Money Flow Trading Method along with Risk Management

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Zelensky Skips Davos As Kiev Plunged Into Worst Power & Water Crisis Of War


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by Tyler Durden

Tuesday, Jan 20, 2026 - 01:40 PM

Ukraine's energy crisis continues, not only with nationwide rolling blackouts, but with fresh overnight Russian strikes on the capital having plunged nearly 6,000 of the city's buildings into darkness amid subzero temperatures.

President Volodymyr Zelensky has announced Tuesday he is skipping the Davos World Economic Forum (WEF) summit given his country's energy emergency is his top priority. "For now, I am choosing Ukraine, not an economic forum," Zelensky said, but noted the situation could change quickly and that he's urging immediate support from outside partners.

KyivPost reports that "According to the mayor, 5,635 high-rise buildings were left without heating following the strike, nearly 80% of which had only recently had heat restored after outages on Jan. 9." Kiev is experiencing -14C temperatures on Tuesday, or 7 degrees Fahrenheit.


https://assets.zerohedge.com/s3fs-pu...?itok=IueIJOh5
Reuters/CNN: Government-sponsored warming center in the capital.


Already, authorities had declared a power emergency, and planned further rolling blackouts to keep the national grid functioning as parts get urgently replaced and emergency repairs are underway. But even water outages have hit Kiev too:
Power and water outages were recorded on Kyiv’s Left Bank, where social infrastructure facilities were switched to autonomous power supplies.

At least one woman was wounded in the overnight strikes, which also involved drones. This month has ranked as the worst for the capital after nearly four years of war in terms of keeping the lights on:
"Municipal and energy services are working to restore heating, water and electricity at homes throughout the city," the mayor said.

Russia's latest air attacks come several days after the worst strikes on Ukraine's energy grid since the full-scale invasion in February 2022. Half of Kyiv had lost electricity and heating as a result of those strikes, which took place on Jan. 9.

Local Ukrainians have expressed extreme frustration, given massive repairs all across the city have just been completely undone:
Mayor Vitalii Klitschko said almost 80% of those buildings had just had their heating restored following the large-scale attack on 9 January, which knocked out power for much of the city. Since then, relentless efforts by technicians had managed to reinstate electricity and gas for thousands - only for that work to be undone overnight.

"I have no electricity and no water," Oleksandr Palii, a 29-year-old veteran, told the BBC. "I didn't sleep until 3am because of the strikes either – there were explosions all night."

Some officials are reportedly advising citizens of the capital region who are in freezing conditions to leave until to the situation is stabilized. Some other parts of Ukraine currently have more access to heating and water.

Still, the overnight drone and missile attack impacted other areas and cities, which has become a nightly occurrence:

1. Kyiv's air force reported Russia fired some 339 long-range combat drones and 34 missiles, while DTEK energy company said over 335,000 residents lost electricity after the strikes.
2. Sheltering in metro stations, Kyiv residents faced school closures until February as municipal and energy services and repair crews worked to restore heating, water, and electricity.
3. The International Criminal Court has issued arrest warrants over strikes on Ukraine's energy grid, and Ursula von der Leyen announced a €78bn loan to support basic services.

Meanwhile, some anti-Russia outlets worry that Trump's threat to take Greenland will 'distract' from the Ukraine war at Davos. "President Donald Trump’s threats to annex Greenland and impose punitive tariffs on European countries who oppose him are set to dominate the annual World Economic Forum meeting this week," the Amsterdam-based Moscow Times writes.

Ukraine is still expected to be high on the WEF agenda, but all eyes will be on Trump and his interactions with European allies over the pressing Greenland issue. "Europe was anxious when Trump was elected. It’s even more anxious now, largely because of Greenland," a diplomat has been cited as saying.

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January 20, 2026

Trump Wipes Out United Nations To Build New World Order
By: Sorcha Faal, and as reported to her Western Subscribers

A bombshell new Security Council (SC) report circulating in the Kremlin today first noting the United States announced that President Donald Trump will hold a Board of Peace signing ceremony on Thursday at 10:30 a.m. on the sidelines of the World Economic Forum in Davos-Switzerland, says this announcement joined top White House economic advisor Kevin Hassett revealing that President Trump “is building a new world order”, all of which caused Foreign Minister Sergey Lavrov to openly admit: “Long-standing rules of conduct on the global stage have been upended and replaced by a game of might makes right”.

Last September, this report notes, President Trump first proposed his “Board of Peace” plan—in November, it saw United Nations Security Council Resolution 2803 passing to enshrine the Board of Peace into international law—then President Trump announced that the Board of Peace was a governing new global law four days ago on 16 January.

In knowing the truth that the Board of Peace effectively wipes out the United Nations, this report continues, United Nations Secretary General António Guterres grimly warned: “When leaders run roughshod over international law – when they pick and choose which rules to follow – they are not only undermining global order, they are setting a perilous precedent”—a grim warning joined by the Washington Post most factually revealing today: “President Donald Trump is preparing to address a gathering of global elites in Switzerland while appearing to be at open war with paradigms they have long defended”.

Over the past 24 hours, this report concludes, President Trump has invited nations like Russia, China, India and even Ukraine to join the Board of Peace—when told by reporters last evening that French President Emmanuel Macron had rejected his invitation, President Trump fired back: “Did he say that?...Well, nobody wants him because he will be out of office very soon...I'll put a 200% tariff on his wines and champagnes, and he'll join, but he doesn't have to join”—and though the Board of Peace is being deceptively passed off as dealing with Gaza, the full text of its charter, which doesn’t even mention Gaza, reveals its true purpose:
CHARTER OF THE BOARD OF PEACE
PREAMBLE

Declaring that durable peace requires pragmatic judgment, common-sense solutions, and the courage to depart from approaches and institutions that have too often failed;

Recognizing that lasting peace takes root when people are empowered to take ownership and responsibility over their future;
Affirming that only sustained, results-oriented partnership, grounded in shared burdens and commitments, can secure peace in places where it has for too long proven elusive;

Lamenting that too many approaches to peace-building foster perpetual dependency, and institutionalize crisis rather than leading people beyond it;
Emphasizing the need for a more nimble and effective international peace-building body; and
Resolving to assemble a coalition of willing States committed to practical cooperation and effective action,
Judgment guided and justice honored, the Parties hereby adopt the Charter for the Board of Peace.

Article 1: Mission
CHAPTER I-PURPOSES AND FUNCTIONS
The Board of Peace is an international organization that seeks to promote stability, restore dependable and lawful governance, and secure enduring peace in areas affected or threatened by conflict. The Board of Peace shall undertake such peace-building functions in accordance with international law and as may be approved in accordance with this Charter, including the development and dissemination of best practices capable of being applied by all nations and communities seeking peace.
CHAPTER II
MEMBERSHIP
Article 2.1: Member States

Membership in the Board of Peace is limited to States invited to participate by the Chairman, and commences upon notification that the State has consented to be bound by this Charter, in accordance with Chapter XI.

Article 2.2: Member State Responsibilities
(a) Each Member State shall be represented on the Board of Peace by its Head of State or Government.
(b) Each Member State shall support and assist with Board of Peace operations consistent with their respective domestic legal authorities. Nothing in this Charter shall be construed to give the Board of Peace jurisdiction within the territory of Member States, or require Member States to participate in a particular peace-building mission, without their consent.
(c) Each Member State shall serve a term of no more than three years from this Charter’s entry into force, subject to renewal by the Chairman. The three-year membership term shall not apply to Member States that contribute more than USD $1,000,000,000 in cash funds to the Board of Peace within the first year of the Charter’s entry into force.

Article 2.3: Termination of Membership
Membership shall terminate upon the earlier of: (i) expiration of a three-year term, subject to Article 2.2(c) and renewal by the Chairman; (ii) withdrawal, consistent with Article 2.4; (iii) a removal decision by the Chairman, subject to a veto by a two-thirds majority of Member States: or (iv) dissolution of the Board of Peace pursuant to Chapter X. A Member State whose membership terminates shall also cease to be a Party to the Charter, but such State may be invited again to become a Member State, in accordance with Article 2.1.

Article 2.4: Withdrawal
Any Member State may withdraw from the Board of Peace with immediate effect by providing written notice to the Chairman.

CHAPTER III-GOVERNANCE
Article 3.1: The Board of Peace

(a) The Board of Peace consists of its Member States.
(b) The Board of Peace shall vote on all proposals on its agenda, including with respect to the annual budgets, the establishment of subsidiary entities, the appointment of senior executive officers, and major policy determinations, such as the approval of international agreements and the pursuit of new peace-building initiatives.
(c) The Board of Peace shall convene voting meetings at least annually and at such additional times and locations as the Chairman deems appropriate. The agenda at such meetings shall be set by the Executive Board, subject to notice and comment by Member States and approval by the Chairman.
(d) Each Member State shall have one vote on the Board of Peace.
(e) Decisions shall be made by a majority of the Member States present and voting, subject to the approval of the Chairman, who may also cast a vote in his capacity as Chairman in the event of a tie.
(f) The Board of Peace shall also hold regular non-voting meetings with its Executive Board at which Member States may submit recommendations and guidance with respect to the Executive Board’s activities, and at which the Executive Board shall report to the Board of Peace on the Executive Board’s operations and decisions. Such meetings shall be convened on at least a quarterly basis, with the time and place of said meetings determined by the Chief Executive of the Executive Board.
(g) Member States may elect to be represented by an alternate high-ranking official at all meetings, subject to approval by the Chairman.
(h) The Chairman may issue invitations to relevant regional economic integration organizations to participate in the proceedings of the Board of Peace under such terms and conditions as he deems appropriate.

Article 3.2: Chairman
(a) Donald J. Trump shall serve as inaugural Chairman of the Board of Peace, and he shall separately serve as inaugural representative of the United States of America, subject only to the provisions of Chapter III.
(b) The Chairman shall have exclusive authority to create, modify, or dissolve subsidiary entities as necessary or appropriate to fulfill the Board of Peace’s mission.

Article 3.3: Succession and Replacement
The Chairman shall at all times designate a successor for the role of Chairman. Replacement of the Chairman may occur only following voluntary resignation or as a result of incapacity, as determined by a unanimous vote of the Executive Board, at which time the Chairman’s designated successor shall immediately assume the position of the Chairman and all associated duties and authorities of the Chairman.

Article 3.4: Subcommittees
The Chairman may establish subcommittees as necessary or appropriate and shall set the mandate, structure, and governance rules for each such subcommittee.

CHAPTER IV-EXECUTIVE BOARD
Article 4.1: Executive Board Composition and Representation
(a) The Executive Board shall be selected by the Chairman and consist of leaders of global stature.
(b) Members of the Executive Board shall serve two-year terms, subject to removal by the Chairman and renewable at his discretion.
(c) The Executive Board shall be led by a Chief Executive nominated by the Chairman and confirmed by a majority vote of the Executive Board.
(d) The Chief Executive shall convene the Executive Board every two weeks for the first three months following its establishment and on a monthly basis thereafter, with additional meetings convened as the Chief Executive deems appropriate.
(e) Decisions of the Executive Board shall be made by a majority of its members present and voting, including the Chief Executive. Such decisions shall go into effect immediately, subject to veto by the Chairman at any time thereafter.
(f) The Executive Board shall determine its own rules of procedure.

Article 4.2: Executive Board Mandate
The Executive Board shall:
(a) Exercise powers necessary and appropriate to implement the Board of Peace’s mission, consistent with this Charter;
(b) Report to the Board of Peace on its activities and decisions on a quarterly basis, consistent with Article 3.1(f), and at additional times as the Chairman may determine.

CHAPTER V-FINANCIAL PROVISIONS
Article 5.1: Expenses
Funding for the expenses of the Board of Peace shall be through voluntary funding from Member States, other States, organizations, or other sources.
Article 5.2: Accounts
The Board of Peace may authorize the establishment of accounts as necessary to carry out its mission. The Executive Board shall authorize the institution of controls and oversight mechanisms with respect to budgets, financial accounts, and disbursements, as necessary or appropriate to ensure their integrity.

