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Wishing you and your loved ones a very Happy New Year! May 2026 bring you health, laughter, and time well spent with the people who matter most. Here’s to new adventures, good surprises, and all the very best for the new year ahead Markets : previous metals wild ride on margin calls, higher CME margin requirements (again) AND Shanghai Gold exchange closed till Jan 5th.. (big bank's chance to bash metals..in some way, higher margin calls make me more bullish metals long-term..), GOLD pretty steady not too far off highs.. Equity markets >> techs, AI 'topping' out into year-end, GO defensive, pick up some commods related stocks, precious metals stocks #SILJ #SIL #GDXJ etc.. on a decent dip, watch out for that early Jan move, bonds fairly steady and USD picking up a little bit of ground AI hacking, mass tech layoffs, American CEOs lost their voice and chose to coy up to Trump Brexit didn’t begin in 2016. It began in June 2003. Britain  didn’t lose the NHS bc of Europe. It lost it bc it walked away from the growth model that could have paid for it And to close the year... Trump threatens to sue Fed Chair Jerome Powell for 'gross incompetence' over costly building renovation Surging silver and gold slide after CME raises margin requirements Margin calls will do nothing against this Eric Yeung 👍🚀🌕 on X: "A glimpse of 15 kg SGE #Silver slabs selling at the Shuibei (水贝) Shenzhen Luohu District China's premier gold and jewelry hub. https://t.co/mjvzVpxuTR " / X Trump threatens to sue Fed Chair Jerome Powell for 'gross incompetence' over costly building renovation Disrupting the first reported AI-orchestrated cyber espionage campaign \ Anthropic Speeds and scales that human hackers can’t match....make it stop before it's too late.. #regulate #tax How a tax code time bomb fueled mass tech layoffs Trump fired the BLS chief. Argentina has a lesson for him Shanaka Anslem Perera ⚡ on X: "🚨 THE NUMBER WALL STREET DOESN’T WANT YOU TO SEE Global defensive stocks just hit 17% of world market cap The last time this happened? March 2000. Six months before the Nasdaq crashed 78%. Here’s what the smart money is doing while you chase AI: THE SETUP: Consumer https://t.co/s5irFpHnjM " / X Softbank fulfills $40 billion OpenAI backing, sources tell CNBC SoftBank just wired $40B to OpenAI. To fund it, Masayoshi Son sold his ENTIRE Nvidia stake. He admitted he "was crying" while doing it. Here's what no one is telling you about what happens next: The $40B flows to OpenAI. OpenAI commits $300B to Oracle. Oracle borrows $108B to build data centers. Oracle buys $40B in Nvidia chips. Nvidia "invests" $100B back into OpenAI. The circle closes. $610B circulating. Only $40B of new money entered. This is not an investment. OPEC+ Likely to Confirm Oil Production Pause, Delegates Say Liz Webster on X: "🚨 NEW: The real sliding-door moment of Brexit 🔥 revealed! Brexit didn’t begin in 2016. It began in June 2003. Britain 🇬🇧 didn’t lose the NHS bc of Europe. It lost it bc it walked away from the growth model that could have paid for it. That was the moment Britain quietly https://t.co/2F37WK9M8G " / X Chlorinated chicken row as US seeks leverage over stalled UK tech pact - FarmingUK News

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

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