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Markets : ... SILVER unchanged since Christmas eve... (however up and down well over 10pct last couple of days, a little overcooked short-term, but not necessarily long-term (same old..'under owned' L/T..more below).. same for PALL, PLAT and GOLD to a certain extent.., BTC still heavy, equity markets pretty quiet near highs, FXlala land very little going on (JGB yields divergence with JPY interesting as we start 2026), although USDCNH sub 7 for the first time since 2023 >>> commods, URA, rare earth, metals still the name of the game in 2026.. China war games near Taiwan, and ''Trump's plan'' in UKR-RU faces new obstacles Geoffrey Hinton ''AI job wipe-out just the beginning'', cheering news ! >>>>> Musk says jobs will be “optional.''..., Bill Gates says humans won’t be “needed.”...If there’s no work, no wages, no income, who pays the rent, food, healthcare? .. we all get universal salaries to stay at home ? they better start taxing Ai companies hard to pay for it then.. CHINA WARNS THE UNITED STATES “If you want war, you will get war; if you want to destroy China, you will be destroyed. China will not fire the first shot, but China will not allow you to fire the second shot” — Victor Gao, President of China Energy Security Institute The US is using the collapsed tech/AI deal to force Britain to accept chlorinated chicken and hormone-treated beef "While markets are likely to continue to rise in 2026, valuations are now high across the equity complex in each region compared with history." -GS Oppenheimer US large bankruptcies rose to 717 in the first 11 months of 2025, the highest reading in 15 years. This marks the 3rd-consecutive annual increase Musk warns on record silver prices amid China supply fears Surging silver and gold slide after CME raises margin requirements | AP News Silver Squeeze of 2025: A Matter of Professional Integrity China stages military drills around Taiwan to warn 'external forces' after US, Japan tensions China flexes blockade capabilities near Taiwan on second day of military drills Ukraine war latest: Trump 'very angry' about alleged strike on Putin home - but admits it's 'possible' it didn't happen | World News | Sky News JPY, JGB's Global Markets Investor on X: "‼️The Bank of Japan's balance sheet reduction (QT) is accelerating: Total assets fell ¥61.2 trillion in Q3 2025, to ¥695 trillion, the lowest since Q3 2022 and in line with Q3 2020 levels. This reflects efforts to stabilize the rapidly weakening yen and reduce inflation https://t.co/TzNBy52rGm " / X Meet the newly minted AI billionaires of 2025 Geoffrey Hinton: AI is coming for many more jobs in 2026 IMHO... not so much about Ai, or not only about Ai, more about ''peak AI..'' ... AI job market impact: Layoffs driven by economy, not automation Nvidia takes $5 billion stake in Intel under September agreement Fewer jobs and more unemployment in the Swiss banking sector - SWI swissinfo.ch Chlorinated chicken row as US seeks leverage over stalled UK tech pact - FarmingUK News Hedgeye on X: "Uranium prices surged this year due to constrained supply: The latest EIA report shows U.S. Uranium production falling 44% in Q3. Just six facilities accounted for all U.S. production, with ~63% of total U.S. production coming from one facility in Texas. Uranium supply https://t.co/oFpObb6vuO " / X

Trump on the defense prime contractors focusing on Wall St instead of production : "We’ll be discussing executive pay, dividends, CapEx and buybacks. I don’t want them buying back their stock. I want them putting the money into Plant and Equipment." >> this is a pretty BIG deal for 2026..most likely.. At President Trump’s direction, the Treasury Department is utilizing all tools to stop terrorist cartels, drug traffickers, and human smugglers. This sweeping operation examining U.S. money services businesses along the southwest border will help root out potential cartel-related money laundering from the U.S. financial system All-In Interview: Treasury Secretary Scott Bessent! (Thread-interview-well worth it) Markets : BofA proprietary Bubble risk indicator (thread), Trump building battleships now (bigly bigger than ever), iconic Saks considering bankruptcy, precious metals.. 'what else', JPY strengthen a little, beware.. (very short JPY positioning and interventions chatters ahead of 157-160 USDJPY), RBA minutes show upside risk to inflation (HUGE res levels AUDUSD around 0.6700 area... with risk and commods into next year! one has to wonder why AUD is still so weak..), SPX500 to re-test close to 200WMA (Thread) - for a generational buy opportunity !, Apollo 2026 outlook (Thread) >>>> USDollar softer into year-end..., in some or many way, the higher US debt goes, the higher asset prices must rise (GOLD, precious metals, hard assets, quality equity etc), fiscal austerity is not an option these days (even BoJ recently wanted to run it hot..), must inflate the debt away or be crushed.., industrial metals and commodities will/should be next in 2026, certainly a huge focus going into next year.. Trade : |   China to impose duties of up to 43% on certain EU dairy products as trade tensions ratchet higher Geopolitics : Trump said talks between Moscow and Kyiv are going “OK.” Separately, Fitch lifted Ukraine’s score from selective default after the nation announced creditors agreed to an exchange of its growth-linked debt into conventional bonds, The US and its allies are renewing their push to hold a conference on Gaza reconstruction, with Washington and Egypt among potential venues Investment-grade borrowers have issued $1.7tn of bonds this year, closing in on 2020s Covid debt rush, stoked by a rush of borrowing to fund AI. (FT) The All-In Podcast on X: "All-In Interview: Treasury Secretary Scott Bessent! -- 2025 economic recap -- What to expect in 2026 -- Fixing the Fed -- Tariffs for national security leverage -- Solving affordability (0:00) Treasury Secretary Scott Bessent joins the show (0:55) Recapping 2025 and the https://t.co/jE7Bb3ieNZ " / X “I called the Fed 'the engine of inequality' and someone said to me, ‘Well, do you believe that the Fed is responsible for economic equality in the system?’” “And I said, ‘Absolutely not. That is not one of their mandates, but they shouldn't be exacerbating it.’” >>> agree or not, worth listening again... basically.. Bessent is the 1st Treasury Secretary in 50+ years, that is reordering 3 main things that interact with each other 'markets, money and power'...rather than follow consensus..tariffs, Reagan-like tax policy, supply side economics and full on control of the FED effectively... The largest battleship in the history of the world: US president announces new 'Trump Class' warships AI debt boom pushes US corporate bond sales close to record Larry Ellison puts $40 billion behind Paramount's Warner Bros. bid Saks Fifth Avenue parent mulls Chapter 11 bankruptcy as it seeks emergency funds: report US probes money service businesses along Mexican border as part of fight against illegal immigration Eric Sprott's SHOCKING Portfolio - 2025 Yearly Wrap-Up | Sprott Money John, CMT @ The Rock Trading on X: "There has been no time in S&P 500 history, has it ran more than 30% before pulling back to the 200 Weekly Moving Average. Most recent steep pull backs was Covid Crash, where prices was 23% above the 200WMA. Post Covid, 25%. Tariffs 22%. Current S&P is 27% above the 200WMA. $SPY https://t.co/bHEPrqUOne " / X Seth Golden on X: "BofA proprietary BUBBLE RISK INDICATOR All bubbles have same quality; studies an assets distribution, returns, volatility, momentum, convexity Above .80 = BUBBLE (red line) So far, highest reading for AI boom has been .70; currently .25 BofA will inform me to remove the post https://t.co/M06lmrqdI4 " / X Liz Webster on X: "🇬🇧 Austerity weakened Britain and Brexit cheapened it. 🇬🇧 Now private equity is harvesting the result in a fire 🔥 sale. 🇬🇧 Britain isn’t attracting investment bc it’s thriving, it’s attracting takeovers bc it’s cheap, weakened, and for sale. 🇬🇧 This isn’t confidence in https://t.co/33sTq9I3cv " / X Boring_Business on X: "Apollo Global Management just released their outlook for 2026 Here are a few charts that caught my eye 1/ Restarting of student loan payment is a notable headwind for a sizable portion of US consumers, especially for middle and lower-income households https://t.co/INM1FRH1E8 " / X

