Newsletter

China is more indebted than the US. The US middle class is shrinking. US housing is becoming increasingly unaffordable. The most hated rally ever?. Gold has rebounded.

60% of stock markets have reached ATH. High market concentration has been bad. Emerging markets benefit from a weak US$. Oracle’s default risk surges. High-investment companies underperform.

Time is money. Just 3% of stocks generate wealth. 8% of S&P 500 accounts for 47% of the market cap. Shorter lifespans for S&P 500 companies. Most investors still shun gold.

The Internet broke. Gold sees record price fall. Institutional gold demand to remain strong. Fundamentally driven return of Mag 7. Tough times for active managers.

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.