Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, January 14th, and I'm your host, Kim Khan. Our top story so far.

The precious metals rally keeps rolling. Gold and silver hit fresh all-time highs, with gold up about 1% above 4641 an ounce,

and silver jumping 6% to top $90 an ounce 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 an RSI near 80 for the first time in a decade.

The move is built on last year's gains on the prospect of a criminal indictment of Fed Chief J. Powell, which 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 is higher after better than expected results that showed solid underlying growth.

Seeking Alpha analyst Ian Bezick 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 delivered mixed

Q4 numbers in 2026 guidance, missing on the top line as the net interest income came in

below Wall Street forecasts. The bank now expects 2026 NII of about $50 billion,

roughly in line with the consensus and non-interest expense of $55.7 billion just under the current

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