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The Biden administration purchased a pulsed energy weapon suspected of being the type that may have caused ‘Havana Syndrome’ which caused a series of mysterious ailments for U.S. diplomats and government workers in Cuba. 

The weapon was bought at the end of the Biden Administration and has since been tested by the Pentagon, Fox News has learned. House Republicans are demanding answers amid reports of the purchase of the device.

In a letter to Homeland Security Kristi Noem, House Committee on Homeland Security Chairman Andrew Garbarino, R-N.Y., is asking for information on the procurement process for the weapon, its costs and the findings associated with its year-long testing related to Havana Syndrome, officially known as Anomalous Health Incidents (AHI). 

‘The device in question is described as capable of producing pulsed radio waves and containing Russian components, though it is supposedly not entirely Russian in origin,’ the letter states. ‘Following HSI’s successful acquisition of the device, it was reportedly transferred to DoW, which spent more than a year testing the device and its capabilities.’

Some U.S. intelligence agencies have said a foreign adversary could be behind the mysterious ailment. 

Fox News Digital previously reported that Adam, a former government employee whose identity Fox News agreed to protect, is considered to be ‘Patient Zero.’

He was first attacked in December 2016 while living in Havana on assignment. During his time on the Caribbean island, Adam experienced multiple attacks and described pressure to the brain that led to vertigo, tinnitus and cognitive impairment.

‘While assessments from the Intelligence Community (IC) do not conclusively identify the factors causing AHIs or any foreign actor responsible, an assessment from the Office of the Director of National Intelligence (ODNI) presented a majority view concluding that it was ‘very unlikely’ that a foreign actor ‘used a novel weapon or prototype device to harm even a subset of the U.S. Government personnel,’ with five out of seven agencies agreeing with that assessment,’ Garbarino wrote in his letter. 

‘However, two agencies dissented from the majority view and assessed that there was a chance that foreign actors may have developed some sort of ‘novel weapon or prototype device’ that could have harmed U.S. personnel,’ he added. 

However, the Office of the Director of National Intelligence (ODNI) released the report and held a background call with reporters on Friday explaining that new reporting ‘led two components to shift their assessments about whether a foreign actor has a capability that could cause biological effects consistent with some of the symptoms reported as possible AHIs.’

‘This shift consequently led two IC components to subtly change their overall judgment about whether a foreign actor might have played a role in a small number of events,’ the agency said. 

Fox News’ Liz Friden contributed to this report. 

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Venezuelan opposition leader María Corina Machado said she presented President Donald Trump with her Nobel Peace Prize medal, describing it as a historic gesture recognizing his commitment to freedom and the fight against tyranny.

Machado spoke with reporters outside the U.S. Capitol Thursday, when she was asked whether she offered her Nobel Peace Prize to Trump.

‘I presented the president of the United States the medal … the Nobel Peace Prize, and I told him, ‘Listen to this, 200 years ago, General Lafayette gave Simón Bolívar a medal with George Washington’s face on it,’ Machado said. ‘He kept that medal for the rest of his life. Actually, when you see his portraits, you can see the medal.’

She said Lafayette gave the medal to Bolívar as a symbol of the partnership between the people of the U.S. and the people of Venezuela and their shared fight for freedom against tyranny.

‘Two hundred years in history, the people of Bolívar are giving back the heir of Washington, a medal, in this case the medal of the Nobel Peace Prize, as a recognition for his unique commitment with our freedom,’ Machado said.

Machado’s meeting with Trump came nearly two weeks after the U.S. captured Venezuelan dictator Nicolás Maduro and amid lingering questions about her political future. The meeting also followed comments from Trump casting doubt on Machado leading the country rather than endorsing the Venezuelan opposition leader.

‘I think it would be very tough for her to be the leader,’ Trump told reporters Jan. 3. ‘She doesn’t have the support within or the respect within the country. She’s a very nice woman, but she doesn’t have the respect.’

