Silver Market Buzz: China’s Export Restrictions Take Center Stage

El Salvador's President Nayib Bukele arrives to take part in a groundbreaking ceremony for the construction of Sky City, a logistics and aviation hub, at the Monsenor Oscar Arnulfo Romero International Airport in San Luis Talpa, El Salvador, December 16, 2025. REUTERS/Jose Cabezas

El Salvador's President Nayib Bukele, who came to power in 2019 and is now serving a second term which critics have called unconstitutional, said he was open to staying in power for another decade.

"If it were up to me, I would stay for 10 more years," Bukele said in a video interview published by Spanish YouTuber TheGrefg on Monday. He noted that he had initially agreed with his wife that he would leave politics in 2029.

El Salvador is expected to hold its next presidential election in 2027, to decide who will run the country through to 2033.

Bukele will be eligible to run for a third term, after the ruling party-controlled Congress pushed through a constitutional reform in July to abolish term limits, bring forward the next election and extend presidential terms from five to six years.

Legal experts at home and abroad have questioned the legality of Bukele's attempts to extend his term. The country's constitution prohibits presidents' consecutive reelection in at least six of its articles.

Early in 2024, Bukele won his second term with a landslide victory despite a constitutional ban.

The wildly popular 44-year-old publicist enjoys some of the world's highest approval ratings thanks to a hardline approach to crime which has helped drastically reduce murder rates.

Critics say this has come at the expense of civil rights and people have been arbitrarily detained, tortured and even killed in custody.

Bukele, who once described himself on his Twitter account as "the world's coolest dictator," said he did not plan to establish a dictatorship in El Salvador and it would be up to Salvadorans to decide whether he should continue in power.

Source: Reuters

LG Electronics Inc. introduced a TV designed to resemble framed artwork, imitating a style that has been popularized by rival Samsung Electronics Co. in recent years.

The television, called the Gallery TV, will be available in 2026 in 55- and 65-inch sizes, LG said in a statement on Monday ahead of the annual CES consumer technology conference next week. Like Samsung's offering, called The Frame, LG's equivalent will let consumers choose between a range of stylish bezels that can be switched out after purchase.

The pitch for this sub-category is that televisions should blend in with their home decor as much as any other appliance or status item. Samsung has not disclosed recent sales figures for The Frame, but other TV makers, including Hisense and TCL, have released their own respective copycat sets.

The Gallery TV is aimed at "interior-conscious consumers," LG said, and is meant to showcase artwork when idle and not being used for entertainment. The company is marketing it under its "Lifestyle" subset of TVs, which also includes offbeat ideas like a portable smart screen and even a briefcase TV.

Typically, these thinner sets trail more conventional TVs in overall picture quality, so their more pleasing aesthetics aren't without sacrifice. The Gallery TV will use LCD technology instead of the punchier OLED panels found in its premium sets, a company spokesperson told Bloomberg — a decision likely made to keep pricing in line with Samsung's product. So far, LG has not shared pricing. For reference, the 2025 Frame TV costs over $1,500 with a 65-inch screen.

Other similarities to Samsung's model include a matte display that reduces glare, plus automatic picture enhancements that adjust brightness and color based on the room's ambient lighting to make art selections look more natural. That "Gallery Mode," as it's called, was designed with input from museum curators, LG said.

The company's existing Gallery+ service lets users choose from a library of over 4,500 works that are refreshed monthly, "ranging from fine art to cinematic scenes, game visuals, and animations," according to LG. Users can also create their own art with generative artificial intelligence. Similarly, Samsung's Art Store offers a vault of artwork from prestigious partners such as the Museum of Modern Art, the Art Institute of Chicago, the Van Gogh Museum, the Louvre, the Musée d'Orsay, the Tate Modern and Art Basel.

Earlier this year, Samsung brought the Art Store — previously exclusive to The Frame series — to other models in its TV portfolio. Both companies charge a subscription for full access to their respective art collections.

LG will unveil its full 2026 TV lineup at CES, where Samsung will also have its own latest sets on display. New TVs from both companies usually ship in the spring after being announced in January.

Source: Bloomberg Europe

A view of the National Institutes of Health (NIH) logo at the National Institutes of Health Gateway Center in Bethesda, Maryland, U.S., June 8, 2025. REUTERS/Elizabeth Frantz

The Trump administration on Monday reached a deal with researchers and Democratic-led states who sued over cuts to funding for diversity-related research, agreeing to review grant applications that were stalled or rejected during the legal battle.

A federal judge in Boston previously ruled that the National Institutes of Health unlawfully canceled hundreds of millions of dollars in research grants because of their perceived connection to diversity, equity and inclusion initiatives.