Markets : JPY weakness persist despite BoJ hike (long-end softer #duration not good for currency..), Ai related stocks bounced back on Friday and overnight, precious metals MUCH higher again.. (PLAT, PALL, Silver, Gold, and Copper too, worth noting miners have been lagging price action, and for next year it's all about commodities...) , 10year JGB yields have surpassed the 2008 highs, Global money supply is out of control (thread), Farmers revolt across Europe, AI-Big tech.. is the largest valuation gap since the 2000 Dot-Com Bubble >>> low vols, money supply keeping markets hot vs valuations that are too high (nothing really new mind..), mining stocks and commods for next year....FX pretty quietm maybe some USD sales into year-end - let's see Geopolitics : US pressure on Venezuela's oil supply - Ukraine has shifted strategy toward attacking Russia’s oil infrastructure - Iran-Israel tensions continue to rise Sen. Mark Kelly on taxing AI companies that kill jobs, data center revolts, and working with Republicans ERIC SPROTT into 2026: “I probably own 97% of my assets in Gold and Silver. I sleep well at night.” AI debt...there was none, and suddenly $120bn Lukas Ekwueme on X: "The AI bubble is entering its debt phase at record speed. They went from zero borrowing to $120 billion almost overnight. But all that money is meaningless if you can’t get access to the grid. https://t.co/N2l6JDBxA2 " / X The Kobeissi Letter on X: "Global money supply is out of control: Global money supply is now up to a record $45 trillion. This comes as China's M1 money supply has risen to $16.5 trillion, an all-time high. China has driven the majority of global money supply growth this year. China is currently the https://t.co/uiCnYhtcnt " / X And... BofA’s Bull & Bear indicator has moved into Extreme Bullish territory, rising to 8.5 from 7.9 and triggering a contrarian sell signal for risk assets... Holger Zschaepitz on X: "OOPS! BofA’s Bull & Bear indicator has moved into Extreme Bullish territory, rising to 8.5 from 7.9 and triggering a contrarian sell signal for risk assets. Readings above 8.0 have often preceded pullbacks, w/global equities declining a median 2.7% over the following 2mths, w/a https://t.co/dSIuLo21Yk " / X Simply well explained Michael Burry: The AI Bubble is Fraudulent. Gold #1, Silver #2: Why Real Money Will Soon Run the World Once Again! Venezuela denounces Trump's order for ship blockade as 'warmongering threats' - BBC News Trump administration denies cover-up over Epstein files Khanna, Massie threaten 'inherent contempt' charges against Bondi over partial release of Epstein files Zurich fears impact of rumoured UBS move - SWI swissinfo.ch The got bailed out 15y ago, they got CS on the cheap, and now they want to impose themselves on swiss tax payers.. really..? Mark Kelly on taxing AI companies that kill jobs, data center revolts Nike earnings show it's losing China. The stock falls 10% EndGame Macro on X: "The Media Isn’t Really Talking About This, But Farmers in Europe Are Revolting What unfolded in Brussels wasn’t random or emotional noise. It was pressure applied at exactly the moment it mattered. Farmers showed up with tractors as EU leaders met to decide the fate of the https://t.co/7dg9xtu8y4 " / X Global Markets Investor on X: "🔴This is the largest valuation gap since the 2000 Dot-Com Bubble: US technology stocks now trade at their highest valuation premium relative to defensive stocks since the Dot-Com peak. It has rarely been this cheap to own defensive relative to tech👇 https://t.co/ufsjG6EWfU " / X

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