The Washington Post previously reported Trump was annoyed Machado won the Nobel Peace Prize in 2025, an award he had hoped to receive and that Machado dedicated to him, though the White House said the president’s decisions were based on ‘realistic decisions.’

Still, Machado floated the idea of transferring the prestigious award to Trump last week during an appearance on Fox News’ ‘Hannity.’

‘Did you at any point offer to give him the Nobel Peace Prize?’ Sean Hannity asked. ‘Did that actually happen?’

Machado responded, ‘Well, it hasn’t happened yet.’

‘I certainly would love to be able to personally tell him that we believe — the Venezuelan people, because this is a prize of the Venezuelan people — certainly want to give it to him and share it with him,’ Machado continued. ‘What he has done is historic. It’s a huge step toward a democratic transition.’

Despite her intent, the Norwegian Nobel Institute shut down the idea last Friday.

‘Once a Nobel Prize is announced, it cannot be revoked, shared or transferred to others,’ the institute said in a statement. ‘The decision is final and stands for all time.’

Fox News Digital has reached out to the White House for a reaction.

Fox News Digital’s Michael Sinkewicz contributed to this report.

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The Supreme Court is poised to rule soon on President Donald Trump’s use of an emergency wartime law to unilaterally impose sweeping tariffs on most U.S. countries — and which brought to the fore key questions over the ‘major questions doctrine,’ or the limiting principle by which courts can, in certain circumstances, move to curb the power of executive agencies.

During oral arguments over Trump’s tariffs in November, justices honed in on the so-called major questions doctrine — which allows courts to limit the power of executive agencies on actions with ‘vast economic and political significance’ — and how it squares with Trump’s use of the International Emergency Economic Powers Act to enact his sweeping global and reciprocal tariffs.

Plaintiffs told the court that Trump’s use of IEEPA to unilaterally impose his steep import duties violates the major questions doctrine, since IEEPA does not explicitly mention the word ‘tariffs.’ Rather, it authorizes the president to ‘regulate … importation’ during a declared national emergency — plaintiffs noted, arguing that it falls short of the standard needed to pass muster for MQD.

‘Congress does not (and could not) use such vague terminology to grant the executive virtually unconstrained taxing power of such staggering economic effect — literally trillions of dollars — shouldered by American businesses and consumers,’ they told the court in an earlier briefing.

Lawyers for the Trump administration countered that text of the IEEPA emergency law is the ‘practical equivalent’ of a tariff.

‘Tomorrow’s United States Supreme Court case is, literally, LIFE OR DEATH for our Country,’ Trump posted on Truth Social back in November.

‘With a Victory, we have tremendous, but fair, Financial and National Security. Without it, we are virtually defenseless against other Countries who have, for years, taken advantage of us,’ Trump continued.

‘Our Stock Market is consistently hitting Record Highs, and our Country has never been more respected than it is right now,’ he added. ‘A big part of this is the Economic Security created by Tariffs, and the Deals that we have negotiated because of them.’

While U.S. Solicitor General D. John Sauer acknowledged to the justices that IEEPA does not explicitly give an executive the power to regulate tariffs, he stressed in November that the power to tariff is ‘the natural common sense inference’ of IEEPA.

But whether the high court will back his argument remains to be seen.

That was the conclusion reached by the U.S. Court of International Trade last year. Judges on the  three-judge panel voted unanimously to block Trump’s tariffs from taking force, ruling that, as commander in chief, Trump does not have ‘unbounded authority’ to impose tariffs under the emergency law. 

‘The parties cite two doctrines—the nondelegation doctrine and the major questions doctrine—that the judiciary has developed to ensure that the branches do not impermissibly abdicate their respective constitutionally vested powers,’ the court said in its ruling.

The doctrine was also a focus in November, as justices pressed lawyers for the administration over IEEPA’s applicability to tariffs, or taxation powers, and asked the administration what guardrails, if any, exist to limit the whims of the executive branch, should they ultimately rule in Trump’s favor.

