The Morning Call---Gold, the dollar and central bank reserves

 

The Morning Call

 

1/27/26

 

The Market

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/sell-america-everything-rips-dollar-dumps

 

Note: the S&P closed back above its former all-time high. The question arises, since it negated its previous break out last Friday, is last week’s sell off an aberration/anomaly? It could be. If so, the index will continue to rise and it will be a moot point. If not, expect another sinking spell. For the moment, I am sticking with our discipline---a new challenge to the all-time high began yesterday and will be confirmed if the S&P remains above 6927 through the close on Thursday.

 

            Monday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            The latest from Goldman.

            https://www.zerohedge.com/markets/sensory-overload-top-goldman-macro-trader-breadth-buybacks-banks-tanks

 

            Clarity on Treasury rate direction.

            https://mrzepczynski.blogspot.com/2026/01/what-if-we-have-clarity-on-treasury.html

 

            What is next for gold?

            https://www.zerohedge.com/the-market-ear/gold-vol-finally-panics-whats-next

 

            More on the near term outlook for gold.

            https://www.zerohedge.com/the-market-ear/how-get-6666-gold

 

            A blow off top in silver?

            https://www.zerohedge.com/precious-metals/hallmarks-blowoff-top-goldman-delta-one-desk-head-fears-squeeze-ending-silver

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

The January Dallas Fed manufacturing index was -1.2 versus consensus of -6.

 

                        International

 

December Chinese (YTD) industrial profits were up 0.6% versus predictions of +0.3%.

 

                        Other

 

            Fiscal Policy

 

              America’s ‘emergency’ emergency.

              https://www.cato.org/commentary/greenland-tariff-farce-americas-emergency-emergency

 

              US struggles to keep a lid on Treasury rates.

              https://wolfstreet.com/2026/01/25/us-government-struggles-to-keep-a-lid-on-10-year-treasury-yield-and-mortgage-rates/

 

                  And here is why---the world is hooked on government debt.

              https://www.wsj.com/economy/global/the-world-economy-is-hooked-on-government-debt-71491482?mod=economy_lead_story

 

                Tariffs

 

              The tariff turmoil continues.

              https://www.bloomberg.com/news/newsletters/2026-01-26/trump-tariff-threats-and-canada?srnd=homepage-americas

 

     Investing

 

            Update on valuations.

            https://www.ft.com/content/84b8a579-8634-47de-a421-a1eb39c8577d

 

            A word of caution.

            https://www.advisorperspectives.com/commentaries/2026/01/26/south-park-market-2026

 

            Time to sell America?

            Time To Sell America?

 

            Gold, the dollar, and central bank reserves.

            https://www.zerohedge.com/geopolitical/de-dollarization-gold-over-debt-end-keynesian-paper-promise-mirage

 

            This social security mistake can reduce your benefits.

            https://www.usatoday.com/story/money/personalfinance/retirement/2026/01/23/social-security-mistakes/88324746007/

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

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