US Indices closed higher on Wednesday after President Trump ruled out military action over Greenland, easing market fears, though gains were capped after Denmark rejected Trump’s demand to negotiate a US takeover of the island. Later, Trump said that after meeting NATO Secretary General Rutte, a framework for a future deal on Greenland had been formed and that he would therefore not impose tariffs scheduled to take effect on 1st February. Traders are still awaiting details regarding the ‘deal’. An EU spokesperson said that the bloc’s emergency meeting will still take place on Thursday, with traders eyeing potential retaliatory measures. Trump’s update lifted stocks and the US Dollar further but weighed on gold. The USD gained as easing safe-haven demand pressured the EURO and Swiss Franc, while USDJPY ticked up on the back of USD strength as well as continued concerns over Japan’s fiscal trajectory. Gold hit fresh record highs around USD 4,888/oz early on, but surrendered most gains as immediate geopolitical tensions eased, traders took profits, and prices were later hit by Trump’s tariff update. T-Note futures edged higher; the Treasury’s sale of USD 13 billion of 20 year bonds drew strong demand, stopping 1bps through the screens, with a near-record 2.86x cover, as direct buyers took a record share and left dealers with a minimal amount. Earlier, Swedish pension fund Alecta said it had sold most of its US Treasury holdings, citing increased risk and unpredictability in US politics. Crude prices rose early, driven by temporary shutdowns at major Kazakh fields, including fire-related force majeure at Tengiz and drone damage to loading buoys that sharply cut output. Prices settled slightly higher, with gains said to have been capped by anticipated inventory builds in this week’s reports, and traders also noted the return of Canadian oil export bottlenecks amid a production surge, with Enbridge rationing space on its Mainline system for February and shippers facing cuts of more than 20%, the highest apportionment since the Trans Mountain expansion launched. Pending Home Sales for December tumbled 9.3% M/M (exp. -0.3%), with declines in all four regions. In the release, NAR Chief Economist Lawrence Yun noted that after several months of encouraging signs in pending contracts and closed sales, this report dampened the short-term outlook, and the housing sector is not out of the woods yet. Ahead, Yun added they will be watching the data in the coming months to determine whether the soft contract signings were a one-month aberration or the start of an underlying trend. As a result, the Chief Economist added the decline [in pending home sales] could be a result of dampened consumer enthusiasm about buying a home when there are so few options listed for sale, as in December there were only 1.18 million homes on the market – matching the lowest inventory level of 2025. Elsewhere, Oil closed flat while Gold ended Wednesday with a 0.6% rise following a trading session that witnessed plenty of two-way price action.
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For anyone following my Platinum Service it made 500 points yesterday and is now ahead by 3987 points for January having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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