Note: My first Renaissance Report comes out today, so this Fat Pipe is going to be a bit shorter than normal and highly focused. It’s happening folks…we’re at the beginning of the end of the way things used to work.
Silver and Gold and Copper
Let’s start with yesterday (Thursday, 1/29/26) when a tremor hit the markets. A lot of people focused on the silver and gold slams, but in fact, it was a much larger shock than that. My hypothesis is that “something or somebody broke yesterday.” The sign of such a breakdown is a “sell everything” moment because the goal is to reduce positions and raise cash.
Let’s start with the metals slam, and yes, it was all the metals, not just silver and gold:
Why did copper get so violently slammed in the US paper ““markets”” yesterday? Can anybody explain that?
Well, I think I can, but we have to look a bit more broadly, so let’s turn to the US, Japan and EU equity markets:
Hmmmm…they all got slammed at the same time, which speaks to the volume-quake being a more generalised liquidity “hiccup” than just another fraudulent day in the atrociously run US/London PM ““markets.”” Yes, they are bad, but this was the awfulness being juiced by something more.
Whatever happened yesterday also hit the global oil markets:
And the real ‘tell’ is to be found in the global currency markets:
Ah!
by cmartenson 
