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One Bullion (TSXV:OBUL) is a Toronto-based gold exploration company advancing a district-scale portfolio of gold assets in Botswana. The company holds approximately 8,004 sq km across three greenstone belt–hosted projects: Vumba, Maitengwe, and Kraaipan. Botswana is recognized as one of Africa’s most attractive mining jurisdictions, offering political stability, a transparent regulatory framework, and well-established mining infrastructure.

The company is focused on systematic, data-driven exploration. One Bullion has compiled extensive historical datasets, conducted modern geophysical surveys, and carried out substantial drilling—particularly at Vumba, where results have confirmed a continuous, structurally controlled gold system. The company plans to further advance its projects through targeted drilling and technical derisking, before exploring strategic partnerships or joint ventures with larger mining companies.

The company is led by CEO and President Adam Berk, supported by a management team and board with deep expertise in exploration, mine development, capital markets, and public company governance. The company prioritizes capital discipline and lean operations, directing the majority of funds raised into the ground to deliver results-oriented catalysts for shareholders.

Company Highlights

  • Controls approximately 8,004 sq km across three gold-prospective greenstone belts in Botswana, one of Africa’s most stable and mining-friendly jurisdictions
  • Portfolio includes Vumba, Maitengwe and Kraaipan, spanning early- to advanced-stage exploration with multiple near-term catalysts
  • Vumba is the most advanced asset, with extensive historical work and drill results confirming a large, continuous gold system with expansion potential
  • Kraaipan provides large-scale upside, with significant strike length along a prolific greenstone belt that hosts producing and past-producing mines nearby
  • Backed by a data-rich exploration platform, including tens of thousands of historical assays and modern geophysical surveys
  • Led by a management and board team with experience across mining, capital markets and company building

This One Bullion profile is part of a paid investor education campaign.*

Click here to connect with One Bullion (TSXV:OBUL) to receive an Investor Presentation

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Gold and silver prices are skyrocketing as investors flock to safe-haven assets.

The spot price of gold rose as high as US$4,924.29 per ounce on Thursday (January 22), even as US President Donald Trump walked back his threats to take over Greenland by force in his Davos speech.

That’s because investors are still faced with the global economic implications of insurmountable debt levels and unresolved trade wars, which have led central banks around the world to bolster their gold reserves.

Gold price chart, January 15 to 22, 2026.

The yellow metal’s latest rise adds to an ongoing historic run.

After starting 2025 around US$2,640, gold had risen to the US$3,200 level by April. It stayed within a fairly flat range until the end of August, when it launched higher once again, breaking US$4,300 in mid-October.

The price of gold took a breather following that move, even falling briefly below US$4,000; however, its retracement was neither as steep nor as long as many market watchers expected it to be.

Gold began gaining steam again in mid-November, and took off again in earnest at the end of 2025.

In 2026, precious metals have continued to benefit from geopolitical tensions and economic uncertainty. Expectations of interest rate cuts after US Federal Reserve Chair Jerome Powell’s term ends later this year have provided support too. Trump’s feud with the Fed over rates took an eyebrow-raising turn on January 9, when the US Department of Justice served the Fed with grand jury subpoenas targeting Powell with a criminal indictment.

Earlier this week, gold climbed higher as investors moved out of global stocks after Trump said over the weekend that European nations opposing his bid to acquire Greenland could face tariffs of up to 25 percent.

The nations targeted included France, Germany, the UK, Denmark, Norway, Sweden, the Netherlands and Finland. The news prompted fears of a full-blown US-Europe trade war, a weaker US dollar, higher inflation and a worsening outlook for the global economy. There were even concerns that the conflict over Greenland could seriously weaken or dismantle the NATO alliance. Gold is traditionally used as a hedge against such risks.

Greenland’s key geographic position in the Arctic has long been coveted by the US as a necessary strategic asset in its geopolitical struggle with Russia and China. “China and Russia want Greenland, and there is not a thing that Denmark can do about it,” Trump wrote on January 17 on his social media platform Truth Social. “Only the United States of America, under PRESIDENT DONALD J. TRUMP, can play in this game, and very successfully, at that!”

