across 4 counterparties (prev. 5)
EFFR at 3.64% (prev. 3.64%), volumes at USD 89bln (prev. 88bln) on January 28th.
SOFR at 3.64% (prev. 3.66%), volumes at USD 3.146tln (prev. 3.145tln) on January 28th.
CRUDE
WTI (H6) SETTLED USD 2.21 HIGHER AT 65.42/BBL; BRENT (H6) SETTLED USD 2.31 AT 70.71/BBL
The crude complex saw notable gains amid heightened US/Iran rhetoric. The first catalyst came amid reports that Trump is considering a new large-scale attack on Iran due to a lack of progress on a nuclear deal. This saw benchmarks grind higher overnight and through the European morning, before the space surged to highs as AP said that Iran has warned ships that it intends to run a drill over the weekend that would include live firing in the Strait of Hormuz. As such, WTI and Brent hit peaks of USD 66.48/bbl and USD 70.58/bbl, respectively, before paring some of the move in the hour after the US cash open on broad-based Dollar strength and risk-off trade. Nonetheless, energy still remained significantly up on the session and never got near testing overnight lows as traders continue to digest the wealth of headline newsflow on Thursday. Ahead, attention will be on Waller’s Fed dissent, Trump’s Fed Chair pick, any further geopolitical updates, whether that be Iran or Russia/Ukraine, and major earnings. For the record re. Russia/Ukraine, US Secretary of State Rubio stated that the only unresolved issue in the Ukraine conflict settlement was the territorial issue; however, Kremlin aide Ushakov denied Rubio’s statement that the only unresolved issue in the Ukraine settlement was the territorial issue.
EQUITIES
CLOSES: SPX -0.13% at 6,969, NDX -0.53% at 25,884, DJI +0.11% at 49,072, RUT +0.05% at 2,655
SECTORS: Technology -1.86%, Consumer Discretionary -0.64%, Health -0.27%, Consumer Staples -0.03%, Utilities +0.08%, Materials +0.14%, Industrials +1.02%, Energy +1.08%, Financials +1.11%, Real Estate +1.42%, Communication Services +2.92%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.55% at 5,901, Dax 40 -2.13% at 24,293, FTSE 100 +0.17% at 10,172, CAC 40 +0.06% at 8,071, FTSE MIB -0.14% at 45,076, IBEX 35 -0.17% at 17,577, PSI -0.22% at 8,644, SMI +0.79% at 13,147, AEX -0.02% at 997
Joby (JOBY): To raise $1B through sale of shares and convertible senior notes.
Warrior Met Coal (HCC): Upgraded at UBS to ‘Buy’ from ‘Neutral’.
Mercedes (MBG GY) reportedly proceeding with robotaxi plan with NVIDIA (NVDA).
Amazon (AMZN) in talks to invest up to USD 50bln in OpenAI, WSJ reports; OpenAI is seeking up to USD 100bln in new capital from investors; Softbank is in talks to invest up to USD 30bln more in OpenAI as part of the round.
FX
The dollar was mixed against peers on Thursday amid a swift transition into risk-off after the US cash open. Microsoft was already weighing on the Tech sector after Azure growth fell short of analysts’ expectations; however, its Mag7 peers (ex-Meta) soon joined the selling off, sparking sharp downside in US indices, seemingly resulting in precious metals participants cashing out profits to cover equity losses. This benefited the dollar, which was generally weaker against major peers at the time. That said, much of the strength on the risk-off theme has pared since as US equities bounced, particularly vs CAD and havens (JPY & CHF). Data did little to change views of future Fed policy as initial claims remained stable while continued claims unexpectedly fell but remained within ranges over the last year. Many desks are preparing for a Q4 GDP reading below what was seen last week, following November’s widening trade deficit as both exports rose and imports fell. DXY hit highs of 96.656 before paring gains to around 96.250, and saw lows of 95.840.
AUD was one of the worst G10 performers as the trimming of risk-taking left the high-beta FX paring its original outperformance; SEK and NOK were at the bottom of the pile vs USD. On the flip side, CAD led strength in the space as oil prices likely contributed to a brighter economic outlook. CHF & JPY pared weakness vs USD seen after the US cash open, emerging as preferred safe haven bets.
