Stock indices and precious metals continue to rise

By JustMarkets 

The US stock market ended Friday at historic highs as investors reacted to December labor market data and anticipated signals from the Fed. By Friday’s close, the Dow Jones Index (US30) rose by 0.48% (+2.12% for the week). The S&P 500 (US500) gained 0.65% (+1.07% for the week). The technology-heavy Nasdaq (US100) closed higher by 1.02% (+1.16% for the week). Major indices posted steady gains as employment statistics pointed to a slowdown in job creation, while the unemployment rate simultaneously fell to 4.4%, which was perceived as a sign of a resilient but not overheated labor market. Technology companies, primarily semiconductor manufacturers, made the largest contribution to the rally, boosted by optimism surrounding the development of artificial intelligence.

The Canadian dollar (CAD) weakened to the 1.39 level against the US dollar, hitting a one-month low amid a deteriorating labor market, which lowered expectations for further policy tightening by the Bank of Canada. December statistics showed a sharp rise in unemployment to 6.8%, driven by an increase in labor force participation, while moderate employment growth and slowing wage growth indicated a cooling of domestic inflationary pressure and confirmed the sufficient restrictiveness of current rates. Additional pressure on the currency came from the commodities market. Combined, these factors narrowed interest rate differential expectations and strengthened the currency’s downward trend.

The Mexican peso (MXN) traded near the 18 per dollar level, remaining under pressure from a strong US dollar that offset domestic support factors. The published Banxico minutes confirmed a balanced and cautious approach to monetary policy: following the expected rate cut to 7.0%, the regulator emphasized its reliance on incoming data and a lack of intention to accelerate the easing cycle, which served to stabilize market expectations.
European equity markets mostly rose on Friday. The German DAX (DE40) climbed 0.53% (+2.35% for the week), the French CAC 40 (FR40) closed up 1.44% (+1.39% for the week), the Spanish IBEX 35 (ES35) edged down 0.03% (+0.46% for the week), and the British FTSE 100 (UK100) finished up 0.80% (+1.74% for the week).

On Friday, silver (XAG) surged nearly 4% to $80 per ounce, as the slowdown in US job growth bolstered expectations for Fed rate cuts, triggering renewed demand for precious metals after the easing of pressure from indices. This shift reduced pressure on real yields and stimulated the opening of new long positions and the closing of short positions in silver futures.

Platinum prices (XPT) jumped by more than 3%, approaching the $2370 per ounce mark, amid a general rise in precious metal prices and investors’ desire to return to recent record levels. The market was supported by increased demand for safe-haven assets due to intensifying geopolitical tensions. Platinum continued its move toward the December high, maintaining support from both defensive demand and an increased willingness among investors to use precious metals as a risk hedge.

WTI crude oil rose 2.3% on Friday, continuing its recovery from recent declines and ending the week with a 1.5% gain. Prices were supported by escalating geopolitical tensions, primarily due to intensifying protests in Iran, accompanied by reports of casualties and internet shutdowns, raising concerns over potential supply disruptions from a key producer. An additional factor was the ongoing uncertainty surrounding Venezuelan oil exports following tightened US oversight. The geopolitical premium in prices increased, which was also reflected in heightened demand for bullish options, although rising global inventories and threats of oversupply continued to limit further upside potential.

US natural gas (XNG) prices fell sharply by over 5%, dropping below $3.25 per MMBtu, the lowest level since mid-October. The primary downward pressure came from updated weather prognoses indicating a warmer-than-usual winter across much of the country, weakening heating demand expectations for the coming weeks. The weather factor outweighed positive signals from the market balance. LNG exports remain at record levels, and gas deliveries to export terminals in January stayed near historic highs despite a moderate decline in production following the December peak.

Asian markets traded with mixed results last week. The Japanese Nikkei 225 (JP225) rose by 1.82%, the Chinese FTSE China A50 (CHA50) gained 0.58%, Hong Kong’s Hang Seng (HK50) fell by 0.49%, and the Australian ASX 200 (AU200) showed a negative 5-day result of 0.09%.

The offshore yuan strengthened to 6.97 per dollar, hitting a nearly three-year high amid growing confidence in the currency and a notable decrease in hedging costs. Forward contracts allow for locking in rates below the current spot, reflecting the lowest implicit costs since 2022 and stimulating demand for currency risk management instruments. The yuan’s appreciation, exceeding 5% over the past year, is fueled by a combination of external and internal factors, including a weakening dollar, China’s sustained trade surplus, an improving macroeconomic backdrop, and capital inflows ahead of the Lunar New Year. Stronger daily fixings by the People’s Bank of China (PBoC) have also reinforced market expectations that the regulator is not hindering further appreciation of the national currency.

S&P 500 (US500) 6,966.28 +44.82 (+0.65%)

Dow Jones (US30) 49,504.07 +237.96 (+0.48%)

DAX (DE40) 25,261.64 +134.18 (+0.53%)

FTSE 100 (UK100) 10,124.60 +79.91 (+0.80%)

USD Index 99.14 +0.20% (+0.21%)

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Speculator Extremes: Palladium, Steel, WTI Crude & Sugar lead Bullish & Bearish Positions

By InvestMacro

The latest update for the weekly Commitment of Traders (COT) report was released by the Commodity Futures Trading Commission (CFTC) on Friday for data ending on January 6th 2026.

This weekly Extreme Positions report highlights the Most Bullish and Most Bearish Positions for the speculator category. Extreme positioning in these markets can foreshadow strong moves in the underlying market.

