All Reports:

January 23, 2026

Dr. Copper

By Terence W. Brogan

As the saying goes “Dr. Copper with a PhD in Economics” because Copper is in everything and when Copper is doing well, so is the economy. As you can see from the first (long term)…

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January 22, 2026

All Cap Cyclical Relative Performance Breakout!

By Terence W. Brogan

The past three months have been very good for our Buy Cyclicals call and as of yesterday we got a Relative Performance Ratio of the S&P1500 Cyclical versus the S&P500 to finally experience a Bullish…

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January 21, 2026

Commodities Money Flow Buy Signal

By Terence W. Brogan

Today we are recording a Cumulative Money Flow 104 MACD momentum reversal Buy Signal on the S&P GSCI (Goldman Sachs Commodity Index). As you can see below, GSCI’s largest weighting is Oil so it is…

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January 21, 2026

We remain constructive on gold and silver

By Bob Brogan

We remain constructive on gold and silver. As we continue to hone in on gold and silver, our money-flow model continues to reflect net positive capital money flows. We need more hard assets evidence even…

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January 20, 2026

The God Candle

By Bob Brogan

Silver’s recent move has taken on the look of a classic “God candle”—trading slang for a near-vertical price surge driven by overwhelming buying pressure. With prices now hovering near $95/oz (Jan. 20, 2026), some of…

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January 20, 2026

Cost of Capital Going Higher

By Terence W. Brogan

Today we are going to reiterate our call for higher interest rates. We have been noting the bullish flag pattern on yields that historically (according to technical textbooks) resolves to the upside. As we have…

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January 16, 2026

Silver Becomes a Core Input to the AI and Electrification Cycle

By Bob Brogan

Silver is no longer trading as a marginal industrial input or a secondary precious metal, and with prices now above $90 the move is being driven less by speculation and more by a tightening supply-demand…

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January 16, 2026

Relative Performance Buy Signal Emerging Markets Asia ~ China & Tawain

By Terence W. Brogan

Monday, we recorded a relative performance Buy Signal for MSCI ACWI ex USA, Europe & Emerging Markets versus the USA (S&P500) and today we are going to focus on Emerging Market Asia. It is no…

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January 15, 2026

It’s getting too Crowded!

By Bob Brogan

Source- Picture from Zerohedge Sleeping Giant “the Volatility Tracker ($VIX) now appears to be awakening for a potential price advance that reliably occurs when the $VIX Volatility Index drops to bottom deciles in value (0%…

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January 15, 2026

Japan Relative Performance Buy Signal

By Terence W. Brogan

Monday, we recorded a relative performance Buy Signal for MSCI ACWI ex USA, Europe & Emerging Markets versus the USA (S&P500) and the largest weighted country in the international index is Japan. So, it is…

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January 14, 2026

Morning Market Notes — Victory Laps, Meet Reality

By Bob Brogan

December CPI is being treated as a mission accomplished banner moment. Victory tweets are flying, charts are being waved, and inflation has officially been declared “handled.” Out in the grocery aisle, prices are still climbing,…

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January 14, 2026

Money Flow Model Still Positive

By Terence W. Brogan

Yesterday we spoke about how our Money Flow Model decline looks to have arrested but let’s not hold our breadth. As you can see from the chart of the model below, the spread has been…

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January 14, 2026

Russian Economy may collapse in 2026 as reserves run dry

By Bob Brogan

Source: Fortune The Russian economy has found itself in its worst state since the beginning of the full-scale invasion of Ukraine due to a steep decline in oil revenuesand the depletion of reserves. Despite claims by…

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January 13, 2026

Relative Performance Buy Signals Triggered Global, Emerging Markets, Europe, & US Mid-Caps & US Small-Caps

By Terence W. Brogan

Over the past several trading days we have been noting the weakness in our high frequency Money Flows and good news, our Money Flow Model had very positive reversal yesterday, arresting the decline that we…

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January 12, 2026

Gold Players

By Bob Brogan

Current Status and Forward View: Beyond central banks, the IMF is the largest institutional holder with roughly 2,800 tonnes, making it the most significant supranational holder outside sovereign reserves, while several sovereign and state investment…

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