Though it’s not clear how much the court will rely on the MQD in its ruling, legal experts told Fox News Digital that they would expect it to potentially be cited by the Supreme Court if it blocks Trump’s tariff regime.

The high court agreed to take up the case on an expedited basis last fall, and a ruling is expected to be handed down within the coming days or weeks.

There’s very little precedent for major questions as a formal precedent cited by the courts, as noted by the University of Chicago College of Law in 2024.

The doctrine was cited formally by the Supreme Court for the first time ever in its 2022 ruling in West Virginia v. EPA, when the court’s majority cited the doctrine as its basis for invalidating the EPA’s emissions standards under the Clean Power Plan. 

Prior to that, the doctrine existed as a more amorphous strand of statutory interpretation — a phenomenon that Justice Elena Kagan noted in her dissent in the same case.

‘The current Court is textualist only when being so suits it,’ Kagan said then. ‘When that method would frustrate broader goals, special canons like the ‘major questions doctrine’ magically appear as get-out-of-text-free cards.’

One factor that could play in Trump’s favor is the fact that the tariffs case is to some degree a foreign policy issue, which is an area where executives enjoy a higher level of deference from the court. 

Still, if oral arguments were any indication, the justices seemed poised to block Trump’s use of IEEPA to continue his steep tariff plan. 

Justices pressed Sauer as to why Trump invoked IEEPA to impose his sweeping tariffs, noting that doing so would be the first time a president used the law to set import taxes on trading partners.

They also seemed skeptical of the administration’s assertion that they did not need additional permission from Congress to use the law in such a sweeping manner, and pressed the administration’s lawyers on their contention that EEPA is only narrowly reviewable by the courts.

‘We agree that it’s a major power, but it’s in the context of a statute that is explicitly conferring major powers,’ Sauer said. ‘That the point of the statute is to confer major powers to address major questions — which are emergencies.’

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Republican Sen. Lindsey Graham of South Carolina, who visited with Israeli Prime Minister Benjamin Netanyahu in Jerusalem less than a month ago, said in a Thursday post on X he was going to Israel to meet with the foreign leader and his team.

‘I am traveling to Israel to meet with Prime Minister Benjamin Netanyahu and his team at this crucial time in the history of the Middle East. The goal is to build on the historic opportunities created by President Trump’s unprecedented leadership, to stand up to evil, and to support the people who are sacrificing for freedom,’ Graham wrote in the post.

‘The Trump-Netanyahu alliance has thus far been one of the strongest partnerships in the history of the U.S.-Israel relationship, and I am hopeful it will pay dividends in the near future. We live in a time of great consequence with the Middle East on the verge of previously unimaginable change. Standing together and following through on our commitments only makes us stronger,’ he added.

Graham’s announcement comes less than a month after he met with Netanyahu in Israel in December.

In a video posted to X on December 21, Netanyahu welcomed the senator, calling Graham ‘a great friend of Israel’ and ‘great personal friend.’

The lawmaker has been advocating for U.S. President Donald Trump to attack Iran.

‘President Trump’s resolve is not the question: Question is, when we do an operation like this, should it be bigger, or smaller? I’m in the camp of bigger,’ Graham said in footage he highlighted in a Thursday post on X. ‘Time will tell. I’m hopeful and optimistic that the regime days are numbered.’

In a Wednesday post on X, Graham wrote, ‘People often ask me what should we do next when it comes to the murderous, religious Nazi regime in Iran. It’s pretty simple. Stand by the protesters demanding an end to their oppression. But it’s going to take more than standing by them. We must stop those who are responsible for killing the people by any means necessary ASAP. Make The Iranian People Safe Again.’

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Former Rep. Billy Long, who was nominated by President Donald Trump to be ambassador to Iceland, has apologized after privately joking to House lawmakers that the Arctic island would become the ’52nd state’ with him as its governor.

