Open: 1062.38 Close: 1039.51 Change: -22.87

Today's Summary

Canada got a standing ovation in Davos for starkly describing end of Pax Americana. House prices are under pressure and might turn negative year-over-year sometime in 2026. Rates are going up on January 30 for the first time in 17 years. Retail is slowly waking up to buying gold and silver – peak prosperity. We also cover debt levels, the Japanese bond situation and more. Transcripts are available for our Peak Insiders. Americans personal income rose 4.3% year-over-year in November to an annual rate of $26.4. Young people are deeply into cryptos, and young people are invested in stocks. Wolf Richter says inflation rate was not 50% over the past 5 years. America owns way more gold than any other entity. Russell: I wake up on a day like today where Nasdaq is down 1.5%, I know Im gonna see a bunch of emails, ah, you told us to stay long and look, were down one point a half percent today. Were up 17% for the year and the NASDAQs up 23%. Not even negative nominal interest rates will extricate governments largess. Trump administration has slashed funding for global humanitarian assistance and health programs. A study by the Barcelona Institute for Global Health and other organizations found that US and European aid cuts could together cause up to 22.6 million additional deaths. The idea that ISIS was created by the CIA absolves you from having to grapple with challenging and unfamiliar ideas, and plunging into the complexities of Islamic doctrine, the Muslim Brotherhood and the Islamic doctrine. The creation of irregular militant forces by intelligence agencies and states is NOT a function of existing ideologies or histories as much as it is simply the employment of criminals. Immigration agents are sagging morale and declining standards are a constant theme, says Yves Smith. Germany has 1,236 tons of gold held at the Federal Reserve Bank in New York. UK seized $2 billion of Venezuelan gold held in Bank of England. Pressure on China to allow the yuan to appreciate significantly would defuse trade tensions. Military–Industrial–Venture Complex risks becoming destabilizing force in international politics. There are signs that Japan is already beginning its industrial revival. The Nikkei 225 index has been on a tear recently. Japan isnt close to hitting the 30% target that former PM Abe set out. Noah Smith: Where does a liberal go from here? Our movement overreached and crashed. Any new liberal project will probably be forced to endure years of retrenchment and soul-searching. Only Elon has built China-like manufacturing businesses in America, says Smith. Bitcoin BTC (24h) $89,255.76 +1.23% In this article ZachXBT, Zach XBT, Person +0, is writing a summary of the days events. ZRO (+15%), AXS (+10%) and DASH (+8%) led top movers. Ledger preparing for $4B IPO. Rhode Island lawmakers introduced Senate Bill S2021 to exempt small Bitcoin transactions from state income and capital gains taxes. Steak n Shake has increased its Bitcoin exposure by an additional $5 million in notional value. Bitcoin faces macro uncertainty with impending US shutdown. Ledger preparing for $4B IPO, enlisting Goldman Sachs, Jefferies and Barclays for support. DASH (+60%), IP (+30%) and XMR (+13%) led top movers. XMR hit another new ATH at $680 (now $640) Gold and Silver hit new AThs again in the wake of Powell investigation. Arctic Storm Fern has curbed electricity supply to millions of people across the eastern two-thirds of the United States, slashing oil supply by 2 million b/day, gas production by more than 10 bcf/day. Tethers USAT stablecoin is now available for trading and will be issued by Anchorage Digital. Decarbonization by 2050 is not a self-executing policy; it is a long-term structural transformation of energy systems, industries, and societies. Cushing inventory fell by 92,000 barrels, after increasing by 1.2 million barrels in the prior week. Oil supertanker markets stay red-hot as sanctions bite.