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.

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.

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.

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.

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.