Newsletter

Recession risk remains low. Gold sets new ATH. The gold trade is getting crowded (or is it?). Debt service surpasses US defense. No rare-earths = no defense.

AI drives US GDP. Fund managers say the US is overvalued. The AI bubble explained. Gold surpasses US$4,000/oz t. Remember, gold stores value.

Global debt hits a new ATH. Gold hits new ATH. Silver nearing ATH. NVIDIA market cap surpasses US$4.5trn. There are more PE funds than Micky Ds.

Gold demand continues to surge. Gold has its best year since 1979. 39% of fund managers have no gold. S&P 500 FCF yield at 2008 levels. It’s about time in the market.

Gold miners’ operational leverage. Inflation is a monetary phenomenon. The rich drive consumption. US$1.2trn in interest. Risk of US recession rises.

Apple, Microsoft, and Nvidia are 17.5% of the US stock market. Energy is only 3% of the US stock market. Gold sets new records. Record jobs numbers revision. US$7 trillion on the sidelines.

Gold surpasses US$3,600/oz t. Central banks load up on gold. Diamonds are an investor’s nightmare. Russian gas to China instead of the West. The US makes the money.

US stocks hit ATH valuation. Trump taking control of the Fed. Fed gives up its inflation target. Trump is going full Xi. US government spending at WW2 levels.

AI takes over office workers. AI gets facts from Reddit and YouTube. AI capex might be at a peak. Taxed to death. Taxed to death twice.

Air conditioning is crucial. US-EU trade deal is about optics. Energy is the AI bottleneck. Levered up. Higher taxes lead to lower tax revenue.