The Kobeissi Letter

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The Kobeissi Letter

@KobeissiLetter
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BREAKING: Tether now holds more gold than most central banks. Tether purchased +27 tonnes of gold in Q4 2025, bringing total holdings to a record 143 tonnes, now worth ~$24 billion. This follows +26 tonnes and +24 tonnes acquired in Q3 and Q2. By comparison, the Polish central bank, the most active buyer among reporting central banks, increased its total reserves by +35 tonnes last quarter to 550 tonnes. In 2025, Tether's gold buying also surpassed all but the 3 largest gold ETFs. Tether is disrupting the gold market. -

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BREAKING: President Trump is suing the IRS and US Treasury for $10 billion over a leak of his tax records. -

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BREAKING: President Trump has signed an Executive Order to impose tariffs on goods from countries that sell or provide oil to Cuba. This comes 2 days after Trump said, "Cuba will be failing pretty soon." -

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BREAKING: Elon Musk says Tesla expects to have fully autonomous vehicles in up to 50% of the US by the end of this year. Elon is all-in on autonomous vehicles, and it's coming far quicker than most people realize. -

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BREAKING: S&P 500 futures officially rise above 7,000 for the first time in history. Asset prices just keep on rising. https://t.co/RxlxUCXXww -

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Most people don't realize what Trump just said: For 12+ months, the US Dollar has been in a sharp decline, falling -10% in 2025 in its worst year since 2017. Minutes ago, for the first time, President Trump commented on the decline in the USD: "The value of the Dollar is great," Trump said. This immediately sent the US Dollar another -1% lower, to its lowest level since February 2022. Why? It’s a clear signal that President Trump is willing to tolerate a weaker Dollar to push rates lower and boost US exports. Own assets or be left behind. -

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Japanese investors are a crucial part of US markets: Japanese holdings of US bonds and stocks totaled $2.22 trillion at the end of 2024, according to Bank of Japan data. This is followed by investments in the Cayman Islands, France, and the UK at $834 billion, $179 billion, and $150 billion, respectively. In other words, Japanese exposure to the US is TWICE as large as their combined positions in these 3 countries. Furthermore, total foreign assets owned by Japanese investors rose to $4.95 trillion in Q3 2025, near an all-time high. This comes as they held $2.54 trillion in equity and investment-fund shares and $2.41 trillion in debt. What happens if these investors start bringing money back home? -

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Europeans are piling into US stocks: European investors now own a record $10.4 trillion in US stocks. Ownership has surged +$4.9 trillion, or +91%, over the last 3 years. Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, the UK, now hold ~$5.7 trillion in US equities, or 55% of total European holdings. By comparison, the rest of the world holds $10.9 trillion. In other words, European investors now reflect ~49% of all foreign holdings of US equities. Europe’s exposure to US stocks is at unprecedented levels despite the trade war. -

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BREAKING: In one of its largest intra-day reversals in history, silver has completely erased its +14% gain and turned RED on the day. Silver just erased -$900 BILLION of market cap in 90 minutes. https://t.co/XSRDtYzNBL -

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BREAKING: US natural gas prices extend gains to +40% on the day, now on track for one of the largest daily gains in history. Natural gas prices are now up +240% since January 16th. That's like gas prices rising from $3.00/gallon to $7.20/gallon in 5 trading days. Commodities are on fire. -

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BREAKING: Silver hits a record $115/oz and is now officially up more than +60% this month in an unprecedented move. For anyone keeping track, silver hit $100/oz just 24 trading hours ago. This run will be referenced for decades to come. https://t.co/dXNxFJE4a3 -

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BREAKING: Nvidia announces a $2 billion investment in CoreWeave. CoreWeave stock, $CRWV, is up over +10% on the news. https://t.co/FKo5mQVEKb -

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BREAKING: SpaceX is set to hire Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley to lead its IPO in 2026, per FT. The IPO is expected to be valued as much as $1.5 trillion, making it the largest IPO in history. https://t.co/nOsPpo9GC5 -

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BREAKING: The White House announces a new Executive Order: “Stopping Wall Street from competing with Main Street homebuyers.” https://t.co/NXKAXbVUSL -

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