The U.S. Supreme Court in August partially put that decision on hold, ruling that legal battles over the terminated grants should be handled by a different court that specializes in monetary disputes with the government. The Supreme Court left unresolved a second piece of the litigation concerning the NIH's processing of applications for future funding.

Monday's agreement resolved part of the battle over the NIH grants, with the government agreeing to conduct new reviews of grant applications that were frozen, denied, or withdrawn after the new policy was announced. The agreement does not require NIH to fund any particular research proposal.

The researchers who sued NIH said Monday that the proposed grants will advance public health issues, including HIV prevention, Alzheimer's disease, LGBTQ health, and sexual violence.

"This agreement allows my grant application, and many others, to move forward for review after an arbitrary and destructive freeze," said plaintiff Nikki Maphis, a postdoctoral researcher at the University of New Mexico who is studying Alzheimer's disease and alcohol use in the aging brain.

This agreement does not impact U.S. District Judge William Young's earlier ruling in the case blocking the NIH's policy of ceasing grant funding for diversity-related research. The U.S. Department of Health and Human Services has appealed that ruling, and has said it stands by its decision to end funding for research "that prioritized ideological agendas over scientific rigor and meaningful outcomes for the American people."

Source: Reuters

Federal Reserve Chair Shakeup: Trump's Critical January Decision Looms Over Powell's Fate

In a move that could reshape American monetary policy for years, President Donald Trump announced this week he plans to name a successor to Federal Reserve Chair Jerome Powell in January. This declaration, made during a press briefing at the White House, immediately sent ripples through financial markets and policy circles. The President notably added that the possibility of firing Powell remains on the table, raising fundamental questions about Federal Reserve independence. This announcement comes at a critical juncture for the U.S. economy, with inflation concerns and interest rate decisions hanging in the balance.

Federal Reserve Chair Appointment Enters Critical Phase

The Federal Reserve Chair position represents one of the most powerful economic roles globally. Consequently, the occupant directly influences interest rates, employment levels, and price stability. President Trump's January timeline for announcing Powell's successor creates immediate uncertainty. Historically, Fed chairs serve four-year terms, with Powell's current term technically expiring in February 2026. However, presidents typically announce reappointments or new nominations well in advance. This accelerated timeline suggests significant political considerations.

Market analysts immediately began speculating about potential candidates. Furthermore, they examined the implications for monetary policy continuity. The Federal Reserve has maintained a delicate balance recently. It has fought inflation while attempting to avoid triggering a recession. Any perceived political interference in this process could undermine market confidence. International observers also watch closely, as Fed decisions affect global capital flows and exchange rates.

Historical Context of Federal Reserve Independence

The Federal Reserve operates with statutory independence from direct political control. This principle, established over decades, allows the central bank to make difficult decisions without short-term political pressure. Presidents have occasionally criticized Fed chairs, but direct threats of removal remain rare. The Federal Reserve Act states that governors, including the chair, may only be removed "for cause." Legal experts debate what constitutes sufficient cause, creating a gray area.

Previous presidents have faced similar tensions with the Fed. President Lyndon Johnson reportedly confronted Fed Chair William McChesney Martin over rate hikes. President Richard Nixon pressured Arthur Burns during the 1970s. However, no modern president has publicly discussed firing a sitting Fed chair. This precedent makes Trump's comments particularly noteworthy. The institutional relationship between the White House and the Fed faces a potential stress test.

Economic Implications of Leadership Uncertainty

Financial markets dislike uncertainty above almost all else. The prospect of a Fed chair change injects volatility into bond markets, currency valuations, and equity prices. Investors must now consider multiple scenarios. Will President Trump nominate a dovish candidate favoring lower rates? Alternatively, might he choose a hawkish inflation fighter? Each possibility carries different implications for borrowing costs and economic growth.

The timing coincides with several economic challenges. Inflation remains above the Fed's 2% target in many sectors. Meanwhile, economic growth shows signs of moderation. The Fed's dual mandate requires balancing maximum employment with price stability. A leadership change could signal a shift in priorities between these sometimes competing goals. Businesses planning investments and hiring decisions may pause until clarity emerges.

Potential Candidates for Federal Reserve Leadership

Several names circulate in policy discussions as potential successors. Each candidate brings different philosophies and backgrounds. The selection will signal the administration's economic policy direction for the coming years.

• Current Fed Governors: Several sitting Federal Reserve Board members understand the institution's complexities. Their experience could ensure continuity during transition periods.
• Academic Economists: Presidents sometimes select renowned economists from leading universities. These candidates typically possess deep theoretical knowledge but may lack political experience.
• Financial Sector Executives: Leaders from banking or investment firms offer practical market experience. However, they may face scrutiny over potential conflicts of interest.
• International Candidates: While unusual, some past administrations considered economists with strong international credentials, particularly during global economic crises.

