Following news that US held off from imposing import tariffs on critical minerals, silver and other metals retreated from record highs as investors took profits following a blistering rally in the space.

"... already had a few chats this am and those who called it very early are not of a mind to trim "

Rising metals prices have fueled a surge in copper thefts, causing widespread damage and disruption...

Busy day for America across the Western Hemisphere. 

...changing fundamentals are crashing against a market leaning the wrong way.

"This would be an additional headwind for the oil market in 2026, but would not..." 

"...fueled by a rush to ship the metal to the US amid tariff uncertainty and persistent supply disruptions"

...this year may see a continued divergence between crude on the one hand, and precious metals and non-oil commodities on the other.

"Chevron emerges as a clear beneficiary from any shift in Venezuela's political..." 

"The last time this happened (with the Iran strikes in June), crude sold off twelve dollars the next day and vol and call skew collapsed." 

Regime instability in Caracas nears. 

China accounts for nearly half of global rare earth reserves (44M of 92M metric tons)...

"Based on our visual analysis from both shore and space, we estimate that there are around 17.5 million..." 

"Drivers were stranded on the 5 Freeway on Saturday night..." 

"...the rally appears exaggerated, amplified..." 

"While military options still exist, the focus is to first use economic pressure..." 

Copper is trading like the core macro commodity of the AI and electrification era, and policy is now as important as supply and demand fundamentals...

Orsted shares puke. 

Why is China furious? Well... It's the largest buyer of Venezuelan crude. 

"It would be the collapse of the Cuban economy, no question about it."