Long, a Republican who represented Missouri from 2011 to 2023 and served a brief stint as IRS commissioner last year, said he was just joking with his former congressional colleagues.

‘There was nothing serious about that, I was with some people, who I hadn’t met for three years, and they were kidding about Jeff Landry being governor of Greenland and they started joking about me and if anyone took offense to it, then I apologize,’ Long told Arctic Today.

‘I apologize and that’s my only comment, I look forward to working with the people of Iceland and I apologize it was taken that way, I was with a group of friends and there was nothing serious about it,’ he added.

Trump recently named Louisiana Gov. Jeff Landry as a special envoy to Greenland.

This comes as Trump heats up his threats to acquire Greenland, a Danish territory, saying he plans to take the island ‘one way or the other.’

‘We are going to do something on Greenland, whether they like it or not,’ Trump said last week. ‘Because if we don’t do it, Russia or China will take over Greenland, and we’re not going to have Russia or China as a neighbor.’

Trump administration officials are openly weighing options such as military force to take Greenland, a move that would violate NATO’s Article V, which states that an attack on one member is an attack on all of them and could end the alliance of more than 75 years.

Denmark and other European countries have made moves, including sending additional troops to Greenland in case of a U.S. invasion, backing the territory as it reaffirms its position that it does not want to join the U.S. Iceland is among the NATO members that have expressed opposition to Trump’s repeated threats to take Greenland.

On Capitol Hill, most Democrats and even some Republicans have opposed the idea of taking Greenland, while other Republicans have voiced support for pursuing closer ties with the territory, including Rep. Randy Fine, R-Fla., who introduced legislation to make it the 51st U.S. state, although he said the best way to acquire Greenland is voluntarily.

Trump has also said he wanted to make Canada the 51st U.S. state.

Long was visiting former colleagues on the House Floor earlier this week when he made the controversial comment about Iceland, sparking some minor diplomatic backlash, with Iceland’s Ministry for Foreign Affairs demanding answers from the U.S. Embassy in Reykjavík.

‘There is no doubt that this is very serious for a small country like Iceland,’ Icelandic Parliament member Sigmar Guðmundsson told MBL. ‘We need to understand that all the security arguments made by the U.S. regarding Greenland, also apply to Iceland.’

Some Icelanders also launched a petition drive calling on their government to reject Long as ambassador if he is confirmed by the U.S. Senate. The petition has obtained 2,000 signatures.

Senate Majority Leader John Thune, R-S.D., told Politico that Long was ‘probably having some fun’ and ‘I wouldn’t read too much into that.’

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The company that owns the iconic luxury retailer Saks Fifth Avenue filed for bankruptcy late Tuesday.

The move comes after Saks Global struggled with debt it took on to buy rival Neiman Marcus, lagging department store sales and a rising online market.

It’s one of the largest retail collapses since the Covid pandemic, and casts further doubt over the future of luxury fashion.

The retailer, which also owns Bergdorf Goodman, said early Wednesday its stores would remain open for now after it finalized a $1.75 billion financing package and appointed a new CEO.

The court process is meant to give the luxury retailer room to negotiate a debt restructuring with creditors or sell itself to a new owner to stave off liquidation. Failing that, the company may be forced to shutter.

Former Neiman Marcus CEO Geoffroy van Raemdonck will replace Richard Baker, who was the architect of the acquisition strategy that left Saks Global saddled with debt.

The company also appointed former Neiman Marcus executives Darcy Penick and Lana Todorovich as chief commercial officer and chief of global brand partnerships at Saks Global, respectively.

Saks Fifth Avenue, the retail arm of Saks Global, listed $1 billion to $10 billion in assets and liabilities, according to court documents filed in U.S. Bankruptcy Court in Houston.

A retailer long loved by the rich and famous, from Gary Cooper to Grace Kelly, Saks fell on hard times after the pandemic, as competition from online outlets rose, and brands started more frequently selling items through their own stores.

