Core Viewpoint - Precious metal prices have continued to rise since 2026, reaching record highs, driven by factors such as trade tensions, ongoing central bank gold purchases, and geopolitical disturbances [1] Price Movements - On January 26, the London spot gold price briefly surpassed $5,100 per ounce, with a year-to-date increase of over 18% [1] - The London spot silver price also exceeded $110 per ounce, showing a year-to-date increase of over 50% [1] Market Expectations - The Federal Reserve is set to hold its first monetary policy meeting of 2026 on January 27-28, with widespread market expectations that it will maintain its current stance [1] - A hawkish statement from the Federal Reserve could lead to increased market volatility [1]

Market Overview - Stocks experienced a decline on Wednesday, with the Dow Jones Industrial Average down 14 points, indicating a nearly flat performance. The S&P 500 decreased by 0.4%, and the Nasdaq Composite fell by 0.7% [1] Oil and Commodities - WTI crude oil futures increased by 0.9%, reaching $61.71, as market participants remained focused on the geopolitical situation in Iran [1] - The price of gold rose by 1%, while silver saw a significant increase of 6.5%, driven by a wave of speculative enthusiasm [1]

Core Viewpoint - The recent sanctions imposed by the Trump administration on Russian oil companies, particularly Lukoil PJSC, have significant implications not only for Moscow but also for small American business owners operating Lukoil-branded gas stations in the US, leading to financial uncertainty and operational challenges [1][2]. Group 1: Impact of Sanctions - The sanctions on Lukoil PJSC are affecting small business owners in the US, who are now facing operational difficulties due to banks and credit-card companies being hesitant to engage with them, resulting in some stations being forced to accept cash only [3][4]. - Franchise owners expressed their concerns during a meeting, highlighting feelings of abandonment by the US government and the potential destruction of their businesses [4][5]. Group 2: Business Background - Lukoil entered the US market in 2000 by acquiring Getty Petroleum Marketing, marking the first purchase of a publicly traded US company by a Russian corporation [6]. - The company expanded its presence by acquiring and rebranding Mobil stations from ConocoPhillips, at one point owning over 1,000 sites, but has since reduced that number to fewer than 200 [6].

Core Viewpoint - The iShares MSCI Hong Kong ETF (NYSEARCA: EWH) is currently rated as a hold due to a recent price surge, suggesting that investors should wait for a price drop before considering new purchases [1]. Summary by Relevant Sections - **Investment Strategy** - The recommendation is to adopt a cautious approach following the recent price increase of the ETF, indicating a potential for better entry points in the future [1]. - **Market Conditions** - The geopolitical situation is highlighted as a factor that may influence market dynamics, warranting careful observation by investors [1].