Baltic Dry Index. 1659 -29 Brent Crude 64.05
Spot Gold 4601 Spot Silver 85.18
US 2 Year Yield 3.54 unch.
US Federal Debt. 38.601 trillion US GDP 31.059 trillion.
On June 24, 1968, thousands of people swarmed assay offices in the United States, anxious to unload their holdings of silver certificates. The U.S. Treasury had deemed this the final date on which the certificates could be exchanged for silver bullion. People camped out overnight to ensure that they would beat the deadline, and the resulting lines stretched for hours. Life Magazine covered the story, and offered a history of silver certificates in the United States.
Historical Echoes: The Demise of Silver Certificates - Liberty Street Economics
(1n 1968, silver traded between $1.90 and $2.65
per ounce.)
Nothing good for most of us lies in a command economy.
For now, the stock casinos are ignoring the swift drift, but gold, silver and the currency markets aren’t.
2026 looks increasingly likely to be one of those historic transformational years. Fiat currencies anyone? USSR Roubles?
Stock futures slip ahead of consumer inflation
report, bank earnings: Live updates
Updated Tue, Jan 13 2026 7:45 PM EST
Stock futures ticked lower Monday night as
investors awaited the release of consumer inflation data and key bank earnings
results.
Futures tied to the Dow Jones
Industrial Average lost 65 points, or about 0.1%. S&P 500 futures slipped
0.2%, while Nasdaq 100
futures also declined 0.3%.
The consumer price index report due
Tuesday is expected to give a fuller picture of prices after disruptions caused
by the prolonged U.S. government shutdown last fall. Economists expect the
report to show prices rose 2.7% in the twelve months ending in December,
according to Dow Jones consensus estimates. That would be in line with the
lower-than-expected November
CPI results.
Eyes are on the CPI after the December
jobs report reflected a slightly weakening, yet stable, labor market
that likely encouraged the Federal Reserve to hold off on interest rate cuts.
Fed funds futures are pricing in two quarter point cuts this year, starting in
June, according to the CME FedWatch tool.
“Investors will likely be watching closely
to see whether the recent disinflationary momentum can be sustained now that
the BLS has resumed normal operations,” said Angelo Kourkafas, senior
global strategist at Edward Jones. “In recent months, goods prices
have risen from relatively low levels, likely
reflecting tariff‑related cost pass. By contrast, services
inflation has shown encouraging signs of gradual moderation. We
expect cooling labor‑market conditions to contribute to further easing in
services inflation over the course of 2026.”
Investors are also watching for JPMorgan’s fourth-quarter
earnings results set to release before market open Tuesday. The bank will kick
off a slew of quarterly reports expected from major financial institutions,
such as Bank of America, Citigroup and Morgan Stanley, in the coming days.
Hank Smith, head of investment strategy at
Haverford Trust, expects bank earnings to come out strong. Major banks should
benefit from tailwinds such as accelerating economic growth, deregulation and
strong lending with a steeper yield curve adding to profitability, he said.
Monday’s regular trading session saw
the S&P 500 and
the 30-stock Dow hit
fresh records as investors moved past news of the Department of Justice’s criminal
investigation into Federal Reserve Chair Jerome Powell. The Russell 2000 index also
reached an all-time high.
Powell, whose term as chair is up in May,
said the investigation is yet another attempt by President Donald Trump to
pressure the Fed’s monetary policy. Trump has relentlessly called for
significantly lower interest rates. The stock market has largely brushed off
Trump’s attempts to pressure the Fed, as the central bank cut its benchmark
interest rate three times in late 2025 to support its dual mandate.
Separately, the U.S. president called
to cap
credit card rates for one year at 10%, which weighed on bank shares in
regular trading.
Trump on Monday evening also said
that any
country doing business with Iran will face a 25% U.S. tariff rate.
6 Hours Ago
Trump says any country doing business with
Iran will face 25% U.S. tariff
President Donald Trump on
Monday said
any country doing business with Iran will face a 25% tariff “on
any and all business being done with the United States of America.”
That new tariff on imports from Iran’s
trading partners is “effective immediately,” Trump said in a Truth Social post. “This Order is final and conclusive.
Thank you for your attention to this matter!” he wrote.
Further details about the tariff
announcement were not immediately clear. A White House official declined to
answer CNBC’s questions about the president’s social media post. The apparent
effort by Trump to economically isolate Iran comes as the oil-rich Middle
Eastern country struggles to suppress an ongoing swell of massive anti-government
protests.
