Baltic
Dry Index. 1608 -51 Brent Crude 65.28
Spot Gold 4645 Spot Silver 90.98
US 2 Year Yield 3.53 -0.01
US Federal Debt. 38.605 trillion US GDP 31.062 trillion.
We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
Alan Greenspan
In the markets, how high will dollar debasement push gold higher? How high will the silver price rise on physical silver scarcity and rising industrial demand?
In the stock casinos, when will President Trump’s push for a US command economy, blow up most US stocks?
Stock futures are flat as traders look ahead to
more bank earnings: Live updates
Updated Wed, Jan 14 2026 7:45 PM EST
Stock futures were little changed Tuesday
night after the S&P 500 pulled
back from record levels seen earlier in the week.
Futures tied to the Dow Jones Industrial Average shed
39 points, or nearly 0.1%. S&P
500 futures were marginally lower, while Nasdaq 100 futures inched up
less than 0.1%.
On Wednesday, investors can expect Bank of
America, Wells Fargo, Citigroup to report their
quarterly earnings results before market open. More inflation data is also on
the docket, as December’s producer price index report will be released before
the opening bell.
In Tuesday’s regular trading session, the
major averages closed lower. The S&P 500 fell 0.2%, while the
30-stock Dow lost
nearly 400 points, or 0.8%. The Nasdaq Composite shed 0.1%.
Financials were the worst-performing group
of the broad-market index. Shares of JPMorgan Chase tumbled more
than 4% after fourth-quarter investment banking fees appeared to
disappoint. Goldman Sachs and Bank of America fell in
sympathy.
Oil prices also jumped more than 2%
Tuesday after President Donald Trump canceled
meetings with Iranian officials and told protesters that “help is on
its way.” Energy stocks rallied, and the sector gained 1.5%.
Trump’s recent call for a one-year
10% cap on credit card interest rates has dragged down financial
names, with Mastercard and Visa ending Tuesday’s session in
the red. Traders have been grappling with a volley of demands from the
president, including Trump’s declaration that he “will
not permit” dividends or stock buybacks for defense companies and that
the U.S.
should bar large institutional investors from buying single-family
homes.
Trump’s attacks on Federal Reserve Chair
Jerome Powell also continued
on Tuesday amid growing worries over the central bank’s independence
as the Justice Department conducts a
criminal investigation into the Fed’s leader.
Stock prices may be starting to reflect
the potential impact of Trump’s demands, according to Paul Meeks, head of
technology research at Freedom Capital Markets. “This is a hangover from the
threat to Fed Chair Powell and bank earnings, which are being hit by companies
talking about capping credit rates at 10% ... It’s just unnecessary anxiety,”
he said.
Meeks, a veteran tech analyst, added that
Tuesday’s drawdown will likely bring in “some good buying opportunities” ahead
of upcoming announcements from hyperscalers about their 2026 guidance and
artificial intelligence capital expenditure plans.
Stock
market today: Live updates
Gold near record-highs on Fed rate cut bets;
silver cracks $90
January 14, 2026 4:25 AM GMT
Jan 14 (Reuters) - Gold climbed on
Wednesday to near a record peak set in the previous session, while silver
surpassed the never-before-seen $90 mark, as softer-than-expected U.S.
inflation readings cemented bets on interest rate cuts ahead amid ongoing
geopolitical uncertainty.
Spot gold rose 0.9% to $4,627.95 per ounce
as of 0406 GMT, having hit a record high of $4,634.33 on Tuesday. U.S. gold
futures for February delivery rose 0.8% to $4,635.60.
Spot silver jumped 4.6% to $90.95 per
ounce after breaching $90 for the first time, having shot up nearly 28%
already this year.
"The data has been positive,
inflation rate (came in) lower, unemployment rate was also lower in the U.S.
so, these are the indicators that have further driven precious metals up,"
said GoldSilver Central managing director Brian Lan.
Lan added that the next big figure for
silver was the $100 mark and high two-digit percentage gains for the metal
seem likely this year.