The original Saks Fifth Avenue store, known for displaying the likes of Chanel, Cucinelli and Burberry, was opened by retail pioneer Andrew Saks in 1867.

The new financing deal would provide an immediate cash infusion of $1 billion through ‌a loan from an investor group, Saks Global said.

A host of luxury brands were among the unsecured creditors, led by Chanel and Gucci owner Kering at about $136 million and $60 million respectively, the court filing said. The world’s biggest luxury conglomerate, LVMH, was listed as an unsecured creditor at $26 million. In total, Saks Global estimated there were between 10,001 and 25,000 creditors.

In 2024, Baker had masterminded the takeover of Neiman Marcus by Canada’s Hudson’s Bay Co, which had owned Saks since 2013, and later spun off the U.S. luxury assets to create Saks Global, bringing together three names that have defined American high fashion for more than a century.

The deal was designed to create a luxury powerhouse, but it saddled Saks Global with debt at a time when global luxury sales were slowing, complicating an already difficult turnaround for CEO and veteran executive Marc Metrick.

Saks Global struggled last year to pay vendors, who began withholding inventory, disrupting the company’s supply chain and leaving it with insufficient stock.

The thinly stocked shelves may have driven shoppers away to rivals like Bloomingdale’s, which posted strong sales in 2025, compounding pressure on Saks Global.

“Rich people are still buying,” Morningstar analyst David Swartz said last month, “just not so much at Saks.”

Running out of cash, Saks Global last month sold the real estate of the Neiman Marcus Beverly Hills flagship store for an undisclosed amount. It had also been looking to sell a minority stake in exclusive department store Bergdorf Goodman to help cut debt.

On Dec. 30, it failed to make an interest payment of more than $100 million to bondholders.

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Mario Innecco, who runs the maneco64 YouTube channel, shares his thoughts on the record runs in gold and silver, outlining what these high prices say about the world.

‘This is I think the end of this fiat currency regime,’ he said.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Here’s a quick recap of the crypto landscape for Wednesday (January 14) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$97,611.39, up by 3.3 percent over 24 hours.

Bitcoin price performance, January 14, 2025.

Chart via TradingView.

Ether (ETH) was priced at US$3,380.29, up by 5.5 percent over the last 24 hours.

Altcoin price update

  • XRP (XRP) was priced at US$2.15, up by 0.6 percent over 24 hours.
  • Solana (SOL) was trading at US$147.38, up by 2.7 percent over 24 hours.

Today’s crypto news to know

Senate Committee puts crypto bill on January clock

The US Senate Committee on Agriculture has scheduled January 27 for its markup of a sweeping crypto market structure bill aimed at clarifying regulatory oversight of digital assets.

The bill text is due to be released on January 21, giving lawmakers less than a week to review and propose amendments before the committee vote. Committee Chair John Boozman said the compressed schedule is designed to balance transparency with momentum as Congress looks to reduce regulatory uncertainty.

The agriculture committee plays a central role because it oversees the Commodity Futures Trading Commission, which would gain expanded authority under the proposal.

If approved, the bill would still need to clear the Senate Banking Committee, pass the full Senate and House and ultimately be signed into law. While momentum has improved compared to last year, unresolved disputes remain around stablecoin yield and decentralized finance provisions.

Polygon to acquire Coinme, Sequence for ‘one-stop shop’ payments

Polygon Labs has entered into definitive agreements to acquire Coinme and Sequence, bringing together licensed fiat on- and off-ramps, enterprise wallets and onchain orchestration in one integrated solution.

Coinme provides licensed cash-to-digital at retail locations, while Sequence has the simplified ‘smart wallet’ technology needed to move that money easily. By acquiring these two companies, Polygon believes it is building a “one-stop shop” for moving money, allowing users to turn physical cash into digital money, and vice versa, at over 50,000 retail locations in the US; they can also create a digital wallet using an email or social media account.