CHAPTER VI LEGAL STATUS
Article 6

(a) The Board of Peace and its subsidiary entities possess international legal personality. They shall have such legal capacity as may be necessary to the pursuit of their mission (including, but not limited to, the capacity to enter into contracts, acquire and dispose of immovable and movable property, institute legal proceedings, open bank accounts, receive and disburse private and public funds, and employ staff).
(b) The Board of Peace shall ensure the provision of such privileges and immunities as are necessary for the exercise of the functions of the Board of Peace and its subsidiary entities and personnel, to be established in agreements with the States in which the Board of Peace and its subsidiary entities operate or through such other measures as may be taken by those States consistent with their domestic legal requirements. The Board may delegate authority to negotiate and conclude such agreements or arrangements to designated officials within the Board of Peace and/or its subsidiary entities.

CHAPTER VII-INTERPRETATION AND DISPUTE RESOLUTION
Article 7
Internal disputes between and among Board of Peace Members, entities, and personnel with respect to matters related to the Board of Peace should be resolved through amicable collaboration, consistent with the organizational authorities established by the Charter, and for such purposes, the Chairman is the final authority regarding the meaning, interpretation, and application of this Charter.

CHAPTER VIII-CHARTER AMENDMENTS
Article 8
Amendments to the Charter may be proposed by the Executive Board or at least one-third of the Member States of the Board of Peace acting together. Proposed amendments shall be circulated to all Member States at least thirty (30) days before being voted on. Such amendments shall be adopted upon approval by a two-thirds majority of the Board of Peace and confirmation by the Chairman. Amendments to Chapters II, III, IV, V, VIII, and X require unanimous approval of the Board of Peace and confirmation by the Chairman. Upon satisfaction of the relevant requirements, amendments shall enter into force on such date as specified in the amendment resolution or immediately if no date is specified.

CHAPTER IX-RESOLUTIONS OR OTHER DIRECTIVES
Article 9
The Chairman, acting on behalf of the Board of Peace, is authorized to adopt resolutions or other directives, consistent with this Charter, to implement the Board of Peace’s mission.

CHAPTER X-DURATION, DISSOLUTION AND TRANSITION
Article 10.1: Duration
The Board of Peace continues until dissolved in accordance with this Chapter, at which time this Charter will also terminate.

Article 10.2: Conditions for Dissolution
The Board of Peace shall dissolve at such time as the Chairman considers necessary or appropriate, or at the end of every odd-numbered calendar year, unless renewed by the Chairman no later than November 21 of such odd-numbered calendar year. The Executive Board shall provide for the rules and procedures with respect to the settling of all assets, liabilities, and obligations upon dissolution.

CHAPTER XI-ENTRY INTO FORCE
Article 11.1: Entry into Force and Provisional Application
(a) This Charter shall enter into force upon expression of consent to be bound by three States. (b) States required to ratify, accept, or approve this Charter through domestic procedures agree to provisionally apply the terms of this Charter, unless such States have informed the Chairman at the time of their signature that they are unable to do so. Such States that do not provisionally apply this Charter may participate as Non-Voting Members in Board of Peace proceedings pending ratification, acceptance, or approval of the Charter consistent with their domestic legal requirements, subject to approval by the Chairman.

Article 11.2: Depositary
The original text of this Charter, and any amendment thereto shall be deposited with the United States of America, which is hereby designated as the Depositary of this Charter. The Depositary shall promptly provide a certified copy of the original text of this Charter, and any amendment or additional protocols thereto, to all signatories to this Charter.

CHAPTER XII RESERVATIONS
Article 12
No reservations may be made to this Charter.

CHAPTER XIII-GENERAL PROVISIONS
Article 13.1: Official Language
The official language of the Board of Peace shall be English

Article 13.2: Headquarters
The Board of Peace and its subsidiary entities may, in accordance with the Charter, establish a headquarters and field offices. The Board of Peace will negotiate a headquarters agreement and agreements governing field offices with the host State or States, as necessary.

Article 13.3: Seal
The Board of Peace will have an official seal, which shall be approved by the Chairman.
IN WITNESS WHEREOF, the undersigned, being duly authorized, have signed this Charter.
[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]



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January 20, 2026 EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked to its original source at WhatDoesItMean.Com. Freebase content licensed under CC-BY and GFDL.

[Note: Many governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagree with in believing that it is every human being’s right to know the truth. Due to our mission’s conflicts with that of those governments, the responses of their ‘agents’ has been a longstanding misinformation/misdirection campaign designed to discredit us, and others like us, that is exampled in numerous places, including HERE.]

[Note: The WhatDoesItMean.com website was created for and donated to the Sisters of Sorcha Faal in 2003 by a small group of American computer experts led by the late global technology guru Wayne Green (1922-2013) to counter the propaganda being used by the West to promote their illegal 2003 invasion of Iraq.]

[Note: The word Kremlin (fortress inside a city) as used in this report refers to Russian citadels, including in Moscow, having cathedrals wherein female Schema monks (Orthodox nuns) reside, many of whom are devoted to the mission of the Sisters of Sorcha Faal.]

2025 Has Been Tough But Next Year Will Be Even Worse

WE DONT BELIEVE ANY OF YOU! We Stand With You Candace!

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Good Morning Forex Traders

Here is my first post on this thread, started on December 3, 2016, 9 years ago.

Good day, fellow traders on Forex Factory. I have been trading Forex for over 10 years now, and with the incredible movements that occur every month, which are caused by the intervention efforts of the world's central banks, trading today is significantly different from trading before 2008. Thus, RISK MANAGEMENT must be a priority for any serious forex currency trader. You should never RISK more than 5% of your trading capital on any one trade plan. I also strongly suggest that you never trade more than 20% of your total trading capital at any time. Example - If you are trading $50,000 in US Funds, NEVER have more than 20% or $10,000 US Dollars on your various trade plans, always using the 5% rule for risk on each trade plan being used.

The Money Flow Trading Method is based on determining each trading day whether the markets are in a Risk On or Risk Off phase, which indicates whether the markets are heading down or heading up. I use the DOW to determine this each day.

When the markets head down, and we have Risk Off, the money flows into US Dollars first, and then the money is parked usually into US Bonds, so the bonds go up and the yield goes down. Money also flows to USD/JPY. I will give more explanations when the forex markets reopen on Sunday. If you have any comments or questions, please post them in this thread. Tomorrow we have two important events, the most important being the referendum in Italy.

The results will move the markets, whichever result we see. This is a Fundamental Fact, and that, combined with Technical Indicators as to Support and Resistance, along with investor perception of the meaning of the results short term, will lead the direction of the market. I will be thinking of going short on USD/JPY depending on the results of the course and the Risk being off.

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1. Dec 4, 2016 11:00 am

 

1. | Commercial User | Joined Dec 2014 | 14,091 Posts | Online Now

Good Morning, Fellow Traders, which includes men and women. This morning, I will talk about GOLD, which is also a currency and the safest store of value in the world and has been for 5000 years. It is no person's debt, and it is a store of value. However, in many ways, SILVER is the better store of value since there is a shortage of silver in the world and as an investment using the ratio during 1980 when Gold was over $800 US and Silver was at $50 US for a ratio of 16 to 1.

When money flows into US Bonds and US Dollars and other currencies, it also flows into hard assets such as copper and zinc; however, Gold and Silver are also currencies. If anyone would like to discuss this further, please register with Forex Factory so we can communicate if you are not a member at the present time. Have a great Sunday, and by 5 PM EST, we should have the exit poll results on the Italian Referendum.

Edit to add a good resource site concerning Gold. https://www.bullionstar.com/blogs/koos-jansen/


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https://www.hussmanfunds.com/research/rs260130/

Record Stock Valuations, Fed Independence, and Macro Volatility
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Bill Hester, CFA, CMT
Senior Research Analyst
Hussman Strategic Advisors
January 2026
The point of independence is not to protect policymakers. It just is that every advanced democracy in the world has come around to this common practice. It’s an institutional arrangement that has served the people well – and that is to not have direct elected-official control over the setting of monetary policy. And the reason is that monetary policy can be used through an election cycle to affect the economy in a way that will be politically worthwhile.
– Jerome Powell, January 2026
Central bank independence can sound like an ivory tower debate topic – something economists argue about, far removed from the markets investors navigate every day. But at today’s elevated stock market valuations, it matters more than many realize. When central bank independence weakens, the risks don’t stay theoretical: inflation volatility tends to rise, recession risk can increase, and equity valuations can come under pressure.
As political pressure on the Federal Reserve intensifies and markets ponder the nomination of a new Chair, understanding this chain of risk is increasingly important for investors. Equity valuations are heavily affected by expectations for long-term cash flows, along with the interest rates and risk-premiums that drive how much investors are willing to pay for those future dollars. That means structural risks like potentially diminished Federal Reserve independence deserve close attention, because their effects would be felt over years, not just quarters. As Chair Powell noted in his latest press conference, once confidence in central bank independence is lost, it is extremely difficult to restore.
There is a surprising amount of consensus in the academic literature focused on the importance of central bank independence. Greater independence leads to lower inflation and reduced price volatility. Less independence leads to higher inflation and greater price level variability. These findings are robust whether analyzing U.S. history and the Federal Reserve specifically, or broadening the scope globally to include both developed and developing countries.
Beyond this core relationship, the literature identifies several additional channels through which central bank independence is linked to inflation uncertainty (the expected volatility of inflation), realized inflation volatility, macroeconomic outcomes, and asset prices.
Here are some of the most important ones for investors:

1. Political influence increases inflation uncertainty. When monetary policy is subject to political pressure, fiscal dominance (prioritizing debt service over other policy goals), or drifts away from its formal mandate, inflation uncertainty typically rises.

1. Real assets outperform nominal assets. Historically, a one–standard deviation increase in a widely used inflation-uncertainty index has been associated with a 23–33% increase in gold and silver prices. During the current episode of elevated inflation uncertainty, these reactions have been far more pronounced: gold has risen 170% and silver 400% over the past two years.

1. Financing costs rise. Equity yields and corporate bond spreads tend to increase as inflation uncertainty grows, implying that firms’ borrowing costs rise faster than risk-free rates. To date, these effects have not fully materialized: equity markets remain near all-time highs, and corporate credit spreads are still historically tight.

1. The macroeconomic environment tends to deteriorate following periods of high inflation uncertainty. There is a robust and persistent negative relationship between inflation uncertainty and economic performance. As inflation uncertainty increases, so does the risk of recession.

1. Uncertainty is about deviation, not just level. Inflation uncertainty does not occur only during periods of high inflation; it can emerge even when inflation runs persistently below target. What matters is not just the level of inflation, but its deviation – both from the central bank’s objective, and from the level that people had assumed when they entered into contracts, mortgages and other commitments.

1. Inflation uncertainty is currently high, according to an index developed by the authors of the research paper Inflation Uncertainty: Measurement, Causes, and Consequences, published last summer. Their Composite Inflation Uncertainty Index — built from both market prices and algorithmic analysis of daily news — has reached higher levels only twice in the past 40 years: during the 2008 Financial Crisis and following Russia’s invasion of Ukraine in 2022.

1. Volatility and uncertainty move together. Periods of elevated inflation uncertainty are typically accompanied by higher levels of inflation volatility.