The U.S. core Consumer Price Index rose 0.2%
month-on-month and 2.6% year-on-year in December, falling short of analysts' expectations
of a 0.3% and 2.7% increase, respectively.
U.S. President Donald Trump welcomed the
inflation figures, reiterating his push for the U.S. Federal Reserve chair
Jerome Powell to cut interest rates "meaningfully."
Global central bank chiefs and top Wall
Street bank CEOs lined up in support of
Powell on Tuesday after news of the Trump administration's decision to
investigate him drew condemnation from
former Fed chiefs as well.
Analysts say worries around Fed
independence and trust in U.S. assets added to safe-haven demand for the yellow
metal.
Investors expect two 25-basis-point rate
cuts this year, with the earliest in June.
Non-yielding assets tend to do well in a
low-interest-rate environment and during geopolitical or economic uncertainty.
Trump meanwhile urged Iranians to keep
protesting, saying 'help
is on its way', as Iran saw its biggest demonstrations in years.
Elsewhere, spot platinum climbed 4.7% to
$2,432.80 per ounce, a one-week high. It hit a record $2,478.50/oz on December
29.
Palladium was up 3.7% at $1,910.08 per
ounce.
Gold
near record-highs on Fed rate cut bets; silver cracks $90 | Reuters
Ready, steady gold! Safety bid adds fuel to
cenbank fire
January 14, 2026 12:30 AM GMT
ORLANDO, Florida, Jan 13 (Reuters) - Gold
and other precious metals recorded eye-watering price spikes in 2025,
so it's difficult to imagine them delivering similar returns in 2026. But solid
central bank appetite and safe-haven demand could keep their relentless rise on
track.
With the first month of the year barely at
the halfway point, gold and silver <XAG=> have already jumped to new
records, up 7% and 20%, respectively, so far in 2026. Platinum is up 15%
year to date, and is also close to hitting a fresh high.
These moves are all the more remarkable
given that gold, platinum, and silver clocked annual gains of 65%, 125% and
145%, respectively, last year.
Any notion of investors taking profits -
and a breather – evaporated with a blizzard of political, economic, and
geopolitical news out of Washington. It brings to mind Vladimir Lenin's
apocryphal quote "There are decades where nothing happens; and there are
weeks where decades happen."
Just last week alone, U.S. President Donald Trump ordered
the purchase of $200 billion of mortgage-backed
securities, directed U.S. oil giants' activities in Venezuela,
attempted to ban defense
firms' share buybacks and dividend payments, and put a one-year cap
on credit
card interest rates, while his Department of Justice threatened
to indict
Fed Chair Jerome Powell.
This is all fuel for gold. The
"dollar debasement trade" may be overstated - the greenback has been
remarkably stable for months - but the strength of gold and other precious
metals suggests there may be some substance to it.
This "flight to quality" and
inflation-hedging among private investors is complementing central banks'
highly inelastic demand for bullion. Reserve managers continue to buy for
strategic reasons and diversification, regardless of price.
DIRECTION OF TRAVEL NOT IN DOUBT
Gold is not included in the IMF's Currency
Composition of Official Foreign Exchange Reserves, or COFER data, the global
benchmark for FX reserves. Instead, it is found in wider measures of central
banks' assets.
For that reason, and others such as data
reporting transparency, estimating gold's place in official reserves relative
to currencies, or other assets like Treasuries, should be done with a fair
degree of caution.
According to the World Gold Council,
gold's share of global FX reserves in October was 25.9%. That compares with the
euro's 20% share of reported IMF COFER reserves data, and some analysts also
believe that gold's share of reserves overtook Treasuries' portion last year
for the first time since 1996.
Whatever the accuracy of these claims,
there's little doubt about central banks' direction of travel. And in an
increasingly volatile world, they won't be reversing course any time soon.
Ready,
steady gold! Safety bid adds fuel to cenbank fire | Reuters
In other news, more on America’s new command economy.