Stock
market today: Live updates
Gold tops $4,600/oz as Fed uncertainty fans
safe-haven rush
Published Mon, Jan 12 2026 12:04 AM EST Updated
Mon, Jan 12 2026 3:18 PM EST
Gold hit a record above $4,600 per ounce
on Monday and silver reached a fresh peak as investors piled into safe-haven
assets after uncertainty deepened over a Trump administration criminal probe
into Federal Reserve Chair Jerome Powell.
Spot gold was up 2.2% at $4,609.58 per
ounce, after earlier hitting a record high of $4,629.94. U.S. gold futures for
February delivery settled 2.5% higher at $4,614.70.
“Elevated uncertainty plays directly into
the gold market, (and) every week we seem to have another area of uncertainty
added,” said Michael Haigh, global head of commodities research at Societe
Generale.
The backdrop underpinning the rally looked
unlikely to reverse anytime soon, he added. Gold surged more than 64% last
year, its best performance since 1979, while silver logged its strongest year
on record with a 146.8% gain.
U.S. President Donald Trump’s
administration has intensified pressure on the Fed, threatening to indict Chair
Jerome Powell over his comments on a building renovation project, an act Powell
called a “pretext” to gain control over rate cuts Trump seeks.
Powell’s term ends in May. The Trump
administration is expected to interview BlackRock’s Rick Rieder as a potential
candidate to succeed him, Fox News reported.
The Fed is expected to hold rates steady
at its January 27–28 meeting, after cutting them by 75 basis points last year.
However, markets are still pricing in two further rate cuts later this year,
boosting appetite for non-yielding assets like gold.
Geopolitical tensions also remained
elevated as Trump weighed potential responses to a deadly crackdown on protests
in Iran, following his removal of Venezuelan President Nicolas Maduro and
floating the idea of acquiring Greenland.
Spot silver hit an all-time high of
$85.75, and was later up 6.9% at $85.437 per ounce.
Gold and silver “go together”, said Ned
Naylor-Leyland, gold and silver fund manager at Jupiter Asset Management, but
“when silver captures flow, (it) really runs because it’s a smaller channel and
it’s more sensitive to the flows in and out”.
Spot platinum climbed 3.5% to $2,351.78
per ounce, while palladium gained 3.3% to $1,875.68.
Gold
tops $4,600/oz as Fed uncertainty fans safe-haven rush
In other news.
U.S. Attacked Boat With Aircraft That Looked Like
a Civilian Plane
Even accepting the Trump administration’s
claim that there is an armed conflict with suspected drug runners, the laws of
war bar “perfidy.”
Jan. 12, 2026
The Pentagon used a secret aircraft
painted to look like a civilian plane in its first attack on a boat that the
Trump administration said was smuggling drugs, killing 11 people last
September, according to officials briefed on the matter. The aircraft also
carried its munitions inside the fuselage, rather than visibly under its wings,
they said.
The nonmilitary appearance is significant,
according to legal specialists, because the administration has argued its
lethal boat attacks are lawful — not murders — because President
Trump “determined” the United States is in an armed conflict with drug cartels.
But the laws of armed conflict prohibit
combatants from feigning civilian status to fool adversaries into dropping
their guard, then attacking and killing them. That is a war crime called
“perfidy.”
Retired Maj. Gen. Steven J. Lepper, a former deputy
judge advocate general for the United States Air Force, said that if the
aircraft had been painted in a way that disguised its military nature and got
close enough for the people on the boat to see it — tricking them into failing
to realize they should take evasive action or surrender to survive — that was a
war crime under armed-conflict standards.
“Shielding your identity is an element of
perfidy,” he said. “If the aircraft flying above is not identifiable as a
combatant aircraft, it should not be engaged in combatant activity.”
The aircraft swooped in low enough for the
people aboard the boat to see it, according to officials who have seen or been
briefed on surveillance video from the attack. The boat had turned back toward
Venezuela, apparently after seeing the plane, before the first strike.
Two survivors of the initial attack
later appeared
to wave at the aircraft after clambering aboard an overturned piece of the
hull, before the military killed them in a follow-up strike that also
sank the wreckage. It is not clear whether the initial survivors knew that the
explosion on their vessel had been caused by a missile attack.
More
U.S.
Attacked Boat With Aircraft That Looked Like a Civilian Plane - The New York
Times
Sweden 'highly critical' of US rhetoric on
Greenland and Denmark, says PM
January 11, 20261:10 PM GMT
SALEN, Sweden, Jan 11 (Reuters) - Sweden
is highly critical of the "threatening rhetoric" against Greenland
and Denmark from U.S. President Donald Trump's administration, Prime Minister
Ulf Kristersson said on Sunday.