‘As soon as the probability of escalation increases, defensive capital tends to move preemptively, rather than waiting for tangible impacts to materialize in economic data. In this context, gold functions as a portfolio risk-balancing asset.’

European leaders responded with vows that they would not be blackmailed into allowing Trump to take Greenland, and said they were preparing counter measures to the president’s tariffs.

Perhaps the pressure worked, as Trump made a point of stating in his Wednesday (January 21) Davos speech: ‘I don’t have to use force. I don’t want to use force. I won’t use force.’

Silver is also attracting attention, pushing past the US$96 per ounce mark for the first time. Although it is valued as an investment metal, silver is key for technology such as solar panels.

Elsewhere in the precious metals space, platinum rose to record highs on Thursday, reaching US$2,612 per ounce. Palladium remains below its top price level, but is elevated above US$1,800 per ounce.

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

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After taking a bearish turn in late 2024, manganese prices started 2025 on a flat note despite a robust demand outlook supported by growth in the electric vehicle (EV) battery segment.

In the first half of 2025, the manganese market experienced mixed signals as supply dynamics shifted and demand from the steelmaking sector remained uneven. Early in the year, logistical disruptions and tight inventories in China briefly supported manganese ore prices — China’s port stocks fell to multi-year lows in March, drawing down to roughly 3.7 million metric tons due to by logistical bottlenecks and steady consumption by alloy makers and steel producers.

A rebound in sales in early spring pushed ore prices to a 2025 high of US$4.48 per metric ton.

However, by mid-year, the broader picture was one of ample supply and downward price pressure.

Manganese ore production climbed to around 10.1 million metric tons in H1, buoyed by strong export volumes from South Africa and Gabon and the resumption of Australian shipments that had been disrupted in 2024.

At the same time, global steel output weakened, particularly in China, where production declined about 3 percent year-on-year amid slowing domestic demand, while India and North America posted modest gains.

Demand for manganese alloys also softened, with sales volumes down modestly and margins compressed by rising feedstock costs, especially for alloy producers facing less favorable mixes.

Manganese prices struggle as structural demand builds

By June 20, 2025, manganese’s H1 gains had eroded and ore prices fell to US$4.21.

Eramet (EPA:ERA,OTCPL:ERMAF), a major producer, said it expected supply of manganese ore to increase in the second half of 2025, partly as key producers such as Australia returned volumes to market after earlier disruptions.

‘Ore supply should increase in H2, driven by the full return to the market of the leading Australian producer, partly offset by a potential downward revision of South African exports,’ the company notes. Demand for manganese alloys was expected to weaken in line with seasonality and softer global steel production.

Analysts cautioned that production expansions from major manganese producers could exacerbate oversupply. “Production increases … can only lead to oversupply, leading to a reduction in price,” one industry executive said.

Protectionist measures in key markets, including new EU quotas on ferroalloys, added uncertainty by potentially disrupting traditional trade flows and affecting alloy pricing dynamics.

Beyond the steel sector, structural shifts in consumption patterns emerged.

Although steelmaking still accounts for the lion’s share of manganese demand, interest in battery-related uses, particularly high-purity manganese for lithium-ion and next-generation EV chemistries, continued to gain attention.

“Our expectations of ongoing strengthening battery-grade demand and production in China in Q4 have been tempered somewhat by ongoing challenges within the nickel cobalt manganese (NCM) market,” Rob Searle, battery raw materials analyst at Fastmarkets, wrote in a November battery metals market update.

“While we expect a level of demand ramp-up in Q4, in the wider context of geopolitical challenges and a challenging Chinese market, the manganese demand uptick in the short term could be somewhat tempered,’ he added.

Changing battery chemistries

During a June Supply Chain (SC) Insights webinar, experts noted that manganese-rich cathode chemistries are increasingly drawing attention as automakers seek to cut costs and reduce exposure to cobalt and nickel.