In Sweden, the Riksbank kept rates steady at 1.75% as expected, reiterating that the policy rate is expected to remain at this level for some time to come, in line with the forecast in December. EUR/SEK was little fazed at the time; NOK/SEK was firmer on the day.
USA DATA RELEASE
US Factory Orders Surged In November
Thursday, Jan 29, 2026 – 10:06 AM
While sentiment is sagging to multi-year lows, ‘hard’ data is pushing growth forecasts higher (GDPNOW) and holding stocks at record highs.
This morning we get a fresh glimpse at America’s manufacturing segment – hard data – with US Factory Orders (admittedly for November) surging 2.7% MoM (significantly better than the +1.6% MoM expected), bouncing strongly from the 1.3% MoM decline in October.
This dragged orders up 5.4% year-over-year…
Source: Bloomberg
This was the biggest monthly advance since May 2025.
Core Orders (ex transportation) rose 0.2% MoM, also rebounding from a 0.1% MoM decline in October…
Source: Bloomberg
The final print for Durable Goods Orders were all in line with the flash prints.
Of course, this data remains significantly stale (and we face the possibility of another government shutdown to screw things up again), but overall, the trend is your friend (and supported by strong jobless claims data).
USA ECONOMIC NEWS
Rubio Announces Start Of US-Denmark-Greenland Talks Amid Arctic Security Push
Technical discussions between the United States, Denmark, and Greenland on improving Arctic security have begun, Secretary of State Marco Rubio said Wednesday.
The talks originate from a working group created earlier this month during a Washington meeting including Rubio, Vice President JD Vance, and the foreign ministers of Denmark and Greenland.
“It begins today and it will be a regular process,” Rubio told the Senate Foreign Relations Committee. “We’re going to try to do it in a way that isn’t like a media circus every time these conversations happen, because we think that creates more flexibility on both sides to arrive at a positive outcome.”
“We’ve got a little bit of work to do, but I think we’re going to wind up in a good place, and I think you’ll hear the same from our colleagues in Europe very shortly,” Rubio said.
The initiative comes after President Donald Trump has said that the United States must secure Greenland to increase national security against Russia and China. European allies have rebuked Trump’s approach.
Trump recently threatened tariffs on Denmark and other European nations opposing his Greenland overtures before brokering a preliminary framework with NATO Secretary-General Mark Rutte.
At the World Economic Forum in Davos, Switzerland, last week, Trump said no military force would be used for acquiring the island, stating, “I don’t have to use force. I don’t want to use force. I won’t use force.”
Trump has portrayed the deal as providing total access to Greenland without payment or time limits, underscoring the Golden Dome missile defense system.
“There’s no end, there’s no time limit,” he said, adding, “We’re not doing a 99-year or a 10-year [deal] or anything else.”
The president assigned Rubio, Vance, and special envoy Steve Witkoff to work on the negotiations.
NATO has highlighted the framework’s goal of preventing Russia and China from establishing economic or military footholds on the island.
Alliance spokesperson Allison Hart noted discussions among Arctic member states to bolster collective security, stating that talks with Denmark and Greenland strive to deter adversaries.
“We need to defend the Arctic,” Rutte said at Davos.
Greenland lies along key missile trajectories, vast mineral resources, and emerging shipping routes.
The United States maintains Pituffik Space Force Base there, where it has situated early-warning radars.
Russia oversees extensive Arctic infrastructure, such as dozens of bases and icebreakers.
Russia’s robust Arctic infrastructure poses a direct challenge, with more than 50 revitalized Soviet-era installations, including six army bases, 10 radar stations, and more than 60 icebreakers—far outpacing the United States’ two.
“It is important to consistently strengthen Russia’s positions in the Arctic, comprehensively develop our country’s logistics capabilities, and ensure the development of a promising Arctic transport corridor from St. Petersburg to Vladivostok,” Russian President Vladimir Putin said in November 2025.
China, meanwhile, pursues a “Polar Silk Road” for influence through investments in infrastructure and resources, according to a 2024 RAND Corporation analysis.
Eric Cole, a former CIA officer and CEO of Secure Anchor, described Greenland as a “forward lookout post for the entire North Atlantic security architecture.”
“Greenland’s geographic position places it directly beneath the shortest flight paths between North America, Europe, and Eurasia, making it a natural vantage point for monitoring air and missile activity,” Cole told The Epoch Times.
