Silver lurched between losses and gains, dropping nearly 10% before snapping back, as a lack of liquidity led to wild swings in a market struggling to find a floor. Spot silver was up nearly 10% to almost $78 an ounce by late afternoon in New York on Friday, having earlier tumbled toward $64. That followed a 20% decline in the previous session that wiped out all of the metal’s gains from a spectacular rally last month. Gold also advanced after an earlier retreat. Most Read from Bloomberg Silver has alw ...

Core Viewpoint - Banco de Sabadell SA reported a significant earnings miss with an EPS of -$0.85, while exceeding revenue expectations with $1.56 billion in revenue [1][4]. Financial Performance - The company generated revenue of $1.56 billion, surpassing the estimated $1.53 billion [1]. - The price-to-sales ratio is approximately 1.97, indicating the amount investors are willing to pay per dollar of sales [2]. - The enterprise value to sales ratio stands at around 1.52, reflecting the company's valuation in relation to its revenue [2]. Financial Health Concerns - The debt-to-equity ratio is about 1.85, indicating a high level of financial leverage and reliance on debt for operations [3][4]. - The current ratio is low at approximately 0.16, suggesting potential liquidity issues and challenges in covering short-term liabilities [3][4].

RT Breakout (@breakoutprop)$2 billion in liquidations in 24 hours.Here's what actually happens mechanically when that occurs:A liquidation is a forced market order.The exchange closes your position because you can't meet margin.You don't choose the price. You don't choose the timing. You're a market order now.That forced selling hits the order book. But during a crash, the book is thin. Market makers pull quotes to avoid taking on inventory they can't manage.So those forced market orders are eating through ...

Core Insights - Bitcoin has fallen below the $70,000 support level, reaching a 15-month low at $67,619, resulting in a loss of $40 billion in open interest within 48 hours [1] - The market reaction is largely influenced by the nomination of Kevin Warsh as Federal Reserve Chair, with traders concerned about his stance on balance sheet reduction despite his pro-crypto history [2][5] - The liquidity vacuum is evident as total assets under management for spot ETFs have dropped below $100 billion for the first time in Q1, indicating severe technical damage to Bitcoin's price structure [3] Market Dynamics - There is a notable shift in investor behavior, with gold prices reaching $5,100/oz as investors move from Bitcoin to gold, anticipating that Warsh's restrictive monetary policy will strengthen the dollar and reduce liquidity in the crypto market [4] - The situation is described as the "Warsh Paradox," where retail investors view Warsh as pro-Bitcoin, while institutions perceive him as a hawkish figure opposed to quantitative easing [5] - Warsh's views on the Fed's balance sheet suggest that the "Fed Put" is no longer in play, indicating that while he may support Bitcoin's legality, he will not facilitate the monetary conditions necessary for its price increase [6]

Market Overview - The market rally of 2025 saw the S&P 500 increase by approximately 18% by the end of the year, although this rally was initially concentrated before broadening late in the year [4] - Current corporate valuations, including price-to-earnings ratios, are considered stretched, with the S&P 500's trailing twelve-month P/E ratio estimated at around 26, significantly higher than its historical average of approximately 16.1 [5] - The S&P 500 market capitalization is currently close to 200% of GDP, marking an unprecedented high [8] Federal Reserve's Impact - The Federal Reserve's decisions on interest rate cuts are pivotal for market direction, with two scenarios outlined: cutting "because they can" may support market performance, while cutting "because they should" could indicate economic weakness and negatively impact equities [12][15] - Historical trends suggest that equities may initially rise after the first Fed rate cut, but this is contingent on economic data, particularly inflation rates [12] Macroeconomic Risks - Key macroeconomic risks include Treasury funding, the Fed's balance sheet, and bond market volatility, which could signal shifts in liquidity affecting market valuations [16] - Persistent inflation remains a significant concern, with inflation rates above target in most countries, which could impact market stability [19] AI's Potential - The promise of artificial intelligence (AI) presents a potential upside for the market, with the possibility of a productivity boom that could drive earnings estimates higher [17][18] - If AI benefits are realized broadly, they could serve as a fundamental justification for current and potentially higher valuations in the equity market [18]

Core Insights - NSSC reported earnings per share (EPS) of $0.38, surpassing estimates of $0.33, and showing a year-over-year increase from $0.28 [2][6] - The company achieved record net revenues of $48.2 million for Q2 fiscal 2026, a 12.2% increase compared to the same period last year [3][6] - Recurring Service Revenue (RSR) accounted for approximately 50% of total revenue, with RSR increasing by 12.5% to $23.8 million [3] Financial Performance - The gross profit margin improved to 58.6%, up from 57% in the previous fiscal year's quarter, indicating strong demand for NSSC's products [4][6] - NSSC's current ratio stands at 6.74, reflecting strong liquidity and the ability to cover short-term liabilities [4][6] - The company has a price-to-earnings (P/E) ratio of 33.32 and a price-to-sales ratio of 7.89, indicating market valuation of its earnings and revenue [5] Revenue Breakdown - Equipment revenue rose by 12% year-over-year to $24.3 million, contributing to the overall revenue growth [3] - RSR's growth to $23.8 million highlights the increasing importance of service offerings in NSSC's revenue model [3] Capital Structure - NSSC maintains a low debt-to-equity ratio of 0.033, demonstrating a conservative approach to debt in its capital structure [5]

