Banks are borrowing at anywhere from 0.50% to 3.75%, charging interest on credit card loans at rates between 15% and 35%, but they're having a hard time improving profits.
On Tuesday, it was JP Morgan Chase getting whacked after releasing fourth quarter 2025 earnings with a big miss in EPS. The stock is down more than six percent on the week. Wednesday the terrific trio of Citigroup (C), Bank of America (BAC), and Wells Fargo (WFC) released their earnings numbers and Wall Street sent them down 3.34%, 3.78%, and 4.61%, respectively.
This morning, Thursday, it's Goldman Sachs (GS) getting the cold shoulder after missing revenue estimates and taking a $2.26 billion loss on their former holding of the Apple Card portfolio which they sold to JP Morgan Chase (JPM). Goldman Sachs is down two percent pre-market with further markdowns sure to come during the cash session. Undeterred, Goldman lowered their provision for credit losses (adding to their bottom line) by $2.48 billion. JP Morgan added to theirs by roughly the same amount. Those Apple Card users must not be using enough AI, apparently. Their portfolio is a mess.
Banks not improving their profitability when money is loose and getting looser, the GDP is supposedly running red hot at about four percent, and inflation, according to the most expert opinions, is grinding lower doesn't quite add up. These financial wizards should be absolutely raking it in and they're not.
Maybe, just maybe, they know something the general public doesn't. Like bankruptcies are rising, consumer loans and credit cards are defaulting at alarming rates, and kidnapping heads of state isn't exactly stable foreign policy. The mainstream media complex won't tell the public what's really happening and the government is almost certainly cooking the books. Massive fraud is uncovered and yet, nobody goes to jail. At the same time, gold and silver are sending an alternative message about the stability of the US$ and the Western global financial system. Truth is, BRICS and most of what's become known as the "Global South" are shunning use of the dollar, trading amongst themselves and resetting the prices for not just precious metals, but commodities in general.
The United States, which once was a bastion of free speech, rugged individualism, and a strong middle class, has, mostly over the past 20 years, been downgraded to an enormous socialist/fascist third world state with a centrally-planned economy that is $38 trillion in debt, run by oligarchs and mega-corporations that likes to use its military to steal natural resources and other treasures from smaller countries. This is a far cry from the 1950s and 60s, when the United States was the wealthiest country in the world and a single earner with a wife two kids and maybe some pets could afford a decent house, annual vacations, and all the elements of a prospering middle class. That's all gone. Two incomes are now required for home ownership, and only if the combined income is upwards of $150,000. Even then it's a stretch. Vacations, Saturday night steaks on the grill, and other niceties are now considered luxuries. Most of the citizens can barely afford rent and food.
Yes, America is kinda going backwards. You can thank the last eight or 12 presidents and the congress that still hasn't figured out how to actually prepare a budget and stick to it. Removing the dollar redemption for gold, finally defaulted in 1971, played a huge rule.
Something's going to break.
At the Close, Wednesday, January 14, 2026:
Dow: 49,149.63, -42.36 (-0.09%)
NASDAQ: 23,471.75, -238.12 (-1.00%)
S&P 500: 6,926.60, -37.14 (-0.53%)
NYSE Composite: 22,721.23, +65.78 (+0.29%)
In January, 2025, the price of silver on the spot market was somewhere between $28 and $32 per troy ounce. A year later, for all intents and purposes, that price has tripled.
Thank about that for a moment. A 200% gain in just one year. A triple.
Now, think about individual people - hundreds of millions of them from America to Europe to China and India and all places in between - that own silver in the form of bars, coins, trinkets, and jewelry. Their net worth has seen a massive increase, depending on how much silver they hold.
Americans, probably the dumbest people on the planet, have been selling their silver and their gold as prices have rocketed higher. Imagine those who sold at $50 an ounce, probably got $45 or thereabouts from their coin dealer, and are now kicking themselves for selling too soon, believing that the COMEX, LBMA, CME, and the usual horde of speculators and bullion banks that have been short silver for decades, would perform their usual magic and send the price screaming back down into the 30s or 20s.
They were wrong. Dead wrong. The Comex has been effectively neutered by industrial buyers and U.S. bullion banks who switched from short to long around and after September of 2025.