Recent Federal Reserve Chairs and Their Tenures

Chair	Years Served	Appointing President	Key Challenge
Jerome Powell	2018-Present	Donald Trump	Post-pandemic inflation surge
Janet Yellen	2014-2018	Barack Obama	Normalizing rates after financial crisis
Ben Bernanke	2006-2014	George W. Bush	2008 global financial crisis
Alan Greenspan	1987-2006	Ronald Reagan	Dot-com bubble and 9/11 aftermath

Legal and Constitutional Considerations

The Federal Reserve Act provides limited guidance on chair removal. Section 10 states that governors shall hold office for fourteen years unless "removed for cause by the President." Legal scholars debate whether policy disagreements constitute sufficient cause. Most interpretations suggest removal requires malfeasance, neglect of duty, or criminal conduct. A president attempting removal over policy differences would likely face immediate legal challenges.

Congressional reaction will prove crucial. Many legislators from both parties value Fed independence. They might resist perceived political interference through hearings or legislation. The Senate confirms Fed chair nominees, giving senators substantial influence. A controversial nominee could face difficult confirmation hearings. These political dynamics create checks and balances in the appointment process.

Global Reactions and Market Responses

International central banks monitor Fed leadership closely. The U.S. dollar serves as the world's primary reserve currency. Therefore, Federal Reserve decisions affect economies everywhere. Foreign officials generally prefer stability and predictability from their American counterparts. Surprise changes could disrupt coordinated international policy efforts.

Financial markets reacted immediately to the announcement. The dollar experienced volatility against major currencies. Treasury yields showed unusual movements as bond traders adjusted expectations. Equity markets displayed sector-specific reactions, with rate-sensitive industries like real estate and utilities showing particular sensitivity. These market responses demonstrate the Fed chair's global significance.

Conclusion

President Trump's announcement regarding the Federal Reserve Chair position creates significant economic and institutional uncertainty. The January timeline for naming a potential successor to Jerome Powell, coupled with remarks about possible removal, tests traditional boundaries between politics and central banking. This situation unfolds against a complex economic backdrop requiring careful monetary stewardship. The coming months will reveal whether institutional norms withstand political pressure. Ultimately, the Federal Reserve's ability to maintain price stability and support maximum employment may depend on navigating this leadership transition while preserving its operational independence. The decision about the next Federal Reserve Chair will undoubtedly shape economic policy for years beyond this administration.

Source: CryptoSlate

In the hinterlands of Australia's historic goldfields, Vicki Plumridge jumps for joy when she digs a small golden nugget out of the earth.

The retired retail worker was learning how to use her new metal detector when it started bleeping by the moss-covered ruins of a building. After Plumridge dug the nugget out of the shallow dirt with a plastic trowel, a guide estimated it was around 0.2 of a gram of gold, worth about A$40 ($26.58).

"But to me, it's worth a million dollars," said the 63-year-old, who had bought the detector only a few days before. "My heart is singing."

Plumridge's story is becoming more common, as hobbyists flock to Australia's 9,600 sq km "golden triangle" in the heart of Victoria state, known as one of the world's most prospective regions for gold nuggets.

Prospectors have been spurred on by record gold prices, social media, the success of TV show Aussie Gold Hunters, and a love for the outdoors, according to Reuters interviews with a dozen gold hunters.

Plumridge's detector, Minelab's Gold Monster 2000, which she bought for A$2,999, sold out across the country within weeks of its October 20 launch, according to Leanne Kamp, joint owner of Lucky Strike Gold, a prospecting shop in Geelong.

"It's a great price point and we have seen a big jump in sales this year, partly because the gold price has got everyone's interest," said Kamp, who has led prospecting tours since 2007.

"We get a lot of internationals. Next week we have some Germans coming. Germans love the gold. The Swiss seem to love the gold too. And we have some coming over from the U.S.," she said.

The chance of finding nuggets on historic sites improves with each iteration of detectors, which is why there is a rush for new models as soon as they are released, she added.

WORLD'S BIGGEST NUGGETS

Hobbyists have flocked to 19th-century gold rush towns like Ballarat, which laid the foundation for Melbourne's early wealth and helped make Australia one of the world's top three gold producers.

The region has yielded the world's biggest nugget, the Welcome Stranger at 72 kg, found in the 1860s, as well as the Hand of Faith, the largest nugget found with a metal detector at 27.2 kg in 1980. As recently as February 2023, an amateur prospector unearthed a 4.6 kg nugget in the region with a detector, according to the state government.

The lure of large nuggets is one of the draws for Damian Duke, 39, who works in construction. Duke used to go prospecting with his father who died three years ago. Now he takes his own son, Ethan.