Andy Leyland, founder of SC Insights, pointed out “manganese-rich chemistry is really offering a good solution … in terms of costs,” highlighting the commodity’s role in emerging battery designs.

While high-nickel NCM batteries remain dominant, industry players are exploring manganese as a lower-cost, high-performance alternative in Europe and North America, where supply chains remain heavily reliant on imports, particularly from China. OEMs are under pressure to secure raw materials directly, with vertical integration and direct sourcing emerging as key strategies to manage price volatility and supply security.

John Mulcahy, supply chain specialist at SC Insights, emphasized that sourcing upstream allows companies to negotiate better terms and reduce exposure to market fluctuations, even amid low pricing environments.

Manganese-rich chemistries are expected to expand steadily, complementing existing NCM and lithium iron phosphate (LFP) batteries, rather than replacing them entirely.

As Leyland noted, these materials are “definitely very high up on the focus from the demand side,” signaling growing adoption in the global push for cost-effective, low-cobalt battery solutions.

In March, Firebird Metals (ASX:FRB,OTCPL:FRBMF) produced its first lithium manganese iron phosphate (LMFP) EV batteries, becoming the first Australian company to achieve the feat. The move could position Firebird as a low-cost manganese cathode player, and highlights growth in the LMFP battery production segment.

Rising nationalism presents trade challenges

With the demand picture for manganese showing promise, analysts warn that export restrictions in Gabon could lead to a supply crunch before the decade is over. According to the US Geological Survey, 63 percent of US manganese imports come from Gabon. In June, the African nation announced plans to implement an export ban in January 2029.

Gabon’s renewed push to ban manganese ore exports from 2029 underscores Africa’s broader shift toward value addition, but it also risks tightening an already fragile global supply picture, a Project Blue market note reads.

As the world’s second largest exporter, Gabon shipped more than 7 million metric tons of high-grade ore in 2024, material that is critical to both ferroalloy production and emerging battery supply chains.

An export ban would hit Chinese buyers and European processors reliant on Gabonese feedstock, while adding pressure to the high-grade market at a time when Australia’s GEMCO mine is expected to wind down later this decade.

Although in-country processing — through ferroalloys or batteries — offers a path to capture more value locally, it would require significant investment and could shift, rather than eliminate, environmental and logistical costs.

For global markets, Gabon’s move signals rising resource nationalism in Africa and a potential structural squeeze on manganese supply heading into the next decade.

“However, without large-scale investments from China, a key battery producer, such ambitious plans of African governments risk remaining unrealised,” the Project Blue overview states.

“China has invested in Africa’s mineral industry (e.g. Ghana), securing access to the continent’s high-quality raw materials, while keeping production of high value-added products directly in China.”

In early 2025, Euro Manganese (TSXV:EMN,OTCPL:EUMNF) scored a major boost when its Chvaletice manganese project was designated a “strategic project” under the EU’s Critical Raw Materials Act.

The move underscores the EU’s push to secure local supply of critical battery materials and could tighten the manganese market by prioritizing European production in the continent’s energy transition.

Oversupply vs. new manganese demand drivers

For 2026, analysts expect the manganese market to remain broadly balanced, but with pressures and opportunities on both the supply and demand fronts. However, longer-term fundamentals point to steady growth.

Global market forecasts indicate the manganese industry could expand modestly in value and volume by 2035, driven by ongoing demand from steel and increasing uptake in battery and clean-energy applications.

Some reports project market size rising through the decades, with Asia-Pacific demand remaining dominant and new opportunities emerging in the electrification and high-purity material segments.

Steel demand will continue to be the principal driver in 2026, with India’s expanding production offering a potential buffer against slower growth in China and Europe. Battery applications may not yet move the pricing needle dramatically, but their structural importance is increasing as automakers and cathode developers look to diversify away from nickel and cobalt reliance, a trend that could support manganese demand in the medium term.

