1. U.S. Data Is Light. Noise Is Not
There’s not much on the U.S. economic calendar today—pending home sales and construction spending—but the headline risk is loud.
President Trump is expected to speak in Davos, and markets are listening closely. The U.S. push around Greenland—framed as national security and protection of the Western Hemisphere—is not being received well in Europe.
The phrase “Sell America” is getting louder.
No one has officially pulled that trigger, but if it ever does happen—and trust me, you don’t want that if you live in the U.S.—it would likely mean higher bond yields and a weaker dollar.
2. Mark Carney Sounded Like… An Adult
Yesterday’s speech by PM Mark Carney at the World Economic Forum was refreshing. It’s been a while since Canada’s value was conveyed clearly on a global stage.
If even 10% of what he said materializes, then as a Canadian you have to be cautiously optimistic. Pay special attention to his comments on the rupture in the global order and the rising importance of middle powers. That kind of transition always creates opportunities—and victims.
Maybe I’m wrong here (tell me if you disagree), but the level of uncertainty created by the Trump administration almost feels like it’s handing the global economy to China on silver platter. Right now, China is being perceived—rightly or wrongly—as the more stable trade partner. That matters.
3. Gold Is Screaming “New World Order”
The moves in gold have been wild. Some are calling it a rotation from silver to gold—or even from Bitcoin to gold. Maybe.
But I see gold doing what it has always done best: hedge against the system—uncertainty, credibility, and currency devaluation. Gold is up roughly 10% year-to-date, and as I write this, it’s up another 2%+.
Yes, there’s speculation here. But there’s also real hedging taking place. That said gold is also getting frothy. Watching allocations and managing risk isn’t bearish. It’s discipline… don’t forget the basics.
4. Japan Bond Yields: Ignored At Your Own Risk
Have you looked at Japanese government bond yields lately? They’re surging—and barely anyone is talking about it.
This matters because you need to understand the carry trade. Japanese yields are now approaching levels seen in Germany and other developed markets. That can pull capital Back into Japan.
If the Bank of Japan steps in, this could even turn into a low-risk, high-reward trade. Also worth asking: could some of the recent jump in U.S. yields be linked to what’s happening in Japan? I think that’s a fair question.
5. Natural Gas, Bitcoin, And The Bigger Picture
Natural gas is surging—thanks to extreme cold weather. Simple reminder: watch the weather and don’t get run over. Natural gas has a long history of explosive winter moves… followed by brutal reversals.
Bitcoin has seen some selling. Key levels matter:
$95k = major resistance
$88k–$85k = solid support
A break below that support zone could get ugly, fast.
If you’re outside Canada, keep an eye on the Canadian dollar—it’s starting to look more attractive on a relative basis.
Zoom out. Noise is temporary. Fundamentals always win—eventually.