Today, we unpack the Friday crash in silver, and to a lesser extent gold, noting that the Kevin Warsh as Fed Chair nominee news was a mere excuse for a market that was already showing signs of total dysfunction, as covered in our Thursday January 29 podcast. Elsewhere, we look at the general contagion of the metals volatility into other markets, including in rates, FX and equities, where we continue to monitor some strange behaviors that my suggest considerable market fragility. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

The two links mentioned on today's pod:

Izabella Kaminska on X, one of the greatest observers of narrative versus reality and measurer of the Zeitgeist. Especially this post caught my eye today.

Russell Napier's most recent appearance on a podcast - one of the most important thinkers about the new market regime we are in and the need to ask the right questions appropriate to that regime.

Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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Silver crash - what's next? US equity market fragility?

Saxo Market Call

Silver crash - what's next? US equity market fragility?