The 11-year-old inherited his grandfather's detector, and Duke has recently upgraded his machine, he told Reuters.

"Where prices are now, you do have the chance of striking a life-changing piece of gold," he said.

Gold has chalked up successive records this year, surging above $4,500 a troy ounce on Friday. Goldman Sachs expects prices will reach $4,900 by the end of 2026, with further gains likely if private investors continue diversifying their portfolios amid geopolitical and fiscal uncertainty.

In Victoria, fossickers must buy a permit from the state government. The permit allows them to fossick using only hand tools and to keep any gold they find.

Demand for the miner's right permits, which cost A$28.60 each and last for a decade, has hit all-time highs, at almost 16,000 by November, from nearly 11,000 last year, according to figures from Victoria's Department of Energy, Environment and Climate Action, supplied exclusively to Reuters.

In total, there are more than 100,000 active miner's right permits in Victoria.

A dream of riches may drive people to get out, but they stay out because of the psychological benefits that come from the focus on the hunt, being outside in nature, and connecting with others, prospectors said.

"It's really good for your mental health, being out here. You take it all in, you can't think about anything else - I love looking at all the wildflowers," said Kelly Smith, a 50-year-old from the country town of Koondrook, who was prospecting with her partner on a training session organised by The Gold Centre in Maryborough.

"You're not guaranteed to find anything. But you're not going to find anything at all if you don't look."

GLOBAL PHENOMENON

Victoria's latest gold rush is part of a broader phenomenon, said Ben Harvey, executive general manager of Minelab at Adelaide-headquartered Codan (CDA.AX),which is the world's largest maker of hand-held metal detectors.

Alongside Codan's communications division, strong detector sales in its home market of Australia as well as in Africa and the Americas have helped double the firm's share price this year.

In Africa, demand may be led by artisanal miners working in cooperatives to improve their standard of living, Harvey said. In Latin America, there is also recreational interest from hobbyists searching for coins and other treasure, he told Reuters in an interview.

Behind the success is a push by Codan's team of engineers to improve technology to cut down on background noise so detectorists can focus on the gold, he said.

"What a prospector is looking for is, when they go out, they want to find gold, and they want to find more gold than they found last time," he said.

($1 = 1.5049 Australian dollars)

Source: Reuters

Gold and silver slumped as traders booked profit following a powerful year-end rally that sent both metals to record highs, with thin market liquidity exacerbating the price swings.

Spot gold fell as much as 5 per cent, marking the biggest intraday drop since Oct 21 and the second time in 2025 the precious metal plunged that much in one day. Silver plunged 11 per cent in its biggest intraday decline since September 2020. Both metals posted a sharp retreat from fresh all-time highs that triggered signals that their rallies had run too fast, too soon.

"Don't read into massive moves," said Michael Haigh, head of FIC and Commodity Research at Societe Generale, adding that the end of every year tends to be "so illiquid."

The slump on Dec 29 is mostly due to profit-taking after a strong seasonal rally in both gold and silver, according to Mr Haigh. Precious metals historically post an extremely strong end-of-year rally into the New Year. Gold delivered gains of around 4 per cent in that period over the last 10 years, while silver has typically advanced almost 7 per cent, he said.

The iShares Silver Trust, the world's largest physically backed silver exchange-traded fund, fell as much as 10 per cent in its biggest drop since 2020.

Silver's sharp reversal on Dec 29 came hours after soaring above US$84 an ounce as surging Chinese investment demand pulled the metal higher. Premiums for spot silver in Shanghai rose above US$8 an ounce over London prices, the biggest spread on record.

"The speculative atmosphere is very strong," said Wang Yanqing, an analyst with China Futures. "There's hype around tight spot supply, and it's a bit extreme now."

Some exchanges are moving to rein in risk. The margins for some Comex silver futures contracts will be raised from Dec 29, according to a statement from CME Group – a move that Mr Wang said would help reduce speculation.

When an exchange raises margin requirements, traders have to put up more cash to keep their positions open. Some speculators don't have the extra money, so they're forced to shrink or close their trades.

The latest silver rally came just two months after the London silver market suffered a full-blown squeeze as flows into exchange traded funds and exports to India eroded inventories that were already critically low. London's vaults have seen significant inflows since then, but much of the world's available silver remains in New York as traders wait for the outcome of a US probe that could lead to tariffs or other trade restrictions.

Gold fell 4.2 per cent to US$4,343.38 an ounce as of 3.05pm in New York on Dec 29. Spot silver fell 8.5 per cent to US$72.58 an ounce after earlier hitting a fresh record of US$84.01 an ounce.

Other precious metals also tumbled: Platinum plunged 14 per cent while palladium sank nearly 16 per cent after earlier posting its biggest intraday decline since 2020. BLOOMBERG

Source: Straitstimes