Now, those 100s of millions of people in China, India, Turkey, Saudi Arabia, Iran, and elsewhere across Asia and Africa who held their silver, knowing from experience that it has value as money, plain and simple, they're feeling much more well off than they were a year ago. In some of these countries that regard gold and silver in high esteem, many households probably have 100 ounces of silver or more. What was $2,500 in January of last year is now $7,500 presently (as measured in their currencies of course), and prospects for further gains are not just good, they are very, very good.
What has happened over the past year is nothing short of a massive shift in wealth, changing course from the haves to the have-nots, a dynamic reversal of the top 10% reaping all the gains, mostly in stocks, while the lower 90% tried to keep up. The rest of the world, outside the West, is very different in their approach to just about everything, and, in the case of gold and silver, their age-old reverence from precious metals is paying off in many ways.
Just think about 100 to 500-ounces of silver in 200 million or more Asian and African households - not all of them, mind you, but enough to make a huge difference - that are reaping the rewards of simply saving in silver and gold as protection from inflation and calamaties in fiat currencies. They are not only feeling what former Fed Chairman Ben Bernanke termed the "wealth effect", they are experiencing it in real, tangible ways.
One example of how silver will be changing lives is in India, which, back in October issued formal requirements of banks and other financial institutions to lend to individuals and small merchants using silver as collateral. All are supposed to be in compliance by April 1, 2026, but many already are. Indians, mostly rural farmers and businesspeople, are being lifted out of poverty every day now in the world's most populous country and the use of silver as collateral or just plain old money is spreading like wildfire across the globe.
Back in the world of stocks, the Dow took a heavy blow on Tuesday, mostly in response to JP Morgan's (JPM) rare earnings shortfall. Today it's Citigroup that is soon to be feeling the pain, having missed top and bottom line this morning with their 4th quarter earnings report. Bank of America (BAC) and Wells Fargo (WFC) also reported this AM and are both being sold off 1.5-2.5%, despite earnings that were pretty much in line with expectations, indicating that something larger is spooking the market.
Perhaps it has something to do with the Producer Price Index for December, which, earlier this morning was reported thusly:
The Producer Price Index for final demand increased 0.2 percent in November, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices edged up 0.1 percent in October and advanced 0.6 percent in September. On an unadjusted basis, the index for final demand rose 3.0 percent for the 12 months ended in November.
The November increase in prices for final demand can be traced to a 0.9-percent advance in the index for final demand goods. Prices for final demand services were unchanged.
The index for final demand less foods, energy, and trade services advanced 0.2 percent in November after moving up 0.7 percent in October. For the 12 months ended in November, prices for final demand less foods, energy, and trade services climbed 3.5 percent, the largest 12-month increase since rising 3.5 percent in March.
Stock futures are lower across the board. Gold, silver, and oil are positive.
Inflation is in the pipeline and the president wants to annex Greenland and lower interest rates.
Any idea how insane all of that sounds?
At the Close, Tuesday, January 13, 2026:
Dow: 49,191.99, -398.21 (-0.80%)
NASDAQ: 23,709.87, -24.03 (-0.10%)
S&P 500: 6,963.74, -13.53 (-0.19%)
NYSE Composite: 22,655.44, -40.49 (-0.18% )
The company reported diluted earnings per share of $4.63, compared to $5.07 in the third quarter and $4.81 in the same period a year ago. From a bottom line perspective, it's clear that business is going in reverse at the venerable ship of state with the "fortress balance sheet." EPS estimates were largely in a range of $4.90-5.00. This constitutes a very big miss and a sets a poor tone for earnings season, just now beginning.
Further on, as one delves deeper into the company’s numbers, the declines in gross and net income indicate a severe decline that cannot be attributed to the 43-day government shutdown from October 1 into November, but to underlying factors stemming primarily from consumer spending trends.
The company breaks down their results into sections, though it is within Consumer & Community Banking (CCB) that most of the financial damage can be seen. Net income was $3.6 billion, down 9% from the fourth quarter of 2024, and down 27% from the prior quarter.
Company-wide, provision for credit losses was $4.7 billion. Net charge-offs were $2.5 billion, up $150 million, predominantly driven by Wholesale. The net reserve build was $2.1 billion, reflecting a $2.2 billion reserve established for the forward purchase commitment of the Apple credit card portfolio. In the prior year, the provision was $2.6 billion, net charge-offs were $2.4
billion and the net reserve build was $267 million.
