Lady Sif: “I have everything under control!”

Thor: “Is that why everything’s on fire?”

• Thor: The Dark World

The above conversation could be taking place right now between any number of administration officials and… other administration officials, foreign dignitaries, the press, ordinary citizens… You name it.

I understand much had to be undone as The Donald resumed his position as the Once and Future King. The Biden Administration was an unmitigated disaster from start to finish. I’m still glad Kamala lost. The last thing America needed was another WEF sockpuppet like Obama.

But imagining what’s going on right now is “4D Chess” is, at best, gross naivety; at worst, willful blindness. And criticizing the present administration’s actions isn’t TDS. It’s what people are supposed to do in a republic (if we can still call America that).

But you don’t have to trust me. Instead, look at how the markets are assessing the situation(s):

As of 05:38 ET this morning, silver is trading at an 84-handle, up a whopping 5.34% and hitting a new all-time high (ATH). Copper has nearly recaptured its ATH, and gold has hit a new ATH.

When our friend and billionaire resource investor Rick Rule says he’s afraid of the metals going to levels previously unheard of, this is what he’s talking about.

So what’s driving all this? There are a few things, but let’s just pick out one for today.

The War on The Fed

As a recovering libertarian, I suppose I should be thrilled someone is finally doing something about the Fed. But as a realist, I’m thinking, “So there’s no release of the Epstein papers… or any arrest for the Russia Collusion Hoax… or J6… or the Mar-A-Lago raid… but the DOJ is going to get Jay Powell on a redecorating charge?”

Al Capone and income tax evasion, this isn’t. Proportionality matters, as does perception. 

If you’re wondering what I’m on about, Federal Reserve chair Jerome Powell has confirmed the U.S. Department of Justice served the Federal Reserve with grand-jury subpoenas that carry the explicit threat of a criminal indictment.

The subpoenas focus on Powell’s June 2025 testimony before the Senate Banking Committee, where he allegedly downplayed the scope, cost overruns, and luxury features of the multibillion-dollar renovation of the Fed’s Eccles Building.

Yes, that the renovation costs billions is criminal. But is it “Criminal,” especially when Congress approved the funding?

Prosecutors are now examining whether that testimony misled Congress. So instead of a bureaucratic embarrassment, we’ve got a formal criminal probe overseen by U.S. Attorney General Pam “Legally” Bondi.

Of course, Powell insists the investigation is all politics because he won’t cut interest rates on demand.

In his telling, this is The Donald’s attempt to intimidate the central bank under the guise of taxpayer protection. The clash has intensified Trump’s long-running war with the Fed. Capitol Hill is on edge; lawmakers speak of dwindling central bank independence and a politicized Justice Department, something they couldn’t be bothered to complain about when the DOJ was under Merrick Garland.

For his part, President Trump denies all involvement in the Fed’s subpoenas and says they have nothing to do with interest rates. In unrelated news, reports from the afterlife claim Arthur Burns and Richard Nixon are laughing their heads off.

The world awaits to see who ultimately controls the levers of monetary policy, which matters because the Fed is the world’s de facto central bank. But with the U.S. national debt approaching $38.6 trillion, it’s easy to see why the Executive wants more control over rates. The U.S. simply can’t afford to finance its debt without a massive printing operation.

While the DOJ takes its time in Washington, the rest of the world is loading up on any real money it can find, like gold, silver, copper, and the rest.

Where Next?

Silver

Silver broke through that 79-81 resistance band with force this morning. If it stays strong this week, the next target is 103. It’s not overbought yet, according to the RSI (below the price chart).

Gold

Gold just broke its recent high of $4,530 and is trading near $4,600. The next target is $4,716, which may happen before we see out January. Also, gold isn’t overbought yet.

Copper

Byron King’s 2026 play, copper, has rallied like a rocket since the tariffs were lifted back in August. Although copper hasn’t recaptured its high of last week, it will soon. After that, the price target is $6.93. Copper also isn’t overbought yet.

Aluminum

Matt Badiali loves aluminum, and with good reason. It just broke out again. Though it’s slightly overbought, it hasn’t come down yet. And although there’s no precise upside target yet, I suspect $3,550 isn’t unrealistic.

Wrap Up

The Fed is the big news of today. But the ongoing situations in Venezuela, Greenland, Ukraine, Russia, and Iran aren’t keeping the news calm. The world is doing its own version of doomsday prepping by loading up on precious and base metals, knowing they’re real money.

This is The Donald’s Amusement Park. We just live in it.