Central bank independence matters because attacks on it tend to increase macroeconomic volatility – what I view in terms of variability in both the price level and economic output. This is only one risk among many that could lead to higher macroeconomic volatility. Intermittent tariff policies could continue to pass through to hard-goods prices, as they have over the past year. Commodity markets may experience further spikes followed by sharp corrections, adding to price volatility. The roughly $2.5 trillion in planned data-center investment over the next few years could place continued upward pressure on household electricity costs — or weigh on economic growth if those investments fail to deliver the expected returns. Some of these risks are likely more immediate than a loss of Federal Reserve independence, even if the latter remains an important longer-term concern.
Macroeconomic volatility matters for equity markets because valuation levels tend to be inversely related to both components – inflation and output uncertainty. Consider inflation volatility. Periods of low inflation volatility have generally coincided with higher stock market valuations, while periods of elevated volatility have typically been associated with lower valuations. (In contrast, the level of inflation tends to exhibit an upside-down U-shaped relationship with the level of valuations: very high and very low inflation are usually associated with lower valuations, whereas moderate inflation tends to coincide with higher valuations. In this analysis we’ll mostly rely on the linear relationship of inflation variability with valuations to help describe macroeconomic volatility.)
Because the volatility of inflation is less commonly discussed than its level, the chart below shows the standard deviation of price changes over the past 50 years, specifically the four-year rolling standard deviation of year-over-year Core CPI. The chart is annotated to highlight both the average level of inflation and its volatility across different historical periods. Both measures declined steadily over this span until the pandemic.
Even within this long-term downtrend, the period immediately preceding the pandemic stands out. While the 12-month change in core inflation averaged just 2.1% – roughly in line with the prior 15-year average – the more striking feature was the monthly standard deviation of just 0.2%. That’s an exceptionally low level of variability.
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To better understand historically associated valuation ranges, we’ll look at several distinct economic environments and highlight the historical median valuation associated with each. In the following charts, the Shiller Cyclically Adjusted P/E (CAPE) Ratio is plotted across different macroeconomic backdrops, including varying levels of inflation volatility, recession frequency, and a composite measure of overall macroeconomic volatility.
For each backdrop, historical data (starting in 1950) is divided into five equal-sized groups, or quintiles. The dotted line in each chart marks the median CAPE ratio for that quintile, while the shaded area represents the middle 50% of the data around the median. The lines above and below the shaded area (called whiskers) represent the remaining 50% of the data.
Valuations do not always conform neatly to these historical patterns. For instance, at the end of 2021 – when inflation was rising at a 7% year-over-year pace – the CAPE ratio reached 40, far exceeding what history would suggest. Outliers like this have occurred in every quintile (and can be seen in the whiskers of each box plot below). Focusing on the central range of outcomes highlights the broader historical record, rather than just the recent extremes. The current CAPE ratio of 41 is also shown in each chart for reference.
The prospect for future inflation is arguably one of the most important unknowns in markets today. Do investors believe we are returning permanently to the pre-pandemic macroeconomic environment, characterized by low inflation and exceptionally low inflation volatility? Judging by the elevated stock market valuations, it would appear so. But how likely that outcome is, and how much higher inflation volatility may remain in the years ahead, are questions investors will continue to grapple with. The chart below shows the range of stock market valuations typically associated with each quintile of inflation volatility.
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Importantly – and we’ll see this in more detail later – these valuation ranges should not be interpreted as “justified” valuations. Elevated valuations are strongly associated with low subsequent long-term returns. Depressed valuations are strongly associated with high subsequent long-term returns. So, it may be best to think of these “implied” valuation ranges as indications of how comfortable or uncomfortable investors are, which in turn affects how much they are willing to pay for cash flows in the uncertain future, and the expected level of compensation they demand in return for taking risk.
In addition to price volatility, economic volatility can also help explain stock market valuations. Periods of uncertainty concerning economic growth along with elevated recession risk tend to lead to lower stock market valuations. The period between 1965 and 1982 provides a good example of this. Fueled by the economic stability and corporate profit growth experienced during the late 1950’s and early 1960’s, the CAPE Ratio climbed to 24 by late 1965 – the highest level since the stock market bubble of the 1920’s. It would take a sustained period of economic turbulence to drive valuations into single digits, but that’s exactly what followed.
The 1970 recession (and associated decline in stock prices) pushed the CAPE down from 23 to 13. The 1973-1974 recession took it from 19 to 9. The 1980 recession guided the CAPE lower again, from 12 a few years earlier to 8. And, finally, the 1981-1982 recession dragged it down once more – from 10 to 6.5. It was the relentlessness of the economic volatility and string of recessions that ultimately soured investor sentiment, to the point where Businessweek famously considered equities a dead asset class.
Compare that experience to the bubble in stock market valuations in 2000, where it had been a decade since the last recession (and a mild one at that). Or consider early 2020, when the memory of the Financial Crisis of 2008 had largely faded. At both peaks, the stock market reached record-high price-to-sales ratios.
One simple way to gauge economic volatility is by measuring the portion of time that the economy was in recession over the prior decade (and then taking a smoothed average of the calculation). This is what Recession Frequency measures in the chart below. Despite being a simple and backward-looking measure, it does an effective job of grouping valuations historically. Periods with a low frequency of recession typically have generally coincided with higher stock market valuations, while periods with frequent recessions have typically aligned with lower valuations.
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These outcomes aren’t independent of the results displayed in the inflation volatility chart above. Inflation and economic volatility often go hand in hand. The early stages of recessions have typically coincided with surges in both inflation and inflation volatility. Sharp inflation spikes, such as those in the early 1970’s and early 1980’s, slowed the economy, and once recessions took hold, collapsing demand often drove prices down, especially for energy.
Given this relationship, it’s not surprising that combining these indicators provides a useful gauge of overall macroeconomic volatility. In the chart below, I’ve simply averaged the quintiles from the Inflation Volatility and Recession Frequency charts. The pattern of macroeconomic volatility is clear: low-volatility periods have historically coincided with the highest stock market valuations, while the most volatile periods have typically been met with the lowest.
https://www.hussmanfunds.com/wp-cont.../rs260130d.png
Again, it is important to interpret these valuation ranges correctly. Rather than concluding that various levels of macro volatility “justify” various levels of valuation, it’s more accurate to say that high macro volatility increases the discomfort of investors, leading investors to pay low valuations and to demand high future returns as compensation for their discomfort. Low macro volatility makes investors more comfortable, encouraging them to pay high valuations and to demand little in the way of future compensation for taking risk. Once investors are paying high valuations, poor long-term returns are baked in the cake. At that point, any increase in macro volatility causes those poor returns to be far more immediate. The reverse is true once investors have driven valuations to depressed levels.
The idea that a more volatile macroeconomic backdrop can lead to lower valuations has strong roots. Eugene Fama and Ken French explored this relationship in the late 1980s, finding that expected returns vary with macroeconomic conditions. Jeremy Grantham and Ben Inker of GMO have likewise developed a valuation framework that incorporates inflation, GDP growth, and corporate profitability.
Still, this perspective has received less attention in recent years, in part because the past couple of decades have been marked by generally declining inflation volatility and relatively infrequent recessions, at least by historical standards. If those trends were to shift in a more persistent way – and a loss of central bank independence should be viewed as a potential catalyst – these macroeconomic/valuation relationships would likely regain prominence.
Current readings of macroeconomic volatility are low. Over the past year, 12-month changes in core inflation have fluctuated by roughly 23 basis points. Economist forecasts for inflation suggest that the volatility of the price level may remain low. Moreover, aside from the brief COVID recession, the past decade has been recession-free. But markets are always forward-looking.
Is recession risk low today? According to Wall Street economists, the odds of recession are moderate to low. They currently assign roughly a 30% probability that a recession begins sometime over the next year – close to the long-run average since 2008.
Even so, it likely makes sense to remain on alert — not fully expecting a recession, but also not assigning it the typical mid-cycle odds. That caution reflects the emergence of data points rarely observed outside of recessions. Construction and manufacturing payrolls now show flat or negative six-month changes, a combination rarely seen outside of recessions. In addition, the ratio of workers employed part time for economic reasons relative to those working part time for non-economic reasons has risen at a pace rarely seen outside of recessions, based on its three-month average relative to its 12-month low. Together these indicators point to growing strains beneath the surface of the labor market.
Manufacturing surveys also remain weak. The PMI headline index, along with its New Orders and Employment components, are all currently below 48, a set of levels generally observed in periods just preceding or during recessions. Still, none of these indicators alone is sufficient to confidently forecast a downturn. More convincing evidence would include broader economic weakness and six-month stock market returns near zero or negative. Based on the data currently in hand, however, recession risk may be higher than economists and markets are presently pricing in.
There is also an election-cycle quirk worth noting. Since 1950, U.S. recessions have tended to occur disproportionately during the latter part of year 1 and year 2 of the presidential election cycle – which is the window we are in now. The majority of post-1950 recessions – including those that occurred in 1953, 1957, 1969, 1973, 1981, 1990, and 2001 – took place during years 1 and 2 of the election cycle.
https://www.hussmanfunds.com/wp-cont.../rs260130e.png
This elevated, calendar-based recession risk helps explain why average annualized returns in year 3 of the presidential cycle have historically been so strong. It isn’t magic. Rather, it largely reflects the fact that there have been very few recessions during year 3, and those that did occur were either nearing their end (in 1975 and 1991) or had only just begun (in 2007). That scarcity of recessions in year 3 – combined with the tendency for year 2 to experience late-year market declines – has mechanically boosted average returns in the third year of a presidential term. If that favorable pattern were to break, the year-3 record of consistently positive returns would likely weaken as well.
The charts below show calendar-year returns and maximum drawdowns for each year since 1950, grouped by presidential election-cycle year. Year 2 has the lowest average returns and average largest drawdown of the four years, historically.
https://www.hussmanfunds.com/wp-cont.../rs260130f.png
Macroeconomic Volatility and Expected Returns
When discussing factors that may influence the level of stock market valuations, it’s important not to confuse explanation with justification. Even if certain conditions help explain why valuations are high, they don’t necessarily justify those valuations – nor do they alter the typical outcome: lower future returns. The chart below shows the S&P 500 Index’s forward 10-year returns by ranges of starting level of macroeconomic volatility. Since these ranges also align well with valuation groupings, it’s not surprising they correlate with future performance. High volatility periods have tended to precede above-average returns, while low-volatility periods have often been followed by below-average returns — including, at times, annualized losses over the next decade.
https://www.hussmanfunds.com/wp-cont.../rs260130g.png
The relationship between stock market valuations, macroeconomic volatility, and subsequent returns is an important one. Valuations remain one of the most useful tools for estimating long-term forward returns, but they are not infallible. Markets often overshoot – both at the peak of bubbles and at the depths of declines – causing market returns to differ from what one would historically expect on the basis of valuations, particularly over the short run.
Another reason for the mismatch lies in the variation of the macroeconomic backdrop. Once valuations are steeply overvalued, for example, an increase in macro volatility over the following decade can drive returns even lower than what historical relationships would suggest. Conversely, if the macro environment remains stable or improves, returns are still typically below average, but often better than expected.
The combination of expensive markets coupled with a deteriorating macroeconomic backdrop has historically been the most damaging setup for long-term equity returns.
This dynamic is illustrated in the chart below. The horizontal axis shows 10-year S&P 500 Index returns, while the vertical axis represents changes in macroeconomic volatility over the same periods. Values below zero indicate declining volatility – such as the 1980’s, which began with one of the most volatile environments and moved toward greater stability. Values above zero reflect periods of increasing volatility – for example, the 2000’s, which experienced two recessions and a period of deflation after a relatively calm prior era.
The colors and shapes in the chart correspond to starting valuation levels based on the CAPE Ratio. Red squares indicate the top 20% of historical valuations – the most expensive markets. Green triangles represent the bottom 20% – the cheapest starting points. Blue circles fall in the middle 60%, reflecting more neutral valuation levels.
The red squares highlight two key patterns. First, markets that start from high valuation levels tend to produce below-average returns. While the average 10-year return over the full period was about 11.5% annually, most of the red markers fall short of that benchmark. Second, the worst outcomes, including low single-digit or even negative returns, typically occur when high valuations are followed by rising macroeconomic volatility. This may involve more frequent recessions, greater inflation instability, or both. The combination of expensive markets coupled with a deteriorating macroeconomic backdrop has historically been the most damaging setup for long-term equity returns.
Now consider the green triangles, which represent periods beginning with low valuations. Here, the patterns reverse: low starting valuations generally lead to above-average returns, and when accompanied by declining volatility, those returns are often particularly strong.
https://www.hussmanfunds.com/wp-cont.../rs260130h.png
Current record-high stock market valuations rest partly on the assumption that inflation volatility and recession risk will remain low. Historically, periods of stable inflation and infrequent recessions have supported elevated valuations, while rising inflation uncertainty and repeated downturns have led to meaningful valuation compression.
Today’s valuations appear to price in a return to the pre-pandemic regime of unusually low macroeconomic volatility. If that outlook shifts – whether through rising inflation volatility, potentially stemming from diminished Federal Reserve independence, or an increase in recession risk – history suggests that equity valuations, and long-term returns, may be vulnerable to meaningful downside.

v

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February 1, 2026

Trump Declares About His Armada Poised To Strike Iran: “They Have To Float Someplace”
By: Sorcha Faal, and as reported to her Western Subscribers

A very troubling new Security Council (SC) report circulating in the Kremlin today first noting Iranian Supreme Leader Ayatollah Seyyed Ali Khamenei issued the grave warning: “The Americans should know that if they start a war this time, it will be a regional war”, says this grave warning of regional war followed President Donald Trump declaring about the vast naval armada he assembled in the Arabian Sea: “They have to float someplace...They might as well float near Iran”.

