Trump’s Greenland Gambit

President Trump boarded Air Force One this morning bound for the 2026 World Economic Forum in Davos.

This year’s gathering is set to break attendance records: 400 political leaders, including 65 heads of state, plus 850 of the world’s top CEOs will be rubbing elbows in the Alpine resort.

At the top of Trump’s agenda? Greenland.

Trump’s team is eyeing its vast, frozen expanse not for its scenery, but for its treasure trove of buried leverage:

38.5 million tons of rare earth oxides
Massive uranium and fossil fuel reserves
Precious metals

Some of the largest freshwater reserves on Earth.

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Greenland has trillions of dollars in natural resources (Source: Ulrik K. Lykke via X)

But Trump is hardly the first to ogle Greenland’s resources and strategic military importance.

In fact, geography may be the island’s most valuable resource. Greenland sits at the confluence of North America, Europe, and the Arctic.

As the polar ice melts, new shipping lanes open between Asia and Europe — cutting weeks off traditional routes and escalating the race for Arctic dominance.

Secretary of State William H. Seward, the same Seward who bought Alaska from Russia, first advocated for purchasing Greenland in 1867. Again, in 1946, president Harry Truman made a formal, but secret, offer of $100 million in gold to Denmark which Copenhagen declined.

Global stocks are not liking the gambit, posting their sharpest daily drop in two months on Monday, falling 1.2%.

Stock futures in New York pointed down throughout the MLK holiday yesterday.

Gold, often punched through another all-time high—topping $4,738. Silver approached $96, briefly.

~ Addison

P.S. Natural resources are front and center for investment markets in 2026 as such will play a big role in speeches and back-of-the-chalet closed door meetings in Davos.

For your overview, a replay of last week’s Grey Swan Live! with Shad Marquitz is up on the site. Paid-up members can check it out here. With gold and silver soaring, the theme of “Metals Mania” is certainly playing out.

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In the meantime, we’ll have details soon on this week’s Grey Swan Live!

If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

President Trump boarded Air Force One this morning bound for the 2026 World Economic Forum in Davos.

This year’s gathering is set to break attendance records: 400 political leaders, including 65 heads of state, plus 850 of the world’s top CEOs will be rubbing elbows in the Alpine resort.

At the top of Trump’s agenda? Greenland.

Trump’s team is eyeing its vast, frozen expanse not for its scenery, but for its treasure trove of buried leverage:

38.5 million tons of rare earth oxides
Massive uranium and fossil fuel reserves
Precious metals

Some of the largest freshwater reserves on Earth.

Turn Your Images On

Greenland has trillions of dollars in natural resources (Source: Ulrik K. Lykke via X)

But Trump is hardly the first to ogle Greenland’s resources and strategic military importance.

In fact, geography may be the island’s most valuable resource. Greenland sits at the confluence of North America, Europe, and the Arctic.

As the polar ice melts, new shipping lanes open between Asia and Europe — cutting weeks off traditional routes and escalating the race for Arctic dominance.

Global stocks are not liking the gambit, posting their sharpest daily drop in two months on Monday, falling 1.2%.

Stock futures in New York pointed down throughout the MLK holiday yesterday.

Gold, often punched through another all-time high—topping $4,738. Silver approached $96, briefly.

~ Addison

P.S. Natural resources are front and center for investment markets in 2026 as such will play a big role in speeches and back-of-the-chalet closed door meetings in Davos.

Turn Your Images On

In the meantime, we’ll have details soon on this week’s Grey Swan Live!

If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

The stock market “rebalancing” is a polite way to put it. Energy and health care are getting a healthy boost. But tech hardware and software makers are still getting dressed down and have been asked to report to the principal’s office.

The great rotation underway has triggered a series of “Hindenburg Omens.” Five have occurred in recent weeks.

The S&P 500 has traded in a 3.7% range over the past two months — less than half the 20-year median of 8.6%. One of the tightest ranges in modern history.

In trader parlance, the indexes are “flat,” a setup that often materializes before a sell-off at the top after a multi-year bull market.

Goldman Sachs told its own traders to be aware that institutional trading activity resembles a VIX reading near 35. Rather than a reading of 20, where the VIX has been trading over that same 2-month period.

The U.S. software ETF, IGV, tested its April 2025 lows last week and trades roughly 35% below its peak. The “SaaS-pocalypse” in software companies reflects the fear of Citrini’s 2028 scenario happening in real time. That divergence now exceeds the spread seen at the peak of the Great Financial Crisis.

Under the surface, the “great rotation” we wrote about last week is threatening to widen.

Despite its overly-educated 40-million-plus population, on a GDP per capita basis Canada is null. Collectively, the Great White North would rank as America’s second-lowest state, coming in above Mississippi, but below Alabama.

SpaceX is the most valuable private startup in history — and if its success continues, it might become the most valuable public company in history.

After all, as Musk famously said in 2023, “I have never lost money for those who invest in me and I am not starting now.”

For investors, SpaceX has been a wild, joyful ride — and now the journey continues!

The great rotation underway has triggered a series of “Hindenburg Omens.” Five have occurred in recent weeks.

The S&P 500 has traded in a 3.7% range over the past two months — less than half the 20-year median of 8.6%. One of the tightest ranges in modern history.

In trader parlance, the indexes are “flat,” a setup that often materializes before a sell-off at the top after a multi-year bull market.

Under the surface, the “great rotation” we wrote about last week is threatening to widen.

SpaceX is the most valuable private startup in history — and if its success continues, it might become the most valuable public company in history.

After all, as Musk famously said in 2023, “I have never lost money for those who invest in me and I am not starting now.”

For investors, SpaceX has been a wild, joyful ride — and now the journey continues!