“Looking ahead to the coming weeks and months, it is likely we won’t see too much further upward pressure on prices. Asian markets are heading towards the seasonal lull in demand and manufacturing activity in February as the Lunar New Year holidays begin,” Searle said in a January Fastmarkets report.

“At the same time, there are concerns around what China’s EV demand outlook looks like in Q1 2026, with changes to subsidy schemes potentially leading to softening consumption of battery-grade manganese.”

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

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Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or “the Company”) is pleased to announce that MMCAP International Inc. SPC (‘MMCAP’) and certain other strategic investors (together the ‘Strategic Investors’) will provide funding of C$10 million for a 19.7% interest in the Company’s polymetallic Häggån project (‘the Häggån Project’) located in Sweden, establishing its value at C$50 million.

Aura has entered into a binding agreement to transfer 100% of the Häggån Project to SIU Metals Corp. (‘SIU Metals‘), an unlisted Canadian public company, in consideration for acquiring shares in SIU Metals. The agreement will result in SIU Metals being the 100% owner of the Häggån Project.

Aura will retain 78.7% ownership of SIU Metals and the Strategic Investors will own 19.7% after contributing C$10 million via a private placement. SIU Metals intends to seek a stock market listing on the TSX Venture Exchange (‘TSXV’) in connection with the transaction.

HIGHLIGHTS

  • Valuation for Häggån project established at C$50 million (A$55 million)
  • Agreement with MMCAP and certain other strategic investors to provide aggregate gross proceeds of C$10 million to SIU Metals, which will be renamed following the transaction
  • Proceeds to be used for the advancement of the Häggån project, including permitting and resource expansion through continued exploration including on surrounding tenements
  • Aura will retain ownership of 78.7% of SIU Metals and consequently will retain indirect exposure to the Häggån project post-transaction
  • Aura to appoint new officers and directors to SIU Metals on closing of transaction
  • Financing is expected to complete in February 2026, with the transaction expected to complete in June 2026
  • New Canadian listed company to benefit from increased visibility and direct comparison with valuation of other public companies with similar deposits
  • On 1 January 2026, the Minerals Act in Sweden was amended to allow exploration for and extraction of uranium
Phil Mitchell, Executive Chairman Aura Energy, said:

“We are delighted to welcome investors of the calibre of MMCAP, Aura’s largest shareholder, and other high-quality investors into this new vehicle for Aura’s Häggån project, and the future support they can bring. We believe their investment is a demonstration of the quality and potential of the project, and its exciting future as, following legislation changes brought into effect on 1 January 2026, mining of uranium is now allowed again in Sweden. This transaction shines a spotlight on the under-recognized value of Häggån within Aura Energy, and creates an independent and dedicated pathway for funding, growth and management of the project.

Upon successful completion of the transaction, Aura’s existing shareholders will continue to benefit from Häggån’s upside potential, and by way of a direct comparison with the valuation of other companies with similar deposits in the region.”

Click here for the full ASX Release

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Steve Barton, host of In It To Win It, shares price targets for silver and discusses when silver stocks may start to outperform the metal.

‘I fully expect a catch-up trade like this — I think that it’s coming, and I think it’s going to come this year and probably this first quarter,’ he said.

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

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Europe should be happy President Donald Trump was elected — despite his threats to take Greenland — because without him, it would never have stepped up for its own defense, according to NATO Secretary-General Mark Rutte. 

‘I’m not popular with you now because I’m defending Donald Trump, but I really believe you can be happy that he is there because he has forced us in Europe to step up, to face the consequences that we have to take care of more of our own defense,’ Rutte said Wednesday in remarks at Davos, Switzerland.

‘No way, without Donald Trump, this would never have happened. They’re all on 2% now,’ he went on during a panel at the World Economic Forum. 

In 2014, NATO allies agreed to spend 2% of GDP on defense, but many fell short until recent years. With the Russian invasion of Ukraine and Trump’s threats not to defend NATO countries, most allies are meeting or exceeding the benchmark. 