Kristersson said in a speech on Sunday
that the rules-based world order was under greater threat than for many
decades.
"We are highly critical of what the
United States is now doing and has done in Venezuela, in regards to
international law, and probably even more critical of the rhetoric that is
being expressed against Greenland and Denmark," he said at an annual
security conference in northern Sweden.
"On the contrary, the United States
should thank Denmark, which has been a very loyal ally over the years."
President Donald Trump said on Friday that
the U.S. needs to own
Greenland to
prevent Russia or China from occupying it in the future. He has repeatedly said
that Russian and Chinese vessels are operating near Greenland, something Nordic countries
have rejected.
Sweden 'highly
critical' of US rhetoric on Greenland and Denmark, says PM | Reuters
International law applies to everyone, including
US, says German finance minister
January 11, 2026 9:01 AM GMT
BERLIN, Jan 11 (Reuters) - The principles
of international law apply to everyone, including the United States, German
Finance Minister and Vice Chancellor Lars Klingbeil said on Sunday, in
reference to President Donald Trump's threats to seize Greenland.
"It is solely up to Denmark and
Greenland to decide about Greenland's future. Territorial sovereignty and
integrity must be respected," Klingbeil said ahead of his departure to
Washington for a meeting of finance ministers from the Group of Seven advanced
economies.
A U.S. military
seizure of
the mineral-rich Arctic island from Denmark, a long-time ally, would send
shockwaves through NATO and deepen the divide between Trump and European
leaders.
"We increase security in the Arctic
together as NATO allies, not in opposition to one another," Klingbeil
said.
ACCESS TO CRITICAL MINERALS WILL BE G7
FOCUS
Monday's G7 meeting will focus on access
to critical minerals as Western countries seek to reduce their dependence on
China given moves by Beijing to impose strict export controls on rare earths.
Klingbeil said Germany has a strong
interest in expanding international cooperation in this area in order to
strengthen security of supply, reduce dependencies and ensure reliable economic
framework conditions.
"That is why it is important that we
consult with our international partners and - wherever possible - act
together," he said.
China dominates the critical minerals
supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite
and rare earths, according to the International Energy Agency.
International law
applies to everyone, including US, says German finance minister | Reuters
Donald Trump’s threats to seize Greenland by force
make him no better than Vladimir Putin
12 January 2026
You can tell a lot about a place by its
name.
The Inuit name for Greenland – Inuit
Nunaat – translates as “land of the people”. And those hardy souls living on
the world’s largest island are proud of their homeland.
So when Donald Trump claims he wants to
buy Greenland, it comes across as a huge insult to the local population.
The Record sent our chief reporter Mark
McGivern to Nuuk, the island’s tiny capital, to speak with residents and hear
first-hand what they make of the US President’s aggression. A straw poll
carried out by our man in Greenland among locals in Nuuk found them almost
unanimous in their opposition to Trump.
The threat of using force against a
population of only 55,000 has gone down particularly badly. This is a
hard-working, self-sufficient community that has no need for an overlordship
imposed by Washington.
Greenland, a sovereign part of the Kingdom
of Denmark, is already part of Nato. American businesses are already free to
invest in the island and its abundant mineral wealth.
There’s no doubt it is of massive strategic
importance – especially as new shipping lanes open up as the polar ice cap
shrinks.
But that does not mean the people who live
there should be treated like cattle to be bought and sold.
The island already enjoys a large degree
of autonomy. It should be up to Greenlanders to decide their own future.
Trump’s threats to seize a peaceful
country by force make him no better than Vladimir Putin, whose war of
aggression in Ukraine has sickened right-thinking people around the world.
Global peace, security and freedom are at
risk from these two men.
Donald Trump’s
threats to seize Greenland by force make him no better than Vladimir Putin
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.
US
‘risks 1970s-style inflation crisis’ over Fed investigation
12 January 2026 12:38pm
The US is at risk of a
1970s-style inflation crisis, economists have warned after the Federal Reserve
was hit with a criminal investigation that threatens its independence.
Swiss private bank
Berenberg warned the value of the dollar could fall and investors may shun US
debt if they think the independence of the Fed has been eroded.
Gold hit a record high,
Wall Street stocks fell and the US currency slumped today after the Department
of Justice served grand jury subpoenas against Jerome Powell.
Mr Powell said the US
president’s desire to influence interest rates was the reason for the legal
action, which officially concerns the Fed chair’s testimony to the Senate
Banking Committee last June on a renovation project at the central bank, which
has spiralled over budget.
He said: “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.”
