➡ In this article, former President Donald Trump shares a message on his platform, Truth Social, criticizing China’s involvement in the Panama Canal and Canada’s high taxes. The article also includes a financial update from Vince Lancey, who discusses the current state of various markets, including gold, silver, and cryptocurrencies. Additionally, the article mentions several popular posts on their platform, covering topics from holiday movies to gold value analysis. Lastly, the article suggests that Trump’s message hints at a geopolitical strategy for the U.S. to increase its influence in South America and Greenland.
➡ The article discusses the current state of the market, focusing on China’s increasing financial issues and their impact on the global economy. It highlights the rising value of gold, silver, and copper due to China’s stimulus, and the potential for these trends to continue if people believe in the stimulus. The article also mentions the possibility of a decrease in the value of bonds and stocks if the stimulus is not believed in. Lastly, it discusses the increasing demand for silver in China and the potential impact on the market.
➡ Here’s a quick summary of what’s coming up. Stay tuned and thanks for watching.

Donald J. Trump. Truth Social. Merry curses to all, including to the wonderful soldiers of China who are lovingly but illegally operating the Panama Canal, where we lost 38,000 people in its building 110 years ago. Always making certain that the United States puts in billions of dollars in, quote, repair money but will have absolutely nothing to say about, quote, anything. Also, to Governor Justin Trudeau of Canada, whose citizens’ taxes are far too high. But if Canada was to become our 51st state, their taxes would be cut by more than 60%. Welcome to the Morning Markets and Metals with Vince Lancey, where each morning Vince brings you the financial and precious metals news to get you ready for your day.

And now, here is Vince. Good morning. Merry Christmas to everyone, and Happy Hanukkah as well. Happy New Year in a couple days. I’m Vince Lancey, and today’s Market Rundown, we’ll just call it a holiday rundown or holiday hangover, depending on how you celebrate. We have a special Christmas message from President Donald Trump and some goodies for free as well as premium subscribers. Let’s start with the market stuff. The 10-year is $463, up 4. The dollar is $108.25, up 13. The S&P $500 is $60.19, down 19. The VIX is $15.15, up 88. Gold is $26.25, up 9 and change, was up as much as $13.

Silver is $29.72, up 16, almost 17. Copper is $40.94 and 9 cents, sorry. Up almost a percentage point, gaining momentum. It was weaker last night, actually. Up almost 3 cents. WTI is $70.66, up 16. Natural gas is $3.44, down 13. Bitcoin, $95,600 and change, down $3,500, $3,600. Ethereum, $3,300 and change, down 129. Palladium, down 7 at $939. Platinum, $933, down 8. Gold, silver, hovering below $90. It might be something to look at. Grains are, soy is $9.75, up 4, almost 5. Corn is $4.37, unchanged bid, and wheat off your screen is, I think, down a penny or so.

Let’s see. Yeah, down a penny. Okay. As we said, we have a special Christmas message from President Donald Trump. Not all of you may have heard it or seen it, but you’re going to see it now. He has the art of trolling, I guess we could call it now. Here’s our homepage. Three recent posts, American Christmas holiday movie essentials. I think that’s important because the day after Christmas and between Christmas and New Year’s is probably when the most movies get watched. You can pick from your favorites there. Holiday medals and strategic Bitcoin reserves, that’s a post we did yesterday, actually has some gold TTA analysis, which are referred to when we talk about the charts today.

And preparing for Trump, a mercantilism checkpoint, it’s a piece that we wrote, but I did a voiceover for in lieu of an actual broadcast the other day. All right. Before we do the Trump message, which is really a killer, a little gift for everyone, news and analysis. These are basically six of the top 20 posts on gold flicks that were premium, and they will be unlocked for everyone today. They’re not all current events, but they are, they were well read. So there’s the American Christmas holiday movie essentials, you know about that one.

