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Warm-Up

- What we learned from Davos

- President Miyagi - tariffs on, tariffs off

- January: stocks are trying to finish with gains - Small-caps flying

- S&P  500: All-time highs going into earnings

Markets

- Silver and Gold - Still Going

- Big week for earnings

- Fed decision on Wednesday

- Nat Gas price exploding

- US Dollar drops hard over past few days

Can't Keep Track Anymore

-Trump has announced he is raising tariffs on South Korean imports to 25% after accusing Seoul of "not living up" to a trade deal reached last year.

- In a post on social media, Trump said he would increase levies on South Korea from 15% across a range of products including automobiles, lumber, pharmaceuticals and "all other Reciprocal TARIFFS".

- South Korea is planning on voting on the "agreement" with the US in February

- KOSPI hits all-time high after being down 1% on the news

- S. Korea President re-affirms their commitments

Davos - 2026 - What we learned

- Not much

- Same bifurcated view of the world

- Trump backed off the Greenland threats - Framework of a "deal" / "plan"

- So, no tariffs

- (Going to get a boy who cried wolf ....)

Gold and Silver

- Off to the races

- Silver was up again in a big way Monday. Fell back down to earth (up 5% from up 15% earlier in the day

- Hovering around $110 - that is impressive - parabolic move

- GOLD! - Proving itself as a USD hedge and safety trade (Bitcoin in the dust)

- Gold above $5,000 per ounce

- - Plenty of reports that central banks are buying up|

- USD weakness

Economy - Still Strong

- The US economy expanded in the third quarter by slightly more than initially reported, supported by stronger exports and a smaller drag from inventories.

- Inflation-adjusted gross domestic produc