Davos and the World Economic Forum (WEF) took center stage this week, with President Trump delivering noxious overtures to the world order. Whether the order is new or old doesn't matter, the assemblage at Davos was lambasted by the president and his entourage for policies and practices that had failed in some manner. At least that was the overarching message.
The entire Greenland debacle remained unresolved, despite Trump - as he usually does - claiming victory despite there being no agreement on anything other than an outline for negotiations. The repeated bullying and boasting by Mr. Trump is beginning to wear thin on leaders of other countries. At Davos, Canada's Carney delivered a singular rebuke of the U.S. tone, calling the force a "rupture" in the world politic.
Relations between nations are being strained by the United States, which refuses to play by any rules. That seems to be the plan, at least, to sow chaos with an oversized, imperial footprint.
Stocks
The bluster from Davos took precedence over some early earnings announcements, though Intel's miss late in the week impacted the Dow Jones Industrials in a large negative manner. The majors were down across the board, though only to a slight degree. None were lower by more than 0.58%.
The coming week may be equally as dull as the one just past. A severe winter storm will chill out much of Washington, D.C. and Wall Street. The Fed's FOMC meeting is likely to contribute much of nothing. Keeping rates on hold when they announce policy on Wednesday afternoon won't move any needles, though Chairman Powell's press conference may offer some clues to future developments. It's all speculative at this point.
The House passed a series of funding bills and has sent them on to the Senate, which should be in agreement on most, though the DHS bill is being used as a wedge issue by Senate Democrats who seem to want something in the way of reforms of ICE tactics in order to move forward. There is a slim, though growing, chance that the government may shut down again come January 31. After the last one back in October, there doesn't seem to be any rationale to do it again. The government is a total mess in any case. The spending continues without an end in sight.
That leaves earnings as the remaining catalyst for stocks. Wednesday figures to be the most active session, with the FOMC decision and some big names reporting both before the open and after the close.
Here are some of the more important companies reporting fourth quarter and full year 2025 earnings in the week ahead:
Monday: (before open) Baker Hughes (BKR), Ryanair (RYAAY), Steel Dynamics (STLD); (after close) Nucor (NUE), Sanmina (SANM), Crane (CR)
Tuesday: (before open) UPS (UPS), General Motors (GM), Synchrony Financial (SYF), American Airlines (AAL), Northrop-Grumman (NOC), Kimberly-Clark (KMB, Boeing (BA), United Health (UNH); (after close) PPG (PPG), Enova (ENVA), Texas Istruments (TXN), Logitech (LOGI), Seagate (STX)
Wednesday: (before open) AT&T (T), Corning (GLW), General Dynamics (GD), Progressive Insurance (PGR), Starbucks (SBUX), ADP (ADP), ASML (ASML(, GE Verona (GEV); (after close) Lam Research (LRCX), Tesla (TSLA), Meta Platforms (META), Microsoft (MSFT), IBM (IBM), Las Vegas Sands (LVS), Levi;s (LEVI), LendingClub (LC)
Thursday: (before open) Caterpillar (CT), Royal Caribbean (RCL), Altria (MO), Lockheed Martin (LMT), Southwest Airlines (LUV), Mastercard (MA), Nokia (NOK) Blacksone Group (BX), Nasdaq (NDAQ); (after close) Visa (V), SAP (SAP), Apple (AAPL), Deckers (DECK), Western Digital (WDC)
Friday: (before open) American Express (AXP), Verizon (VZ), Chevron (CVX), ExxonMobile (XOM), Colgate Palmolive (CL), Charter Communications (CHTR), SoFi (SOFI)
Treasury Yield Curve Rates
| Date | 1 Mo | 1.5 mo | 2 Mo | 3 Mo | 4 Mo | 6 Mo | 1 Yr |
| 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 |
| 01/16/2026 | 3.75 | 3.72 | 3.68 | 3.67 | 3.66 | 3.60 | 3.55 |
| 01/23/2026 | 3.78 | 3.71 | 3.72 | 3.70 | 3.67 | 3.61 | 3.53 |
| Date | 2 Yr | 3 Yr | 5 Yr | 7 Yr | 10 Yr | 20 Yr | 30 Yr |
| 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 |
| 01/16/2026 | 3.59 | 3.67 | 3.82 | 4.02 | 4.24 | 4.79 | 4.83 |
| 01/23/2026 | 3.60 | 3.67 | 3.84 | 4.03 | 4.24 | 4.78 | 4.82 |
With most of the active fixed income specialists focused on Japan's interest rates, U.S. rates barely budged and probably won't move much in the week ahead because the FOMC is probably going to be sitting on its hands Wednesday.
