Industrial Capacity continues to rise as does industrial Production, both revised higher. The standout is the PMI remaining below 50, now ~40mos mostly below 50, reflecting an intractable period of market pessimism.

As the "Magnificent Seven" report Q4 earnings in late January 2026, the market enters a volatile phase. Low correlations and a widening VIX spread suggest a tactical peak and potential turn lower.

The Australian dollar surged to the highest level in years, making it one of the best-performing currencies this year. The AUD/USD exchange rate rose for five consecutive days, reaching a high of 0.6895

Bulls’ consolation is that the volatility index remains solidly above 14 where downward pressure has tended to stop since August. The problem continues to be their inability to hang on to the gains.

My outlook for upcoming economic releases.

Of the +250 mining companies holding exploration licenses in Greenland, only 9 have commercial exploitation permits and only 2 are fully operational. Neither is American domiciled. Why is that?

The return of inflationary pressures is something the metals markets are already warning about.

Gold’s 2025 surge and strong ETF inflows are reshaping how investors think about “safe haven” exposure.