Fort Knox holds nothing but months and hours. That’s relatively new, and it’s actually very current. People are talking about that concept a lot more. Do they have the gold or not? Zoltan’s really big posts. When Zoltan was writing publicly, semi-publicly, we were breaking it down for readers. This post is relevant, this analysis is relevant because it’s happening. Everything he said in this post about gold, re-hypothecation, shrinking, prices increasing, crisis in commodities in general, shortage of collateral. We took his arcane language and broke it down. It’s long, but it’s very thorough. And I would say that everything he’s saying is happening is happening, as most of the bigger picture things he has said over the past.

It’s just not happening as fast in terms of price as you want. And I think just a quick comment about that. If he was writing about it, they knew about it. If they knew about it, they were thinking about how to mitigate it. So it’s just going up. It’s just not going up overnight. Next story there, Special Trump will monetize gold’s value. That’s a piece that we did. We read an article in Grants, and we took a section of it, and we extrapolated on ways that Trump can or will monetize gold’s value. And there’s a little bit of a history lesson there, too, about how it was handled before, et cetera.

$3,000 and higher, MUFG, they did a really, really nice commodity report. And in that, they think $3,000 is not a problem, which is echoing Goldman, which actually I think they came out before Goldman. Anyway, it’s very good. It was very popular. BOA on gold and silver, tug of war in 2025. That’s really a well-balanced title. It’s really mostly about silver. $38 is their target for silver. But that’s modest. And Bank of America, I think, has a lot of big silver business, perhaps J.P. Morgan’s. But that’s another conversation. Silent Light, the story of World War I Christmas Truce.

We just posted that. There’s a book called Silent Light, the story of the World War I Christmas Truce. And we haven’t read it yet, but it’s a breakdown of what happened, a reconstruction of what happened with the Christmas Truce of World War I between Germans and English and the English. And it was reconstructed from pictures and letters sent home. So it’s kind of Ken Burns type of stuff. And it seems to be a good-looking book. We’ll see about that. Anyway, these are all premium posts, about five of the top 10 most popular posts that we’ve had here over the last two years.

Some of them are very current, some of them are very current events, and some of them are nice recollections of what happened over the past two years. Anyway, so we’re unlocking those for all of you. And we would suggest that you sign up for premium. We would also suggest that if you don’t want to sign up for premium, at least not yet, sign up for free. It might be worth your while going forward. Okay. A special Christmas message from Donald Trump, President Donald Trump, I should say. All right. So on his media platform, basically the twin towers of news now are X, formerly Twitter, and Truth Social, which is Donald Trump’s platform.

And what he’s doing, if you’re trying to figure out what’s going on, where the news is, he will do all the things he used to do on Twitter, he’s doing on Truth Social, and then they’ll be reposted on Twitter. So it’s kind of like he’s throwing his news on his platform, and then through some sort of an arrangement, it’s getting a little bit of delay, and then it’s going to X. Okay, so here we go. In his trolling style, Donald Trump just goes after everyone here. But you can tell that he’s a little different now.

He’s a little bit more settled. He’s a little bit less bitter or angry. Well, I guess that happens when you finally get a chance to win when you should win. Anyway, let me read this to you. Donald J. Trump, Truth Social, merry curses to all, including to the wonderful soldiers of China, who are lovingly but illegally operating the Panama Canal, where we lost 38,000 people in its building 110 years ago. Always making certain that the United States puts in billions of dollars in, quote, repair money, but will have absolutely nothing to say about, quote, anything.

Also, to Governor Justin Trudeau of Canada, whose citizens’ taxes are far too high. But if Canada was to become our 51st state, their taxes would be cut by more than 60%. Their businesses would immediately double in size, and they would be militarily protected like no other country anywhere in the world. Likewise, to the people of Greenland, which is needed by the United States for national security purposes, and who want the US to be there, and we will. There is a second page this I have attached. He basically lays into Joe Biden’s exit, and he’s pretty accurate.

But he ends with, on an odd note, we had the greatest election in the history of our country. A bright light is now shining over the USA, and in 26 days, we will make America great again. It’s great. It’s great. He’s poking fun, but he’s not joking. In that sentence is our geopolitical strategy. The world has split, and without getting too morbid about it, the world has split, and we’re pulling out of Europe. We’re pulling out of the Middle East, where we’re taking care, kind of like a Monroe Doctrine meets Manifest Destiny.