In addition to that, Polygon said the acquisition will allow crypto users to send money across the world in seconds, without the need for complicated background steps.

Figure launches OPEN, a blockchain-based stock exchange network

Figure Technology Solutions (NASDAQ:FIGR) has launched a new system called the On-Chain Public Equity Network (OPEN), providing a new way for companies to list and trade shares using blockchain technology.

According to the announcement, OPEN is a new system where official stock ownership is recorded directly on a public blockchain, meaning the blockchain record is the stock, unlike a digital copy. It allows continuous, peer-to-peer trading via a limit order book, eliminating reliance on traditional banks and clearinghouses that close.

Investors can self-custody their stocks in a digital wallet, which aims to reduce fees and costs.

The network also allows shareholders to use their stocks as collateral for borrowing or lending, a role typically held by prime brokers. Figure said it is planning for these blockchain stocks to be ‘exchangeable’ with Nasdaq-traded stocks, ensuring price parity and liquidity across both markets.

Figure is the first company to use OPEN, and is offering some of its own shares to demonstrate the technology’s viability for large-scale public investing.

CleanSpark expands into AI data centers with Texas acquisition

CleanSpark (NASDAQ:CLSK), a company primarily known for Bitcoin mining, announced an expansion to build data centers for artificial intelligence (AI) with the purchase of 447 acres of land in Brazoria County, Texas.

This is its second major land purchase in the area following a similar deal nearby in Austin County.

The company has secured a long-term deal to get up to 600 megawatts of electricity for this new site, enough power to run hundreds of thousands of homes.

While the company is known for mining Bitcoin, it is now using its expertise in building large “computer warehouses” to support the AI boom. These new sites are being designed as AI factories, places filled with powerful computers that process the complex data needed for things like ChatGPT and other advanced tech.

The deal is expected to close in early 2026. Once finished, CleanSpark will have nearly 1 gigawatt of potential capacity in the Houston area, making it a major player in the infrastructure that runs the modern internet.

Strategy’s US$1.3 billion Bitcoin haul lifts price

Bitcoin climbed back above US$95,000 after Michael Saylor’s Strategy (NASDAQ:MSTR) disclosed a US$1.3 billion Bitcoin purchase, its largest single acquisition since July.

The purchase pushed Strategy’s shares up about 7 percent, reinforcing its reputation as a high-beta proxy for Bitcoin. The company now holds roughly US$66 billion worth of Bitcoin at an average purchase price near US$75,000.

Strategy funded the purchase by issuing more than US$1 billion in new shares rather than tapping existing cash.

The rally was reinforced by a surge in institutional demand, with US-listed spot Bitcoin exchange-traded funds recording their strongest single-day inflows since October.

European crypto exchange Bitpanda targets 2026 Frankfurt IPO

European crypto exchange Bitpanda is reportedly preparing for an initial public offering (IPO) in the first half of 2026, with a potential valuation of up to 5 billion euros.

Bloomberg reported that the Vienna-based firm is said to be eyeing a Frankfurt listing, positioning itself in one of Europe’s deepest capital markets. Founded in 2014, Bitpanda has grown into a major retail platform with more than 7 million users and a dominant share of Austria’s domestic crypto trading activity.

The company has reportedly engaged major investment banks to advise on the deal, though it has yet to formally confirm its IPO plans. A Frankfurt listing would align Bitpanda with a broader trend of European firms prioritizing liquidity and investor depth over traditional UK venues

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Lead prices were volatile in 2025 amid investor uncertainty and factors like tariff threats.

The base metal is primarily consumed by lead-acid batteries, but is also used to produce radiation shielding, weights and, in the defense sector, ammunition. More recently it’s seen increased demand from the electric vehicle (EV) sector as a low-voltage auxiliary power source for lighting, windows and other essential systems.

Because lead isn’t usually mined as a primary metal, its supply is tied to other metals like zinc, silver and copper, making the lead price highly dependent on demand for these other metals — and by extension, fairly volatile.

