• Gold hits fresh record above $4885
• Trump lands in Davos for speech – Greenland in focus
• Natgas gains over 50% since last Friday
• Bitcoin under pressure below $90,000

It’s been an intense week marked by geopolitical tensions and extreme market volatility.

Markets seem to be stabilizing ahead of Trump’s speech in Davos, with a rebound in long-dated Japanese bonds lifting risk appetite.

Trump is expected to speak at 1:30 PM GMT about the US economy, the international “Board of Peace”, and most importantly, Greenland negotiations.

Should he strike a more conciliatory tone and retract initial threats, this could lift overall market sentiment.

In the commodities space, gold surged to a fresh all-time high above $4885 – pushing 2026 gains to over 13%.

It’s been a flat week for silver thus far, but it remains a champion in the precious metal space, up over 30% year-to-date.

With geopolitical flashpoints across the globe accelerating the flight to safety, the path of least resistance for gold remains north.

Beyond geopolitics, central bank buying and prospects of lower US rates are likely to keep gold/silver bulls in the game.

Speaking of bulls, natural gas has experienced an explosive rally, surging over 50% since last Friday to reach $4.8/MMBtu – its highest level in five weeks.

This rally was sparked by extreme weather forecasts: NOAA has issued warnings for severe cold and winter storms across the US through late January, which is set to sharply boost heating demand.

Looking at cryptos, Bitcoin remains under pressure with prices trading below $90,000.

Overall market caution has contributed to the recent selloff, with weakness below $87,500 signaling a further decline toward $83,000 and $77,500.