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.

Funds net sold U.S. equities for a fourth straight week, at the fastest clip since the opening chapter of the Trump trade war on April 2, 2025.

Despite that positioning, the indexes pushed higher on Monday.

Dip buyers stepped in after last week’s slide and nudged indexes back toward their highs.
Chipmakers gained ground, and a software ETF tacked on close to 7% across two sessions, a quick counterpoint to the sector’s recent purge. Sameer Samana at Wells Fargo Investment Institute described the move as the market’s reflex after steep selloffs—fast hands cover, slower money watches.

Every ten minutes, the bitcoin network completes another block of transaction data. Another bitcoin miner seeks a reward.

The reward is cut in half every four years, thanks to the “halving protocol” which established the coin’s scarcity algorithm. Next month, total bitcoin supply will hit 20 million, leaving just 1 million left to be mined.

The Nasdaq logged its fourth straight down week, pulled lower by the “SaaSpocalypse” in software.

Goldman Sachs’ Software Basket fell 16% for the week. Hedge fund exposure to software shrank sharply, according to Prime Book data.

Lou Miller, Goldman’s global head of Equity Custom Baskets, told clients that buyers remained scarce even as the group entered oversold territory.

In the late 1990s, telecom infrastructure outpaced demand, pricing compressed, and equity valuations adjusted long before usage caught up.

Today’s AI buildout carries healthier balance sheets and real utility, yet capital intensity remains high, and patience wears thin when returns depend on perfect adoption curves.

The week’s trading revealed that a rotation out of high-flying tech into defensive names is well underway. The Dow, which includes broader, non-tech-related stocks, is starting the week above 50,000 for the first time in its history.