Trump says Microsoft will make changes to ensure
consumers don’t pay for power used in AI buildout
Published Mon, Jan 12 2026 7:41 PM EST
President Donald Trump said in a
social media post on Monday that Microsoft will
announce changes to ensure that Americans won’t see rising utility bills as the
company builds more data centers to meet rising artificial intelligence demand.
“I never want Americans to pay higher
Electricity bills because of Data Centers,” Trump wrote on Truth
Social.
“Therefore, my Administration is working with major American Technology
Companies to secure their commitment to the American People, and we will have
much to announce in the coming weeks.”
Ahead of this year’s midterm elections,
President Trump is trying to find ways to lower prices for consumers, as the
effects of tariffs he imposed last year on goods imported to the U.S. ripple across the
economy. In December, Trump announced a $1,776 “warrior
dividend” for
U.S soldiers. Earlier this month he demanded the
purchase of
$200 billion
in mortgage bonds with the hope of
reducing mortgage rates.
Meanwhile, the biggest tech companies are
rapidly constructing power-hungry data centers and telling Wall Street that
they’ll be bolstering their capital expenditures as the AI boom continues. Last
week Meta announced
agreements with
three nuclear power companies for a data center in Ohio.
Trump congratulated Microsoft on its
efforts to keep prices in check, suggesting that other companies will make
similar commitments.
“First up is Microsoft, who my team has
been working with, and which will make major changes beginning this week to
ensure that Americans don’t ‘pick up the tab’ for their POWER consumption, in
the form of paying higher Utility bills,” Trump wrote on Monday.
Microsoft didn’t immediately respond to a
request for comment.
Utilities charged U.S. consumers 6% more for
electricity in August from a year earlier, including in states with many data
centers, CNBC reported in November.
Microsoft is paying close to attention to
the impact of its data centers on local residents.
“I just want you to know we are doing
everything we can, and I believe we’re succeeding, in managing this issue well,
so that you all don’t have to pay more for electricity because of our
presence,” Brad Smith, the company’s president and vice chair, said at a
September town hall meeting in Wisconsin, where Microsoft is building an AI
data center.
While Microsoft is moving forward with
some facilities, the company withdrew plans for a data center in Caledonia,
Wisconsin, amid loud opposition to its
efforts there. The project would would have been located 20 miles away from a
data center in the village of Mount Pleasant.
Trump Microsoft
changes ensure ensure consumers don't pay for power AI
Banks warn consumers will be hurt by Trump's 10%
cap on credit card interest rates
January 12, 2026 9:15 PM GMT
Jan 12 (Reuters) - U.S. banks and
financial institutions on Monday pushed back against President Donald Trump's
proposed cap on credit card interest rates, citing new data that showed it
would result in millions of American households and small businesses losing
access to credit.
Trump, who is under pressure to address
voter concerns over the cost of living, on Friday called for a
one-year cap on
credit card interest rates at 10% starting on January 20. He did not provide
details on how such a ban would be imposed, and some industry experts said it
would require congressional action.
After being largely blindsided by the
move, financial groups quickly scrambled to rebut the proposal on Monday. The
Electronic Payments Coalition, which represents financial institutions and
payment card networks, said that nearly every credit card account associated
with a credit score below 740 -- 82% to 88% of open credit card accounts --
would be closed or severely restricted under a 10% cap.
"A one-size-fits-all government price
cap may sound appealing, but it wouldn't help Americans – it would do the
exact opposite, harming families, limiting opportunity, and weakening our
economy,” said EPC Executive Chairman Richard Hunt.
While subprime borrowers would be hardest
hit, a cap would lead to higher annual fees for most borrowers and reductions
in credit card rewards and more monthly account charges, lenders argued. Some
also warned a cap would slow consumer spending and weaken the economy.
Credit cards are a cornerstone of U.S.
consumer finance, giving households flexible access to credit, but often at
hefty rates. For banks and card issuers, those high rates and associated fees
are a major source of profit.