Net revenue of $46,767 billion, was down from $47,120 billion in the third quarter, but up 7% from $43,738 billion in the 2024 fourth quarter, rouhgly in-line with inflation, which means the company was mostly treading water for all of 2025. They are losing share and money is fleeing from their credit card business, just as they take on the Apple Card portfolio, taken over from management by Goldman Sachs. The $2.2 billion reserve established just for that portfolio is stunning, given that Apple customers are widely regarded to be fiscally prudent. The fact that Goldman sought to unload the unit is indicating the opposite. Expect more write-downs when JPM issues first quarter results in April.
JP Morgan's results reflect similarities in other U.S. large-cap companies, which, while they routinely beat estimates, they fall short on either y-o-y or prior quarter earnings, the straightaway implication that the business is, not growing, but rather, contracting. Nonetheless, stocks continue to rise. The Shiller PE ratio (CAPE) finished Monday at 41.01, a new interim high, second only to the record 44.19 of December 1999, just prior to the dotcom bust.
On Monday, stocks took the usual path of least resistance, starting lower and ending higher. The Dow Jones Industrials erased an opening loss of more than 400 points to close 89 higher. The S&P and NASDAQ followed similar paths, though overall, trading was muted.
One might reasonably expect a wave of tax-related selling in profitable names, given that any gains taken now won't need to be reported until April 2027, generating a very solid free cash flow. If markets sense weakness, tax-related selling will likely exacerbate losses. JPM's benchmark report is not setting a very bullish precedent.
Gold and silver started off the week with a bang, both at record highs. Gold closed out Monday at $4585.89; silver finished at $83.94 an ounce. Both are ripping higher in the aftermath of the CPI release. Gold, $4609.00; Silver, $87.57.
The BLS released a statement at 8:30 am ET:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent on a seasonally adjusted basis in December, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.7 percent before seasonal adjustment.
On that release, stock futures initially spiked higher off earlier lows, but are quickly retreating as the opening bell approaches.
Things might get a bit dicey today and for the rest of the week and earnings season, especially, in addition to somewhat dour economic tones, President Trump is amping up aggression aimed at Iran. His continued semi-psychotic actions adding to the uncertainty and unease.
At the Close, Monday, January 12, 2026:
Dow: 49,590.20, +86.10 (+0.17%)
NASDAQ: 23,733.90, +62.60 (+0.26%)
S&P 500: 6,977.27, +10.99 (+0.16%)
NYSE Composite: 22,695.93, +104.23 (+0.46%)
Anybody seeking to formulate a coherent investing profile for 2016 is facing an uphill battle. There are so many variables to consider that affect different sectors in different ways that allocation of capital becomes a monumental consideration. Available options range from wide diversification into various asset classes to smaller positions and an emphasis on cash, in order to take advantage of opportunities that may present themselves as events unfold. There is also an argument in favor of staying put, keeping one's portfolio exactly as it is until the first or second week of February after most of the major companies have presented fourth quarter and full year earnings, the first FOMC meeting of 2026, and the first estimate of fourth quarter 2025 GDP.
To get an idea of what is guiding Wall Street and other private analysts, here is a brief look at some of the larger issues, many of which overlap:
President Trump: Judging by the proposals and actions taken in the first year of his second presidency, there appears to be little long-term planning in this administration. Closing the southern border to illegal immigrants has been the one major positive development. Deportations appear to be focused on criminal elements rather than the mass outflow promised during the election campaign. ICE faces protests and a public relations nightmare everywhere it attempts enforcement.
Tariffs have so far resulted in marginal additional revenues to the government. In 2025, estimates range from $261 billion to $331 billion were collected, essentially from April through December, 9 months. That doesn't amount to much in terms of the $6.8 in spending for fiscal year 2026 (October 1, 2025 - September 30, 2026) and a $2 trillion deficit. Whatever the tariff revenue will be for the full fiscal year, it is unlikely to be more than $35 billion a month, or $410 billion for the 12 months, which would cover about six percent of government outlays. Thus, tariffs are not a panacea.
The Venezuelan escapade of recent fame appears to be a long shot in terms of the U.S. extracting oil and profiting from it. The president met with oil company executives on Friday, and the general tone was not encouraging. Much of Venezuela's oil infrastructure is aged or broken and huge investments would need to be made to increase production from current levels of less than one million barrels a day, a significant decline from the peak of 3.5 million barrels a day in the 1970s. Oil executives cited past nationalizations and security as major stumbling blocks to re-investing in Venezuela. The naval blockade is tying up 20% of America's naval fleet and boots on the ground is probably not a viable long-term option. In addition, getting the oil flows improving would likely take two to three years.
