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Hello Capitalists,
Here is everything you should be following today:
Oil prices fall to their lowest in 5 years
New players upend the old OPEC rules
Democrat backpedals over Wealth Tax as fraud scandal explodes
Margin requirements hiked on Gold and Silver for the second time in a week
Retail traders crushed Wall Street in 2025
Luxury Icon faces the specter of a Chapter 11 bankruptcy filing
Today’s markets + assets:
🔴 DOW: 48229.74 (⬇️ 0.28%)
🔴 S&P: 6878.93 (⬇️ 0.25%)
🔴 NASDAQ: 23365.53 (⬇️ 0.23%)
⚠️✅CBOE VIX Volatility Index: 14.66 (⬆️ 2.16%)
🔴 Gold: $4335.50 (⬇️ 1.15%)
🔴 Silver: $71.15 (⬇️ 8.68%)
🔴 Bitcoin: $87527 (⬇️ 0.49%)
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Oil prices tumble to their lowest since Covid
Oil prices are poised for their steepest annual decline since 2020, [ [link removed] ] with Brent crude down about 18% to around $61 a barrel amid surging global supplies and expectations of a surplus persisting into 2026.
Supply Outweighs Demand: Production of oil exceeds consumption by over 2 million barrels daily, in a trend that will continue next year per IEA and US forecasts.
New Players Upset The Old Game: Non-OPEC supply surges from record US output plus gains in Brazil, Guyana and Argentina, outpacing uneven demand growth.
OPEC+ Shifts Strategy: The oil Cartel has been increasing production to reclaim market share, though expected to pause hikes at upcoming meeting.
Price Range Prediction: Analysts predict a $50-$70 barrel band in 2026, supported by risks to Russian and Venezuelan supply.
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Khanna launches Cali fraud probe amid Billionaire Tax backlash
Rep. Ro Khanna, facing fierce criticism from Silicon Valley donors over his endorsement of a proposed California billionaire wealth tax, is desperately trying to stem the damage [ [link removed] ] as he announced Tuesday he will lead a bipartisan congressional probe into state-level government fraud to build public trust in higher taxes for health care funding.
Proposal details unveiled: The 2026 Billionaire Tax Act seeks a one-time 5% tax on assets of California residents worth over $1 billion, pushed by labor unions to address health care budget shortfalls.
Tech elite threatens exodus: Wealthy tech figures in Khanna’s district warn of leaving the state and backing primary challengers against him if the measure qualifies for the 2026 ballot.
Fraud concerns highlighted: Critics cite recent California audits and cases like Minnesota’s billion dollar fraud scandal as reasons why additional taxes risk waste without strict oversight on what they are spent on.
Bipartisan approach emphasized: Khanna plans to partner across party lines, insisting the investigation targets fraud nationwide, not just in Democratic states, to support progressive policies like Medicare for all.
Gold, silver prices retreat as margin requirements hiked for the second time in a week
Gold and silver prices tumbled Wednesday after CME Group announced its second margin increase on precious metals futures in a week, [ [link removed] ] triggering profit-taking and sharp declines amid heightened market volatility at the close of a blockbuster year.
Blockbuster annual gains persist: Despite recent drops, gold is up over 64% in 2025—its best year since 1979—while silver has surged nearly 150%, far outpacing gold.
Volatility prompts CME action: The exchange raised margins on gold, silver, platinum, and palladium trades as part of a routine review to ensure adequate collateral amid wild price swings which has caused the price retreats.
Silver endures extreme swings: Silver fell over 5% to around $72 per ounce after briefly topping $80 earlier in the week, reflecting intense recent volatility.
Drivers fuel historic rally: Precious metals boomed from U.S. rate cuts, tariff tensions, strong ETF inflows, central bank buying, low supply, and industrial demand.
Retail traders crushed Wall Street pros in 2025
Retail investors capped one of their strongest years ever in 2025, [ [link removed] ] aggressively buying the dip during April’s tariff-induced market plunge and embracing the “TACO trade” — betting President Trump would back off steep tariffs — to outperform institutional pros as the S&P 500 surged more than 17%.
Record retail flows surge: Individual investor inflows jumped over 50% from 2024 levels, exceeding the 2021 meme stock craze by 14% and pushing their share of total trades to mania-era highs.
TACO strategy pays off: Retail conviction in “Trump Always Chickens Out” led to billions in buys during the April sell-off, rewarded by a 9.5% S&P surge after the 90-day tariff pause.
Shift to ETFs dominates: From May onward, investors pivoted heavily to exchange-traded funds, driving record inflows into gold’s GLD that topped the prior five years combined amid a 65% ETF rally.
Outperforming institutions big: Retail single-stock portfolios and ETF holdings posted superior profit-to-loss ratios compared to JPMorgan’s AI baskets and benchmarks like SPY and QQQ.
Luxury icon Saks eyes shock bankruptcy filing
Saks Global, parent of upscale retailers Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, is considering a Chapter 11 bankruptcy filing [ [link removed] ] as a last resort amid mounting debt and a looming payment exceeding $100 million due this week.
Acquisition fueled crisis: The troubles stem from last year’s $2.7 billion takeover of Neiman Marcus, finalized in December 2024 under CEO Marc Metrick, which loaded the company with heavy debt despite initial promises of growth potential.
Lenders prep contingency: Creditors have held confidential talks assessing cash needs, including potential debtor-in-possession financing typically used to sustain operations during bankruptcy proceedings.
Cost-cutting measures intensify: Saks has slashed hundreds of jobs, closed corporate offices and shuttered most Canadian locations, with more Saks OFF 5TH store closures planned for early 2026 to optimize its footprint.
Asset sales explored: The retailer is pursuing emergency funding and considering selling assets, including a potential $1 billion minority stake in Bergdorf Goodman, as alternatives to restructuring.
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