According to data from the Consumer
Financial Protection Bureau, in 2024, average APRs hit their highest levels
since 2015, with most but not all of the increase due to the rising prime rate:
25.2% for general purpose cards at 31.3% for private label cards. The share of
cardholders making only the minimum payment in 2024 was also the highest level
since 2015, the data found.
The cap would likely prompt a severe
pullback in lending because it would make credit cards unprofitable, industry
sources said.
More
Banks warn
consumers will be hurt by Trump's 10% cap on credit card interest rates |
Reuters
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians,
inflation now needs an entire section of its own.
December
core consumer prices rose at a 2.6% annual rate, less than expected
Published
Tue, Jan 13 2026 8:31 AM EST
Core
U.S. consumer prices rose less than predicted in December, reinforcing hopes
that inflation is tempering as the Federal Reserve contemplates its next move
on interest rates.
Excluding
volatile food and energy prices, the consumer price index showed a seasonally
adjusted 0.2% gain on a monthly basis and 2.6% annually, the Bureau of Labor
Statistics reported Tuesday. Both were 0.1 percentage point below expectations.
Though they look at both measures, Fed officials consider core inflation a
better long-run gauge of where inflation is heading.
On
a headline basis, the CPI posted an increase of 0.3% for the month, putting the
all-items annual rate at 2.7%. Both were exactly in line with the Dow Jones
consensus estimate.
The
Fed targets inflation at 2% annually, so the report provides some evidence that
the pace of price increases is moving back to target but remains elevated.
Stock
market futures rose following the report while Treasury yields were lower.
Shelter,
a key element of stickiness, increased 0.4%, which was the biggest item for the
monthly increase, according to the BLS. The category accounts for more than
one-third of the CPI weighting and was up 3.2% on an annual basis.
Other
parts of the report also showed inflation persisting.
Food
prices jumped 0.7% for the month, though egg prices tumbled 8.2% and fell
nearly 21% from a year ago after soaring previously. Other areas seeing
increases included recreation, air fares and medical care.
Some
tariff-sensitive categories including apparel, also posted gains. However,
household furnishings saw a 0.5% decrease as President Donald Trump backed off
on threatened tariff increases for imports in that sector.
The
1.2% increase for recreation was the largest monthly gain ever for the index in
data going back to 1993, the BLS said.
The
report likely keeps the central bank on hold at least for the moment.
Policymakers cut their benchmark rate three times in the latter part of 2025,
and markets expect them to stay on hold through the first half of the new year
as they assess the impact of the cuts on general economic conditions.
More
CPI inflation
report December 2026:
Global central bankers unite in defense of Fed Chair Jerome Powell
Published Tue, Jan 13 2026 5:36 AM EST
Global central bankers issued a statement Tuesday
defending U.S. Federal Reserve Chair Jerome Powell following the launch of a
criminal investigation into the central bank chief.
“We stand in full solidarity with the Federal
Reserve System and its Chair Jerome H. Powell,” central bank chiefs including
European Central Bank President Christine Lagarde and Bank of England Governor
Andrew Bailey, said in a joint statement.
“The independence of central banks is a cornerstone
of price, financial and economic stability in the interest of the citizens that
we serve. It is therefore critical to preserve that independence, with full
respect for the rule of law and democratic accountability,” they added.
Powell has served with “integrity, focused on his
mandate and an unwavering commitment to the public interest,” the statement
said.
“To us, he is a respected colleague who is held in
the highest regard by all who have worked with him.”
Other signatories to the statement included the
central bank chiefs of Brazil, Switzerland, Sweden, Denmark, South Korea,
Australia, and Canada.
The message of solidarity with Powell comes after
the Fed chief issued a statement on Sunday evening confirming that federal
prosecutors had launched a criminal investigation into the $2.5
billion renovation of the central bank’s headquarters in
Washington, D.C., and his related testimony to Congress.
Powell, who has come under sustained pressure from
U.S. President Donald Trump to lower interest rates, said the probe was the
result of the president’s frustration to cut rates as
quickly and as much as he wanted.