The Monroe Doctrine says, keep off. Don’t tread on me. Manifest Destiny says, well, this is our destiny. We have to do this. It’s inevitable, and the inevitable part would be taking more control of South America. This is our continent. It’s along our country. It’s our continent, and extending our reach beyond Cuba to Greenland so we can have more of a buffer zone. A lot of implications there, but everything he’s saying, as sarcastic as it is, is absolutely true. That’s what has to happen, whether he’s just trolling for negotiation or it literally means it.

It doesn’t matter. That’s our geopolitical policy. That’s our statesmanship. That’s our answer to the division of the world in multipolar fashion. Pick a poll. You could be with us, or you can be with them, and I think it’s very good. Equity recap. There is none. Merry Christmas. Market news. Well, there are market-moving news events. The only one that I’ll mention is China has started to do another stimulus, and before you rejoice, you want to look at the markets. The market’s gold is higher, silver is higher, copper is higher, but we’re not talking about rocket ship stuff.

The trajectory of the stimulus keeps getting higher and higher, but that’s because their problems, at least financially, keep getting worse and worse. By that, I mean their 10-year bond is headed towards 1.5 percent. It’s like 1.6, 1.7 now. As long as it stays under 2 percent, here’s a rule of thumb for you. Someone asked me about this yesterday. As long as the 10-year bond stays under 2 percent, you should assume they’re not out of the woods. They actually need to inflate. You’re like, well, they’re printing all this money. Where’s the inflation? Exactly.

People are taking their money and putting it into bonds. They’re taking their money, and they’re putting it into gold, and they’re not putting enough money into stocks. Meanwhile, the rest of the world is pulling its money out. Stimulus will help gold hurt bonds and help stocks. It’ll help gold a little, not like it used to. It’ll hurt bonds a lot. It should, and it will help stocks if people believe in it. If not, it’s the whole Japan lost decade trajectory that people are looking at. Anyway, there’s more going to come. I think they’re probably doing a little bit less right now because they think the Fed might not cut it anymore.

Anyway, that’s the way market news is operating. There’s a lot of other negative things that went on out there, but I just wanted to share that with you. The market news is Happy Hanukkah. Last night was the first night of Hanukkah, and seven nights. I think it ends on January 2nd. Moving on, premium. We’re just giving you a lot to read if you want to read. Just pick what you want. It’s a menu. Gold Outlook 2025. Citibank has a 2024 recap and take for 2025. It’s very good. It’s not completely euphorically bullish, and I think it’s very realistic, but everyone’s on the bandwagon now.

Just keep that in mind. MUFG. I alluded to this before. It’s a great report. I like it a lot. It’s different visually when you look at it. It’s kind of like an old school report. Very busy pages. Everything’s on the page, but you can compartmentalize it very well. It’s a good report. We have a little treat that we normally only share with founders. This is about a little over a week old, but there’s a couple nice articles in there, and it’s great long-form reading, and it’s not something that we would ever share publicly, like so.

We’re only going to be sharing an excerpt of it for you. For founders, we’ve been asked to contribute a chapter to Jordan Roy Byrne’s book at the Ghidali Gold on gold, and he asked us to write a chapter on de-dollarization. We wrote a couple pictures to it as well. His book will be published soon. When we know that, we’ll let you know. If we have a copy of it available, we’ll share it with everyone. For founders, here’s the piece that we wrote in advance. It’s not the in-depth type of wonky piece that I like to write when I get into these things, but I think you’ll find it very accessible.

Probably something that passes around the table if people are asking you in the family gatherings, what is de-dollarization? This is probably going to nail it for them, I think, hopefully. All right, to the markets. Gold. Seasonality. We’re in bull season, and that’s kind of holding us up, actually, not to be bearish about it, but we’re in the holiday season. I think everyone, all the macro-discretionary guys, I’ll give you the last three weeks. Macro-discretionary took their profits after the election. Boom, right? CTAs and commodity guys puked. Boom, right? They knock it down, okay? And then the macro-discretionary guys, who had also been selling, this is all them selling in here, right? Someone’s buying, and they’re leading into it, right? And then the election happens, and they sell.

