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January 12, 2026
 
     
  New All-Timers Again For Metals & Miners  
     
 

I had a meeting after the close, so I will need to make this brief...

Stocks were up small ahead of tomorrow's CPI data.

Positions: short SPY, QQQ, IWM, MDY, XHB, and BLDR.

What is there to say other than new all-timers for gold, silver, and GDX are hardly bearish! So much for that correction...

The DXY interestingly only backtested its 200 dma today on the news of the criminal investigation into PowPow? I will be interested to see how the dollar reacts to the CPI tomorrow.

Meanwhile, gold and silver don't seem to care that the dollar is slowly creeping higher, but unless it's different this time, that dollar rally will start to matter eventually (if it continues)...

My gold model remained on a Trifecta SELL for a second day.

Positions: Flat gold, silver, and GDX.

After the close, CME increased margins for gold & silver effective tomorrow, and this time they're dynamic... gold is 5.5% of the notional and silver 9.9%. Remember, these margins go up for both longs AND shorts. It's not a conspiracy. It's about risk control for the exchange as volatility increases. Be careful out there...

 
     
     
 
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