Ending January 9, 2026
Steve's Thoughts
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THIS IS VERY IMPORTANT
It's All About Geopolitics
Get use to a more volatile world.
This is extremely important for markets as it demonstrates what we have been warning investors about for the past 12 months. Governments are now in charge and we can expect more of this in the future. The role of national security will now dominate over economic efficiency and so markets will become volatile as governments inject more uncertainty into market expectations.
Oh, and Trump seized a "Russian" tanker.
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Macro Moments
- Which country is next? In taking Venezuela, the US has signaled to China and Russia that it will use military force if that needed to secure US national security. Watch Iran, Cuba and Colombia.
- Gold and Silver continue their 2025 run. We can't be sure if it's fundamentals or speculation, but we would lean towards the latter given where we are in the cycle. However there is an argument for fundamentals based on the concerns surrounding US economic and foreign policy.
- Greenland will be in the news for a while.
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