They’ve now agreed to spend 5% GDP on defense and national security infrastructure.

‘I’m absolutely convinced without Donald Trump you would not have taken those decisions, and they are crucial, particularly for the European and the Canadian side of NATO to really grow up in the post-Cold War world.’

U.S. lawmakers previously criticized Rutte for his own country’s underspending on defense. Rutte was prime minister of the Netherlands from 2010 to 2024. 

Rutte argued the U.S. is still committed to Europe’s defense, and the nuclear umbrella is the ultimate defense guarantee.

‘The Americans still have over 80,000 soldiers in Europe … including in Poland and Germany, and so they are still heavily invested in European defense. And yes, they have to pivot more towards Asia. So it is only logical for them to expect us, Europe, to step up over time,’ he said.

He also added Greenland is not the ‘main issue’ and Europe should not let it distract from Ukraine’s defense. 

‘The risk here is that we focus, of course, on Greenland, because we have to make sure that issue gets solved in an amicable way,’ he said. ‘But the main issue is not Greenland. Now, the main issue is Ukraine. I’m also a little bit worried that we might drop the ball focusing so much on these other issues.’

‘This focus on Ukraine should be our top priority,’ he said. ‘Ukraine has to come first because it is crucial to our European and American security.’

Rutte repeatedly has praised Trump, in June calling him ‘daddy’ of the NATO alliance. 

‘Daddy has to sometimes use strong language to get them to stop,’ he said in reference to fighting between Israel and Iran.

Other European leaders have expressed more concern about Trump’s Greenland ambitions. On Wednesday Trump, for the first time, ruled out taking Greenland by force. 

Danish Prime Minister Mette Frederiksen has said a U.S. takeover of Greenland would mean the ‘end of NATO,’ the nearly 80-year-old defense alliance. 

Trump spoke at the Davos, Switzerland, conference Wednesday after threatening Europe with tariffs over the Greenland dispute.

This week the president told Norwegian Prime Minister Jonas Gahr Støre in a text message he ‘no longer thinks purely of peace’ in his desire to own Greenland.

Trump wrote: ‘Dear Jonas: Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace, although it will always be predominant, but can now think about what is good and proper for the United States of America.’

‘I have done more for NATO than any other person since its founding, and now, NATO should do something for the United States,’ Trump wrote. ‘The World is not secure unless we have Complete and Total Control of Greenland.’

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President Donald Trump took a shot at Somalia and claimed that the investigations Minnesota faces alleged fraud schemes is a reminder that the West cannot allow mass migration from ‘failed’ societies. 

Minnesota has encountered heightened scrutiny in recent months as the state faces investigations into multiple alleged fraud schemes plaguing the state’s social services system. 

The majority of those charged are part of Minnesota’s Somali population, and Trump unveiled plans in November 2025 to end the temporary protected status for Somali migrants in Minnesota that offers protections against deportation.

‘The situation in Minnesota reminds us that the West cannot mass import foreign cultures, which have failed to ever build a successful society of their own,’ Trump said Wednesday at the World Economic Forum in Davos, Switzerland. ‘I mean, we’re taking people from Somalia, and Somalia is a failed — it’s not a nation — got no government, got no police … got no nothing.’

Secretary of the Treasury Scott Bessent announced in December 2025 that his agency was launching an investigation evaluating whether Minnesota’s funds were potentially diverted to al-Shabab, a terrorist organization based in Somalia. 

Lawmakers also initiated probes into Minnesota’s alleged ‘Feeding Our Future’ $250 million fraud scheme that allegedly targeted a children’s nutrition program the Department of Agriculture funded and that Minnesota oversaw during the COVID-19 pandemic.

At least 77 people have been charged in that scheme, which took advantage of the U.S. Department of Agriculture’s decision to waive certain Federal Child Nutrition Program requirements.

