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For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Market Pulse. Week-end wrap-up and forward look.

Week ending strong despite holiday volatility.

Oil

• Held gains Friday
 • Brent steady near $63, WTI holding above $59
 • Both benchmarks posting modest weekly gains after mid-December lows
 • Geopolitical tensions providing support: U.S.-Venezuela sanctions tightening, Russian oil infrastructure under pressure
 • Supply disruption concerns offsetting demand weakness
 • OPEC+ output increases scheduled for January
 • Chinese demand remains sluggish
 • Full-year 2025: Brent down 16%, WTI down 18% — worst annual performance since 2020
 • Forward look: Oversupply narrative dominates early 2026

Natural Gas

• Retreated from week highs
 • Closed near $4.15/MMBtu, down from Thursday's $4.34
 • Weather forecasts moderating, storage draws slowing
 • LNG exports remain robust at 18.5 bcf/day
 • U.S. production holding near record at 107.74 bcf/day
 • Winter strip forecast at $4.30
 • Forward look: Cold snaps drive volatility through January

Equity Markets

• Markets closed early Friday
 • Dow holding near 48,731
 • S&P near 6,932
 • Nasdaq maintaining gains
 • Year-end positioning continues, trading volume thin through New Year's
 • Full-year 2025 performance strong: S&P up approximately 23%, Nasdaq up 28%
 • Technology and consumer discretionary led gains, energy lagged significantly
 • Fed rate cuts in September catalyzed rally
 • Forward look: Earnings season kicks off mid-January, valuations elevated

Real Estate

• Finishing 2025 with momentum
 • Cap rates stabilized after early-year peaks
 • Industrial between 6.5-7.5%
 • Multifamily Class A at 5%
 • Office finding footing, retail recovering strongly
 • Transaction volume up year-over-year
 • Forward look: 2026 brings continued cap rate stability, increased deal flow, and sector rotation into industrial and data centers

Credit Markets

• Closing year at record strength
 • Private credit reached $3.5 trillion assets under management
 • CLO issuance nearly doubled 2023 levels
 • Spreads tightened significantly: AAA CLO bonds at SOFR + 110 basis points
 • Middle-market converging toward broadly syndicated loan levels
 • Default rates low but expected to normalize
 • Forward look: M&A activity rebounds in 2026, driving direct lending growth

Bottom Line

• Oil: Targeting sub-$50 breakevens, hedge floors above $75
 • Gas: Selective exposure, winter contracts locked
 • Industrial: Sub-6.5% caps near logistics hubs
 • Senior secured credit: SOFR + 650, LTV under 65%

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