Small Caps: February Review

A review of the small-cap market in February 2026, with a focus on the impact of macro-economic factors such as US political decisions regarding Venezuela and Greenland, and the nomination of Kevin Warsh as the new Fed Reserve Chair. The article analyzes the significant volatility in precious metals markets, particularly gold and silver, highlighting the divergence between COMEX paper prices and physical markets in Asia. It argues that the market is fundamentally broken, with paper prices not reflecting the physical demand, especially for silver.