On Friday, this report notes, President Putin met with Secretary Ali Larijani of the Iranian Supreme National Security Council in Moscow—Secretary Ali Larijani then observed yesterday: “Contrary to the artificially manufactured media war narrative, the formation of a framework for negotiations is progressing”—and it was also revealed today: “Anxiety is mounting among officials from several Gulf nations that President Donald Trump may be inexorably driving the United States toward another attack against Iran, despite their ongoing efforts to counsel restraint...Five countries — Saudi Arabia, Qatar, the United Arab Emirates, Oman and Turkiye — have been working together to stave off another flare-up or all-out war that could destabilize the Gulf region”.

Following the end of World War II in 1945, the most deadly and destructive conflict in human history, this report continues, the United Nations was formed to establish the United States as the unipolar power, both militarily and economically, to prevent future wars—an abject failure that caused United Nations Secretary General Antonio Guterres to warn last week: “The United Nations is at risk of running out of cash and faces imminent financial collapse”—and was a warning joined by Deputy Chariman Maksim Oreshkin of the Russian Presidential Administration most factually assessing: “The old model of globalization that dominated in recent decades has ended, and the world is moving away from a unipolar order as other countries begin to take the lead...We are indeed moving away from a unipolar world, and in today’s world, one of the main words we hear is sovereignty...Only nations capable of maintaining sovereignty will be able to compete and take leading positions in this multipolar development”.

An example of a nation maintaining its own sovereignty, this report concludes, was Iranian Foreign Minister Abbas Araghchi declaring yesterday: “Iran possesses sufficient strength for self-defence and is ready for any scenario amid threats from the United States...We can defend ourselves, and we do not need anyone”—a declaration joined with the news: “Iran has issued a stark warning that it possesses the capability to sink the U.S. aircraft carrier USS Abraham Lincoln using advanced hypersonic missiles if provoked”—and world-renowned retired CIA analyst Larry Johnson issued the warning assessment:
If Iran decides to fire 300 drones in a swarm attack on the carrier strike force, and each destroyer fires at least two air defence missiles at those drones, that would require 600 air defence missiles.

And there is the problem…If each destroyer is carrying a load of Tomahawks, then they are only carrying a maximum of 100 interceptors. Not only will the destroyers not have enough interceptors to fend off the attacking Iranian drones, but they will also deplete their missile stock.

The only way to reload these cells is for each destroyer to sail to a port equipped with cranes capable of reloading the VLS cells. The closest port — I am assuming the port in Bahrain is unavailable because Iran will have closed the Strait of Hormuz — is Diego Garcia, which is 3 to 4 days away if each USN ship is travelling at 25 knots.

Iran has five classes of drones that can fly at least 1,000 kilometres, which means that the US carrier strike group will face an increased risk of drone attacks if it sails closer than 1,000 kilometres from Iran’s southern shore. If it stays outside the 1,000-kilometre range, the US carrier task force's capability to hit critical targets in Iran will be very limited because the maximum range of a US Tomahawk cruise missile is 1,600 kilometres.

In short, if Iran fires hundreds of missiles and drones at the US carrier task force, the US will not be able to sustain combat operations for more than a couple of days.

And this is not the worst case…What happens if Iran sinks the Abraham Lincoln or one of the destroyers? Trump’s dream of regime change in Tehran will settle at the bottom of the Arabian Sea.

[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]

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February 1, 2026, EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition that it is linked to its source at WhatDoesItMean.com. Freebase content licensed under CC-BY and GFDL.

[Note: Many governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagree with in believing that it is every human being’s right to know the truth. Due to our mission’s conflicts with that of those governments, the responses of their ‘agents’ have been a longstanding misinformation/misdirection campaign designed to discredit us, and others like us, that is exemplified in numerous places, including HERE.]

[Note: The WhatDoesItMean.com website was created for and donated to the Sisters of Sorcha Faal in 2003 by a small group of American computer experts led by the late global technology guru Wayne Green (1922-2013) to counter the propaganda being used by the West to promote their illegal 2003 invasion of Iraq.]

[Note: The word Kremlin (fortress inside a city) as used in this report refers to Russian citadels, including in Moscow, having cathedrals wherein female Schema monks (Orthodox nuns) reside, many of whom are devoted to the mission of the Sisters of Sorcha Faal.]

Europe Recoils From Trump's Golden Age And Warns “The World Has Changed Permanently”

Trump Arises As Iron Chancellor Of The Entire World

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https://btmgoldcartel.behindthemarke...e_id=&link_id=

Dear Friend –
I am not here to talk to you about a market correction.
I am here to autopsy a crime scene.
A crime scene which will be fully exposed to the American public on March 31st.

I'm talking about financial crime that has been running in the background for 54 years... silently skimming trillions of dollars from Main Street to Wall Street…
It will go down as the single great economic scandal in history – making Bernie Madoff look like a small-time crook.
I'm talking about the Rigging of Gold.

For decades, you were gaslit.
They told you gold was a "pet rock." They told you the dollar was King.

They lied.
I am sharing this message because the "Paper Gold" market—a 50-year illusion designed to hide the fact that the Federal Reserve is bankrupt—has finally shattered.
On September 14, 2023... the illusion broke.
You probably didn't see it on the news.
They didn't want you to see it.

But in the deep plumbing of the London and Shanghai exchanges, a hidden 'circuit breaker' tripped that hasn't moved in 54 years.
The plumbing couldn't take the pressure. The pipe burst. For decades, the price difference between London and Shanghai was measured typically within a few dollars

But on September 14th, that spread didn't just widen. It exploded to $120 an ounce.
THE DAY THE ILLUSION BROKE:The Shattering of the London-Shanghai Gold Spread

$0$40$80$120SPREAD ($/oz)2010201220142016201820202022HISTORICAL NORM: The "Paper Gold" Illusion (~$5-$15)$120+SPREAD EXPLOSIONSEPTEMBER 14, 2023THE ARBITRAGEBANDS SNAPSept 14, 2023
Source: LBMA, Shanghai Gold Exchange

That is a 20-fold jump in a matter of seconds. That isn't a 'glitch.' That is the spine of the global financial system snapping in half.
The last time we saw a stress signal like this was December 2008 — when gold futures went into backwardation for the first time in modern history. The paper market was cracking. Gold was at $750.

A company called Detour Gold was sitting on 14.9 million ounces of undeveloped gold in Ontario. They hadn't poured a single bar. But when that stress signal fired... Detour ran from $3.50 to $39.40 by September 2011.
That's over 1,000% — without mining an ounce. The market repriced the deposit for them.
And September 14th, 2023? That explosion was bigger than 2008. That wasn't a hairline crack. That was the foundation giving way.
Since that circuit breaker fired on September 14th, 2023, gold has made more than 95 all-time highs.

I believe a historic repricing event has begun. One unlike we have ever seen in the history of the gold markets.
My analysis suggests that we could see trillions of dollars in wealth transferred over the coming months as the gap between paper promises and physical reality closes.

The total above-ground gold supply is approximately 212,000 tonnes, or roughly 6.8 billion ounces. Every $1,000 increase in the gold price represents a $6.8 trillion repricing of global gold holdings. If gold moves from $4,000 to $6,000—a move well within historical precedent given current conditions—that's a $13.6 trillion repricing event.

That's enough money to buy every share of Apple, Amazon, and Microsoft—combined—and still have $2 trillion left over to build a second Pentagon.
And because of a 90-year old law… a law most people don't even know exists, quietly keeping a critical segment of our economy functioning…

This repricing will be forced to begin on March 31st.
This wealth transfer will be bigger than the Dot Com boom… bigger than the Housing Bubble… bigger than the AI revolution.

It is the reason the Financial Times recently reported that gold has 'broken' its historic correlation with the economy.
Gains for precious metal
break its long-term correlation
with US Treasuries
https://btmgoldcartel.behindthemarke...o-jkApBF3K.jpg

And if you are reading this, you are probably asking one question: "How?"
How do you grab your share of this epic surge of wealth to protect your family and build a dynasty?
How do you position yourself before the repricing event hits the headlines on March 31st?
Over the next few minutes, I am going to give you the definitive answer.

I am going to show you the three specific signs that the Cartel has lost control.
And, most importantly, I am going to reveal the details of one specific stock—a company I call the "Shadow Miner"—that is the primary beneficiary of this collapse.
It is a stock I believe could soar 1,000% in the coming 12 months as the major mining companies scramble to buy it out.

Who Is Dylan Jovine?
https://btmgoldcartel.behindthemarke...m-DEfnkO3w.jpg

Now, if you don't know me, my name is Dylan Jovine.
I've spent the last 30 years in the trenches of Wall Street. But I didn't start there with a trust fund.
I grew up poor in Queens. I started at the bottom. I didn't go to the "feeder schools" like Harvard or Wharton that churn out the guys who rigged this system.
I had to fight for every inch I got.

But I had an edge. I was mentored by Peter Jacquith—the legendary banker who famously saved New York City from bankruptcy in the 1970s.
He taught me that the "Consensus" is almost always wrong. He taught me that when the crowd is running one way... the opportunity is usually in the other direction.
Because of that training, I became one of the youngest market makers in American history. By age 24, I had launched my own registered broker-dealer at 100 Wall Street—bankrolled not by the big banks, but by my own clients who trusted me to protect their wealth.

And that independence is why I've been able to make controversial calls that the mainstream media tried to bury.
I warned my readers about the 2008 Financial Crisis a full year before Lehman Brothers collapsed.
But I didn't just predict the crash. When the dust settled, I predicted the massive market rebound, leading my followers to legendary gains like 459% on AutoNation, 646% on American Express, and 700% on Starbucks.

I called the bottom of the Covid crash almost to the day—telling my readers to buy stocks like DraftKings and Scotts Miracle-Gro when the rest of the world was selling in a panic, locking in gains as high as 202%.

But recently, my team and I have been focused entirely on the resources sector.
And honestly, while most investors were losing money or treading water in the choppy markets of 2022 through 2025, we managed to find some incredible bright spots.

I'm talking about gains of 87% on the GraniteShares Gold Trust…
GraniteShares Gold Trust
(BAR)
+87.6% GAIN
Sep 2022May 2025
$16.99
$31.87
Sep 2022 - May 2025Source: Bloomberg / Yahoo Finance

77% on Lynas Rare Earths…
Lynas Rare Earths
(LYSDY)
+77.1% GAIN
Dec 2022Aug 2025
$5.48
$9.71
Dec 2022 - Aug 2025Source: Bloomberg / Yahoo Finance
And 88% on Talen Energy… all closed out in just the last few months.
Talen Energy
(TLN)
+88.1% GAIN
Nov 2024Sep 2025
$207
$389
Nov 2024 - Sep 2025Source: Bloomberg

And looking at our open portfolio right now... we have an open position in Micron Technology I recommended in December 2025 that's already up 48%.
Micron Technology
(MU)+48% OPEN GAIN
within 30 days of recommending
Dec 2025Present
$237.22
$351
Dec 2025 - PresentSource: Yahoo Finance

I'm not showing you this to brag. I'm showing you this because I want you to trust the math I'm about to show you next.
Now, these are some of my most extraordinary plays.

