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Rally keeps going as safe-haven demand surges. (0:15) Citi, BofA, Wells Fargo report; Netflix reworks Warner bid. (1:17) Honeywell plans Quantinuum IPO. (2:41)
This is an abridged transcript of the podcast:
Our top story so far, the precious metals rally keeps rolling.
Gold (XAUUSD:CUR) and silver (XAGUSD:CUR) hit fresh all-time highs, with gold up about 1% above $4,641/oz and silver jumping 6% to top $90/oz for the first time. Silver is now up roughly 50% over the past four weeks, and the silver ETF (SLV) is knocking on the door of overbought territory, with RSI near 80 for the first time in a decade.
The move has built on last year’s gains as the prospect of a criminal indictment of Fed chief Jay Powell reignites worries over central bank independence. Safe-haven demand is also getting a boost from President Donald Trump’s capture of Venezuela’s leader, renewed threats to seize Greenland, and violent protests in Iran that could destabilize the Islamic regime – geopolitical shocks that are echoing through commodity markets.
Against that backdrop, Citigroup lifted its three-month targets to $5,000 for gold and $100 for silver. Beyond Q1, the bank’s base case is that moderating geopolitical risks will eventually weigh on hedging demand, particularly for gold, but it expects industrial metals, especially aluminum and copper, to perform well as the cycle shifts.
Among active stocks, bank earnings keep coming.
Citigroup (C) is higher after better-than-expected results that showed solid underlying growth. SA analyst Ian Bezek notes that softer markets revenue was offset by strong gains in investment banking and wealth management, while the bank’s credit metrics continued to improve.
Wells Fargo (WFC) delivered mixed Q4 numbers and 2026 guidance, missing on the top line as net interest income came in below Wall Street forecasts. The bank now expects 2026 NII of about $50B, roughly in line with consensus, and noninterest expense of ~$55.7B, just under the current Street estimate.
Bank of America (BAC) also turned in Q4 earnings and revenue that topped estimates, reflecting resilient consumers and business clients. For 2026, BofA is guiding net interest income on a fully taxable-equivalent basis to grow 5%–7%.
And Netflix (NFLX) is in focus as it works on revised terms for its Warner Bros. Discovery (WBD) deal and shifts to an all-cash offer for the studios and streaming businesses. The move is aimed at speeding up a transaction that could take months to close and comes as rival bidder Paramount Skydance (PSKY) has already tabled an all-cash $30-per-share bid.
On the economic front, November retail sales rose 0.6% M/M, beating the +0.2% consensus and rebounding from a 0.1% decline in October.
And the delayed November Producer Price Index increased 0.2% M/M, in line with expectations and a step up from October’s 0.1% gain.
In other news of note, Honeywell (HON) confirmed it plans to file an S-1 for its quantum computing unit Quantinuum to go public, as its quantum ambitions echo from the lab into public markets. Quantinuum raised $600M in 2025 at a $10B valuation, after a $300M round in early 2024 led by JPMorgan that valued it at $5B. Other backers include Nvidia (NVDA), Mitsui (MITSY) and Amgen (AMGN).
Coca-Cola (KO) announced sweeping leadership changes, with Henrique Braun, currently EVP and COO, set to succeed James Quincey as CEO on March 31. The company is also creating a new chief digital officer role to unify its digital, data, and operational strategies.
And in the Wall Street Research Corner, BofA estimates that hedge funds now account for about 85% of total market short interest. Screening for the most shorted names as a percentage of float, they flag Moderna (MRNA) at 17.4%, Lennar (LEN) at 16%, Super Micro Computer (SMCI) and Brown-Forman (BF.B) both at 14.5%, and Charter Communications (CHTR) at 13.1%.
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Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