To signify an extreme position, we use the Strength Index (also known as the COT Index) of each instrument, a common method of measuring COT data. The Strength Index is simply a comparison of current trader positions against the range of positions over the previous 3 years. We use over 80 percent as extremely bullish and under 20 percent as extremely bearish. (Compare Strength Index scores across all markets in the data table or cot leaders table).


Extreme Bullish Speculator Table


Here Are This Week’s Most Bullish Speculator Positions:

Palladium

Extreme Bullish Leader
The Palladium speculator position comes in as the most extreme bullish standing  of the week. The Palladium speculator level sits at a 97 percent score of its 3-year range.

The six-week trend for the percent strength score was a rise by 7 percentage points while the speculator position registered 579 net contracts this week with a weekly increase of 1,150 contracts in speculator bets.


Speculators or Non-Commercials Notes:

Speculators, classified as non-commercial traders by the CFTC, are made up of large commodity funds, hedge funds and other significant for-profit participants. The Specs are generally regarded as trend-followers in their behavior towards price action – net speculator bets and prices tend to go in the same directions. These traders often look to buy when prices are rising and sell when prices are falling. To illustrate this point, many times speculator contracts can be found at their most extremes (bullish or bearish) when prices are also close to their highest or lowest levels.

These extreme levels can be dangerous for the large speculators as the trade is most crowded, there is less trading ammunition still sitting on the sidelines to push the trend further and prices have moved a significant distance. When the trend becomes exhausted, some speculators take profits while others look to also exit positions when prices fail to continue in the same direction. This process usually plays out over many months to years and can ultimately create a reverse effect where prices start to fall and speculators start a process of selling when prices are falling.

 


Steel

Extreme Bullish Leader
The Steel speculator position comes in as the second most bullish extreme standing this week with the Steel speculator level currently at a 97 percent score of its 3-year range.

The six-week trend for the strength score totaled a gain of 21 percentage points this week. The overall net speculator position was a total of 9,477 net contracts this week with a dip by -584 contract in the weekly speculator bets.


Euro

Extreme Bullish Leader
The Euro speculator position comes in third this week in the extreme standings. The EUR speculator level currently resides at a 91 percent score of its 3-year range.

The six-week trend for the speculator strength score came in at a gain of 26 percentage points this week. The overall speculator position was 162,812 net contracts this week with a boost by 5,347 contracts in the weekly speculator bets.


MSCI EAFE MINI

Extreme Bullish Leader
The MSCI EAFE MINI speculator position comes up number four in the extreme standings this week. The MSCI EAFE-Mini speculator level is at a 89 percent score of its 3-year range.

The six-week trend for the speculator strength score totaled a rise of 6 percentage points while the overall speculator position was 11,483 net contracts this week with a weekly drop of -4,757 contracts in the speculator bets.


Copper

Extreme Bullish Leader
The Copper speculator position rounds out the top five in this week’s bullish extreme standings. The Copper speculator level sits at a 87 percent score of its 3-year range with the six-week trend for the speculator strength score gaining by 13 percentage points this week.

The overall speculator position was 57,858 net contracts this week with a decline of -1,981 contracts in the weekly speculator bets.


The Most Bearish Speculator Positions of the Week:

Extreme Bearish Speculator Table


WTI Crude Oil

Extreme Bearish Leader
The WTI Crude Oil speculator position comes in as the most bearish extreme standing this week. The WTI Crude speculator level is at just a 6 percent score of its 3-year range.

The six-week trend for the speculator strength score was an edge higher by 1 percentage point this week. The overall speculator position totaled 57,352 net contracts this week with a change of -7,239 contracts in the speculator bets.


Cocoa Futures

Extreme Bearish Leader
The Cocoa Futures speculator position comes in next for the most bearish extreme standing on the week with the Cocoa speculator level sitting at a 10 percent score of its 3-year range.

The six-week trend for the speculator strength score was 10 percentage points this week and the speculator position was 3,230 net contracts this week with a small gain of 72 contracts in the weekly speculator bets.


Sugar

Extreme Bearish Leader
The Sugar speculator position comes in as third most bearish extreme standing of the week. The Sugar speculator level also resides at an approximate 10 percent score of its 3-year range.

The six-week trend for the speculator strength score was an increase by 8 percentage points this week while the overall speculator position was -154,098 net contracts this week with a drop of -16,276 contracts in the speculator bets.


Natural Gas

Extreme Bearish Leader
The Natural Gas speculator position comes in as this week’s fourth most bearish extreme standing as the speculator standing leveled at a 12 percent score of its 3-year range.

The six-week trend for the speculator strength score was -21 percentage points this week. The speculator position totaled -165,559 net contracts this week with a decline of -10,665 contracts in the weekly speculator bets.


Soybean Oil

Extreme Bearish Leader
The Soybean Oil speculator position comes in as the fifth most bearish extreme standing for this week. The Soybean Oil speculator level is at a 14 percent score of its 3-year range.

The six-week trend for the speculator strength score was a drop by -28 percentage points this week. The speculator position was -51,163 net contracts this week with a rise of 9,277 contracts in the weekly speculator bets.


Article By InvestMacroReceive our weekly COT Newsletter

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.

SNX (TD Synnex Corp.) stock has been added to our Watchlist

SNX (TD Synnex Corp.) stock has been added to our data-driven Watchlist today. This stock has been a repeat achiever and has made our Watchlist many times in the past few years.

Here are the quick details:

📈 SNX – TD SYNNEX Corporation

🏭 Sector: Information Technology

📊 Market Cap: $12.02B (Medium Cap)

⚖️ Beta: 1.07 (Moderate Risk)

📈 52W Performance: +25.66%

⭐ Quant Score: 87/100

SNX has beaten its earnings-per-share estimates for 3 straight quarters, has a dividend of 1.19% and currently has a P/E Ratio of approximately 10.15.
The price trend has clearly been up since mid-2025 but there has been a consolidation taking place around the $150 area in recent months.