Now they go sideways. Macro-discretionary is still slightly long, and they definitely have their eye on gold, and so for the last two weeks, they turn to Bitcoin. They go, oh, everyone’s selling on Bitcoin. Let’s put our money in Bitcoin. They cross some moving averages, hit some psychological numbers, and so now they’re ostensibly out of gold, which is bullish, because look at where we are, right? So you have the macro-discretionary has gotten out of gold, and they haven’t destroyed the market. Here, let me look at this. Those boys got in here, okay? They started getting in in October 20, October, and then they got in in a much bigger way, I would have to say, in March.

On March 1st, they started to get in right there, right? And that’s where the China effect started to happen. So here we are, all the way up here. Macro-discretionary is out. They turn their younger chick, right? They’re looking at how it goes up, and gold hasn’t sold off, despite them not playing, despite CTA Pukage, which we talked about, and so here we are in 100-day moving average. Can we go below it? Yeah, we could. You wouldn’t want to get too excited about this market unless the RSI goes with the move, right? There’s other things to look at, but this is where we are right now.

The moving average has served us well over the last two months since the election. We’re in it. We’re going sideways. We go below it. Be careful, but remember, copper gets sold, silver gets sold, gold gets sold down. On the way up, it could be silver leads, gold follows, and copper drags. That’s really the way it could be, but long story short, the CTAs are out, okay? Even though it’s bi-season, the CTAs are out. They have room to buy now, right? The election kind of screwed the seasonality up. The macro-discretionary guys are out.

They have room to buy. We could have another push lower, so the tourists start to get short. CTA tourists start to get short. If we don’t have another push lower by the end of the year, then I think January, the end of bi-season, January, the January effect they call it, will come in and the market can drift higher, but I would be careful between January 15th and March 1st, and then maybe we can have a repeat of March this year again. Silver. Okay, just looking at it as a chartist, right? We’re not all chartists, but just someone looking at it as a chartist.

You should be selling rallies up to the 100-day moving average, okay? Now, looking at it as a chartist who’s bullish, see this? This is essentially a trend line coming in right here. If we get above that trend line, we’ll also coincide with getting above this moving average, and the market will probably rip. I would say this market has a good chance of ripping when these two moving averages converge, and people will pay attention again. For whatever reason, they’ll pay attention again, but silver is being treated very industrially right now. Now, I’ll tell you something that you won’t hear, you won’t get from a chart.

I spoke with a refiner, a minter, and a wholesaler. Concentrate is going up, I think something like 20 cents at the physical side, and the amount and quality of silver available on the raw side is decreasing. It’s getting harder, and I think that’s because China just is incessantly buying. Why do you think we’re talking to Panama now? Panama, Latin America, metals, why do you think we’re doing that? We need to protect an onshore and French shore on supply chains. Meanwhile, China is there because China wants the metal. China wants the silver.

That’s what’s going on there. Anyway, all right, so gold is nine up nine and change. Silver’s up 16 and change. No news is good news right now. I wouldn’t be worried about silver until we get actually below here. So if we dip down below here, there should be buying in between here and here. Let’s hope we don’t have to get down there. I’m Vince. Have a great day. Well, thank you to Vince, and thanks to everyone watching at home. Sure hope you enjoyed the show, and we appreciate you being here. And before we wrap up, I’d also like to thank Fortuna Mining who kindly brought us today’s show, and Fortuna did have some drill results out from their Seguela Mine, where they extended their kingfisher deposit with a drill intersect of 4.1 grams per ton gold over 15.3 meters.

And they also averaged 3.3 grams per ton gold, 150 meters further along strike. And to find out a bit more about the drill results from Fortuna, well, we have a video we posted. Gives a brief recap of that, and that one is coming your way now. Thanks for watching. [tr:trw].

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