But I've had over three decades to refine my investing.
Since I started publishing my research 8 years ago through December 31st, 2025, we've achieved a 75.2%-win rate on all closed trade recommendations...
And over those eight years, we've delivered a 35.9% AVERAGE RETURN across both winners and losers.

That's simple, audited math.
Those excellent returns have come during regular bull markets and bear markets, during inflation and trade wars…
But none of that compares to the historic opportunity I see coming right now.
Those wins were just the warm-up.
We are staring at a "1,000% Window."

Now, I realize that might sound crazy. But once you see all the evidence… I think you'll understand why I consider this one of the most pivotal moments in the U.S. economy.
Specifically, why a 90-year old law will trigger the most epic financial shakeup since the Great Depression – starting March 31st.
So, what exactly is happening right now that makes this moment different from the last 50 years?

Why will it be unlike anything we have ever seen before?
It comes down to first understanding the moment the illusion truly cracked: September 14, 2023.

On that day, the plumbing of the global financial system burst.
The price of gold in Shanghai disconnected from the price in London.
The spread blew out to $120 an ounce.

The Cartel Break
25M20M15M10M5M0
400320240160800
— COMEX Inventory
— Physical Demand
THE DISCONNECT: September 14th, 2023
Sep 2024 - Oct 2025Source: CME Group & World Gold Council

That shouldn't happen. That is essentially free money.
Traders saw it. Algorithms saw it. They all tried to buy gold in London to sell it in Shanghai for a risk-free profit.
But they hit a brick wall.
Why?

Because the London vaults were empty.
The screen said "Gold for Sale: $2,600." But when they went to the window to get the bars... the window was closed.
It was a "Failure to Deliver."
That was the moment the music stopped. The Western Central Banks are out of ammo. They are naked. And the market knows it.
And when the market realizes the Emperor has no clothes… what happens to the price?
It doesn't just go up. It teleports.

We already saw the beginnings of this as gold more than doubled from that circuit breaker moment almost to the day by 2025. It hasn't stopped running.
Gold Price
$150,000$130,000$110,000$90,000$70,000$50,000
4,5003,6002,7001,8009000
Circuit Breaker Moment
Gold has been on an UNSTOPPABLE BULL RUN since
Jul '21Jan '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26
Jul 2021 - Jan 2026Source: LBMA Gold Price

Here's why:
Imagine going to your bank to withdraw your life savings to buy a house. You put your card in the ATM, or you walk up to the teller.
And the teller hands you a slip of paper that says, "I'm sorry. We don't have the cash. But here's an IOU. We're good for it."

That is what is happening in the gold market right now.
And when that panic fully hits Main Street… when people realize their ETF isn't actually backed by metal… the rush into real assets will be unlike anything we have seen in 300 years – starting on March 31st.

I'll explain in a moment – but to make my point right now… I want to draw your attention to something significant in the biggest Gold ETF in the world. Right in the fine print.

Retail shareholders cannot redeem their shares for physical gold. The prospectus makes clear that only Authorized Participants—major financial institutions—can create or redeem shares, and only in large 'baskets' of 100,000 shares or more.

For the average investor? If the system breaks, you don't own gold. You own a tracking instrument. You own a claim on a trust that may face its own liquidity crisis."
Real wealth isn't a promise. It's possession. And that is why we are moving to the Shadow Miner."
I believe there is one specific stock… a company I call the "Shadow Miner"… that is positioned to capture the bulk of this wealth transfer.
This isn't a hunch. It's math.

This company holds the rights to more gold, copper, and silver than almost any other company on earth.
They are sitting on a deposit so large, it's nicknamed "The King's Vault."
And yet, because of the Cartel's suppression… because the price of gold has been held down for so long… this stock is currently trading for pennies on the dollar.

It is the single most undervalued asset I have seen in my 30-year career.
And I believe it is the key to our goal of 1,000% gains over the next 12 months.

My target is 1,000% gains. That would turn a $10,000 investment into $100,000.
And frankly, based on historical precedents, that might be conservative if gold hits $5,000.
Now, I have to be clear: this is a target, not a guarantee. Past performance of similar setups doesn't guarantee future results. But the math and the precedents are compelling.

I want to drill down into this "Shadow Miner" in a moment. I've prepared a full breakdown of their assets.
But first, let me address the elephant in the room. There are a lot of "Gold Bugs" out there who have been crying wolf for 20 years.
I am not a "Gold Bug."

I'm a capitalist. I go where the money is.
In 2009, I told people to buy banks when everyone hated them.
In 2020, I told people to buy tech stocks when the market crashed.
I only buy gold when the data tells me the system is breaking.

So, why now? Why has the suppression created a bigger opportunity?
Think of a beach ball.

The Cartel has been holding this beach ball underwater for 50 years.
The harder they push it down… the more pressure builds up.

In 2026, their arms are getting tired. The muscles are failing.
When they let go—and the data says they are letting go right now—that ball isn't going to gently float to the surface.
It is going to rocket into the stratosphere.

The Crime: How They Rigged Gold
Now, I use the word "Cartel." Some people might think that sounds like a conspiracy theory.
It's not a conspiracy theory. It's a business model. And it's documented.
To understand it, you have to go back to the scene of the crime.
Go back to August 15, 1971. A Sunday night.

Richard Nixon interrupts Bonanza. He looks into the camera and says he is "temporarily" suspending the convertibility of the dollar into gold.
He lied.
It wasn't temporary. It was a coup.

It was the moment the government stole the money supply from the people.
Before that moment, a dollar was a claim check on a fixed amount of gold. The government couldn't just print more money to pay for wars or welfare, because they didn't have the gold to back it.

But after 1971? The restraint was gone.
They could print as much as they wanted. And they did.
But they had a problem. If they printed too much, the price of gold would skyrocket, and people would realize the dollar was losing value. Gold is the "smoke alarm" of the financial system.

So, they needed a way to disable the smoke alarm.
They created the Futures Market. They created "Paper Gold."
This allowed them to sell unlimited amounts of "fake gold" into the market to smash the price down whenever it started to rise.
It was a leash. A leash designed to keep gold under control and keep the American people asleep.

For 54 years, that leash held. You can look at the price of gold for the last decade alone and see it went sideways.

THE "BEACH BALL" EFFECT: 50 Years of Pressure Released
Gold Spot Price
$2,500$2,000$1,500$1,000$500$0
The Paper Leash
SEPT 14, 2023
THE GREAT REPRICING:
Target: $15,000+
Parabolic Move
$15,000

The 1,000% Window is OPEN
London/Shanghai Spread Explodes ($120 Gap) / Circuit Breaker Trips
19701980199020002010202020232026
1971 - 2026Source: Bloomberg / World Gold Council
But on September 14... the dog got too big. The leash snapped.
For 45 years, no year came close to matching the 1979 gold rush - when Soviet tanks rolled into Afghanistan, American hostages were in Iran, and inflation hit 13%.
That year, gold set 54 all-time highs. A record that stood for nearly half a century.
Then came 2024: 38 new highs. Then came 2025: 50+ more. Then came January 2026: 10 more - in a single month.

That's nearly 100 all-time highs in just over two years.
More than the 1979-1980 gold rush and the 2011 Eurozone crisis combined - with room to spare.
You don't get a move this explosive unless something was holding the price down for a very, very long time.
If that sounds like manipulation... you're catching on. But here's where it gets criminal.

Engine #2 is The Leasing Scam.
The second engine of this fraud is what they call the 'Leasing Program.'
Now, on the surface, 'Leasing' sounds sophisticated. But it isn't. It's a shell game.
Think of it like a Valet Parking Lot

You drive up in your Ferrari. You hand the keys to the valet. He gives you a ticket.
You think your car is safe in the garage.

But the second you walk inside... that valet is renting your car to an Uber driver to make extra cash.
The Uber driver thinks it's his car. You think it's your car. The restaurant lists it as an asset.
Three people. One car.

It works great... until everyone tries to leave the party at the exact same time.
That is September 14th.
China, Russia, and the BRICS nations all walked out of the restaurant. They handed over their tickets.
And the lot was empty.
https://btmgoldcartel.behindthemarke...y-uCSxJU2s.png

That is the default. That is the moment the Paper Gold scam died.
It is a functional default. The "Lease Rate" chart proves it.
Gold Lease Rates
(GOFO)
0%-0.5%-1%-1.5%-2%-2.5%
WHOLESALE SHORTAGE
Jul 2025 - Oct 2025Source: LBMA / Kitco
Normally, lease rates are almost zero. But look at this spike. Banks are paying exorbitant rates just to borrow gold for a few days to cover their deliveries.
They are scrambling.

And when the physical shortage becomes acute… the price mechanism breaks.
The only way to restore equilibrium is for the price to rise high enough to force holders to sell.
So, what price is that? What price balances the market?
That is the trillion-dollar question.

If you look at the ratio of paper money to gold in the 1970s, gold had to go to $850 to balance the books.
If you look at the same ratio today… if you look at the M2 Money Supply… the U.S. debt… the global derivatives exposure…
To balance the books today, gold doesn't need to go to $3,000.
It needs to go to $15,000.

The U.S. claims to hold 261 million ounces of gold at Fort Knox. The national debt is $36 trillion.
If you had to back even 50% of that debt with gold… you'd need gold at $69,000 an ounce.
At $15,000, gold would cover roughly 10% of the debt – which is where we were historically before Nixon closed the gold window.
$15,000 an ounce sounds like hyperbole. But it's just a return to a historical norm.
Look at the debt clock. We are adding $1 trillion in debt every 100 days.
We are paying $1.1 trillion a year in interest.

The government has two choices: Default on the debt, or inflate it away.
They will never default. It would destroy the banking system instantly.
So they must inflate. They must print.
And when they print, the denominator (the dollar) loses value relative to the numerator (gold).
A $15,000 gold price isn't about gold becoming more valuable. A loaf of bread is still a loaf of bread.
It's about the dollar becoming worth less.

It's about the dollar returning to its intrinsic value… which is zero.
And the Cartel knows this.
That is why they are suppressing the price. They are trying to buy time.
They are trying to keep the illusion alive long enough to transition their assets out of the system.
But the clock ran out on September 14th, 2023. And gold has been raging higher since as more people wake up – it's why gold has more than doubled since that circuit breaker moment..

The vaults hit critical levels. The physical float is gone.
We are now running on fumes.
And when the engine stops… the price explodes.
Think this is theoretical? That it could never really happen here?
It's already happened. Three times. And there's a pattern.

March 1968.
Eight central banks had been secretly selling gold to hold the price at $35. Demand overwhelmed them. In one week, they bled nearly 1,000 tonnes. They ran out of metal. The U.S. asked Britain to shut down the London gold market. Queen Elizabeth declared a bank holiday. The market stayed closed for two weeks.
That was a total failure to deliver. The central banks literally ran out of gold to sell.
Result?

Nixon closed the gold window three years later. Gold went from $35 to $850. A 2,329% gain.
But here's what most people don't know: the miners did even better.
Homestake Mining—the bluest of blue-chip gold stocks—ran from $5 to $66. A 1,220% gain.
And the juniors? A small explorer called Copper Lake went from 8 cents to $10.50. That's 13,025%. An $10,000 stake turned into $1.3 million.
The people who saw the delivery failure coming and positioned in miners before the crisis went public? They became generationally wealthy.

March 1980.
The Hunt Brothers had accumulated a third of the world's tradable silver. COMEX couldn't deliver. So they changed the rules mid-game.
On January 21, they went to "liquidation only"—you could sell, but you couldn't buy. That was an explicit admission: the exchange couldn't deliver the metal.
On March 27—"Silver Thursday"—silver crashed 50% in a single day. The longs got wiped out. The shorts got bailed out. The Hunts defaulted on a $100 million margin call.
But look at what happened to the mining stocks in the months leading up to that crash.
Silverado Mines ran from 26 cents to $10.63. 3,989%.
Eagle River Mines: 3,479%.
Wharf Resources: 2,779%.

