From the creators of The Daily Reckoning, I.O.U.S.A, Empire of Debt and The Daily Missive
From the creators of The Daily Reckoning, I.O.U.S.A, Empire of Debt and The Daily Missive
December 3, 2025 • Addison Wiggin
A conversation with Joel Bowman on investment opportunities in Argentina and around the world
January 22, 2026 • Addison Wiggin
The dollar’s share of global reserves is now roughly 40%, down from 60% in 2016. No other fiat currency filled the gap. Gold did.
That is the only fact you need to understand the long-term arc.
After the West demonstrated it could seize reserves, “safe” became a new word. Gold has no counterparty. It cannot be frozen with an executive order. It does not require permission to settle.
January 21, 2026 • Addison Wiggin
January 20, 2026 • Addison Wiggin
January 22, 2026 • Addison Wiggin
The last time Uncle Sam had this much debt rolling over, interest rates were effectively zero percent. That allowed for a massive expansion of total debt, even as total interest payouts shrank.
January 21, 2026 • Addison Wiggin
January 20, 2026 • Addison Wiggin
January 21, 2026 • Addison Wiggin
Having said all that, why does President Trump want Greenland so badly (other than as retribution for not being awarded the Nobel Peace Prize)?
He insists it’s for national security, but, as I mentioned earlier, the U.S. military already has broad access to the island, as spelled out in the 1951 agreement signed by the U.S. and Denmark. Further, Greenland is under the protection of NATO, of which the U.S. is a member. If Russia or China tried to attack it, Article 5 of the treaty would be triggered, activating NATO forces.
Recent reporting suggests that some of Trump’s wealthiest backers see Greenland not as a military outpost or mining play, but as a blank slate. According to Reuters, influential tech investors—including Peter Thiel and Marc Andreessen—have pitched the idea of turning parts of Greenland into a so-called “freedom city,” offering a low-regulation, quasi-autonomous hub for next-gen technologies.
January 16, 2026 • Addison Wiggin
Mining stocks amplify everything. First Majestic went from losing money to 45% margins without building anything new. They just held the line on costs while silver did the heavy lifting.
That cuts both ways. If silver drops hard, margins compress just as fast. Same leverage, opposite direction.
The miners with the lowest costs and cleanest balance sheets will hold up best in a pullback and capture the most upside if the deficit keeps grinding.
January 16, 2026 • Addison Wiggin
Economists at Goldman Sachs said this morning they expect core inflation to finish the year around 2% even while GDP rises at a “surprisingly strong” 2.5% clip.
In our view, their inflation forecast is optimistic. Their GDP call? Modest.
The last time we pumped this much liquidity into the system — 2020 through 2022—the result was a manic asset bubble, runaway inflation, and an epic hangover at the Fed.
Goldman’s optimism has triggered a fresh round of bullish bets: cyclical stocks are rallying, “dispersion” in the S&P 500 is spiking, and the Fed is expected to cut interest rates twice before Jerome Powell gets kicked out of Washington at the end of his term on May 15.
January 16, 2026 • Addison Wiggin
Anecdotally, we’re hearing stories of warehouses full of GPUs sitting unused for lack of energy to power them. It’s a natural feature of the heavy capital investment in new machines. The grid has to catch up!
While Trump’s great reset rolls on in 2026, keep an eye on modular nuclear reactors and increased demand for uranium, natural gas and related resources.
January 15, 2026 • Shad Marquitz
These PM producers are literally printing the most ‘hard money’ that they ever have at these metals prices and record margins here at the midway point in Q4.
If there ever was a time for this sector to get overheated and frothy, this would be it… only that isn’t what we’ve seen playing out.
PM producers are still insanely profitable at even at current metals prices and should be far more valuable based on their margins, revenue generating potential, and their resources still in the ground.
January 15, 2026 • Addison Wiggin
Who stipulated that politics and money have to be serious?
We do, in fact, write about money, the economy and financial markets. It’s to our own peril if we ignore the “passing parade” and its impact on them.
Populism as practiced by President Trump and the MAGA crowd is equally as pernicious, in our view, as the open worship of collectivism as expressed by Mamdani, AOC, and the progressive snollygosters gaining momentum among younger voters.
The system, as it were, is broken in all kinds of interesting ways. But we still have to live in it. And make decisions about our lives… our money… our families and our future.
January 15, 2026 • Addison Wiggin
Increased margin levels for paper trading briefly knocked down the price. Time will tell if this slam in the light volume of overnight trading will hold over the long haul.
January 14, 2026 • Shad Marquitz
Let’s peel back the layers of this precious metals bull market by analyzing the pricing action on the charts, which contains ALL the buying and selling.
Most people love a good narrative, and they use these stories to either reinforce their biased views or to explain away price action that they don’t agree with.
They are just stories, though, even if there are elements of truth embedded within them. We can utilize charts to remove this biased narrative and noise.
Over the longer term, the pricing that populates charts truly incorporates the total buying and selling from all central banks, financial institutions, ETFs, hedge funds, whale investors, and the rest of the retail investors.
January 14, 2026 • Addison Wiggin
Yesterday’s CPI showed prices still ticking up—2.7% year-over-year, right in line with expectations.
Wall Street expects at least two rate cuts in 2026. At the same time, global central banks — led by China and Russia — continue buying gold to reduce their reliance on the dollar. Combine this with supply chain reshoring and increasing geopolitical tensions, and metals have emerged as both a hedge and a haven.
Between a precious metals rally catching the attention of outlets as lilywhite as Bloomberg and the Trump administration’s 2026 focus on critical minerals and domestic production, there’s a lot to unearth in the natural resource sector.
January 14, 2026 • Addison Wiggin
Today’s chart of inflation reflects an eerily similar path to the 1970s. The last CPI reading ticked back up 2.7%. If prices today continue to track those of the 1970s, the next wave of inflation could see prices rise higher and faster than during the 2021/2022 bout.
Yesterday, gold notched another new record high of $4647. Its slimmer, svelte cousin, silver, set a new historic high of $92. Both monetary metals are reflecting the market fear that once inflation gets started, it’s very difficult to contain.
