Gold!

And silver too.

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1. Gold rose to a record high — the 50th day it’s done so this year — on escalating geopolitical tensions and prospects for more US rate cuts. Silver also set an all-time peak. Spot gold climbed as much as 1.2% to just below $4,500 an ounce, extending gains after its biggest one-day jump in more than a month. Traders are betting the Federal Reserve will follow three straight interest-rate cuts by lowering the cost of borrowing again next year, which would be a tailwind for non-yielding precious metals. Gold’s haven appeal has also been amplified in the last week by rising geopolitical tensions, (Source: bloomberg.com)

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2. Institute for the Study of War:

False reports are likely shaping Russian President Vladimir Putin’s understanding of the battlefield situation. The Financial Times (FT) reported on December 22 that two unspecified officials stated that Russian military and security authorities regularly give Putin updates that inflate Ukrainian battlefield casualties, highlight Russia’s resource advantages, and downplay tactical failures. FT reported that Russian Chief of the General Staff, Army General Valery Gerasimov, is responsible for briefing Putin about the war. The sources reportedly stated that the “rosy picture” that military officials paint during their briefs has led Putin to believe that Russia can win the war. FT stated that the sources noted that Putin regularly meets with “confidants” who tell him that the war has become a “growing drag” on the Russian economy, however. The Washington Post reported on December 22 that a Russian official stated that a banking or non-payments crisis in Russia is possible and that they do not “want to think about a continuation of the war or an escalation.” A Russian academic source close to senior Kremlin diplomats told the Washington Post that 2026 will be the “first difficult year” since the start of the full scale invasion but assessed that growing economic problems will not lead to social or political problems. (Sources: understandingwar.org, ft.com, washingtonpost.com)

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3. President Trump yesterday reasserted that the United States needs Greenland for its national security. Trump named Louisiana Governor Jeff Landry (R) on Sunday as his special envoy to Greenland, drawing renewed criticism from Denmark and Greenland over Washington's interest in the mineral-rich Arctic island. Trump has advocated for Greenland, a self-governing Danish territory, to become part of the United States, citing its strategic importance and mineral resources. "If you take a look at Greenland, you look up and down the coast, you have Russian and Chinese ships all over the place. We need it for national security. We have to have it," Trump told reporters in Palm Beach, Florida, adding that Landry wanted to "lead the charge." (Source: reuters.com)