Weekly Market Update Jan23 Gold closing in on $5000USD Silver closing in on $100USD

Gold and Silver prices pushed hard again with Gold up 5.75%  in the past 5 days at $6837CAD closing in on $5000USD.  Silver is up 4.5%  from last week to $133.50CAD closing in on $100USD. Silver is currently up 204% Year over Year.  US Dollar index DXY is down 1%  this week at  98.26. SP500 Volatility Index VIX fell 5%. SP 500 ES futures are now trading 6943  having pierced 7000 two weeks ago and then again last week before falling to 6814 on Trump EU tariff threats for control and ownership of Greenland. On Wednesday Trump announced he reached a “framework deal” on Greenland with NATO Secretary Mark Rutte and withdrew his threat of 25% Tariffs on eight European nations objecting to the sale or military conquest of Greenland. While in Davos for the annual World Economic Forum WEF summit the President met with Rutte who was eager to defuse the potential breakdown of NATO. Trump has not gone into specifics, saying  “It puts everybody in a really good position, especially as it pertains to security and to minerals,”  and  “It’s a deal that’s forever.” Though no indication is yet available on whether Greenland has agreed to the framework of the deal. Danish Foreign Minister Lars Rasmussen wrote: “The day is ending on a better note than it began. We welcome that POTUS has ruled out to take Greenland by force and paused the trade war. Now, let’s sit down and find out how we can address the American security concerns in the Arctic while respecting the red lines of the KoD.” Crude WTI futures are down 2%  at $59.65 and down 23% YOY. Crude sold off on Thursday after the EIA reported crude inventory rose and gasoline supplies are near a 5yr high.  Ukrainian President Zelensky met with the POTUS in Davos resulting in the President calling the peace deal “reasonably close”  Donald Trump’s special envoy, Steve Witkoff said its down to “land deals” ICE protests in Minneapolis continue in the wake of the shooting of 37 yr old Renee Good.  On Wednesday ICE arrested a 5yr old boy for the purpose of coercing the child' s father to surrender – "essentially using a 5-year-old as bait,” According to a news release from Columbia Heights Public Schools “...in the afternoon, Liam Conejo Ramos, a 5-year-old child, was apprehended with his father while in their driveway, just having arrived home from his preschool classroom. Another adult living in the home was outside and begged the agents to let them take care of the small child, but was refused. Instead, the agent took the child out of the still-running vehicle, led him to the door, and directed him to knock on the door, asking to be let in, in order to see if anyone else was home- essentially using a 5-year-old as bait. “ “Are they supposed to let a five-year-old child freeze to death?" Vice President Jd Vance commented “If the argument is that you can’t arrest people who have violated the law because they have children then every single parent is going to be completely given immunity from ever being the subject of law enforcement." "These are not illegal aliens," Ramos’ attorney Marc Prokosch responded to the VP,  "They came properly and are pursuing a legal pathway." Ai powered Government Contractor Palantir is down 7% - PLTR currently trades at $165.90, and up  127%  YOY. NVDA is down  1% in the past 5 days and up  0.5% this past  month at $184.84. Crypto fell back with  BTC down  6% this week to  $89,700 after  a November  low of $80,500 USD. BTC fell sharply on Sunday following Trumps announcement of 25% tariffs against Europe and has continued to sell off despite hopes of a TACO trade (Trump Always Chickens Out) and Wednesday's Tariff reversal. ETH is down 12.25% at  $2954 this past week. The crypto crash started on Oct. 10 when Trump threatened to impose an extra 100% tariff on Chinese imports — on top of the 30% already in place. S&P AeroSpace and Defense ETF XAR fell  0.5% in the past 5 days to $285.44. XAR is up 63% in the past 12 months.  XAR rose 4% on the Monday following Maduro's weekend capture, and has risen 18% in January alone. Weekly Jobless Claims rose  1,000 to 200,000 for the period ending Jan 17th. The Gold/Silver ratio  fell 1%  at  50.32 after falling steadily since late October and down 53% from its March high of 107.  Longer 20 yr and 30 yr US government bonds are up 5-6 bps to  4.81 and 4.85% respectively. The Bank of Japan (BoJ) is expected to leave its benchmark interest rate unchanged at 0.75% on Friday. Japan's 40-year bond yields surged to 4.21% on Tuesday from 3.94% on Monday — the first time that yield ever rose above 4%. Matt Maley, chief market strategist at Miller Tabak, said "there is some serious pushback on some of the fiscal plans she [Prime Minister Sanae Takaichi } is putting forth...which will only make their budget deficit worse,"   Japan's Nikkei 225 made a new all time high last week as 10-year JGB yields more than doubled since last April, noted Maley, adding " history shows that whenever long-term yields rise in a substantial manner in a country...it becomes merely a matter of time before it has a profoundly negative impact on their stock market."  "[T]his is something that should create headwinds for the [U.S.] stock market for more than just a few days...and thus investors should act accordingly," Maley said.  Rising interest rates in Japanese bonds risks a collapse of the Japan Carry trade when investors shorted cheap Japanese Yen to buy higher-yielding foreign assets (US equities/bonds), sell those assets to cover the Yen short, causing Yen strength and potentially triggering global market sell-offs and capital repatriation to Japan, a process intensified by recent Bank of Japan (BoJ) policy shifts towards normalization.  The Bank of Japan (BoJ) hiked rates to 0.75% in December 2025, the highest in three decades, with expectations for moderate hikes in 2026, likely around July. Last week, The Department of Justice served the Federal Reserve Chair Jerome Powell  with subpoenas threatening a criminal indictment. Powell released a video statement claiming the investigation is an attempt to intimidate the central bank to lower overnight interest rates. The Polymarket quoted probability of a total 100 bps in cuts coming in 2026  is currently 16%,  75 bps in cuts in 2026 stands at  27% and the probability of 50 bps is  23%.  Short term rates are up 7bps in the 2yr at 3.61.    US Comex Copper Futures HG, a leading indicator of economic growth,  fell   2.5%  to $5.84 usd/lb after hitting a new all time high last Wednesday of $6.15