The average junior miner in that cycle returned 2,314%.
The Hunts got destroyed because they were holding paper. The people holding mining shares? They cashed out at the top and watched the carnage from the sidelines.

March 2020.
COVID shut down the Swiss refineries that produce COMEX-deliverable bars. The spread between paper and physical gold exploded to $70 an ounce. The LBMA stopped delivering. The CME had to rush out an entirely new contract—the "Gold Enhanced Delivery"—just to keep the system from imploding.
Industry officials went out of their way to avoid calling it a "default." But COMEX deliveries that year exceeded the entire five-year total from 2015-2019. The system survived only because they changed the rules.

And what happened to gold stocks after March 2020?
The VanEck Gold Miners ETF doubled in four months.
But the juniors? Karora Resources ran 847%. Calibre Mining: 633%. K92 Mining: 507%—in less than a year.
The people who recognized the delivery crisis and bought miners in March 2020 didn't just beat inflation. They changed their financial lives.

Notice the pattern?
It's always March. The delivery crunch. The rule changes. The forced liquidations.
And every single time—every single time—the people holding paper got crushed while the people holding mining shares made fortunes.
Now look at the calendar.

The next major delivery month is April 2026. First Notice Day—the day paper holders can demand physical bars—is March 31st.
And this brings us to the First Sign.
Before I show you the evidence, let me explain exactly how this works—and why March 31st isn't just a date on a calendar. It's a legal deadline. And it's backed by federal law.

In 1936, Congress passed the Commodity Exchange Act. It's codified at Title 7 of the United States Code, Chapter 1. That law created the regulatory framework for every futures contract traded in America—including gold.

In 1974, Congress created the Commodity Futures Trading Commission—the CFTC—to enforce it. The CFTC's regulations are published in Title 17 of the Code of Federal Regulations. They have the full force of federal law.
And buried in Section 9(a)(2) of the Commodity Exchange Act—that's 7 U.S.C. § 13(a)(2) if you want to look it up—is a line that should terrify every bullion bank on Wall Street.

It says: "It shall be a felony punishable by a fine of not more than $1,000,000 or imprisonment for not more than 10 years, or both... for any person to manipulate or attempt to manipulate the price of any commodity in interstate commerce."
Ten years in federal prison. For manipulation.
Now, the COMEX—where gold futures trade—operates under rules approved by the CFTC. And buried in Chapter 7 of the COMEX Rulebook, Section 714, titled "Failure to Deliver," is another line that matters:
"Unexcused failure to make delivery shall be deemed an act detrimental to the interest or welfare of the Exchange."
Translation: if you sell a gold contract, you are legally obligated to deliver the gold.

The rules are specific. Section 703.B requires depositories to release metal within five business days after a warrant is cancelled for load-out. Section 702 states that if a clearing member "fails to perform its delivery obligations," it "may be deemed a default."
These aren't suggestions. These are legally binding obligations, enforced by a federal agency created by Congress.
Now here's the problem.

Right now, there are approximately 90 paper ounces of gold claims for every 1 physical ounce sitting in COMEX vaults.
Ninety to one.

That's 90 legally binding delivery obligations for every ounce of deliverable metal.
On First Notice Day—March 31st—holders of April contracts can demand physical delivery. If too many of them stand for delivery at the same time, the Exchange faces a choice: deliver gold they don't have... or change the rules.

You've seen what they do. In 1968, they closed the market. In 1980, they banned buying. In 2020, they invented a new contract on the fly.
Every time, they've chosen to change the rules rather than admit the vaults are empty.

But here's the thing about federal law: you can change exchange rules overnight. You can't change the fact that someone was promised gold and didn't get it.
Sign #1 is The "Vault Drain."
Sign #1

The "Vault Drain"
This is the forensic evidence I was talking about.
"My team tracks the 'Registered' inventory at the COMEX daily. This is the gold that is actually available to be delivered to investors.
For decades, this number was healthy. Millions of ounces.

According to market reports, registered gold fell from approximately 13.5 million ounces in March 2025 to around 10 million ounces by year-end—a 25% compression in deliverable supply even as prices surged.

For the first time in COMEX history, deliverable supply is SHRINKING while prices are SURGING to all-time highs.
Every month in 2025 set a new delivery record.
October alone saw 197.5 tonnes delivered — more than 5x the historical average.
Yet registered inventory fell 25% during a year when gold rose 64.5%.
Demand is overwhelming supply at record prices.

That has never happened before.

Look at that drop.
COMEX Registered Gold Inventory (2025)
91011121314Million OuncesJanMarMayJulSepNovJan-25% SUPPLYCOMPRESSIONMarch Peak13.5M ozYear-End Low10.0M oz
Source: CME Group COMEX Warehouse Reports

Where is it going? East. Shanghai. Mumbai. Moscow.
The Eastern nations are draining Western vaults, exchanging depreciating Treasury bonds for physical gold bars.
At the current pace, deliverable supply continues to tighten. And when physical constraints meet paper obligations, the price mechanism breaks.
Zero triggers the default.

And that triggers the reset.
Now here's what most people miss.
When the paper market breaks, it's not just gold that explodes. It's the miners that go parabolic.
During the Great Depression, the Dow crashed 73%. Homestake Mining gained 474%. Dome Mines gained 558%. They were the only stocks going up while breadlines stretched around the block.

In the 1970s, the Barron's Gold Mining Index returned 1,247%. The S&P 500 returned 43%. Miners outperformed by 29 to 1.
But it's the junior miners where fortunes get made overnight.

In 1979-1980, Copper Lake went from 8 cents to $10.50. That's 13,025%. Silverado Mines returned 3,989%. Eagle River: 3,479%. The average junior miner in that cycle returned 2,314%.

In 1995-1996, Cartaway went from a dime to $26.14. A dime to twenty-six dollars.
Every single one of those moves happened after a delivery crisis forced the paper market to reprice.

We're watching that same setup right now. Vaults draining. Delivery delays stretching to weeks. Emergency airlifts moving gold across continents.
And a hard deadline—March 31st—when the next wave of paper promises comes due.
Which leads me to Sign #2.

Sign #2 is The "Central Bank Panic."
Sign #2
The "Central Bank Panic"

If you want to know what's going to happen to gold, don't watch what the Central Banks say. Watch what they do.
In public, Jerome Powell and the Fed say gold is not money. They say inflation is under control. They say the dollar is strong.
But in private?

Central Banks bought more gold last year than at any time since 1967.
Central Bank Gold Accumulation (50-Year View)
1971197419771980198319861989199219951998200120042007201020132016201920222025
HIGHEST BUYINGIN 58 YEARS
1975 - 2025Source: World Gold Council / IMF

Look at this chart.
This isn't a trend. This is a panic.
And in a moment, I'm going to show you the one stock positioned to capture the lion's share of this buying spree — a company I believe could hand us 1,000% gains as the panic accelerates.

China has dumped over $100 billion in U.S. debt and bought gold.
Poland, Hungary, Singapore, Turkey… they are all backing up the truck.
Why now? What changed?

The weaponization of the dollar.
We have to look at the geopolitics here. This is the "Game Theory" part of the equation.
When the U.S. froze Russia's reserves in 2022, we crossed a line. We told the world, "Your money is only safe if you do what we say."
Do you think China liked that? Do you think Saudi Arabia liked that?
Of course not.

They realized they needed a new system. A system immune to U.S. sanctions.
And there is only one asset that has no counterparty risk. Gold.

Now, I have to stop here for a second. Because there is a name we haven't mentioned yet.

Donald Trump.
He is in the White House. He has promised to Make America Great Again. He has promised to protect the Dollar.

In fact, he explicitly threatened the BRICS nations. He said:
"If you leave the dollar,
you will face 100% tariffs."
– Donald Trump

So, you might be thinking: Doesn't a strong Trump presidency mean a strong dollar... and bad news for gold?
It is the exact opposite. And this is the great irony of 2025.

I believe Donald Trump will go down in history as the man who accidentally destroyed the Paper Gold market.
He wants to save America. That is a very different thing from saving the strong dollar.

Think about his policy. He wants to bring manufacturing back home. He wants us to export cars and steel, not just financial derivatives.
To do that... you need a weaker dollar. You cannot export goods if your currency is too expensive.

So while he says he wants a strong dollar reserve status... his actions—tariffs, trade wars, lower rates—all push the dollar down.
But here is the "Accelerator" effect.

When Trump threatened the BRICS with 100% tariffs if they stopped using the dollar... do you think they got scared and bought Treasuries?
No. They panicked.

They realized that the dollar is no longer a currency. It is a weapon.
If you are China, or Brazil, or India... and you see that the US President is willing to use the currency to destroy your economy... you don't buy more dollars.
You run for the exit.
You buy gold.

Trump's "Weaponization" of the dollar has forced the rest of the world to accelerate their "Plan B."
They are moving to a gold-settlement system faster because they are terrified of Trump's tariffs.
So, Trump is the ultimate catalyst. His "America First" policy is forcing the rest of the world into a "Gold First" policy.
He isn't stopping the reset. He is hitting the gas pedal.

That brings us to Sign #3.
Sign #3 is The "Retail Freeze."
Sign #3
The "Retail Freeze"
This is the one that hits Main Street.
Have you tried to buy a gold coin lately?
Try it.

Go to a dealer. Try to buy a significant amount. Say, $50,000 worth of American Eagles.
First, you'll be shocked by the premium. The "spot price" might be $2,600… but the dealer will charge you $2,800 or $2,900.
That gap is the Cartel Tax.
It proves the spot price is fake.
But worse… try getting delivery.

I have contacts at the major mints. They are telling me that delays are stretching into weeks.
The supply chain is broken.
Let me give you a real-world example.
You might have heard that Costco started selling gold bars. It sounds crazy, right? Buying gold with your bulk toilet paper.
But here is what's happening. Every time they list those bars on their website, they sell out in hours.
Wells Fargo estimates they are selling $200 million a month.

Why? Because regular people can't find metal anywhere else at a fair price.
I checked with major dealers last week. Premiums on American Eagles are running 30%, 40% over the spot price.

The 'Spot Price' says one thing. But if you try to actually buy the metal, you are paying a massive surcharge.
That gap—that 40% premium—is the real inflation. That is the market telling you the paper price is fake.

When Costco runs out of gold faster than they run out of rotisserie chickens, you know the currency is in trouble.
That is a functional default.

If you can't get your money out of the bank in cash, the bank has failed. If you can't trade your dollars for gold, the currency has failed.
When you have empty vaults… panic buying by Central Banks… and a retail shortage…
You have the perfect storm for a 1,000% repricing event.
Now, I've made a compelling case for gold. But there's something darker you need to understand.

If the dollar is collapsing, why is the government just letting it happen?
Because they aren't trying to save it. They're trying to replace it.

The debt is $36 trillion. It's mathematically unpayable.
They need the system to crash — because out of the ashes, they plan to introduce Central Bank Digital Currencies. CBDCs.
And a CBDC isn't money. It's a leash.

It's programmable code.
The government could set expiration dates on your savings — spend it by Friday or lose it.
They could restrict what you buy — no guns, no gold, no unapproved vendors.
They could freeze your account with a single keystroke if you say the wrong thing online.
This isn't science fiction.

The infrastructure is already built. FedNow launched in 2023. They're just waiting for the crisis.
Gold is the only asset that exists outside this digital control grid.
It cannot be hacked. It cannot be deleted. It cannot be turned off by a bureaucrat in Washington.
When you own physical gold — or when you own the Shadow Miner that controls the gold — you are opting out of their system.

And once they flip the switch? Once the "Dollar" becomes the "FedCoin"?
It will be too late to move your wealth.
That's what makes this personal for me.
This isn't just about charts and tickers. There is a human cost to all of this.

You have heard of the "Two Americas."
This isn't an accident. It's a harvest.

The system needs "Paper Americans."
They need you to stay in cash so they can inflate away their debt.