The Federal Reserve cut
interest rates three times at the end of last year but Mr Powell had indicated
that rates would likely remain on hold, at least in the short term, as
policymakers assess the latest data on the American economy.
Berenberg US economist
Atakan Bakiskan said lowering interest rates in the face of higher inflation
could trigger a situation similar to that seen in the 1970s, a period known as
the Great Inflation when consumers faced double-digit price increases.
He said: “If the Fed
pursues an ultra-accommodative monetary policy despite higher inflation, the
result could resemble the 1970s in a worst-case risk scenario.
“Moreover, if the Fed
acts on politics rather than data, foreign investors could pull back on
financing the US debt and seek new safe havens.”
Mr Bakiskan added the
market “may be too complacent” on the risks associated with the legal action,
after US Treasury bond yields – the return investors demand to buy US
government debt – rose only slightly today.
US ‘risks 1970s-style inflation crisis’ over Fed investigation – latest
updates
Former
Fed Chairs Condemn US Targeting of Powell
January
12, 2026 at 11:27 PM GMT
Three former heads of the
US Federal Reserve and four former Treasury secretaries in Democratic and
Republican administrations decried a criminal probe ordered up by
the Trump administration into Fed Chair Jerome Powell, the latest unprecedented
escalation under Donald Trump and one which they warned will further undermine
the central bank’s independence.
“This is how monetary
policy is made in emerging markets with weak institutions, with highly negative
consequences for inflation and the functioning of their economies more
broadly,” the former officials said. “It has no place in the United States,
whose greatest strength is the rule of law, which is at the foundation of our
economic success.” Former Fed Chairs Janet Yellen, Ben
Bernanke and Alan Greenspan, the only three living past chairs,
signed the statement. A few Republicans on Capitol Hill voiced
concern about the administration’s move against Powell as well, a rare
break with more common expressions of unswerving party support.
“Sell
America” sentiment rippled
through markets on Monday morning, but even
the administration’s globally
destabilizing attack on Powell—ostensibly over a renovation
project—wasn’t enough to convince equity investors anything major was awry.
Wall Street managed to recover by
day’s end. —Natasha
Solo-Lyons and David
E. Rovella
Ex-Fed
Chairs Condemn Powell Probe: Evening Briefing Americas - Bloomberg
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.
Lithium-ion battery suspected cause of EMR Leeds fire
Firefighters
were called to a fire at EMR’s Leeds Cross Green recycling facility late on the
evening of 6 January 2025, with nearby residents advised to keep doors and
windows closed due to a large smoke plume.
January 8, 2026
Firefighters were called to a fire at
EMR’s Leeds Cross Green recycling facility late on the evening of 6 January
2025, with nearby residents advised to keep doors and windows closed due to a
large smoke plume.
West Yorkshire Fire and Rescue Service
(WYFRS) confirmed that crews were alerted at around midnight to a fire at the
scrapyard on Knowsthorpe Road in Cross Green, Leeds.
At the height of the incident, eight
fire engines and one aerial ladder platform were in attendance as firefighters
worked to bring the blaze under control.
In its first update, WYFRS advised: “All
residents in the area around the site are being asked to keep doors and windows
closed due to a large smoke plume. Please avoid the area.”
The fire service later confirmed that
the response had scaled down overnight, with four crews remaining on site.
Relief crews were due to take over during the day on 7 January to continue
damping down and checking for hotspots.
‘No injuries were sustained’
EMR has confirmed the incident, stating
that the fire broke out at approximately 10.30pm on 6 January.
----Lithium-ion battery behind blaze
According to EMR, initial investigations
indicate that a lithium-ion battery was the cause of the fire.
The spokesperson added: “Lithium-ion
batteries are responsible for more than 1,000 fires in the UK waste sector each
year.
“Despite our stringent quality assurance
measures, these hazardous items continue to pose a significant risk to
recycling operations globally.
“We remain committed to reducing the
risks associated with lithium-ion batteries by working closely with our
customers, partners, and battery manufacturers.”
The Environmental Services Association
(ESA) has warned of the surge in battery-related incidents, recently describing
the situation as reaching “epidemic levels”.
Lithium-ion cells can ignite when
damaged or crushed, common occurrences in mixed waste streams. Once
compromised, the batteries can enter thermal runaway, rapidly reaching extreme
temperatures capable of igniting surrounding materials.
Lithium-ion battery suspected cause of EMR Leeds fire - letsrecycle.com
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt Clocks
(usdebtclock.org)
Gold and Silver have always had value, never gone to zero. Can
you say the same for stocks and bonds?
Mark Skousen
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