Full Disclosure: I currently own and have owned this stock for over a year. Disclaimer: Content is educational purposes and not intended as investment advice.

Week Ahead: Will US30 hit 50,000 milestone?

By ForexTime 

  • US30 ↑ almost 3% year-to-date
  •  Trading less than 2% away from 50,000 milestone
  • Big bank earnings + US CPI = fresh volatility
  • JPMorgan & Goldman Sachs = nearly 16% of US30 weight
  • Technical levels: 50,000, 48,800 & 48400

Even as the clock ticks down to the key NFP report and Supreme Court ruling on Trump’s tariffs this afternoon, investors are bracing for more volatility in the week ahead.

All eyes will be on Wall Street bank earnings to US inflation data, speeches by Fed officials and geopolitical developments:

Monday, Jan 12

  • USD: Fed Barkin, Fed Williams and Fed Bostic speeches
  • AUD: Australia Westpac Consumer Confidence Change (Jan)

 

Tuesday, Jan 13

  • GBP: UK BRC Retail Sales Monitor (Dec)
  • US30: US Inflation Rate (Dec); ADP Employment Change Weekly; Fed Musalem & Barkin Speeches, JPMorgan Chase earnings
  • WTI: US API Crude Oil Stock Change (w/e Jan 9)

 

Wednesday, Jan 14

  • CNY: China Balance of Trade (Dec)
  • USD: US PPI (Oct & Nov); Retail Sales (Nov); Existing Home Sales (Dec); Fed Paulson & Williams Speeches, Beige book
  • US500: Bank of America, Wells Fargo, Citigroup earnings.
  • WTI: US EIA Crude Oil Stocks Change (w/e Jan 9)

 

Thursday, Jan 15

  • GBP: UK GDP (Nov); Industrial and Manufacturing Production (Nov)
  • EUR: Eurozone Industrial Production (Nov)
  • USD: US Initial Jobless Claims (w/e Jan 10)
  • US30: Goldman Sachs earnings
  • TWN: TSMC earnings

 

Friday, Jan 16

  • GER40: Germany CPI
  • USD: US Industrial Production
  • NZD: New Zealand food prices, BusinessNZ manufacturing PMI

 

Our focus is on FXTM’s US30 which tracks the benchmark Dow Jones Industrial Average index.

This index ended last year gaining 13% and has kicked off 2026 on a positive note – recently hitting an all-time high above 49,600.

Given how prices are trading near records, the question is whether bulls can keep up the momentum – especially with the 50,000 milestone in sight.

Here are 3 themes to keep a close eye on:

1) US bank earnings

Fourth-quarter earnings season unofficially kicks off on Tuesday 13th January, led by the largest US banks.

JPMorgan Chase, the country’s biggest lender, leads the pack, followed by Citigroup, Bank of America and Goldman Sachs among others.

US banks are expected to report solid earnings thanks to investment banking activity and elevated trading activity across commodities, fixed income and equity markets.

It is worth noting that financials make up almost 29% of the US30’s weight with JPMorgan and Goldman Sachs accounting for nearly 16%!

So, the upcoming earnings from US banks could spell fresh volatility.

  • Markets are forecasting a 3.3% move, either Up or Down, for JPMorgan Chase stocks post-earnings
  • Markets are forecasting a 4.0% move, either Up or Down, for Goldman Sachs stocks post-earnings.

 

 

2) US December CPI – Tuesday 13th January

The incoming US Consumer Price Index (CPI) may impact bets around Fed cuts in the first few months of 2026.

Markets are forecasting:

  • CPI year-on-year (December 2025 vs. December 2024) unchanged at 2.7%.
  • Core CPI year-on-year to rise 2.7% from 2.6%.
  • CPI month-on-month – 0.3%
  • Core CPI month-on-month – 0.3%

Signs of rising inflation pressures may reduce bets around the Fed cutting interest rates.

US30 is forecast to move 0.9% up or 0.8% down in a 6-hour window after the US CPI report.

Note: The US retail sales reports, PPI, Biege book and speeches by Fed officials may impact the US30.

 

3) Technical forces

The US30 remains bullish on the daily charts with prices trading above the 50, 100 and 200-day SMA.

  • A solid breakout above 49,500 could inspire a move toward the psychological 50,000 milestone and higher.
  • Should prices slip below 48,800, this could trigger a selloff toward 48,400.


 

Forex-Time-LogoArticle by ForexTime

 

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

First new stock of 2026 added to our data-driven Watchlist: ACI (Albertsons Companies)

First new stock of 2026 added to our data-driven Watchlist:

📈 ACI – Albertsons Companies, Inc.

🏭 Sector: Consumer Defensive

📊 Market Cap: $8.84B

🛡️ Beta: 0.31 (Low Risk)

📉 52W Performance: -15.7%

👍 Quant Score: 68/100 (Fair)

Not lighting the world on fire by any means as stock has been down over -15% (52 Wks) and in downtrend. However, has an earnings yield above 9%, missed on Revenue but beat on Earnings in latest Earnings Reports.

WTI oil prices rose by more than 4%. Silver dropped by 5%

By JustMarkets 

By the end of Thursday, the Dow Jones Index (US30) rose by 0.55%. The S&P 500 Index (US500) gained 0.01%. The Technology Index Nasdaq (US100) closed lower by 0.44%. Investors shifted their focus from technology stocks toward cyclical and defense companies amid ongoing uncertainty regarding the scale and timing of Federal Reserve policy easing, as well as increased attention to the efficiency of capital expenditures in the field of artificial intelligence. The market was pressured by shares of large technology companies focused on AI infrastructure: Nvidia lost 2.2%, Broadcom 3.2%, Micron 3.7%, and Oracle 1.7%. At the same time, the defense sector demonstrated steady growth following President Donald Trump’s statements regarding plans to increase the US military budget to 1.5 trillion dollars in 2027.