“Sensors based in Greenland can track aircraft, space objects, and missile launches that would otherwise go undetected until much later in their trajectory. This early detection is critical for both U.S. and NATO forces, as it expands warning times and improves coordinated response options.”
KING NEWS
The King Report January 29, 2026 Issue 7669
Independent View of the News
Trump on Tuesday night said he is not concerned about the falling dollar. Appearing on CNBC Wednesday morning, US Treasury Secretary tried to mitigate the damage by asserting the US is “absolutely not” intervening in the dollar. “We have a strong dollar policy.” (10:07 ET)
Even though the dollar rallied sharply, precious metals soared. February Gold hit +224.40 (5345.00) at 3:30 ET. It dropped to 6266.50 at 10:06 ET on Bessent’s forex remark and the usual operation to knock gold down during early US trading. After Powell’s presser, April Gold hit +324.50 at 15:49 ET!!!
March Silver hit 116.165 (+9.63%) at 0:11 ET. Silver, like gold, fell on Bessent but rebounded.
Big private money has been methodically accumulating gold since the Crisis of 2008. In recent months, hot money and retail have gotten on board. What if there is some huge unknown driving gold?
Gold has gone from 1984.34 on February 14, 2024 to 5229.72 on January 27, 2026. Gold went from 175 in early February 1978 to 850 on January 21, 1980.
ESHs opened modestly higher on Tuesday and went inert until they rallied after 19:03 ET. On two rally thrusts, ESHs hit 7043.00 (+34.50) at 1:31 ET on buying for Fed Day and coming Fang results. Alas, ESHs did a 5-wave decline to a daily low of 6997.00 (-11.50) at 11:54 ET. USHs were -20/32 at the time.
Did someone know the FOMC Communique and/or Powell were going to more hawkish than expected?
ESHs then waffled in a tight range as traders awaited the 14:00 ET release of the FOMC Communique.
FOMC Communiqué HighlightsAs expected, no change in rates; vote 10-2, Waller & Miran for 25bp cut (pimping for Fed Chair)“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated…”Omits ‘downside risks to employment have risen’ phrasehttps://www.federalreserve.gov/newsevents/pressreleases/monetary20260128a.htm
The 10-2 vote was a palpable rebuke to Trump! The usual suspects contorted and debased themselves trying to sell the minutes as NOT hawkish ESHs jumped to 7008.75 at 14:00 ET but fell to a new low of 6992.25 at 14:02 ET; USHs fell to -25/32.
Powell Prepared Remarks HighlightsReiterated FOMC highlights (see above)Business fixed investment has continued to expand; housing remains weak.Tariffs boosting goods inflation; disinflation in services (BS!!)
ESHs vacillated wildly at the start of Powell’s presser, sinking to a new low of 6991.25 and then jumping to 7012.75 seconds later. They then went inert because Powell just reiterated the FOMC Minutes.
Powell Q&A HighlightsJustified going to SCOTUS hearing on Lisa Cook, claimed ‘most important case in Fed history.’“I don’t respond to comments by other officials.” (Bessent said Powell at SCOTUS inappropriate)‘Volcker went to a SCOTUS case’ (1985 bank policy case, not personal/criminal matter)“We don’t talk about the dollar…The Treasury” is charge of the dollar.‘Overall, it’s a stronger forecast than in December.’A lot of tariff inflation has moved through the economy; could be one-time effectStill have tension between employment and inflationHard to say if inflation and employment risks are in balanceEconomy has (again) surprised us with its strengthSaid job numbers are more reliable than GDP data (What a lying liar!)US debt path is unsustainable (has stated this repeatedly)Growth in labor has halted due to immigration policiesRefused to answer ‘is Trump using the DoJ to influence monetary policyJay said he doesn’t take much of a message from gold & silver’s rally (Cannot admit otherwise)When asked about long rates, Jay ‘they haven’t moved much.’ (Cannot admit otherwise)A fawning reporter gave Powell an opportunity to pontificate on Fed independence(Fin reporters are extremely obsequious and/or ignorant about salient fin/biz factors/issues!)
