Merry Christmas.
Gold and silver continue making new highs, day after day. Americans interested in their own well-being have roughly 18 months to two years to acquire assets and then figure out how to smuggle move them to other jusidictions. That may sound like hyperbole, but the warning signs that the United States is becoming very much a rogue superpower can be found everywhere, with only limited research. The time to find a safe haven is limited and growing short. It's best to find a safe place for you and your family before SHTF, because once it does, there will be no escape.
Over the past few days, while the U.S. is busying itself in the Caribbean, seizing oil tankers and purporting to overthrow Venezuelan leader, Nicolas Maduro, across the Atlantic, the Trump administration chose Christmas Day to launch attacks on suspected ISIS strongholds in Nigeria, ostensibly to limit their ability to attack Christians living in the African nation. The FCC banned Chinese drone manufacturers DJI and Autel from the U.S. market on national security grounds.
The Department of Justice says it found a million more documents related to Jeffrey Epstein. Many of the documents already released have been heavily redacted, prompting many observers to wonder who exactly is being protected. It's a high probability that many high-level eexcutives and government figures were involved in the affairs of the mysterious Mr. Epstein and his ties to foreign govenments and human trafficking.
Moving on, the price of silver on the international spot market reached as high as $75.67 since 6:00 pm December 25 when the market reopened after the holiday. Gold set a new high mark at $4531.00. Both are expected to continue rising until the paper market suppression at the COMEX and LBMA are finally broken. Traders in precious metals and other valuable commodities should prepare for rule changes at the Chicago Mercantile Exchange (CME), limiting contract size while increasing margin requirements in an effort to staunch the rising prices. As of this morning, the price of an ounce of silver in Shanghai, in U.S. dollars is $81.99, the rather extreme premium over U.S. pricing suggesting that silver is in high demand and that any metal available in quantity should be moving from the West to the East, though that's easier said than done as supplies are low and being hoarded.
Beyond that, China will be imposing strict controls on silver leaving the mainland on January 1 which will effectively send prices to even higher levels. Analysts who have been predicting "triple digit" silver in 2026 may get their wish much sooner than expected.
With just four more trading days in which to square up stock portfolios, U.S. market observers continue to contemplate the ongoing Santa Claus Rally™, which should swing into high gear over the remaining sessions in 2025 and possibly extend into the first few sessions in January.
Stocks are already at or near all-time highs, so a rally from current levels will surely appease the president and millions of 401k participants who have seen their wealth increase dramatically during 2025 without lifting a finger. Who knew becoming rich would be so easy?
Notably, to Dow Theorists, not wearing a suitable rally cap is the Dow Jones Transportation Average, which continues to flirt with the all-time closing (bubble) high of 17,754.38 on November 15, 2024, the average closing at 17,669.42 on December 24. Failure to surpass the previous high implies that the massive rally off the "liberation Day" lows in April on the Dow (and, by inference, the other major averages) is cyclical in nature rather than secular, the primary trend remaining on the bearish side. While Dow Theory may have a point, it hasn't helped short term traders who may have missed out on a substantial rally of more than 11,000 points on the Dow, but, hey, it's only money.
With the opening bell due to ring in less than half an hour, stock futures are fairly flat, gold and silver are bid, and crude oil is coming down off a earlier high of $58.84.
Happy holidays, especially to silver stackers and gold hoarders. May the New Year be as kind as the one at an end.
Tyrannide delenda est.
At the Close, Wednesday, December 24, 2025:
Dow: 48,731.16, +288.75 (+0.60%)
NASDAQ: 23,613.31, +51.46 (+0.22%)
S&P 500: 6,932.05, +22.26 (+0.32%)
NYSE Composite: 22,229.11, +77.39 (+0.35%)
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