According to a consumer expectations survey by the Federal Reserve Bank of New York, median one-year-ahead inflation expectations in the US rose to 3.4% in December 2025, compared to 3.2% in each of the two previous months. In contrast, inflation expectations for three and five years remained unchanged at 3.0%, indicating stable long-term inflation projections. Uncertainty regarding inflation increased across all horizons, pointing to a growing divergence in expectations regarding future prices.

The German DAX (DE40) rose by 0.02%, the French CAC 40 (FR40) closed with an increase of 0.12%, the Spanish Index IBEX 35 (ES35) gained 0.33%, and the British FTSE 100 (UK100) closed lower at 0.04%. European stock markets declined moderately on Thursday, taking a pause after hitting record levels earlier in the week. Sentiment was pressured by uncertainty surrounding the future course of ECB policy and persistent geopolitical risks.

On Thursday, WTI crude oil prices rose by more than 4% and exceeded the 58 dollars per barrel mark, recovering losses from the two previous sessions as the market reassessed short-term supply risks amid a more resilient physical balance in the US. Prices were supported by data showing a 3.8 million barrel reduction in US oil inventories, which significantly exceeded expectations and refuted prognoses of inventory growth, easing concerns about a global supply glut. The rise in quotes was partially limited by an increase in inventories at Cushing, as well as a sharp rise in gasoline and distillate inventories; however, weaker US labor market data supported demand expectations by strengthening the outlook for a more dovish Fed policy.

On Thursday, silver dropped by 5% to 74 dollars per ounce, marking its second consecutive session of decline as investors took a wait-and-see approach ahead of the annual rebalancing of key commodity indices. This is expected to lead to the sale of billions of dollars worth of futures contracts in the coming days. Additional pressure on quotes was exerted by mechanical selling from passive funds adjusting their portfolios to new index weights following silver’s exceptional rally last year. These technical factors intensified the short-term decline despite persistent fundamental demand drivers.

Natural gas prices in the US decreased by approximately 3% to 3.42 dollars/MMBtu amid a moderate increase in daily production and expectations of mild weather for the next two weeks, which is anticipated to limit heating demand below seasonal norms. Although prognosists allow for a brief cold snap and a temporary increase in consumption at the end of January, overall temperatures across the country are predicted to remain above normal values until January 23. Meanwhile, EIA data showed higher actual demand: for the week ending January 2, 114 billion cubic feet of gas were withdrawn from storage, which significantly exceeds both last year’s figure and the five-year average.

Asian markets mostly declined yesterday. The Japanese Nikkei 225 (JP225) fell by 1.63%, the Chinese FTSE China A50 (CHA50) dropped by 1.45%, the Hong Kong Hang Seng (HK50) decreased by 1.17%, and the Australian ASX 200 (AU200) showed a positive result of 0.29% yesterday. On Friday, Chinese stock markets resumed their growth. In December, consumer price inflation accelerated to its highest level in nearly three years, primarily due to rising food prices, which partially masked persistent underlying deflationary pressure in the economy. At the same time, producer prices declined for the 39th consecutive month, although the rate of decline was the smallest since August 2024, which was perceived by the market as a sign of stabilization.

The unemployment rate in Malaysia in November 2025 decreased to 2.9% compared to 3.2% a year earlier, reaching its lowest level since November 2014. The number of unemployed persons decreased by 4.3% in annual terms to 518.4 thousand, marking a nearly six-year low, while employment rose by 3.1% and reached a record 17.09 million people.

S&P 500 (US500) 6,921.46 +0.53 (+0.01%)

Dow Jones (US30) 49,266.11 +270.03 (+0.55%)

DAX (DE40) 25,127.46 +5.20 (+0.021%)

FTSE 100 (UK100) 10,044.69 −3.52 (−0.04%)

USD Index 98.88 +0.19% (+0.19%)

News feed for: 2026.01.09

  • China Consumer Price Index (m/m) at 03:30 (GMT+2); – CHA50, HK50 (MED)
  • China Producer Price Index (m/m) at 03:30 (GMT+2); – CHA50, HK50 (MED)
  • Norway Inflation Rate (m/m) at 09:00 (GMT+2); – NOK (MED)
  • Eurozone Retail Sales (m/m) at 12:00 (GMT+2); – EUR (MED)
  • Canada Unemployment Rate (m/m) at 15:30 (GMT+2); – CAD (HIGH)
  • US Non-Farm Payrolls (m/m) at 15:30 (GMT+2); – USD, XAU (HIGH)
  • US Average Hourly Earnings (m/m) at 15:30 (GMT+2); – USD, XAU (HIGH)
  • US Unemployment Rate (m/m) at 15:30 (GMT+2); – USD, XAU (HIGH)
  • US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2). – USD (MED)

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

The CDNX as a Long-Cycle Signal, Not a Trading Index

Source: John Newell (1/6/26) 

John Newell of John Newell & Associates shares his thoughts on the CNDX and a few stocks he believes are worth looking into.

The TSX Venture Exchange (CDNX) is often dismissed as volatile or purely speculative. It functions as a long-cycle barometer of risk appetite and capital availability, particularly in sectors where discovery and development drive value creation.