Jim Bianco @biancoresearch: Question for reporters in the Fed presser. Are you afraid to ask difficult or probing questions to the Chairman out of fear that Michelle Smith, the head of the Fed press office, will either exclude you or not call on you in future pressers?
On CNBC, Jeff Gundlach cited Jim Grant’s adage: “Gold reflects the confidence in central bankers.” Jeff asserted that there will be NO more rate cuts under Powell. Jay is chair for only 2 more meetings.
ESHs tried to rally at least 3 times during Powell’s Q&A but failed. USHs rallied smartly, to -11/32 at 15:03 ET. Gold jumped to new all-time highs; Feb AU ticked +253.80 at the time!!!
ESHs finally broke higher near 15:09 ET but the modest rally quickly stalled. After hitting 7015.00 at 15:24 ET, ESHs broke lower. ESH fell to 6999.25 at 15:50 ET. A desperate but illegal late manipulation pushed ESHs to 7014.00 at 15.59 ET. ESHs tumbled to 6990.75 at 16:00 ET, -23.25 in <1 minute!
Amazon: Update on our organization We’ve been working to strengthen our organization by reducing layers, increasing ownership, and removing bureaucracy… The reductions we are making today will impact approximately 16,000 roles across Amazon… https://www.aboutamazon.com/news/company-news/amazon-layoffs-corporate-jan-2026
Renowned economist @judyshel: Chair Powell stated in his recent video: “I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law.”… Refusing to respond to inquiries from the DOJ about expensive refurbishments being made to the facilities of a government agency shows neither respect for rule of law nor the willingness to be accountable. Invoking the sacred cow of central bank independence is an act of transference rather than a proper response and acceptance of responsibility for exercising oversight of the institution he heads.Chair Powell behaves as if he is indeed above the law if he continues to ignore requests for providing relevant information—and his justification seems to be precisely because he is the chair of the Federal Reserve.
Positive aspects of previous session Fangs rallied on buying for MSFT, TSLA, and Meta results yesterday and Apple today.
Negative aspects of previous session Gold zoomed to the moon! USHs declined as much as 25/32; oil and gasoline rallied moderately. Someone knew the FOMC Communique would be more hawkish than expected.
Ambiguous aspects of previous session How profound might be the unknown factor propelling gold to the moon? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6981.26 Previous session S&P 500 Index High/Low: 7002.28; 6963.46
@business: Rick Rieder, one of the finalists to lead the Federal Reserve, has donated to some of Donald Trump’s most prominent political rivals and Democratic leaders (DJT pining for affection from ‘they.’)
FBI agents search election hub in Fulton County, Georgia FBI agents were seen Wednesday carrying out a search at an election hub in Fulton County, Georgia, a location that became ground zero for concerns and complaints about voter fraud beginning in 2020… Fox News Digital is told the probe is related to the 2020 election… (Still there as we write, 12+ hours) https://www.foxnews.com/politics/fbi-agents-search-election-hub-in-fulton-county-georgia
@LeadingReport: Oregon caught with 800,000 ineligible voters on their rolls, now being purged…
NYC Mayor Mamdani: “We are facing a fiscal crisis on the scale greater than the Great Recession… It will require… raising taxes on the wealthiest and most profitable corporations and it means recalibrating the relationship with the state.”https://x.com/imUrB00gieman/status/2016623571603509411/photo/1
US Marshal Service… investigating a possible hack of US government digital-asset accounts – BBG
Microsoft reported Q2 EPS of 4.14, 3.92 exp; Revenue of $81.27B, $80.31B exp; MSFT plunged 8.1%.
Meta reported Q4 EPS of 8.88, 8.19 expected; Revenue of $59.89B, $58.42B expected. META sees Q1 Rev of $53.5B to $56.5B, $51.25B exp. META sank 4.7% but rebounded to +9% on Q2 Rev upgrade. Meta sees full-year capex at $115B to $135B; $110.6B expected. Meta better be right on its AI!
Tesla reported Q4 EPS .50, .45 expected; Revenue $24.901B, $25.11B exp; TSLA sank 1.3% but quickly rebounded to a 3.72% gain on short covering.
@Pras_S: Tesla will end production of the Model X and S vehicles next quarter “It’s time to bring the Model X and S programs to an end with an honorable discharge,” Musk said, adding the production lines for those products will be for Optimus robots.