What Trump may have accomplished was cutting off the oil supply from Venezuela to Iran, China, and Russia. While that may do some damage to their economies, it doesn't enhance U.S. prospects very much. Besides, with the current oil glut, adding more supply would lower the price of crude, another negative to oil executives. Shale producers are already complaining.
President Trump has also issued threats to other South American countries, specifically, Columbia and Mexico. These seem to be more bluster than substance. Columbia has already called the president's bluff. Military strikes against Mexican cartels are unlikely, especially since the CIA is deeply entrenched in drug trafficking, as Ben Norton points out in a recent explosive expose on his Geopolitical Economy Report:
Trump's continued posturing toward Greenland has raised ire in Europe, with the leaders of the UK, France, Germany, Italy and others speaking out against U.S. intervention. As it is, the U.S. already has agreements and military in place. It would appear that negotiating for access to the supposed enormous supply of critical materials locked beneath the ice would be preferable to military action.
Trump, while he campaigned as the "peace president", has been nothing ot the sort. He's taken military actions against Venezuela, Iran, Syria, Somalia, Yeman, and Nigeria in just his first year in office.
On Friday, Trump posted on Trusth Social that he wanted credit card interest rates capped at 10%. This amounts to either gaslighting or vote buying, as it would take congressional legislation, or at least revision of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA), which effectively allowed nationally-chartered banks and other financial institutions to bypass state usuury laws. While there has been some rumblings in congress on the issue, the banks, credit card companies and even credit unions are opposed to the idea.
In part, the president's post says, “AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,” to which the Bank Policy Institute, American Bankers Association, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America responded in a joint statement:
“We share the President’s goal of helping Americans access more affordable credit. At the same time, evidence shows that a 10% interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help. If enacted, this cap would only drive consumers toward less regulated, more costly alternatives. We look forward to working with the administration to ensure Americans have access to the credit they need.”
These companies make billions in revenue from interest rates of 20-30% or more, and they're not about to give that up. The president's bold proposal appears to be a dead-ender. The banking lobby's opposition to what used to be known as "usury" also points up how dependent the U.S. is on debt, not just at the government and corporate levels, but right down to the dinner tables of middle and lower class Americans.
President Trump also committed Fannie Mae and Freddie Mac to purchase $200 billion in mortgages or mortgage-backed securities, effectively restating QE without the Fed's involvement. In May, the president will have his own hand-picked chairman at the Fed with the tacit instruction to lower the federal funds rate. While that may be a boost to business in general terms, it is also inflationary, though the effects won't be evident for three to six months, coincidentally, after the midterms.
In a nutshell, much of Trump's policy decisions are based upon a need to keep majorities in the House and Senate, because without them, he is certain to be impeached. Current policy is based wholly on politics, not what would benefit the country most as promised by his "America First" campaign pledge.
Ukraine: The peace plans that have been circulation for months have no weight at all since they've been roundly rejected by Russia in advance. The E.U., U.K., and U.S. are continuing their charade in Ukraine for as long as possible mostly because admitting or accepting defeat would expose their ill-conceived plans of regime change (getting rid of Putin) and destroy their governments. The damage has already been done, as most leaders in the West have approval ratings in the teens and little public support. U.S. president Trump is doing a little better at 44.1%.
Gaza, Israel, and the Middle East: This all remains a tinderbox. U.S. support for Israel remains strong, despite the tenuous cease fire in Gaza and tensions all around, in Syria, Iraq, Lebanon and further east to Somalia and Yemen. Iran is in its third week of widespread anti-government protests, some of which have turned violent. U.S. policy varies between supporting the protesters and bombing the country again for restarting its nuclear program. There's no telling how this will play out long term or even short term.
Dollar Hegemony and BRICS The U.S. dollar continues to lose influence as the world's reserve currency. BRICS have fully integrated bi-lateral and multi-lateral trade amongst themselves and associated countries, bypassing the dollar. Gold emerged as the top holding of central banks in 2025, surpassing U.S. treasuries, a trend that is accelerating.