Historically, the CDNX has:

  • Traded at a premium to gold during expansionary cycles
  • Re-rated sharply following prolonged periods of capital starvation
  • Delivered its strongest performance after senior indices and underlying commodities had already moved

The long-term charts I’ve been maintaining show that the CDNX has spent more than a decade forming a broad base following the 2011–2012 breakdown. That base now appears to be resolving.

Key observations from the long-term structure include:

  • The CDNX has already cleared its first major resistance zones near 775 and 1,025
  • The current structure supports intermediate targets in the 1,325–1,480 range
  • Longer-term measured moves project toward 3,500+ if the full cycle plays out

Importantly, these targets are not derived from short-term momentum indicators. They are based on time, symmetry, and historical valuation resets that have defined prior CDNX cycles.

The Valuation Disconnect: Metals vs. Miners

Gold trading above $4,000, Silver above $70.00, and improving base metal prices should, in theory, have already pulled junior equities meaningfully higher. They have not, and that disconnect is the opportunity.

This gap exists because:

  • Capital exited the sector for more than a decade
  • Research coverage collapsed
  • Liquidity concentrated in mega-cap growth and passive vehicles
  • Junior companies diluted heavily simply to survive

The result is a sector with real assets, improving fundamentals, and compressed equity valuations. From a charting perspective, this is exactly the environment where long bases form and where subsequent moves tend to be disproportionate once capital returns.

Why ‘Overbought’ Is the Wrong Lens

A common objection at this stage is that parts of the market appear overbought. On short-term indicators, that is often true. On long-term ones, it is largely irrelevant.

Every major small-cap and resource bull market has followed the same pattern:

  • Early strength feels uncomfortable
  • Pullbacks shake out weak hands (that’s why they call it a Bull Market, it bucks off the weak hands, and most riders can’t hold on more than 8 seconds!)
  • Primary trends continue regardless

The CDNX charts show that prior secular advances did not begin from ideal sentiment or perfect technical conditions. They began when capital rotated reluctantly, and valuations were still depressed. From that standpoint, the current move is better described as a reawakening, not excess.

Why Junior Mining and Critical Minerals Matter

Small-cap equities do not move as a homogeneous group. Leadership matters.

Junior mining and critical minerals occupy a unique position because they:

  • Sit at the front end of the supply curve
  • Benefit disproportionately from rising commodity prices
  • Offer nonlinear returns through discovery and re-rating
  • Remain outside the focus of most large institutions

Many of the companies I chart today once traded at multiples of their current valuations during prior cycles, often with less advanced assets than they hold now. The charts reflect that history.

What This Means for Portfolio Strategy

From my perspective, the CDNX is not signaling the end of a move, but the beginning of a regime change.

For firms focused on identifying under-followed opportunities before they are widely recognized, this is precisely the environment where disciplined technical work adds value:

  • Identifying long bases before breakouts
  • Distinguishing false moves from structural shifts
  • Prioritizing asymmetry over momentum
  • Staying aligned with long-term trends through volatility

This is where technical analysis complements fundamental work, particularly in sectors where narrative tends to arrive after price.

Applying the Framework at the Company Level

I’ve been applying this same long-base, valuation-reset framework to individual junior companies that were once far more highly valued, then spent years repairing balance sheets, advancing assets, and rebuilding investor confidence.

Recent examples include Lux Metals Corp., Silver North Resources Ltd., and Triumph Gold Corp.

Each operates in established mining districts with tangible assets yet continues to trade at market capitalizations that reflect the prior cycle rather than the current commodity backdrop. In all three cases, the charts show multi-year bases evolving into higher lows, improving volume, and early-stage breakouts that closely mirror the broader CDNX structure. These are not momentum trades. They are examples of how patient capital can position ahead of a re-rating as fundamentals, technicals, and sector capital flows begin to align.

Lux Metals Corp.

As shown in the accompanying chart, Lux Metals Corp (LXM:TSXV; BBBMF:OTCMKTS) illustrates the type of junior that often responds early as the TSX Venture Index begins to turn higher.

After several years of base-building, the shares have broken above long-standing resistance and are now working through a classic point-of-recognition phase, supported by rising volume and improving trend structure.

Fundamentally, Lux has consolidated a large, high-grade gold project in Quebec’s James Bay region, located on the same geological architecture that hosts the Éléonore Mine. With more than 52,000 metres of historical drilling and strong infrastructure, the company combines a credible asset base with a chart that reflects early-stage re-rating potential.

Silver North Resources Ltd.

Another example is Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB).

After several years of consolidation, the stock has recently transitioned into a technical breakout phase, coinciding with steady exploration progress at its 100%-owned Haldane Silver Project in the Keno Hill District of Yukon.

With a tight share structure, multiple discovery-driven catalysts, and a chart that has shifted decisively from resistance to momentum, Silver North reflects the type of underfollowed junior that often responds early as risk capital begins flowing back into the CDNX.

Triumph Gold Corp.

A third example is Triumph Gold Corp. (TIG:TSX.V; TIGCF:OTCMKTS), which embodies the early-stage upside still available on the TSX Venture Exchange.

After several years consolidating its share structure and advancing the technical understanding of its 100%-owned Freegold Mountain Project in Yukon, Triumph is now breaking out — both technically and fundamentally.

With more than two million gold-equivalent ounces in current resources and exposure to copper, silver, and tungsten, the company is emerging at a time when the broader CDNX is only beginning to rotate back into exploration stories with scale, infrastructure, and optionality. Updated technical charts suggest a multi-year base has been completed, positioning Triumph with a structural tailwind as investor appetite returns.

Closing Thought

The strongest small-cap cycles do not begin when participation is broad or conviction is high. They begin when capital quietly returns to areas that have been ignored long enough to reset expectations.