Retail and other traders are playing exorbitant premiums for call options ahead of earnings. So, even if ESP is better than expected, call holders can lose big bucks as the premium collapses after results are released. This puts pressure on the underlying stock.
Some attribute gold’s surge to an imminent US attack on Iran. Axios: Trump will give Iran a 24-hour ultimatum to give up nuclear and ballistic program (Did DJT brag that he destroyed these?)
Today – There are NO Fed rate cuts on radar. Only January performance gaming and Apple results (2.68 exp) are buttressing stocks. April Gold hit 5626.80 at 18:38 ET, +286.60 from the close!!! Who is in trouble? Is something horrendous on the way? Do NOT play unless you have the info!
The S&P 500 Index hit a high of 7002.28 after traders ‘shot for the number’ (7k). Alas, no momentum buying appeared. So, traders, abetted by a hawkish FOMC Communique, unloaded. Obviously, the S&P 500 Index must get appreciably above 7k to engender enthusiasm to play for a ‘greater sucker’ rally.
ESHs are -9.25, NQAs are +0.50; USHs are -3/32; SI is +3.30; and April AU is +164.50 at 20:05 ET.
Expected economic data: Q3 Nonfarm Productivity 4.9%, Unti Labor Costs -1.9%; Initial Jobless Claims 205k, Continuing Claims 1.85m; Nov Trade Balance -$44.0B, Exports -1.7% m/m, Imports +2.3% m/m; Nov Factory Orders 1.6%; Trump holds first Cabinet Meeting of 2026
S&P Index 50-day MA: 6848; 100-day MA: 6773; 150-day MA: 6630; 200-day MA: 6413 DJIA 50-day MA: 48,202; 100-day MA: 47,389; 150-day MA: 46,456; 200-day MA: 45,234 (Green is positive slope; Red is negative slope)
S&P 500 Index (6978.03 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5896.83 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 6430.77 triggers a sell signal Daily: Trender is negative; MACD is positive – a close above 6981.45 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6989.08 triggers a buy signal
@thenewsmovement: On January 13th, The News Movement filmed a man who appears to be Alex Pretti interacting with federal immigration agents. Our footage was analyzed by the BBC, whose facial recognition technology confirmed his identity to a 97% degree of accuracy… https://x.com/imUrB00gieman/status/2016623571603509411/photo/1 @SteveGuest: Footage of a man who looks like Alex Pretti with a gun in his waistband, spitting on and attacking federal law enforcement officers and kicking the tail light of their vehicle on January 13. Bombshell report from the BBC… Pretti was not a peaceful protester…
@BillMelugin_: DHS confirms to @FoxNews they are aware of this video & HSI is investigating it.
Ergo, the person in the above video, if it is real, committed at least 3 felonies – that were ignored! @heartland_grump: If Mayor Frey, Minneapolis PD and the local prosecutor had done their jobs then Alex Pretti would have been in jail and unable to violently resist arrest while illegally armed. He would still be alive. He’d be in a jail cell awaiting prosecution, but still alive.
@seanmdav: This is the behavior of a mentally unstablenutjob desperately trying to provoke a violent confrontation. And in him, the demons behind the riots got exactly what they wanted: a body to use as a prop. It’s genuinely sad how willing idiots like Pretti are to be used as meatsacks for monsters who couldn’t care less about what happens to them.
@WarClandestine: My biggest takeaway from the new Pretti video, is that this proves there are Left-wing groups tracking ICE, broadcasting ICE’s location, and encouraging people to obstruct. Pretti was not coincidentally running into ICE on multiple occasions. It was premeditated obstruction. It’s coordinated. They are tracking ICE and sending people to obstruct the enforcement of the law. In other words, this is a conspiracy to obstruct the enforcement of federal law, which is one of the legal definitions of an insurrection and opens the door for the invocation of the Insurrection Act.