They need you to buy their overvalued ETFs so they can exit their positions.
Every time you leave a dollar in a savings account, you are effectively donating your labor to the people who broke the system.
They sit in the Hamptons and laugh about inflation because inflation makes them rich.
It makes their assets go up. It makes your grocery bill go up.

It is a wealth transfer. From you, to them.
Personally? I refuse to play that game. And I want to help 500 people opt out of that system today.
It's more than a hedge. It's a declaration of independence.

When you buy an ounce of gold… or a share of this Shadow Miner… you are voting against the debt. You are voting against the inflation.
You are taking your labor, your hard work, and you are locking it into a vehicle that the government cannot dilute.
That is why I do this.

I don't need to sell newsletters. I made my money in the markets.
But I am sick of seeing good, honest people get fleeced by Wall Street and Washington.
I want to give you the tools to fight back.

I want to help you cross the bridge from the "Paper America" to the "Hard Asset America."
I want you to secure your legacy before the reset happens.
Because once the reset happens… the drawbridge goes up.
The assets will be too expensive to buy. The opportunity will be gone.
You have to move now.

So how do you do it? How do you actually capture this opportunity?
Most people will try to buy physical gold. And they should. I own physical gold. But you have to understand: Physical gold protects your wealth—it doesn't multiply it.

If you want to turn a small stake into a fortune that can survive the coming reset, you need leverage.
You need the asset that moves 10-times faster than the metal itself. That is why we are buying the Shadow Miner.

So, if the physical metal is becoming impossible to buy… or the premiums are eating up all the profit…
How do we invest? How do we capture this 1,000% upside?
You have to own the source.

You have to own the ground.
When the world runs out of gold, the company that owns the gold still in the ground becomes the most valuable asset on the planet.
But there is a catch. You have to be extremely careful in this sector.
Why?

Because the truth is... mining is a terrible business.
It's a nightmare.
You have to dig giant holes. You have to fight labor unions. You have to burn millions of gallons of diesel fuel.
When inflation goes up, the price of gold goes up... but the cost of mining eats all your profit.

That is why I hate most miners. They are cash incinerators.
But this company? The Shadow Miner?
They don't dig holes. They don't buy diesel.
They just own the gold.

Think of it like a Bank Vault.
Imagine finding a bank vault in the ground that holds 88 million ounces of gold.
You don't have to build the bank. You don't have to hire the tellers. You just hold the deed to the vault.
That is Optionality. And right now, that deed is trading for pennies.

The company I'm recommending today—the "Shadow Miner"—holds the combination to that vault.
They own 100% of one of the largest, highest-grade, undeveloped gold/copper systems in the world.
Let's dig into this "Shadow Miner." You might wonder about the scale.
Think about the Super Pit in Australia. It's one of the most famous gold mines in history. It's a giant hole in the ground visible from space.
It has produced about 500,000 to 700,000 ounces a year for decades. It is a monster.

But forget about "mining" for a second. Mining sounds risky. It sounds expensive.
I want you to look at this company differently.
Imagine they own a massive, indestructible storage unit in a safe neighborhood.
Inside that unit, they have stacked 88 million ounces of gold.
They aren't trying to sell it today. They are just holding the key.
Think of it this way: This company is sitting on 88 million ounces of gold resources.
How big is that?

That is more gold than the entire Federal Reserve of France holds in its vaults.
It is more than Italy. It is more than China.
You aren't just buying a 'mine.' You are buying a deposit that is physically larger than the national savings of almost every G7 nation on Earth.
But the stock market creates a 'glitch' that values this company at a fraction of that.

It's like walking into a bank, handing the teller a ten-dollar bill, and having her slide a $2,600 gold coin back under the glass.
You don't need to be a geologist to understand this trade. You just need to be a shopper.
You are buying $2,600 worth of inventory for $10.

Why? Because the market thinks the storage unit is "locked" by permits.
But I am telling you… the lock has been cut.
The government recently granted them a rare designation called 'Substantially Started.'

In plain English, this means their key environmental approvals are no longer subject to the typical expiration timelines that kill most mining projects.
This is one of the most durable permitting positions in the industry.
Most mining companies spend decades fighting regulators, worrying their permits will run out before they pour the first bar.

This company has cleared the single biggest regulatory hurdle in mining. The permitting risk that destroys most projects? Dramatically reduced. The asset has what few mining projects ever achieve: regulatory certainty.

Of course, like any mining investment, there are still risks—commodity prices, capital requirements, execution timelines. But on the permitting front, this company has a level of security that is exceptionally rare.

The inventory is now accessible. And the Major Miners are lining up with their trucks to buy the whole unit.
It is the purest leverage on the market.
If gold goes up 10%, this stock goes up 30% or 40%.
If gold doubles… this stock could go up 1,000% or more.

But there is another reason the Majors are desperate for this specific company.
It's not just how much gold they have. It's where it is.

Look at the map.
https://btmgoldcartel.behindthemarke...p-Bu7_zYKm.jpg

Russia? Sanctioned. You can't do business there.

China? The enemy.

Africa? Coups, warlords, and resource nationalism.

South America? Constant threat of nationalization.

The world is becoming dangerous.
If you are Newmont or Barrick, you can't build a 50-year mine in a war zone.
You need safety. You need the Rule of Law.
Our Shadow Miner?

It is located in the safest mining jurisdiction on Earth.
North America.
It is in a region known as the 'Golden Triangle' in British Columbia.
This isn't just 'safe.' The Canadian government is effectively partnering with them.

They just spent billions of dollars building a new highway and a 287-kilovolt transmission line directly to the gate of this property.
That isn't a utility pole. That is a 287,000-volt industrial artery capable of powering a city of 100,000 people.
Governments don't build city-sized power grids in the middle of nowhere for a hiking trail.

They built it because they need this copper and gold to come out of the ground. The red carpet is already rolled out.
In a world of chaos... safety commands a massive premium.
So I believe a buyout is imminent. I believe it is inevitable. But here is what the charts are telling me right now.
Look at the volume on this stock over the last 14 days.

The Shadow Miner
197519851995200520152025
INSTITUTIONAL
ACCUMULATION →
1975–2025Source: NYSE / Bloomberg

See those green bars? That isn't Mom and Pop buying 100 shares. That isn't a newsletter subscriber.
That is institutional accumulation.
That is what we call "The Stealth Phase."
My institutional data feeds just triggered a 'Code Red' alert. We aren't just seeing random buying. We are seeing a coordinated raid.
I just tracked a 13F filing from Bank of America. They didn't just nibble—they increased their position by 139% in a single quarter.
Jane Street, one of the most sophisticated trading firms on earth, boosted their stake by 159%.

Millennium Management—the legendary hedge fund—increased by 122%.
And one deep-value contrarian fund—Kopernik Global Investors—has now made this stock their second-largest holding, representing nearly 12% of their entire portfolio. They own approximately 8% of the company.

These aren't day traders guessing. These are the biggest players in the sector loading the boat before the announcement. The window is closing. If you don't act before the news hits the wire, you will be buying at retail prices instead of wholesale."

Someone knows something. Maybe it's a major miner positioning for a hostile takeover. Maybe it's a sovereign wealth fund securing copper supply.
I can't tell you exactly who is buying yet. But I can tell you that the "Smart Money" is positioning before the announcement.
They are trying to keep the price down while they fill their bags.
But once that news hits the wire… once the headline says "Newmont Offers $3 Billion for [Shadow Miner]"… the stock will gap up 100%, 200% before the market opens.

You cannot wait for the press release. You have to be in now.
Historical Proof: This Has Happened Before
Can I give you an example of what that looks like?

Look at Great Bear Resources.
They had a great discovery in Canada. Not as big as this one, but high grade.
Wall Street ignored it for years. It traded for pennies.

Then, Kinross Gold came in and bought them for $1.4 billion.
The stock jumped 100% overnight.
All told, the stock soared 5,700%.
Great Bear Resources
(GBR)
+5,700% GAIN
20182022
$0.50
$29.00
2018 - 2022Source: TSX Venture / Kinross Filings

Look at Pretium Resources.
They had the Brucejack mine. Another Canadian success story.
Newcrest Mining bought them for $2.8 billion.
Again, huge premiums.

From bottom to buyout, they surged 565%.
Pretium Resources
(PVG)
+565% GAIN
20132022
$2.80
$18.50
2013 - 2022Source: NYSE / Company Filings

These are impressive numbers. But you might be thinking: 1,000% gains? That sounds too good to be true.
Has this actually happened before in a setup like this?
It hasn't just happened. It is the standard operating procedure of a Gold Super Cycle.
We have to look at history.

We are entering a cycle just like the early 2000s. Gold was hated. Tech stocks were crashing. The Fed was printing.
And look what happened to the companies that held the gold in the ground—the "Shadow Miners" of that era.
The Leverage Effect: 2000s Gold Cycle
+3,900%
+5,700%
+7,000%

Northern DynastySilver StandardNovagold
Source: Bloomberg Historical Data
Look at Silver Standard Resources.
Silver Standard
(SSRI)
+5,700% GAIN
20012008
$0.72
$42.00
2001 - 2008Source: Bloomberg Historical

They didn't mine. They just hoarded silver in the ground.
Between 2001 and 2007, their stock went from $0.72 to $42.
That is a 5,700% gain.
That turns $10,000 into $570,000.
Look at Northern Dynasty.
Northern Dynasty
(NAK)
+3,900% GAIN
20012011
$0.50
$20.00
2001 - 2011Source: Bloomberg Historical

They held a massive, undeveloped copper-gold deposit—very similar to our Shadow Miner today.
They went from $0.50 to nearly $20.
That is a 3,900% gain.
But the perfect example is Novagold.
In 2001, they were in the exact same position our "Shadow Miner" is in today.
They were sitting on a massive deposit called Donlin Creek. It was too big to ignore, but the market hated it because gold was cheap.
The stock was trading for 27 cents.
But when the repricing event started... the value of those ounces in the ground woke up.

By 2007, Novagold hit $19.00 a share.
From 27 cents to $19.
Novagold
(NG)
+7,000% GAIN
20012007
$0.27
$19.00
2001 - 2007Source: Bloomberg Historical
That is a 7,000% gain.
Novagold didn't discover a new continent.
They didn't invent a new technology.
They just sat on their deposit while the gold price reset.
The market did all the work for them.

That is the exact trade we are making today.
So when I say 1,000%... I am being conservative.
If our Shadow Miner achieves just half of what Novagold did in the last cycle, we are looking at a 35x return.
History is the only lab we have. And the history of this asset class says it explodes when the dollar breaks.
Now, you might be thinking: "What if gold stalls here? What if $15,000 never happens?"

Fair question. Let me show you why the math still works — even if I'm dead wrong about the price target.
The Shadow Miner is sitting on 88 million ounces of gold-equivalent resources. At today's price of roughly $4,900 an ounce, that's $431 billion worth of metal in the ground.

The company's market cap? Around $1.5 billion.
That's a 287-to-1 ratio of in-ground value to stock price.
Even if gold never moves another dollar — even if it just sits here at $4,900 forever — you're still buying $431 billion worth of assets for $1.5 billion.
And if gold goes to $6,000? That 88 million ounces becomes worth $528 billion.
At $10,000? $880 billion.

The margin of safety here is enormous. You're not betting on a moonshot. You're buying a vault full of gold at a 99% discount and waiting for the market to notice.
That's not speculation. That's arithmetic.
So the question isn't whether this opportunity is real.
The question is whether you'll act on it.

I could charge $10,000 for this research. Hedge funds pay a lot more than that for this kind of intelligence.
But I want the average guy to have a shot.
I want the guy with $5,000 or $10,000 to be able to turn it into $50,000 or $100,000.
That changes lives. That pays off mortgages. That sends kids to college.
That is the power of the Shadow Miner.

It is the slingshot that allows the little guy to catch up to the big guys.
But you have to have the courage to pull the trigger.
You have to be willing to act when others are sleeping.
So, how can you get the name of this company? How can you join the "Hard Asset" class?
I've put everything into a brand-new research dossier.

