It is not a defense of democracy, but mobocracy in Minnesota...

Gold — you don’t see upside volatility panics at market lows

If 2025 felt like 4 years in a year... then January has felt like a year in one month...

Global oil stocks are low, while the amassed barrels in floating storage on tankers are mostly sanctioned supplies, the CEO of the world’s biggest oil firm and top crude exporter said...

"This time, any selling that is attempted by bullion banks fails..."

The first coupon auction of the week just took place, and it could not have gone any better. 

“Trump’s idea, which we discussed and supported in Anchorage, has been categorically rejected by that elite European group.”

Squeeze risk (for software and the overall market) remains very real...

The thin March premium to April deliveries implies a "short-term, temperature-induced demand spike." 

Things are getting spicy...

"It was a very good call, and we, actually, seemed to be on a similar wavelength..."

 

"Booz Allen failed to implement adequate safeguards..." 

USA Rare Earth’s (USAR) strategy is characterized by its comprehensive “mine-to-magnet” vertical integration, a significant geographic footprint across North America and Europe.

"...biggest risk to max bull Q1 consensus = rapid appreciation of super-weak yen" (Hartnett)

"The problem is at some stage you have to pay the piper and I wonder if this is it, and we’re seeing something unprecedented - the US taking action"

“...siphoned tens of millions of dollars in crypto from wallets linked to the US government.”​

But at what cost to open discourse?

The key economic data releases this week are the durable goods report on Monday and the producer price index on Friday. The January FOMC meeting is on Wednesday.

"This decline is primarily driven by issuer-specific developments during the quarter..." 

"I’m not allowed to talk about it..."