Wealthion Macro Bites 1-29-26

In its Q4 Gold Demand Trends, the World Gold Council reports total ’25 gold demand exceeded 5kt for the first time, and when combined with ‘25’s record-breaking price run (53 all-time highs), yielded unprecedented total demand value of $555B (+45% y/y). Global gold ETF holdings grew 801t (2^nd strongest annual total) while bar and coin demand accelerated to a 12-yr. high. Central bank demand declined 21% from 1,092t to 863t and while jewelry volumes declined, the value of global jewelry demand rose 18% to a record $172B. On the supply side of the ledger, total global mine production inched up 1% to a record 3,672t and recycling activity increased 3% to 1,404t.

Brent (March) futures touched $70.35 (+2.9%) and WTI futures touched $65.09 (+3.0%) in early Thursday trading after President Trump warned Iran to make a nuclear deal with the U.S. or face extended military attacks. Trump said the fleet of U.S. ships he ordered to the region (incl. USSS Abraham Lincoln aircraft carrier) is “ready, willing and able to rapidly fulfill its mission, with speed and violence if necessary.”

The spot uranium price increased 10% on Wednesday to $100/lb (highest since Feb. ’24 and biggest daily gain since Mar. ’22).

CME raised margin requirements on silver futures from 9% to 11%, on platinum futures from 9% to 12%, and on palladium futures from 11% to 14% (a/o Wednesday close).

AI watch: Microsoft reported $38B in Q4 capex spending (up 2/3rds y/y) and Meta boosted its ’26 capital spending plans by 73% (to range of $115B-$135B). The sheer scale of AI capex capital requirements stands to increase global financing rates and even sovereign bond yields.

Euro Stoxx 50 +0.2%, S&P futures +0.2% and Nasdaq futures +0.15%. DXY dollar index -0.1%, spot gold +2.2% and spot silver +2.0%.

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