@mazemoore: Last night on CNN: Ana Navarro: Alex Pretti was the perfect guy. He’s the guy that you want to date your daughter. He’s the man you want your son to be. They can’t malign him because we have the videos. Turns out Ana didn’t have all the videos. https://x.com/imUrB00gieman/status/2016623571603509411/photo/1
Minneapolis @MayorFrey: The job of our police is to keep people safe, not enforce fed immigration laws. I want them preventing homicides, not hunting down a working dad who contributes to MPLS & is from Ecuador. It’s similar to the policy your guy Rudy had in NYC. Everyone should feel safe calling 911. Fox’s @BillMelugin_: Nobody has asked Minneapolis PD to enforce immigration laws. They’ve been asked honor ICE detainersso ICE can pick up illegal immigrants charged with crimes once they are released from jail (not prison) It’s a safer setting for everyone involved & requires less ICE…
@realDonaldTrump: Surprisingly, Mayor Jacob Frey just stated that, “Minneapolis does not, and will not, enforce Federal Immigration Laws.” This is after having had a very good conversation with him. Could somebody in his inner sanctum please explain that this statement is a very serious violation of the Law, and that he is PLAYING WITH FIRE! (Epitome of “Alligator mouth with a hummingbird ass”)
As we keep whining, for all his ‘tough guy’ act and rhetoric, Trump is the master of half measures. If he had given demonstrators impeding ICE (a felony) the Jan. 6 treatment, this stuff would have ended long ago. If ‘they’ incarcerated grannies for trespassing and held people without bail for the same or minor offenses on Jan 6, why isn’t Team Trump more aggressive?
Furthermore, instead of appearing almost daily to crow about stopping wars, ‘the greatest economy in history – like no one has ever seen,’ and issuing threats, Trump should make the case to Americans about the need to round up, incarcerate, and deport criminal illegal immigrants. And explain how impeding federal agents is a felony that will be prosecuted; AND insurrection will be prosecuted, including Dem government officials that foment insurrection and ILLEGALLY intimidate ICE agents.
@FoxNews: New FOX News polling reveals that approval of Trump’s overall job performance stands at 44%, unchanged since December. Voters say the economy is in bad shape, that President Donald Trump’s policies haven’t helped, that he isn’t spending enough time on the economy, and things are unlikely to get better this year. https://www.foxnews.com/politics/fox-news-poll-donald-trump-starts-2026-44-approval
Trump holds Nicki Minaj’s hand while welcoming rapper onstage at Trump Accounts summit Nicki Minaj: “I am probably the president’s number one fan, and that’s not going to change… We’re not going to let them get away with bullying him, and the smear campaigns… He has a lot of force behind him, and God is protecting him…”https://x.com/RapidResponse47/status/2016553004220964978
@theblaze: Philadelphia DA Larry Krasner threatens ICE agents: “If we have to hunt you down the way they hunted down Nazis for decades, we will find your identities and we will find you.” https://x.com/theblaze/status/2016278433882636345
Trump fancies himself being Andrew Jackson. You can imagine how Old Hickory would have handled Kranser, Frey, Walz, and other Dem officials that did/said similar things!
Social media teems with DJT supporters pleading with DJT to focus more on domestic issues/problems.
Trump: “I am pleased to nominate Colin McDonald to serve as the first ever Assistant Attorney General for National Fraud Enforcement, a new division at the Department of Justice, which I created to catch and stop fraudsters that have been stealing from the American People…”
It certainly looks like ‘they’ are looting all treasuries because ‘they’ realize the reality of the debt.
“The last official act of any government is to loot the treasury.” – attributed to George Washington
@WesternLensman: 1996. Chuck Schumer is fuming that illegals are flooding into America to scam taxpayer-funded benefits: “People say, why can’t you stop illegal immigrants from coming here?” “The number one answer we give our constituents is when they come here, they can get jobs, get benefits against the law because of fraud.”…https://x.com/WesternLensman/status/2016327087552905378
@mazemoore: December, 2020. Chuck Schumer wants President Trump to know that he is not allowed to issue preemptive pardons and that attempting to do so would be a gross abuse of power. Joe Biden issued preemptive pardons. Schumer had no problem with it.https://x.com/mazemoore/status/2016563724228661652
NBA star Anthony Edwards donated a recent game check of $514k to ICE. “Joe Biden let in 20 million illegals. ICE is helping keep America safe and deserves full funding.”