Likewise, another alleged fraud scheme in the state stems from the Housing Stability Services Program, which allegedly offered Medicaid coverage for housing stabilization services in an attempt to help those with disabilities, mental illnesses and substance-use disorders receive housing.

The Justice Department so far has charged less than a dozen people for allegedly defrauding the program that runs through Minnesota’s Medicaid service, but more charges are expected.

Minnesota Gov. Tim Walz, a Democrat, has claimed that he believes that reports indicating the fraud could total over $9 billion are exaggerated and ‘sensationalized,’ but he’s also promised to address the issue. 

‘I am accountable for this, and more importantly, I am the one that will fix it,’ Walz told reporters in December 2025.

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Nigerian authorities have admitted that more than 160 Christians were kidnapped during worship services Sunday after initially denying the simultaneous attacks on three churches.

‘Subsequent verification from operational units and intelligence sources has confirmed that the incident did occur,’ Benjamin Hundeyin, the police spokesperson for the unit in northwestern Kaduna, Nigeria, state, said in a statement.

A state lawmaker, Usman Danlami Stingo, had told The Associated Press that 177 people were abducted during simultaneous in northwestern Kaduna, Nigeria, Sunday. Eleven reportedly escaped, while 168 are still missing, according to Stingo. The attacks reportedly took place at the Evangelical Church Winning All (ECWA), at another church belonging to the denomination Cherubim and Seraphim, and at a Catholic church. 

Kaduna, Nigeria, State Police Commissioner Muhammad Rabiu initially described news reports of the attacks Monday as rumors, saying the police visited one of the three churches in the district of Kajuru and ‘there was no evidence of the attack.’

Joseph Hayab, chairman of the Northern Christian Association of Nigeria, claimed on Nigerian broadcast network Africa Independent that the issue had become ‘politicized.’

‘I don’t know the politics being played by the deniers, but this is quite sad. Whoever is asking for a list, we have shown them the list, let them tell us the list does not exist.’

‘This incident happened,’ he said. ‘All we want is for the security services to do is to go after them.’ 

The Chikun/Kajuru Active Citizens Congress (CKACC), a local advocacy group, published a list of hostages that has not been verified. 

Rights group Amnesty International condemned the ‘desperate denial’ of the attack by the police and government.

‘The latest mass abduction clearly shows President Bola Tinubu and his government have no effective plan for ending years of atrocities by armed groups and gunmen that killed thousands of people,’ the group said in a statement.

In response to the recent kidnappings, a senior Trump administration official told Fox News Digital, ‘President Trump made his position clear. Nigeria is facing a complex array of threats from terrorist groups and violent extremist organizations that is affecting wide portions of the country. We hope that the Nigerian government will work to take swift and immediate action in collaboration with the United States to address the violence that is affecting Christians, as well as countless other innocent civilians across Nigeria.’

Two Christian groups, Northern Christian Association of Nigeria and Christian Solidarity Worldwide Nigeria (CSWN), said they sent representatives to the region to investigate, but they were turned away by military and local government officials. 

A local resident allegedly told CSWN that bandits had rounded up congregants and ‘forced them into a bush,’ later releasing elderly women and children. 

Kaduna State Police Commissioner Muhammad Rabiu said Monday police visited one of the three churches and ‘there was no evidence of the attack.’

He said the ‘rumors’ were ‘sponsored by people who are not happy with the relative peace that Kajuru has been enjoying since the coming of this administration.’

The kidnapping reports come just weeks after the U.S. carried out airstrikes against Islamist targets in northern Nigeria.

On Dec. 25, 2025, U.S. Africa Command confirmed it conducted precision strikes targeting Islamic State-linked militants in Sokoto State, a Muslim-majority region in northwest Nigeria. The Pentagon said the operation was carried out in coordination with Nigerian authorities and was intended to degrade ISIS-West Africa Province capabilities. 

Officials said multiple militants were killed. 