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https://btmgoldcartel.behindthemarke...t-DX3PIL-j.png
Inside, I give you the full breakdown.
I show you the ticker symbol.
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I am giving this report away to you today.

But I have to be clear about something.
This is a small-cap stock. It is volatile.

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"The News You Need Today…For The World You’ll Live In Tomorrow."

What You Aren’t Being Told About The World You Live In

How The “Conspiracy Theory” Label Was Conceived To Derail The Truth Movement

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February 3, 2026
Last Nuclear War Treaty Expires As Russian Holy War Battles Against Satanist Cabal In Ukraine
By: Sorcha Faal, and as reported to her Western Subscribers

A soul-chilling new Security Council (SC) report circulating in the Kremlin today first noting top Kremlin spokesman Dmitry Peskov revealed about the last remaining nuclear war treaty existing between Russia and the United States, that’s set to expire on 5 February: “We still have not received a response from the Americans...We think this is very bad for global security, for strategic security...For the remaining days, our proposals remain on the agenda...For the first time, the United States and Russia, the two countries that possess the world's largest nuclear arsenals, will be left without a fundamental document that would limit and impose control over these arsenals”, says Chinese Foreign Ministry spokesman Lin Jian also issued the urgent plea: “China has taken note of Russia's constructive proposals for further actions under the New START Treaty, and we hope that the United States will respond positively to them in order to truly ensure global strategic stability”.

As Russia and the United States prepare to rapidly and massively expand their nuclear weapon arsenals once the last treaty expires on Thursday, this report notes, top President Putin aide Kirill Dmitriev grimly warned yesterday: “A Satanist cabal involving disgraced American financier and convicted sex offender Jeffrey Epstein saw and benefited from many opportunities following a coup in Ukraine that led to the Ukrainian conflict”—a grim warning joined by Ukrainian President Vladimir Zelensky’s former press secretary Yulia Mendel beyond shockingly revealing: “Andrey Yermak, long the powerful head of the presidential office, sought help from magicians who gathered water from corpses, burned herbs, and performed rituals...He kept a chest of the dead, these were dolls made by magicians from Latin America, Israel, and Georgia...Yermak is not unique, magical thinking is widespread among Ukrainian elites”.

In the 3 million files just released by the United States Department of Justice involving suicided child sex slaver Jeffrey Epstein, this report continues, is a deposition video wherein an American prosecutor directly asked him: “Do you think you’re the devil himself?”—emails also revealed how he preyed on young Russian and Ukrainian girls, with one of them writing in terror: “I could’ve been killed”--and the emails from these files also documented: “Jeffrey Epstein discussed potential business opportunities in Ukraine following the 2014 Western-backed coup in Kiev...He discussed the matter with Ariane de Rothschild, head of the Swiss private banking firm Edmond de Rothschild Group”.

The latest demonic atrocity committed by the Satanist Cabal ruling Ukraine, this report details, saw Russian Governor Vladimir Saldo gravely revealing: “A Ukrainian artillery strike on the city of Novaya Kakhovka has left three civilians dead...They are targeting civilians, those who simply live and work...The Ukrainian Armed Forces are murderers who stop at nothing”—and was a demonic atrocity followed by Security Council Deputy Chairman Dmitry Medvedev warning: “For us, crimes committed against our country — war crimes — have no statute of limitations...This must be understood by everyone who is currently waging armed struggle against us, who is acting on the side of our current enemy”

In quick retaliation against the Satanist Cabal in Ukraine for murdering innocent Russia civilians, this report notes, the Ukrainian Air Force revealed today: “Russian forces launched a mass ballistic missile and drone attack using 71 missiles and 450 drones on Ukraine overnight on 3 February”—a revelation joined by the Ministry of Defense (MoD) announcing: “A massive strike has been carried out with long-range high-precision ground- and air-based weapons, and strike unmanned aerial vehicles, against enterprises of Ukraine's military-industrial complex and energy facilities”.

Knowing the full truth about the Satanist Cabal ruling Ukraine, but which the socialist Western powers and its lying leftist fake news media keep hidden from their peoples, this report concludes, the Russian Orthodox Church, that shares co-equal power with the Russian government, issued the official and binding decree:
From a spiritual and moral point of view, a special military operation is a Holy War, in which Russia and its people, defending the single spiritual space of Holy Rus', fulfill the mission of “Holding”, protecting the world from the onslaught of globalism and the victory of the West, which has fallen into Satanism.

Russia is the creator, support and defender of the Russian world.
The borders of the Russian world as a spiritual, cultural and civilizational phenomenon are significantly wider than the state borders of both the current Russian Federation and greater historical Russia.

Along with representatives of the Russian ecumene scattered throughout the world, the Russian world includes everyone for whom the Russian tradition, the shrines of Russian civilization and the great Russian culture are the highest value and meaning of life.

Russia must become a refuge state for all compatriots of the world suffering from the onslaught of Western globalism, wars and discrimination.
In addition to our compatriots, our country can become a refuge for millions of foreigners who defend traditional values, are loyal to Russia and are ready for linguistic and cultural integration in our country.

[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]

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February 3, 2026 EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked to its original source at WhatDoesItMean.Com. Freebase content licensed under CC-BY and GFDL.

[Note: Many governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagree with in believing that it is every human being’s right to know the truth. Due to our mission’s conflicts with that of those governments, the responses of their ‘agents’ has been a longstanding misinformation/misdirection campaign designed to discredit us, and others like us, that is exampled in numerous places, including HERE.]

[Note: The WhatDoesItMean.com website was created for and donated to the Sisters of Sorcha Faal in 2003 by a small group of American computer experts led by the late global technology guru Wayne Green (1922-2013) to counter the propaganda being used by the West to promote their illegal 2003 invasion of Iraq.]

[Note: The word Kremlin (fortress inside a city) as used in this report refers to Russian citadels, including in Moscow, having cathedrals wherein female Schema monks (Orthodox nuns) reside, many of whom are devoted to the mission of the Sisters of Sorcha Faal.]

Europe Recoils From Trump Golden Age And Warns “The World Has Changed Permanently”

Trump Arises As Iron Chancellor Of Entire World

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Gold Giant Bundesbank Signals An Open Vote Of No Confidence in Global Monetary Stability

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by Tyler Durden

Wednesday, February 04, 2026 - 03:30 AM
Submitted by Thomas Kolbe

The German Bundesbank holds the second-largest gold reserves among central banks. The precious metal serves as an insurance policy for both states and private individuals. Its massive price surge shows that the dice have already been cast: governments will attempt to inflate their debts.
Anyone acquiring precious metals in these weeks simultaneously casts a verdict on their currency. This may be a conscious portfolio decision or simply an undefined desire to have a monetary insurance policy at hand. One never knows what the future holds.

Gold jewelry or collectible silver coins are aesthetically appealing and trigger our instinct to collect. What private purchases and the massive hoarding of gold by central banks share is their monetary-policy background.

In honest moments, looking at the soaring global sovereign debts and escalating geopolitical conflicts, we know that our monetary system is heading for severe turbulence. In many places, the fiscal Rubicon has long been crossed. With debt-to-GDP ratios well above 100 percent—in the U.S., China, and numerous European countries—only a massive expansion of the money supply can ensure the public sector’s ability to pay.
Bundesbank Holds Massive Gold Reserves

This occurs at the expense of those trusting in cash. In this context, it is noteworthy that the German Bundesbank holds the second-largest gold reserves among global central banks.

3,350 tons of gold, with a market value of roughly half a trillion euros, are split between the Bundesbank’s vaults in Frankfurt (50 percent), the New York Federal Reserve (37 percent), and a storage facility in the City of London (13 percent). It is an inheritance from the old Bretton Woods system, when gold was stored near major global trade hubs.

The time is drawing closer to bring the reserves stored abroad back home. In a fragile monetary system, precaution is not alarmism—it is pure self-protection.
Italian Prime Minister Giorgia Meloni must have thought the same. She is working under intense pressure to formally transfer the Italian central bank’s gold reserves to the state—a step equivalent to an open vote of no confidence against the European Central Bank.

Italy holds 2,452 tons of gold, ranking third internationally behind the U.S. and Germany, giving it, like Germany, a bargaining chip to restart its own currency should a severe euro crisis ever occur.

From the Frankfurt ECB Tower, these developments are viewed with the utmost concern. Nothing corrodes a monetary system faster and more effectively than a loss of confidence in creditworthiness. The banking system, as well as pension funds and retirement insurance, rely on the stability of government bonds recorded on their balance sheets.

Once it became clear that states could no longer consolidate fiscally, the bond market corrected sharply. Billions in losses are on the books, only not written off due to special valuation rules granted by lawmakers.

From the ECB’s perspective, the hoarding of national gold reveals dangerous secessionist tendencies. It still holds around 500 tons of gold from the early days of the monetary union, when member states contributed gold reserves proportionally to their GDP to support the euro. This is far from sufficient to provide the euro with a stable, metal-backed anchor after decades of money growth.

The repeated desire of ECB President Christine Lagarde to centralize national gold reserves at the ECB vault is almost universally rejected by eurozone members. So much for the repeatedly touted integration of the euro system.

Gold as a Global Trust Anchor
Elsewhere, gold has also become central to stabilizing trust. The BRICS nations have for years worked on creating a payment system independent of SWIFT but have failed so far because no one trusts the Asian hegemon, China.

The solution—the pegging of mutual transfers to gold—was adopted by China during the global financial crisis more than fifteen years ago, when it became the largest buyer in the precious metals market. With roughly 2,300 tons, China now holds the fourth-largest gold reserves in the world.

Besides China, Russia, Turkey, India, and Poland, as well as countries like Egypt and Thailand, have significantly increased their gold holdings since 2008. The price increase is therefore justified and likely to continue in the long term, albeit with growing volatility.

A positive side effect of this reevaluation is a kind of balance-sheet repair. The deep gaps created by the bond market crisis are closed by the appreciation of gold for those who recognized the approaching sovereign debt danger early.

In Germany’s Bundesbank, gold now represents roughly 80 percent of the entire balance sheet. There is thus motivation in many places to continue boosting the gold price. It is an elegant way to stabilize the monetary system while simultaneously repairing past damages across different institutional levels through a simple repricing.

States Strive for a Gold Monopoly
It is almost a historical irony. When U.S. President Richard Nixon terminated the dollar’s convertibility into gold in 1971 amid soaring debt and massive inflation of liabilities, the so-called fiat credit money system was set in motion. Debts exploded, and states could borrow nearly without limit.

Unbacked credit, combined with ever-lowering reserve requirements, created a perfect Ponzi system, which has now entered its crisis stage.
German policymakers tried to escape this debt spiral by enshrining the so-called debt brake a few years ago. Yet the corrosive erosion of this fiscal constraint began immediately afterward and was ultimately buried last year by Chancellor Friedrich Merz and his high-stakes special fund gamble.

With this policy of unlimited state credit, citizens are driven toward safe havens such as precious metals, accelerating the decline of the fiat credit money system.
The relationship of states to gold remains ambivalent. Aside from committed fiat regimes like Canada, which holds no gold at all, it is becoming increasingly clear that gold can either extend the Ponzi scheme or initiate a new monetary system.

However, citizens fleeing into the haven of precious metals become potentially dangerous antagonists, prompting an immediate political counterreaction. Gold purchases are recorded, limited, and legislated in ways clearly designed to capture future portfolio gains.

The Netherlands, for example, is expected to begin taxing unrealized capital gains in 2028—a clear warning.

A general, sharp appreciation of precious metals could create tens of thousands of capital-strong, independent families, particularly in Europe. It is precisely this independence that vexes the etatists in Brussels and EU capitals. The fiscal effect of harvesting book gains in the private sector also plays a role, given runaway sovereign debt.

The ambivalence of gold—and this applies to precious metals as well as other assets without counterparty risk, such as Bitcoin—inevitably provokes massive repression in political regimes focused on citizen control.

Expect other European states soon to follow the Netherlands’ example. The fight for sovereignty has begun.

* * *

About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

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