Obama’s Fingerprints All Over Investigations of Trump and Clinton A RealClearInvestigations look at the evidence Trump administration prosecutors are presenting to the grand jury, which includes a raft of recently declassified CIA and FBI documents, shows Obama’s deep involvement in both protecting Clinton and advancing the conspiracy theory that Trump conspired with Russian President Vladimir Putin. Drawing from thousands of pages of documents and exclusive interviews with law enforcement and intelligence officials, RCI’s analysis shows the former president was repeatedly at the center of events surrounding both the closing of the Clinton investigation and the subsequent opening of several investigations targeting the Trump campaign. Post-election, Obama also ordered the manufacturing of anti-Trump intelligence, which set Trump’s presidency up for continued investigations… Obama signaled the all-clear after Comey’s press conference by inviting Hillary Clinton to fly to campaign rallies on Air Force One… They point out that the president authorizing Clinton to fly aboard Air Force One on the same day his hand-picked FBI director absolved her of crimes was almost certainly not a last-minute decision because it would have required extensive pre-planning… “Obama wasn’t going to risk endorsing her and joining her on the campaign trail without her first being cleared of federal crimes,” he added. “He knew about the end of the investigation well ahead of time.”… According to the communications, which U.S. intelligence analysts determined were “not fabrications,” Obama was putting “pressure” on Comey through Lynch to get rid of Clinton’s email scandal as early as January 2016. Not long after, Comey began drafting his statement exonerating Clinton – months before FBI agents had ended their investigation… https://www.realclearinvestigations.com/articles/2026/01/22/obamas_fingerprints_all_over_investigations_of_trump_and_clinton_1160121.html
Why would any same person post incriminating stuff on social media? Is the desire for acceptance from ideological soulmates that strong?
On Tuesday night Dem Rep. of Minnesota Ilhan Omar was sprayed with a fluid by a man her town hall. The media is outraged. It turns out the fluid is apple cider vinegar. Some see it as a staged scam.
Mamdani Pressures Hochul To Jack Up Taxes On Rich Amid NYC Budget Woes
Wednesday, Jan 28, 2026 – 05:25 PM
New York City Mayor Zohran Mamdani has lots of ideas – virtually all of which require extracting more money from taxpayers, as socialists tend to do.
To accomplish this, he’s gonna need some help – and has been leaning on Gov. Kathy Hochul to hike taxes on the state’s richest residents and corporations in the hopes of raising billions more to send to the Big Apple to plug mounting budget holes, Bloomberg reports.
Mamdani, the newly-sworn in democratic socialist, is arguing additional money from the state is necessary because the city faces a fiscal “crisis” created by his predecessor Eric Adams and by a push from former Governor Andrew Cuomo to shift costs from the state onto the city. Both Cuomo and Adams ran against Mamdani in last year’s mayoral election.
At present, NYC is looking at a $12.6 billion budget gap, in what Mamdani recognized as the largest deficit since the 2008 recession. On Wednesday, he launched a new campaign to lobby Albany for more annual aid – stressing that the Big Apple generates $21 billion more in revenue for the state than it receives.
“These budget gaps did not arrive by accident — they are the direct consequence of Eric Adams staggering fiscal mismanagement,” Mamdani told the outlet in an interview, adding that social safety nets for the city’s poor and homeless have been underbudgeted.
Cuomo, who Mamdani also blames, said through spokesman Rich Azzopardi that the state increased aid to NYC’s schools and absorbed medicaid expenses under the former governor’s tenure, adding “If Mamdani thought the system is unfair, he’s had five years as a state legislator to do something about it.”
Hochul’s Tight Spot
Hochul, meanwhile, has her own election to worry about in November – and notably didn’t include any new taxes on companies or high-income residents in her own budget proposal.
Not only has she insisted for months that she won’t raise levies, she faces pressure from the business community as well as her likely gubernatorial opponent, Nassau County Executive Bruce Blakeman (R).
“I don’t believe in raising taxes for the sake of raising taxes,” Hochul told Bloomberg, adding “We have enough revenues to do what we want to do and what we need to do to support our state. So beyond that, I don’t see a justification.”
In short, Mamdani – who campaigned on raising income tax rates by 2% on people earning over $1 million per year, and lifting corporate tax rates by 5% – can pound sand, for now.
NYC businesses are already saddled with a top tax rate of 17.44%, according to new data set for release this week by acvocacy group Citizens Budget Commission, who also found that the state has the highest per capita tax rate in the United States.