U.S. Domestic Issues: Wealth disparity between the top 10% and everybody else has reached historic proportions, fueling anger and rage within the middle and lower classes. Widespread disagreement on ICE actions and deportations in general has led to more division in the general population. Race, denial of free speech, and affordability of everything from food to housing is sending a message of desperation rather than prosperity. Trump's tax cuts will help, with higher refunds to many come March, April, and May, if the IRS doesn't fail again to process returns in a timely manner. These are some of the major issues in America, keeping the country deeply divided and on edge. The rise of socialism and the waste and fraud in government are also turning the screws on the American psyche. The rhetoric from Washington D.C. and the mainstream media will likely grow louder and more divisive as the November midterms approach.
The U.S. House of Representatives just passed a bill calling for a three-year extension of Obamacare subsidies, the passage of which makes the October government shutdown look more and more like a planned event by both parties. Though approval in the Senate is being characterized as with tenuous support, there's little doubt that they'll ride the gravy train of votes, graft, and kickbacks from lobbyists. The entire congress is only in it for the money and the votes.
Corporate Earnings and the General Economy: There's a mixed message emerging between Wall Street and Main Street that's been brewing since the GFC in 2008 and the covid experience of 2020. Corporations and big business seem to be thriving while small business is on the decline with bankruptcies rising, costs and regulations strangling entrepreneurship. Wall Street firms seem to be reaping the benefits of a growing economy while the country as a whole seems to be slipping into recession. The most recent Non-Farm Payrolls from December were hardly encouraging. The average monthly gain in employment was 49,000, a significant decline from 2024, which came in at 168,000 on average per month.
This raises two questions: 1) is AI responsible for employment scarcity?; 2) are companies actually improving, or are they just beating lowered estimates, which appears to be the case for many publicly-held companies. Stock buybacks also help companies "make their numbers", so is the U.S. expanding or are companies playing accounting tricks which Wall Street knows about but won't admit out loud?
The above reflections are just part of the complex decisions facing investors as 2026 gets underway. It is nowhere near a full accounting of the issues that need to be addressed.
Stocks
Stocks started out the first full week of trading with the usual bubble bang. Even a slowing labor market was seen as good news. No reason to move anywhere but "all in" it seems. All of the major indices were up more than 1.5% for the week.
After the BLS reported December job gains fo 50,000 and revised October was down by 68,000, from -105,000 to -173,000, and November down by 8,000, from +64,000 to +56,000, Wall Street became keenly aware of the employment figures, given they will factor into the Fed's thinking concerning rate movement at the next FOMC meeting, scheduled for January 27-28. That gave some life to markets on Friday, but not enough to guarantee another leg higher in weeks ahead.
The first taste of 2025 fourth quarter earnings will present itself in the week ahead. Among the companies worth noting delivering results are the following:
Tuesday: (before open) Bank of New York Mellon (BK), JP Morgan Chase (JPM), Delta Airlines
Wednesday: (before open) Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), Infosys (INFY); (after close) RF Industries (RFIL)
Thursday: (before open) Morgan Stanley (MS), Goldman Sachs (GS), BlackRock (BLK), First Horizon (FHN), Taiwan Semiconductor (TSM); (after close) J.B. Hunt (JBHT)
Friday: (before open) State Street (STT); M&T Bank (MTB), Regions Financial (RF), PNC (PNC)
Treasury Yield Curve Rates
Date
1 Mo
1.5 mo
2 Mo
3 Mo
4 Mo
6 Mo
1 Yr
12/05/2025
3.82
3.78
3.77
3.71
3.73
3.68
3.61
12/12/2025
3.76
3.75
3.75
3.63
3.64
3.58
3.54
12/19/2025
3.71
3.71
3.72
3.62
3.64
3.60
3.51
12/26/2025
3.70
3.69
3.72
3.64
3.66
3.58
3.49
01/02/2026
3.72
3.71
3.66
3.65
3.62
3.58
3.47
01/09/2026
3.70
3.68
3.63
3.62
3.62
3.57
3.52
Date
2 Yr
3 Yr
5 Yr
7 Yr
10 Yr
20 Yr
30 Yr
12/05/2025
3.56
3.59
3.72
3.90
4.14
4.75
4.79
12/12/2025
3.52
3.58
3.75
3.95
4.19
4.82
4.85
12/19/2025
3.48
3.53
3.70
3.91
4.16
4.77
4.82
12/26/2025
3.46
3.54
3.68
3.89
4.14
4.76
4.81
01/02/2026
3.47
3.55
3.74
3.95
4.19
4.81
4.86
01/09/2026
3.54
3.59
3.75
3.95
4.18
4.76
4.82
Spreads remain at elevated levels and the key yields are gradually trending higher. It's far too early in the new year to discern any real trends for interest rates, though shorter durations continue to trend toward the upper end. Use of the Fed's emergency repo facility has raised some red flags, but nobody is willing to panic just yet. Give it some time, at least until after the FOMC meeting in two weeks. There are more cockroaches.