The Christmas Day strikes marked one of the most significant U.S. military actions in Nigeria in recent years and came amid warnings from U.S. officials that ISIS affiliates were exploiting Nigeria’s vast ungoverned spaces, porous borders and limited security presence in rural areas.

In recent months, armed groups have abducted hundreds of schoolgirls and students from multiple northern Nigerian schools, incidents that reignited U.S. political debate over whether the violence constitutes religious persecution or criminal banditry — and whether Nigeria’s government is capable of protecting vulnerable populations. Religious freedom advocates and some U.S. lawmakers have urged stronger diplomatic and security engagement, arguing that repeated attacks on Christian communities are being minimized by Nigerian authorities.

Nigeria’s government has consistently rejected claims of a coordinated campaign against Christians, insisting the violence is driven primarily by criminal groups seeking ransom rather than ideology. Security officials have warned that misinformation surrounding attacks risks inflaming tensions in already volatile regions.

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Justice Brett Kavanaugh voiced concern during oral arguments on Wednesday that a Supreme Court case involving Federal Reserve Governor Lisa Cook could erode the central bank’s independence if the justices were to side with President Donald Trump in it.

Kavanaugh asked Solicitor General John Sauer, who argued on behalf of the administration, about his position that Trump alone can decide what ’cause’ means when firing a Federal Reserve governor.

‘That’s your position, no judicial review, no process required, no remedy available,’ Kavanaugh said, describing it as a ‘very low bar for cause that the president alone determines.’

Kavanaugh, a Trump appointee, added that that would ‘weaken, if not shatter, the independence of the Federal Reserve.’

Sauer said he disagreed and that the law requiring a Federal Reserve governor to be fired for cause was, in fact, a ‘high bar.’

‘It’s our very strong protection because it does protect them from the one thing that Congress was apparently most worried about, which is a removal for policy disagreement,’ Sauer said. 

The high-stakes case stems from Cook, who was represented during oral arguments by renowned conservative attorney Paul Clement, suing over Trump removing her from the Federal Reserve’s powerful seven-member board of governors.

Cook was appointed by former President Joe Biden. Board members serve 14-year terms, and no president has ever fired a single one.

The justices are weighing whether to keep in place a lower court injunction that has allowed Cook to remain in her post while her lawsuit proceeds.

Trump has argued he has broad authority to fire Cook, alleging she committed private mortgage fraud. Cook has denied those claims and said she has received no due process. She has not been charged with any crime.

While the conservative justices appeared largely sympathetic during a separate case examining Trump’s stance that he could fire members of independent agencies, such as the Federal Trade Commission, the justices appeared to view the Federal Reserve as more insulated during Wednesday’s arguments.

The Federal Reserve, created in 1913, moderates interest rates and, unlike other independent agencies, it is not funded by Congress and its policy decisions do not need presidential or legislative approval.

Trump has repeatedly blasted Chairman Jerome Powell and the Federal Reserve for lowering benchmark interest rates at a slower pace than the president wants. The president’s feud with the Federal Reserve recently expanded after Powell revealed that the Department of Justice was investigating him over an allegation he lied to Congress, which Powell denies.

Kavanaugh also raised a bigger picture question, asking Sauer what the implications of deciding in favor of Trump would mean for future administrations.

‘Let’s talk about the real-world, downstream effects of this, because if this were set as a precedent, it seems to me, just thinking big picture, what goes around, comes around,’ Kavanaugh said. ‘All the current president’s appointees would likely be removed for cause on Jan. 20, 2029, if there’s a Democratic president or Jan. 20, 2033. And then, we’re really at at-will removal.’

Justices across the ideological spectrum voiced skepticism about Trump’s ability to fire Cook. Justice Sonia Sotomayor, an Obama appointee, said she found the whole case unusual, noting that Trump first raised Cook’s termination through social media.

‘This whole case is irregular, starting with a Truth Social notice, or thinking of it as notice at all, certainly didn’t invite an opportunity to be heard. But that’s where we are,’ Sotomayor said.

Fox News’ Bill Mears contributed to this report.

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