Core Viewpoint - Nicholas Hoffman & Company has significantly increased its investment in the Vanguard 0-3 Month Treasury Bill ETF (VBIL), acquiring 1,411,985 shares valued at approximately $106.59 million, indicating a strategic move towards low-risk, short-term investments [1][2]. Company Overview - The Vanguard 0-3 Month Treasury Bill ETF aims to provide a liquid, low-risk investment option for short-term cash management by tracking U.S. Treasury bills with maturities under three months [6]. - As of February 2, the ETF's price was $75.64, with net assets totaling $4.64 billion and a dividend yield of 3.6% [4]. Investment Strategy - VBIL focuses on maintaining a portfolio with minimal interest rate risk and high credit quality, appealing to risk-averse investors and institutions [6]. - The fund operates as a passively managed investment vehicle, seeking to track an index of U.S. Treasury bills with maturities of three months or less, emphasizing capital preservation, liquidity, and stable income [9]. Recent Transaction Impact - The recent purchase by Nicholas Hoffman & Company means that VBIL now constitutes 3.15% of the fund's 13F assets under management (AUM) [3]. - The fund's expense ratio is low at 0.06%, and it recently offered a 30-day SEC yield of 3.56%, highlighting its appeal as a low-risk investment option [10]. Portfolio Composition - Nicholas Hoffman & Company's largest positions remain focused on equities, with a significant portion of assets in broad U.S. and international stock ETFs, alongside a 9% allocation to Berkshire Hathaway [11]. - The allocation of just over 3% of AUM to ultra-short Treasurys like VBIL reflects a balanced approach rather than a cautious stance [11]. Market Context - Holding liquid assets like VBIL allows for quick capital movement when investment opportunities arise, suggesting a strategy of patience with optionality rather than a definitive market call [12].

Core Insights - The market has experienced a significant downturn, with over $10 trillion in market value lost from gold and silver in just three days, indicating a major episode of wealth destruction in modern metals [2][3] - Spot gold prices fell below $4,500 per ounce, a decline of nearly $1,000 in three trading days, while silver dropped below $72, marking a nearly 40% loss from recent highs [3] - The decline in gold and silver market capitalization was approximately $7.4 trillion for gold and $2.7 trillion for silver, surpassing the total market value of the cryptocurrency market [3] Market Dynamics - The sudden market movements occurred without a clear catalyst, raising concerns about liquidity, monetary policy, and the role of traditional safe-haven assets [4] - The Federal Reserve's anticipated balance-sheet contraction, as indicated by incoming Fed Chair Kevin Warsh, is contributing to market repricing, suggesting reduced liquidity for various asset classes [5] Impact on Crypto Market - The cryptocurrency market has also been affected, losing over $430 billion in market value within four days, reflecting fears of a liquidity-driven unwind across asset classes [6] - Both Bitcoin and Ethereum have experienced significant declines, with overall crypto sentiment deteriorating rapidly [6]

Market Overview - Bitcoin (BTC-USD) has experienced a decline of 6.53%, trading at $78,719.63, continuing a downward trend from the previous session [1] - On Friday, Bitcoin reached a low of $81,104, marking its lowest point since November 21 [1] - Ether has also fallen by 11.76%, trading at $2,387.77 [4] Federal Reserve Influence - Former Federal Reserve Governor Kevin Warsh has been appointed as the next Fed chair, raising concerns among investors about potential tightening of cash in the financial system [1] - Warsh advocates for a smaller Fed balance sheet, which could negatively impact cryptocurrencies that have benefited from a larger balance sheet and liquidity in the markets [2] Market Sentiment and Trends - The current market environment has seen cryptocurrencies struggling for direction, particularly as they lag behind rallies in gold and stocks [4] - Brian Jacobsen, chief economist at Annex Wealth Management, noted that the Fed's "bloated balance sheet" and stringent bank regulations have trapped liquidity on Wall Street, contributing to asset bubbles in various sectors, including cryptocurrencies [3] - The overall sentiment indicates a possibility of further selling in the coming days, as recent price adjustments have reminded investors of inherent risks [4]

Core Insights - The recent selloff in gold and silver highlights the importance of liquidity rather than just market direction or valuation [1][4] - An estimated $7.4 trillion in combined market value was erased from gold and silver due to a sharp pullback [2] - Gold dropped 9% from its peak of $5,598, while silver fell 27% from its peak of $121, indicating a significant contraction in global liquidity [3] Market Dynamics - The selloff was not driven by fundamental shocks, as inflation data and policy expectations remained stable [4] - The assumption that defensive assets would maintain liquidity under stress proved to be incorrect [5] - The crowded ownership of gold and silver created an illusion of safety, leading to accelerated selling when volatility surged [6] Asset Behavior - The selloff was characterized as mechanical rather than emotional, with silver experiencing a more significant decline than gold [7] - Silver's market is thinner and more aggressive in positioning, leading to amplified movements during liquidity tightness [8]