“We must raise taxes on the wealthiest few in New York City so that we can invest in the many,” said Mamdani. “No longer can this city, the economic engine of our state, sustain this kind of an imbalance.”
Mamdani has also floated a one-time wealth tax similar to one proposed in California, which would hit billionaires with a 5% tax on their assets.
Hochul has already hooked Mamdani up with state funds for two years of childcare for NYC’s two-year-olds, fulfilling at least part of his campaign promises to enact universal childcare for all of the city’s children aged six weeks to 5 years.
END
Shutdown Approaches As Schumer, White House Attempt 11th Hour Deal
Thursday, Jan 29, 2026 – 08:50 AM
Senate Minority Leader Chuck Schumer and the White House are negotiating a framework to advance five of the six remaining fiscal 2026 funding bills, alongside a short-term measure to keep the Department of Homeland Security operating, according to Punchbowl News, citing people familiar with the discussions. The talks come as Congress once again barrels toward a potential government shutdown amid a volatile political fight over immigration enforcement.
Under the emerging framework, lawmakers would pass a temporary DHS funding patch to allow negotiations to continue over new limits on Immigration and Customs Enforcement and Customs and Border Protection as the agencies carry out President Donald Trump’s immigration crackdown. Senate Republican leaders have urged Democrats to approve all six outstanding spending bills, a position Schumer has declined to accept.
Even if Schumer and the White House reach an agreement, a funding lapse over the weekend appears likely. The House, which is scheduled to return Monday, would still need to approve both the five-bill spending package and the DHS stopgap measure.
Senate Democrats on Wednesday rallied around a set of proposed reforms aimed at DHS and ICE operations. The proposals would tighten warrant requirements, establish a uniform code of conduct for federal officers, prohibit agents from wearing masks and require the use of body cameras.
The negotiations reflect the political pressure facing the White House after a series of violent incidents involving federal agents. Border czar Tom Homan, who was dispatched by the administration to Minnesota to take over operations from Border Patrol commander Gregory Bovino, held a closely watched press conference today as officials seek to defuse tensions following two fatal shootings involving federal agents in recent weeks.
Those shootings have intensified scrutiny of DHS operations and pushed Congress closer to another funding standoff. Democrats have signaled a willingness to force a shutdown if their demands are not met, marking a sharp shift from their posture during earlier funding fights.
“I don’t like shutdowns,” said Sen. Angus King (I-ME), one of three members of the Democratic caucus who opposed the previous shutdown in a comment to Punchbowl. “But it was a matter of conscience. I didn’t want to be complicit with what these guys are doing.”
To Democrats, the current confrontation carries both moral and political stakes. Party leaders see an opportunity to extract concessions as they perceive the White House to be negotiating from a position of weakness and as some Senate Republicans acknowledge the need for changes at DHS.
At the same time, Democratic unity is not assured. During a private caucus call Wednesday night, some House Democrats questioned whether Senate leaders would hold firm, according to multiple people on the call. Others raised concerns about whether the proposed reforms would meaningfully rein in ICE’s conduct.
Some progressives have pushed for more sweeping action. Sen. Ed Markey (D-MA) told the outlet that Democrats should be using the moment to “defund and abolish” ICE.
The Senate is scheduled to hold its first procedural vote on the six-bill funding package at 11:30 a.m. To strip DHS funding from the broader package, Democrats would first need to provide votes to advance the legislation. Whether an agreement is reached before that vote remains uncertain.
The risks extend to both parties. House Republicans remain divided, and conservative members have warned they oppose reopening negotiations on DHS funding. Meanwhile, Senate Democrats are under pressure from their base to confront the administration forcefully, particularly following the fatal shooting of Alex Pretti in Minneapolis.
The White House has offered alternative paths for enacting DHS reforms, including executive actions or separate legislation. Democratic leaders have rejected those options, insisting the changes be written directly into the DHS appropriations bill. Unlike previous shutdown fights, Democrats have limited their demands to reforms they believe Republicans could realistically accept.
Still, GOP resistance remains strong. Sen. Markwayne Mullin (R-OK) said Republicans would not agree to provisions that impede enforcement of the administration’s immigration agenda.
“The American people wanted the president to enforce law and order,” Mullin said. “ICE is doing their job.”
harveyorganblog.com 