The CDNX charts suggest we are at that point now.

Junior mining and critical minerals are not late. They are still catching up, and historically, that is when the most durable returns are generated.

I look forward to discussing how this framework can be applied systematically across under-recognized small-cap opportunities.

For reference, my original CDNX article can be found here.

My previous article on Lux Metals can be found here.

My previous article on Silver North can be found here, and my previous article on Triumph Gold can be found here.

 

Important Disclosures:

  1. Silver North Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
  2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of  Silver North Resources Ltd.
  3. John Newell: I, or members of my immediate household or family, own securities of: Triumph Gold and LUX Metals. My company has a financial relationship with: None. My company has purchased stocks mentioned in this article for my management clients: None. I determined which companies would be included in this article based on my research and understanding of the sector.
  4. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found  below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
  5.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it’s advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

Google’s proposed data center in orbit will face issues with space debris in an already crowded orbit

By Mojtaba Akhavan-Tafti, University of Michigan 

The rapid expansion of artificial intelligence and cloud services has led to a massive demand for computing power. The surge has strained data infrastructure, which requires lots of electricity to operate. A single, medium-sized data center here on Earth can consume enough electricity to power about 16,500 homes, with even larger facilities using as much as a small city.

Over the past few years, tech leaders have increasingly advocated for space-based AI infrastructure as a way to address the power requirements of data centers.

In space, sunshine – which solar panels can convert into electricity – is abundant and reliable. On Nov. 4, 2025, Google unveiled Project Suncatcher, a bold proposal to launch an 81-satellite constellation into low Earth orbit. It plans to use the constellation to harvest sunlight to power the next generation of AI data centers in space. So, instead of beaming power back to Earth, the constellation would beam data back to Earth.

For example, if you asked a chatbot how to bake sourdough bread, instead of firing up a data center in Virginia to craft a response, your query would be beamed up to the constellation in space, processed by chips running purely on solar energy, and the recipe sent back down to your device. Doing so would mean leaving the substantial heat generated behind in the cold vacuum of space.

As a technology entrepreneur, I applaud Google’s ambitious plan. But as a space scientist, I predict that the company will soon have to reckon with a growing problem: space debris.

The mathematics of disaster

Space debris – the collection of defunct human-made objects in Earth’s orbit – is already affecting space agencies, companies and astronauts. This debris includes large pieces, such as spent rocket stages and dead satellites, as well as tiny flecks of paint and other fragments from discontinued satellites.

Space debris travels at hypersonic speeds of approximately 17,500 miles per hour (28,000 km/h) in low Earth orbit. At this speed, colliding with a piece of debris the size of a blueberry would feel like being hit by a falling anvil.

Satellite breakups and anti-satellite tests have created an alarming amount of debris, a crisis now exacerbated by the rapid expansion of commercial constellations such as SpaceX’s Starlink. The Starlink network has more than 7,500 satellites, which provide global high-speed internet.

The U.S. Space Force actively tracks over 40,000 objects larger than a softball using ground-based radar and optical telescopes. However, this number represents less than 1% of the lethal objects in orbit. The majority are too small for these telescopes to reliably identify and track.

In November 2025, three Chinese astronauts aboard the Tiangong space station were forced to delay their return to Earth because their capsule had been struck by a piece of space debris. Back in 2018, a similar incident on the International Space Station challenged relations between the United States and Russia, as Russian media speculated that a NASA astronaut may have deliberately sabotaged the station.

The orbital shell Google’s project targets – a Sun-synchronous orbit approximately 400 miles (650 kilometers) above Earth – is a prime location for uninterrupted solar energy. At this orbit, the spacecraft’s solar arrays will always be in direct sunshine, where they can generate electricity to power the onboard AI payload. But for this reason, Sun-synchronous orbit is also the single most congested highway in low Earth orbit, and objects in this orbit are the most likely to collide with other satellites or debris.

As new objects arrive and existing objects break apart, low Earth orbit could approach Kessler syndrome. In this theory, once the number of objects in low Earth orbit exceeds a critical threshold, collisions between objects generate a cascade of new debris. Eventually, this cascade of collisions could render certain orbits entirely unusable.

Implications for Project Suncatcher

Project Suncatcher proposes a cluster of satellites carrying large solar panels. They would fly with a radius of just one kilometer, each node spaced less than 200 meters apart. To put that in perspective, imagine a racetrack roughly the size of the Daytona International Speedway, where 81 cars race at 17,500 miles per hour – while separated by gaps about the distance you need to safely brake on the highway.

This ultradense formation is necessary for the satellites to transmit data to each other. The constellation splits complex AI workloads across all its 81 units, enabling them to “think” and process data simultaneously as a single, massive, distributed brain. Google is partnering with a space company to launch two prototype satellites by early 2027 to validate the hardware.

But in the vacuum of space, flying in formation is a constant battle against physics. While the atmosphere in low Earth orbit is incredibly thin, it is not empty. Sparse air particles create orbital drag on satellites – this force pushes against the spacecraft, slowing it down and forcing it to drop in altitude. Satellites with large surface areas have more issues with drag, as they can act like a sail catching the wind.

To add to this complexity, streams of particles and magnetic fields from the Sun – known as space weather – can cause the density of air particles in low Earth orbit to fluctuate in unpredictable ways. These fluctuations directly affect orbital drag.

When satellites are spaced less than 200 meters apart, the margin for error evaporates. A single impact could not only destroy one satellite but send it blasting into its neighbors, triggering a cascade that could wipe out the entire cluster and randomly scatter millions of new pieces of debris into an orbit that is already a minefield.