WTI crude closed out the week at $58.62, more than a dollar higher than last week's $57.33. The Venezuela effect will likely soon fade, as oil execs widely expressed little interest in spending resources to get the aging infrastructure rebuilt. As time marches on, there may be a print in the $40s. There's still a great deal of uncertainty.
The U.S. national average for gas at the pump dropped another two cents, to $2.76, the lowest price in roughly five years, according to Gasbuddy.com. Given the current state of play, gas prices should continue to decline over the near term and possibly more rapidly, considering Venezuela and the continued global glut.
California remains the highest in the lower 48 states, down another four cents at $4.19 per gallon, that figure down substantially from six months and a year ago. Washington ($3.78) is down another two cents, leaving the Golden State alone in the $4+ club. Oregon ($3.30), fell another seven cents. The lowest prices remain in the Southeast, with Oklahoma holding at $2.17, a multi-year low. All of the Southeast states are below $2.66, including Florida.
In the Northeast, prices continue to decline. Only Vermont ($3.00) and Pennsylvania ($3.02) are at or above $3.00. New York dropped to $2.98.
In the midwest region, where the price relief has been significant, Illinois ($2.86) dropped another penny and remains below $3.00 for a fourth consecutive week. At the low end were Colorado ($2.31), Kansas ($2.37), and Missouri ($2.42).
Sub-$3.00 gas was reported in fully 42 states, one more than last week and up 15 over the past five weeks. Arizona and New York both fell below the $3.00 threshold. Not including Alaska and Hawaii, there are just six states with gas prices above $3.00 and just one, California, over $4.00.
Bitcoin
This week: $90,633.20
Last week: $91,306.05
2 weeks ago: $87,661.04
6 months ago: $117,568.80
One year ago: $94,559.12
Five years ago: $36,022.09
For now, bitcoin remains stuck in a range between 87,000 and 94,000, which seems unlikely to change. The overall bitcoin downtrend, one that many analysts are saying could reach as low as $50,000 or $30,000 in 2026, appears to be in place with most other "coins" also wavering. One prominent voice has called for a bottom around $10,000, though that would imply an extreme number of beached whales and distress elsewhere outside of crypto.
What's not to like for gold and silver holders? Even with the CME raising margin requirements twice in the last week of December and the widespread fear mongering that the rebalancing of the Bloomberg Commodity Index would send prices for precious metals into the tank, both gold and silver approached all-time highs by week's end. While the "rebalancing act" will continue through Thursday of the week ahead, the overall effect will be nullified by the huge institutional buying interest and the idea that most experienced traders already priced in Bloomberg's nonsense.
Both metals should continue to rally through 2026 and probably beyond, until something serious breaks, like the global economy.
Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
Item/Price
Low
High
Average
Median
1 oz silver coin:
80.00
92.00
87.16
87.45
1 oz silver bar:
80.00
91.21
87.36
88.19
1 oz gold coin:
4,674.30
4,959.11
4,802.80
4,814.46
1 oz gold bar:
4,686.89
4,792.94
4,725.20
4,714.75
The Single Ounce Silver Market Price Benchmark (SOSMPB) ramped higher, to $87.54, a gain of $4.21 from the January 4 price of $83.33 per troy ounce. The weekly movement reflects wider volatility in world markets.
WEEKEND WRAP
The Trend is often your friend. At this juncture, if you're up, hold the line. If you're down, trim the losers.
At the Close, Friday, January 9, 2025:
Dow: 49,504.07, +237.96 (+0.48%)
NASDAQ: 23,671.35, +191.33 (+0.81%)
S&P 500: 6,966.28, +44.82 (+0.65%)
NYSE Composite: 22,591.73, +106.08 (+0.47%)
Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2025, Downtown Magazine Inc., all rights reserved.
Editor's Note: While preparing this report, Money Daily suffered a power outage from approximately 8:45 an to 9:25 am. We apologize for the delay. - FR
While the world sorts out the latest escapades of runaway rogue U.S. foreign piracy policy, a few items to consider:
White House Press Secretary Caroline Leavitt told reporters, "We’re continuing to be in close coordination with the interim [Venezuelan] authorities, their decisions are going to continue to be dictated by the United States of America."