How did lead perform in 2025?

Continuous contracts for lead on the London Metal Exchange (LME) started 2025 at US$1,921.44 per metric ton (MT) and saw steady upward momentum in Q1, rising as high as US$2,090.48 on March 18.

According to Shanghai Metals Market, lead’s early 2025 rise was supported by the end of the Chinese New Year holiday, as well as increased activity in the supply chain, which led to a limited increase in demand for lead ingot purchases. This activity coincided with destocking of lead inventories in western markets, which further fueled the price.

Lead continued to trade above US$2,000 for the remainder of March, but the start of April saw its price floor fall out — the metal hit its 2025 low of US$1,829.75 on April 9 amid a broader rout in commodities markets. This came after US President Donald Trump’s “Liberation Day” tariff announcement on April 2.

LME lead price, 2025.

Chart via the LME.

Shanghai Metals Market notes that the tariff announcement came during the traditional off season for lead, with battery producers reducing production and weakening overall demand for the metal.

However, the lead price had rebounded as of the end of April, with rising demand driving down inventories in downstream industries. By the end of Q2, lead was once again trading above US$1,900.

Trade concerns remained present, and although lead ultimately wasn’t included in reciprocal tariffs, considerable uncertainty dampened sentiment during the metal’s normally peak August-to-September period.

During the year’s third quarter, a significant 45,150 MT delivery to LME warehouses in November pushed total volume to 266,125 MT, leading to a collapse in the lead price amid oversupply concerns.

Lead stabilized in the US$1,930 to US$2,050 range as the year drew to a close, spiking to US$2,078.84 on November 12 and to US$1,910.48 on December 12.

What trends will move the lead market in 2026?

According to the International Lead and Zinc Study Group (ILZSG), global demand for refined lead is expected to increase by 0.9 percent to 13.37 million MT in 2026 after rising 1.8 percent in 2025.

In an October report, the organization projects a 6.6 percent rise in US lead demand for 2025, driven by higher domestic battery production. The ILZSG is also expecting greater 2025 lead usage in the Czech Republic, Germany, Poland and the UK, with a 1.8 percent gain in demand across the European Union.

However, a rise in Chinese demand in the first half of 2025, supported by a government trade-in policy for cars and e-bikes, was offset by lower exports of lead-acid batteries, which fueled demand growth of just 0.9 percent.

Many of these same factors are expected to carry over into 2026, with gains in Europe, Vietnam and the US expected to be offset by a forecast 1.7 percent decrease in Chinese demand.

On the supply side, mining output is expected to increase 2.2 percent to 4.67 million MT in 2026, with a 2.5 percent rise from Chinese operations, along with further gains from Europe and output recoveries in Australia and the US.

Refined supply is forecast to increase by 1 percent to 13.47 million MT over the next year, with gains from smelters in Brazil, India and Kazakhstan partially offset by lower production in China and the UK.

Overall, the ILZSG is expecting the lead surplus to grow to 102,000 MT in 2026.

Lead price forecast for 2026

According to a report from market intelligence firm Mordor Intelligence, lead-acid batteries are set to see increasing demand from data centers and 5G applications, where they are used as back-up power systems. The firm is calling for a 0.4 percent compound annual growth rate (CAGR) over the next two to four years.

In terms of EV sector demand, Mordor sees a 0.3 percent CAGR over the next two years as low-speed EVs like rickshaws and golf carts gain greater uptake in emerging markets in Southeast Asia.

Lead’s supply side could be affected by changing dynamics in the silver market.

In a December 12 article, Fastmarkets notes that a high silver price is prompting producers to accelerate project development timelines, pointing to Silver Mountain Resources’ (TSXV:AGMR,OTCQB:AGMRF) Reliquias project, which is expected to enter commercial production in Q3 2026.

As far as 2026 goes, Fastmarkets is expecting balance in the refined lead metal market, with little supply growth and the price rangebound at around the US$2,000 mark.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com