The importance of active avoidance

To prevent crashes and cascades, satellite companies could adopt a leave no trace standard, which means designing satellites that do not fragment, release debris or endanger their neighbors, and that can be safely removed from orbit. For a constellation as dense and intricate as Suncatcher, meeting this standard might require equipping the satellites with “reflexes” that autonomously detect and dance through a debris field. Suncatcher’s current design doesn’t include these active avoidance capabilities.

In the first six months of 2025 alone, SpaceX’s Starlink constellation performed a staggering 144,404 collision-avoidance maneuvers to dodge debris and other spacecraft. Similarly, Suncatcher would likely encounter debris larger than a grain of sand every five seconds.

Today’s object-tracking infrastructure is generally limited to debris larger than a softball, leaving millions of smaller debris pieces effectively invisible to satellite operators. Future constellations will need an onboard detection system that can actively spot these smaller threats and maneuver the satellite autonomously in real time.

Equipping Suncatcher with active collision avoidance capabilities would be an engineering feat. Because of the tight spacing, the constellation would need to respond as a single entity. Satellites would need to reposition in concert, similar to a synchronized flock of birds. Each satellite would need to react to the slightest shift of its neighbor.

Detecting space debris in orbit can help prevent collisions.

Paying rent for the orbit

Technological solutions, however, can go only so far. In September 2022, the Federal Communications Commission created a rule requiring satellite operators to remove their spacecraft from orbit within five years of the mission’s completion. This typically involves a controlled de-orbit maneuver. Operators must now reserve enough fuel to fire the thrusters at the end of the mission to lower the satellite’s altitude, until atmospheric drag takes over and the spacecraft burns up in the atmosphere.

However, the rule does not address the debris already in space, nor any future debris, from accidents or mishaps. To tackle these issues, some policymakers have proposed a use-tax for space debris removal.

A use-tax or orbital-use fee would charge satellite operators a levy based on the orbital stress their constellation imposes, much like larger or heavier vehicles paying greater fees to use public roads. These funds would finance active debris removal missions, which capture and remove the most dangerous pieces of junk.

Avoiding collisions is a temporary technical fix, not a long-term solution to the space debris problem. As some companies look to space as a new home for data centers, and others continue to send satellite constellations into orbit, new policies and active debris removal programs can help keep low Earth orbit open for business.The Conversation

About the Author:

Mojtaba Akhavan-Tafti, Associate Research Scientist, University of Michigan

This article is republished from The Conversation under a Creative Commons license. Read the original article.

 

Why Is This the Perfect Silver Trade To Invest In?

Source: Michael Ballanger (1/7/26) 

Michael Ballanger of GGM Advisory Inc. explains why he thinks Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB) might be the perfect silver trade to invest in.

Subscribers purchased Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB) by way of two private placements in 2025 at prices of CA$0.10 and CA$0.15 per share. This is a junior silver explorer with projects in Canada’s Yukon Territories, with one being proximitous to the legendary Keno Hill Silver District where historical mining operations yielded over 200 million ounces of silver.

The two main projects are the Haldane Project, located 25 km. west of the main Keno Hill silver deposits and Tim Project, located 72 km west of Watson Lake, Yukon, and 19 km northeast of Coeur Mining’s Silvertip deposit.

Coeur Mining Inc. (CDE:NYSE) is funding exploration under an option agreement to earn a 51% interest in Tim from Silver North by completing $3.55 million in exploration over 5 years and making staged cash payments totalling $575,000. Coeur can increase its interest to 80% by funding a positive feasibility study at Tim by the eighth anniversary of the agreement.

To date, Coeur has funded approximately $1.6 million in exploration, which has included SkyTEM, magnetics, radiometrics, and mobile MT geophysical surveys, property-wide geochemical sampling and mapping, re-examination of historical trenches, and drilling. Coeur is the project operator, applying the expertise of its geological team at Silvertip to the Tim exploration.

In November, the company reported the following from the Haldane Property: Silver North Intersects 13.15 meters Averaging 818 g/t Silver and 1.39 g/t Gold From 249.9 m Depth at the Haldane Silver Property, Keno District, Yukon. Elevated gold values really got my attention, as well as the rest of the market, as the stock moved sharply higher in combination with robust silver prices.

I like almost everything about this name, including a crackerjack management group and a great land package in the vicinity of one of the truly legendary silver camps: Keno Hill.

Of course, I am biased as I was one of those lucky souls who owned shares in the mighty United Keno Hill Silver Mines in the 1970s as it soared from $0.60 to $60 in less than a year. The only possible negative is seasonality, as it is not so much the sub-zero temperatures that force companies to shut down in the Canadian winter, but the lack of sunlight, which creates safety issues.

Nonetheless, as a proxy for the silver trade, it is a perfect place to invest, and at a US$22m market cap, it is worthy of a target price in the US$100m range driven by further exploration and development at Haldane and Tim. No one knows for sure where silver prices will top out, but if the raving bulls are correct, this could be another United Keno HillAccordingly, an initial target price of CA$1.00 per share is where I will reassess.

 

Important Disclosures:

  1. Silver North Resources. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
  2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver North Resources.
  3. Michael Ballanger: I, or members of my immediate household or family, own securities of: Silver North Resources. My company has a financial relationship with: None. My company has purchased stocks mentioned in this article for my management clients: None. I determined which companies would be included in this article based on my research and understanding of the sector.
  4. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found  below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
  5. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Michael Ballanger Disclosures

This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.

Why 2026 could see the end of the Farm Bill era of American agriculture policy

By Christopher Neubert, Arizona State University and Kathleen Merrigan, Arizona State University 

With Congress back in session, legislators will take up a set of issues they haven’t comprehensively addressed since 2018 – the year the last farm bill passed.