Now, maybe that was a poor choice of words, because "dictating" is what dictators do, or maybe Ms. Leavitt had a purpose. Either way, it paints the U.S. as a hegemonic bully and President Trump as a dictator, ruling by dictate rather than legislation, otherwise known by that quaint, old term, "the rule of law." For all intents and purposed, the rule of law has been given the heave-ho.
Seizing Russian tankers, or, for that matter, the assets of any country, anywhere, at any time, is not going to endear those whose assets are seized, sanctioned, frozen, or stolen to the use of the U.S. dollar in international trade. The BRICS and associated countries have almost completely ditched the dollar, preferring bilateral trade deals settled in native currencies, yuan, gold, other commodities, the "unit", or a combination of such. De-dollarization is proceeding wiht alacrity. The sanctions and anti-trade policies of the U.S., U.K., and E.U, are accelerating the process, rather than impeding it.
The government was crowing about the U.S. trade deficit falling to its lowest level in 16 years, from $48.1 billion in September to $29.4 billion in October. Imports fell by 3.2% while exports rose by 2.6%, according to the BEA. The main driver of increased exports was gold, that had come into the U.S. previously, in response to potential tariffs, that was shipped back in October when policies were clarified. Fewer imports of pharmaceuticals, primarily from China, drove the numbers down. While some economists were blaring about how this will have a positive effect on fourth quarter GDP, taking a longer view suggests that the effect of tariffs is causing fewer imports, and, on the opposite end, some countries are refusing exports from the U.S.. The overall effect is simply a general decline in international trade with the United States, a prospect the administration failed to anticipate.
While cutting the trade deficit may be a short term positive development, it's likely that October's numbers are an aberration and what can be expected from here on out, until tariffs are lifted or ruled unconstitutional by the Supreme Court (a decision is expected by the end of January at the latest) is a continued decline of imports and exports, which make the entire tariff regime somewhat of a moot point. Chalk it up to inexperience.
At 8:30 am ET, the BLS delivered the December Non-farm payroll numbers, this, the first on-time delivery of the data since September. What the agency noted for inaccuracy at all times found was little change. Their terse statement read thus:
Both total nonfarm payroll employment (+50,000) and the unemployment rate (4.4 percent) changed little in December, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in food services and drinking places, health care, and social assistance. Retail trade lost jobs.
The report also noted that "payroll employment rose by 584,000 in 2025 (an average monthly gain of 49,000), less than the increase of 2.0 million in 2024 (an average monthly gain of 168,000)." In plain English, the labor market is in severe decline.
And, of course, there were revisions: "The change in total nonfarm payroll employment for October was revised down by 68,000, from
-105,000 to -173,000, and the change for November was revised down by 8,000, from +64,000 to +56,000. With these revisions, employment in October and November combined is 76,000 lower than previously reported."
Stock futures rose, then fell on the release. Gold and silver both gained. For whatever reason, WTI crude futures spiked about a buck, to nearly $59, despite the president explicitly stating that oil prices would decline. More inexperience.
One final note. Much has been noted the past few days about the rebalancing of the Bloomberg Commodity Index and how this would have a negative impact on the price of gold and silver, and other commodities that have shown strong gains over the past year. It's a complete canard, a rallying cry for the COMEX riggers to keep the U.S. dollar dominant at a time in which it is gyrating toward death throes. It is already underway and the best they've been able to do is keep silver from spiking above $80 and gold above $4,500.
There's certain to be some forced selling, which the Chinese industrialists will immediately buy. The price of gold, silver, copper aluminum are already well upon a trajectory signaling a global resource war and Bloomberg's vain attempts to influence the trend should be dealt with as anything emanating from the Bloomberg news desk is: ignore it. At worst, for a month or less, gold and silver won't rise as quickly as they did in 2025. The rebalancing began on January 8 (yesterday) and will be complete on January 14 (next Thursday). It is already underway with little material impact. The most astute and experienced traders have already priced in any effect it may have.
Gold is higher today, at $4,482, as is silver, $79.01.
The U.S. economy and its leadership is in tatters and is unlikely to be revived by the heavily-promoted AI buildout. The U.S. is light years behind China in terms of long range economic development and is losing ground to India and Russia and to other emerging market nations aligned with the BRICS.
Do not be fooled by serial liars and promoters of false narratives.
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