According to the CME’s Fedwatch tool, there’s a 95% consensus that the FOMC will keep the federal funds target rate stable, at 3.50-3.75% at its this week's meeting, January 27-28.
Spreads remained in elevated territory and seem committed ot remain there until something breaks, like Japan or possibly a U.S. assault on Iran. Treasury Secretary was gloating over trashing Iran's economy at Davos. He is a devious sort, genuinely unfit to have a hand in world finance. His policies bode ill for most of the West and he's frustrated elsewhere, especially concerning China, India and Russia.
Spreads:
2s-10s
2025
1/3: +32
1/10: +37
1/17: +34
1/24: +36
1/31: +36
2/7: +20
2/14: +21
2/21: +23
2/28: +25
3/7: +33
3/14: +29
3/21: +31
3/28: +38
4/4: +33
4/11: +52
4/17: +53
4/25: +55
5/2: +50
5/9: +49
5/16: +45
5/23: +51
5/30: +52
6/6: +48
6/13: +45
6/20: +48
6/27: +56
7/3: +47
7/11: +53
7/18: +56
7/25: +49
8/1: +54
8/8: +51
8/15: +58
8/22: +58
8/29: +64
9/5: +59
9/12: +50
9/19: +57
9/26: +57
10/3: +45
10/10: +53
10/17: +56
10/24: +54
10/31: +51
11/7: +56
11/14: +52
11/21: +55
11/28: +55
12/5: +58
12/12: +67
12/19: +68
12/26: +68
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
Full Spectrum (30-days - 30-years)
2025
1/3: +38
1/10: +54
1/17: +41
1/24: +40
1/31: +36
2/7: +32
2/14: +32
2/21: +31
2/28: +13
3/7: +24
3/14: +25
3/21: +23
3/28: +26
4/4: +5
4/11: +38
4/17: +44
4/25: +40
5/2: +41
5/9: +46
5/16: +52
5/23: +68
5/30: +59
6/6: +69
6/13: +67
6/20: +69
6/27: +66
7/3: +51
7/11: +59
7/18: +65
7/25: +55
8/1: +32
8/8: +37
8/15: +44
8/22: +41
8/29: +51
9/5: +49
9/12: +40
9/19: +54
9/26: +55
10/3: +47
10/10: +43
10/17: +42
10/24: +48
10/31: +61
11/7: +69
11/14: +70
11/21: +68
11/28: +62
12/5: +97
12/12: +109
12/19: +111
12/26: +111
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
Oil/Gas
WTI crude closed out the week at $61.28, up sharply from last week's close of $59.22, the product of tension over U.S. threats against Iran. Unless the U.S. commits to another military assault against the country, prices should ease, though there's more than enough uncertainty everywhere for something to set off markets. On the other hand, there's still loads of oil everywhere, keeping a lid on prices, for now.
The U.S. national average for gas at the pump made an abrupt move higher this week, to $2.87, probably due to the major winter storm that's passing through the eastern part of the U.S. It's a tough sell, given that road travel will be severely limited across much of the country, though the speculators are likely looking at supply disruptions as the final arbiter.
California was just two cents higher this week, at $4.21 per gallon, the highest in the nation, though that figure hardly instructive. Washington ($3.82) was a nickel higher, but still leaving the Golden State alone in the $4+ club. Oregon ($3.32), was up four cents. Arizona checked in at $2.96, remaining under $3.00 for the second straight week. The lowest prices remain in the Southeast, though Oklahoma, the low-price leader, was up another 10 cents to $2.39, followed by Louisiana and Mississippi at $2.40, and Texas and Arkansas at $2.41. The remaining Southeast states, from North Carolina west to New Mexico, are all below $2.74, except Florida ($2.85).
In the Northeast, prices were steady and consistent. Only Pennsylvania ($3.01) was above $3.00. New York dropped to $2.94, while Vermont fell to $2.96.
In the midwest region, where the price relief has been significant, Illinois regained the high ground, at $2.95, after Michigan was the highest for only a week and is now at $2.85. Kansas was the lowest ($2.46).
Sub-$3.00 gas was reported in 43 of the lower 48 states, leaving only Califronia, Washington, Nevada, Oregon, and Pennsylvania, at $3.00 or above.
Bitcoin
This week: $88,556.82
Last week: $95,065.81
2 weeks ago: $90,633.20
6 months ago: $117.570.60
One year ago: $105,193.90
Five years ago: $34,293.02
Clown money. Anybody who bought bitcoin - or a host of the other thousands of alt-coins available - in the past year is losing money. Easier gains could have been made in just about any other asset class, expecially stocks and commodities, gold and silver in particular, which have had spectacular gains.