Farm bills are massive pieces of legislation that address a diverse constellation of topics, including agricultural commodities, conservation, trade, nutrition, rural development, energy, forestry and more. Because of their complexity, farm bills are difficult to negotiate in any political environment. And as the topics have expanded since the first iteration in 1933, Congress has generally agreed to take the whole thing up once every five years or so.

However, the most recent farm bill’s provisions expired in 2023. They have been renewed one year at a time ever since, but without the comprehensive overhaul that used to accompany farm bills.

As former federal employees handling agriculture policy who now study that topic, it’s unclear to us whether a comprehensive, five-year farm bill can be passed in 2026, or ever again.

The July 2025 enactment of the so-called “One Big Beautiful Bill Act,” the Trump administration’s budget priorities in the tax and spending bill, revised funding levels for many programs that were historically handled in the farm bill. For instance, that law included a 20% cut in funding to the Supplemental Nutrition Assistance Program, known as SNAP, which helps low-income families buy food. And it doubled support for the largest farm subsidy programs.

Those changes and current divisions in Congress mean the nation’s food and agriculture policy may remain stuck in limbo for yet another year.

Cuts to SNAP used for farm subsidies

For decades, political conventional wisdom has held that sweeping federal farm bills are able to pass only because farmers seeking subsidies and anti-hunger advocates wanting increased SNAP dollars recognize the mutual advantage in working together. That’s how to build a broad, bipartisan consensus strong enough to garner the 60 votes in the U.S. Senate to avoid a filibuster and actually pass a bill.

But the One Big Beautiful Bill Act tax and spending law did not create a compromise between those competing interests. It slashed SNAP spending by US$186 billion over the next decade. At the same time, it boosted price support for farmers who grow key crops like corn, soybeans and wheat by $60 billion, in addition to a $10 billion economic relief package passed at the end of 2024 to address high costs of seeds, fertilizer and other farming supplies.

Supporters of anti-hunger programs are furious that these funds for farmers are being paid for by cutting SNAP benefits to families.

In addition, about one-third of the SNAP cuts came by shifting the program’s cost to state budgets. States have always carried some of the costs to administer SNAP, but they have never before been required to fund billions of dollars in benefits. Many states will be unable to cover these increased costs and will be forced to either reduce benefits or opt out of SNAP altogether, dramatically cutting the help available to hungry Americans.

Groups that support SNAP are unlikely to help pass any bill relating to food or farm policy that does not substantially reverse the cuts to SNAP.

And farmers who receive money under the two largest farm subsidy programs are not even required to grow the specific crops those programs are meant to support. Rather, they must simply own farmland that was designated in 1996 as having grown that crop in the early 1980s.

Farmers have repeatedly said they would prefer federal farm policies that support markets and create conditions for stable, fair commodity prices. And evidence shows that spending more money on farm subsidies does little to actually improve underlying economic conditions affecting the costs of farming or the prices of what is grown.

And yet, in early December 2025, the Department of Agriculture released an additional $12 billion to help offset losses farmers experienced when Trump’s tariffs reduced agricultural exports. In mid-December, the National Farmers Union said that money still wasn’t enough to cover losses from consistently low commodity prices and high seed and fertilizer costs.

A regular five-year farm bill may be out of reach

The success of any bill depends on political will in Congress and outside pressure coming together to deliver the required number of votes.

Some leaders in Congress remain optimistic about the prospects of a farm bill passing in 2026, but major legislation is rare with midterm elections looming, so meaningful progress appears unlikely. It seems to us more likely that the ongoing stalemate will continue indefinitely.

In September 2025, Politico reported that instead of a complete five-year farm bill, the House and Senate committees on agriculture might take up a series of smaller bills to extend existing programs whose authorizations are expiring. Doing so would be an effective declaration that a permanent five-year farm bill is on indefinite hold.

Prospects for sustainable farm policy

By using financial incentives cleverly, Congress has shifted farming practices over time in ways that lawmakers determined were in the public’s interest.

The 2022 Inflation Reduction Act, for instance, allocated $20 billion over four years to encourage farmers to reduce or offset carbon emissions, which the Agriculture Department calls “climate-smart agriculture.” Those funds, along with a separate Department of Agriculture initiative with similar aims, were well received by American farmers. Farmers applied for far more money than was actually available.

The One Big Beautiful Bill Act tax and spending law cut those funds and repurposed them for traditional Agriculture Department programs for farmers who want to implement conservation practices on their land.

But unexpectedly, the Trump administration’s “Make America Healthy Again,” or MAHA, agenda contains some ideas that climate-smart advocates have previously advanced. These include scathing indictments of the effects of conventional agriculture on Americans’ health, including concerns over pesticide use and the so-far-undefined category of “ultra-processed foods.”

The MAHA agenda could be an opportunity for organic farmers to secure a boost in federal funding. In December, the Agriculture Department committed $700 million toward “regenerative” practices, but that’s a trifling amount compared with the billions commodity farmers received in 2025.

And the administration’s allies who support conventional agriculture have already expressed concerns that MAHA efforts might reduce the nation’s agricultural productivity. The administration may end up caught between the MAHA movement and Big Ag.

Overall, in this new political environment, we believe advocates for changes in agriculture and food aid will likely need to rethink how to advance their agendas without the promise of a farm bill coming anytime soon.The Conversation

About the Author: 

Christopher Neubert, Deputy Director, Swette Center for Sustainable Food Systems, Arizona State University and Kathleen Merrigan, Executive Director, Swette Center for Sustainable Food Systems, Arizona State University

This article is republished from The Conversation under a Creative Commons license. Read the original article.