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Cem Karsan on what people are panicking about right now: “This is nothing really that big. Yet.” But when the debasement comes, and he says it will, gold doesn’t climb. It gaps. “One day you’re gonna wake up and it’s gonna be up 20%. And when that happens, it’s gonna be up a hundred percent in a quarter.”

Fed governor Chris Waller said he's leaning toward supporting a December rate increase even if Tuesday’s inflation report shows improvement—and if it doesn't, then he says a 50 bps move should be on the table.

CITIGROUP CUTS US EQUITIES TO NEUTRAL FROM OVERWEIGHT CITIGROUP CUTS GLOBAL TECHNOLOGY TO NEUTRAL FROM OVERWEIGHT

Anthropic's Pre-IPO valuation is IMPLODING: Prospective investors are now discussing a valuation of $1.2 trillion to $1.3 trillion, with some considering as little as $1.1 trillion. This is materially down from earlier expectations of $1.4 trillion to $1.5 trillion and marks a dramatic reversal from early October, when investors reportedly valued the AI company at as much as $2 trillion. The repricing follows a brutal tech selloff, with the Nasdaq 100 plunging -6.4% on Thursday and wiping out $2.3 trillion in market value, its largest daily market cap decline ever. Market weakness is not the only concern, as Anthropic faces slowing revenue growth, quarterly operating losses, and enormous financial commitments tied to its AI infrastructure expansion. Growing political scrutiny of data center development is adding another layer of uncertainty ahead of the planned IPO. Meanwhile, Anthropic’s implied pre-IPO valuation, based on speculative futures contracts traded on the decentralized crypto exchange Hyperliquid, has fallen ~ $340 billion since October 12th, to ~$1.6 trillion. Will surging pressure on Anthropic’s IPO valuation force the company to postpone its planned November listing?

🇺🇸🇨🇳 Less than a month before Nvidia’s board opened an investigation into Jensen Huang, he was publicly arguing that Washington made a MISTAKE by restricting China’s access to U.S. chips. Huang told Bloomberg he had personally pushed U.S. policymakers to keep serving the Chinese market for as long as possible. “I think we made a mistake and this mistake is hard to unwind.” He also rejected treating China as an enemy: “Although we compete against China, they’re NOT our enemies.” And when asked what could make him support cutting off chip sales, Huang stressed dialogue, prosperity and cooperation instead. “We must work with them in every possible way.” Now Huang has acknowledged an affair with a woman U.S. intelligence reportedly suspected was recruited by Beijing to influence him, and Nvidia’s board is investigating. Writer: Sol

"I Was Unfaithful To My Wife": Jensen Huang Admits Affair As Nvidia Board Launches Chinese Spy Probe zerohedge.com/ai/jensen-huan…

The United States must IMMEDIATELY abandon the U.S. Blockade, Task Force Iron Gate, and Operation Economic Outcast. It has become abundantly clear that Iran retains significant stockpiles of munitions with sufficient capabilities to escalate beyond what the United States can defend in the region. If the U.S. loses if the blockade does not impose sufficient pressure, and loses if it does and Iran escalates, the only thing that is being accomplished each and every day is pushing Iran closer and closer to the point where their hand is forced and they must cause further global economic damage. We need the Trump Administration to stand down, come to grips with this strategic reality, and make the decision that is right for the American people, and right for the world. This cannot go on.

JUST IN: 🇮🇷🇺🇸 Iranian Foreign Minister Araghchi says now it is the White House's turn to choose “American voters have made their choice. Now it is the White House's turn to choose. Our "two-day offer" is on the table: accept its demands, including an end to the war on all fronts, and see the results. Or choose war and witness how our vigilant and well-trained fighters on the battlefield will rain a hellfire upon you.”

🚨 $SPX JUST BROKE ITS CHANNEL The rising channel from May is gone. The final push to 8,100 never came, and price lost the lower line near 7,500 Now at 7,380. This isn’t a dip, it’s smart money unloading into retail bids What’s next: → 7,200 to 7,000: distribution range, chop and fake bounces → 6,800: broadening wedge, volatile bounces that trap dip buyers → 6,300: full retrace to the April low That’s ~15% from here, ~20% from the peak Every bounce into 7,400-7,500 is a place to sell, not buy Retail waits for a new ATH. Supply is already hitting the tape Window: Q4 2026 - Q1 2027 Don’t catch the knife. Don’t marry the bag Bookmark this and check back in March

BofA CIO Hartnett's big-picture trade this week: Buy gold...Jan 3rd new Congress sworn in, Feb 1st US hits $41.1tn debt ceiling. Gold price rose 12% & 17% in 3 months prior to debt ceilings causing political games-of-chicken in 2011 & 2023. Dem Congress vs Republican White House. Source: Zerohedge

🚨THE TOTAL COLLAPSE OF THE FINANCIAL SYSTEM! 🤯 🇵🇾 Paraguay's Ueno Bank COLLAPSED and RUINED the lives of millions of people. This man has LOST everything his family earned over the years!

Current state of the stock market

BREAKING: QATAR ANNOUNCES THAT THE US & IRAN HAVE OFFICIALLY FAILED TO REACH A COMPREHENSIVE AGREEMENT ENDING 6 MONTHS OF QATARI MEDIATION