“The threat of criminal charges is a consequence of
the Federal Reserve setting interest rates based on our best assessment of what
will serve the public, rather than following the preferences of the President,”
Powell said in a video statement tweeted by the Fed’s X account.
Powell warned that the outcome of the investigation
will determine the future of the central bank’s decisions.
“This is about whether the Fed will be able to
continue to set interest rates based on evidence and economic conditions — or
whether instead monetary policy will be directed by political pressure or
intimidation,” Powell said.
Global
central bankers defend Fed Chair Jerome Powell
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section. Updates as they get reported.
G7, other
allies discuss ways to reduce dependence on Chinese rare earths
January 13, 20266:18 AM GMT
WASHINGTON, Jan 12 (Reuters) - Finance
ministers from the G7 and other major economies met in Washington on Monday to
discuss ways to reduce dependence on rare earths from China, including setting
a price floor and new partnerships to build up alternative supplies, ministers
said.
The meeting, convened by U.S. Treasury Secretary Scott
Bessent, included finance ministers from G7 members Japan, Britain, France,
Germany, Italy, Canada and the U.S. as well as officials from Australia,
Mexico, South Korea and India.
U.S. Trade Representative Jamieson Greer
and representatives from the U.S. Export-Import Bank and JP Morgan also
attended, but no joint statement was issued by the meeting's participants.
The Treasury said in a statement that
Bessent sought "to discuss solutions to secure and diversify supply chains
for critical minerals, especially rare earth elements," and expressed
optimism that countries would pursue "prudent de-risking over
decoupling" from China.
A U.S. official said on Sunday that
Bessent was going to urge participants to step up efforts to reduce reliance on critical minerals from China,
which has imposed strict export controls on rare earths, most recently on
supplies to Japan.
Japanese Finance Minister Satsuki
Katayama told reporters on Monday evening that there was "broad agreement
on the need to swiftly reduce reliance on China for rare earths."
She said she outlined short-, medium-
and long-term policy approaches for G7 and like-minded countries to bolster
non-Chinese rare earth supplies.
"These include creating markets
based on standards such as respect for labor conditions and human rights, as
well as deploying a range of policy tools - support from public financial
institutions, tax and financial incentives, trade and tariff measures,
quarantine measures and minimum price setting," Katayama said. "I
stressed the importance of committing to these measures."
A spokesperson for China's embassy in
Washington could not be immediately reached for comment.
'WE HAVE TO BECOME ACTIVE'
The gathering's participating countries
and the EU account for 60% of global demand for critical minerals. But China
dominates the supply chain, refining between 47% and 87% of copper, lithium,
cobalt, graphite and rare earths, according to the International Energy Agency.
The minerals are essential for defense
technologies, semiconductors, renewable energy components, batteries and
refining processes.
Last week, China banned exports of items destined for Japan's
military that have civilian and military uses, including some critical
minerals.
German Finance Minister Lars Klingbeil
said discussions at the meeting included a potential rare-earths price floor and
partnerships to boost supplies, but noted the talks had just begun with many
unresolved issues.
He said rare earths and critical mineral
supplies would be a central topic under the French presidency of the Group of Seven advanced economies this year.
However, he warned against an anti-China
coalition, stressing that Europe needs to move faster on its own to develop
supplies of important raw materials.
"What is very important to me is
that we in Europe do not sit back," Klingbeil said. "Neither
complaining nor self-pity helps us, we have to become active."
He added that the EU needed more
financing at the bloc level, pointing to a new German raw materials fund.
The EU must also move forward urgently
on recycling, Klingbeil said, citing its "big potential" for reducing
dependencies and broadening supply.
More
G7, other allies discuss ways to reduce dependence on Chinese rare earths
| Reuters
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt Clocks
(usdebtclock.org)
Remember what we're looking at. Gold is a currency. It is still,
by all evidence, a premier currency, that no fiat currency, including the
dollar, can match.
Alan Greenspan
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