Once bitcoin breaks below $80,000, there's some support in a range from $50-65,000, but, once that is eviscerated, the bottom is either $30,000 or $10,000, or at the very least, a number that would bankrupt Michael Saylor's Strategy (MSTR). Bitcoin fails on most of the important facets of sound money. While it is portable, easily divisible and transferable, transfers are facilitated by exchanges, which other forms of money - cash, gold, silver - do not need.
Beyond that, bitcoin is not a quality store of value, nor a reliable means of exchange. Most people don't save money in bitcoin and very few merchants accept it as payment. As its nominal value continues to descend, fewer and fewer people will see it as either a reasonable investment or replacement currency. Its death is likely to be slow and painful.
Precious Metals
Gold:Silver Ratio: 48.46; last week: 51.09
Futures, per COMEX continuous contracts:
Gold price 12/28: $4,562.00
Gold price 1/2: $4,341,90
Gold price 1/9: $4,518.40
Gold price 1/16: $4,601.10
Gold price 1/23: $4,983.10
Silver price 12/28: $79.68
Silver price 1/2: $72.26
Silver price 1/9: $79.79
Silver price 1/16: $89.94
Silver price 1/23: $103.26
SPOT:
(stockcharts.com)
Gold 12/26: $4,533.00
Gold 1/2: $4,331.09
Gold 1/9: $4,508.08
Gold 1/16: $4,595.42
Gold 1/23: $4,989.23
Silver 12/26: $79.27
Silver 1/2: $72.25
Silver 1/9: $79.34
Silver 1/16: $89.94
Silver 1/23: $102.95
Th gains in precious metals are not likely to stop any time soon. There's enormous speculation that both gold and silver are residing in "overbought" conditions, though the people expressing that opinion are the same ones who said absolutely nothing over the past 56 years about the "oversold" conditions of the very same objects of their attention.
The primary reason that gold and silver will continue to rise against any and all fiat currencies is the absolute, 100% mathematical certainty that said fiat currencies will fail and redound to their intrinsic value of near-ZERO, or, roughly the cost of paper and ink on which the debt notes are printed. Silver has its own catalyst in the manner of a severe supply shortage in which mining has not kept pace with demand for five years running.
While the possibility of a pullback remains, given current conditions globally, any drop in price should be considered temporary and shallow. Central banks still want more gold and without saying so, BRICS and related countries are hell-bent on creating problems for the fiat debt system. Silver's supply imbalance isn't likely to be corrected for at least three to five years, if even by then.
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: | 105.00 | 130.17 | 117.01 | 116.96 |
| 1 oz silver bar: | 110.00 | 126.88 | 117.54 | 116.48 |
| 1 oz gold coin: | 5,129.20 | 5,339.54 | 5,242.46 | 5,270.24 |
| 1 oz gold bar: | 5,149.75 | 5,268.51 | 5,204.69 | 5,201.25 |
The Single Ounce Silver Market Price Benchmark (SOSMPB) continued its meteoric ascent through the past week, to $117.00, an outsized gain of $16.05 from the January 18 price of $100.95 per troy ounce. The weekly movement reflects wider volatility in world markets and growing retail investment demand in smaller, finished products, from grams to 1/2-ounce, 1-ounce, 5-ounce, and 10-ounce coins and bars.
WEEKEND WRAP
The world is getting closer and closer to a breaking point, which will manifest itself in the usual ways, either in trade wars (already well underway) or shooting wars (also on the radar in Ukraine and the Middle East). All asset classes appear vulnerable, though precious metals remain stalwart and are more likely to improve in price as conditions remain convulsed or worsen. This is a very tough investing environment, which may soon devolve from seeking gains to holding onto them. One cannot rule out the potential for a quick correction, or worse.
That said, markets have become heavily politicized and the money beind most stocks are likely to be desirous of smooth sailing into the 2026 midterm elections. That's still a good nine months off, so there's plenty of time for anything to happen in the interim.
At the Close, Friday, January 23, 2026:
Dow: 49,098.71, -285.30 (-0.58%)
NASDAQ: 23,501.24, +65.22 (+0.28%)
S&P 500: 6,915.61, +2.26 (+0.03%)
NYSE Composite: 22,757.16, -40.00 (-0.18%)
For the Week:
Dow: -260.62 (-0.53%)
NASDAQ: -14.15 (-0.06%)
S&P 500: -24.40 (-0.35%)
NYSE Composite: -49.90 (-0.22%)
Dow Transports: -46.79 (-0.25%)
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 2026, Downtown Magazine Inc., all rights reserved.
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