Market Update

Dear reader, welcome to the latest GoldRepublic newsletter! In just five minutes, we will fully inform you of current precious metal prices and the most relevant news that affects your investment in precious metals. Don't miss out on these valuable insights!

1. Shocking start to 2026: Maduro ousted

The new year started with military action. The United States arrested Venezuelan President Nicolás Maduro and his wife in a spectacular operation. They were transferred to New York and are being charged with drug trafficking and terrorism, among other things. The operation followed fierce explosions and firefights in Caracas that killed dozens of Venezuelan and Cuban fighters.

The temporary government under Vice President Delcy Rodríguez denies that the U.S. holds power, announced a week of national mourning, and deployed armed militias to quell protests. In Caracas, there are street blockages, media outlets are censored and popular anxiety is increasing.

2. Oil and geopolitics: China and Russia are losing control

Economically, this intervention is extremely important. Venezuela has the largest proven oil reserves in the world and was a major supplier of oil to China. Chinese refineries imported hundreds of thousands of barrels every day and invested billions in the country. Those tires are now coming under pressure.

After the US military operation, Washington gained influence over Venezuelan oil. Trump announced that the U.S. will temporarily “run” the country and wants access to oil reserves, with deals where Venezuela transfers millions of barrels of oil to the US (worth billions of dollars). U.S. oil companies are potentially regaining access, while sanctions and a blockade have restricted exports. For China, this potentially means a loss of cheap oil supplies and investments, with exports that may be diverted to the US.

3. Trump wants Greenland, Europe furious

As if that wasn't enough, Trump has revived his long-held plan to add Greenland to the US. According to his spokesperson, acquiring Greenland is now a “national security priority.” The option of military action is open, although Foreign Minister Marco Rubio said that the preference would be to buy.

Reactions in Europe have been fierce. Danish leaders warn that the US is undermining NATO's integrity with these ambitions. According to Copenhagen, if the US were to attack Greenland, an autonomous region within the Danish kingdom, that would mean the end of the alliance. FYI: Greenland chose to leave the European Community in 1985.

4. US economy continues to run

Despite geopolitical tensions, the economy remains surprisingly resilient. In December, the service sector grew at the fastest pace in more than a year. The ISM index rose to 54.4, mainly due to new orders and stronger exports. The number of new jobs in the sector also increased. This broad growth hints at an economy that is still running at full speed.

5. But the labor market remains a weak spot

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At the same time, the number of vacancies is declining. In November, there were still 7.15 million unfilled jobs, the lowest number since the beginning of 2021. The number of vacancies fell, especially in hospitality, transport and local authorities. It is striking that more people did resign themselves, which indicates trust among employees. There is still no wave of layoffs, but the strength of the labor market is clearly declining.

6. Dutch inflation remains stubbornly high

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In the Netherlands, inflation was 2.8% in December, almost unchanged from November. Over the whole of 2025, prices rose by an average of 3.3% compared to a year earlier, according to the CBS quick estimate. Services, in particular, continue to become more expensive. Inflation therefore still seems out of control.