THE BIG MONEY IS QUIETLY POSITIONING FOR A GOLD EXPLOSION.
While retail investors are panic-selling the dip, the "smart money" is doing something absolutely radical. I’m looking at the COMEX data, and the numbers are staggering. The Strategy: Insiders are loading up on gold options with strike prices between $15,000 and $20,000 for December 2026. The Context: Current Gold Price: ~$4,961 The Target: A 3x to 4x increase in value. Here is the part most people missed: This buying spree didn't happen during the hype. It started right after gold hit $5,600 and "dumped" hard. When the price dipped below $5,000, retail investors ran for the exits. They saw a correction; the insiders saw a generational entry point. Right now, they are sitting on over 11,000 contracts. Why does this matter? Because you don’t place a bet that gold will triple out of "optimism." You do it because you see a fundamental shift in the global financial system that others are ignoring. Source: Alex Mason @AlexMasonCrypto
Crazy market stat: The S&P 500 is flat YTD, but there are just 94 stocks in the index up or down less than 5% YTD while there are 117 stocks up or down more than 20% YTD.
Source: Bespoke
The World uncertainty index reaches the highest level in history, surpassing Covid, the Global Financial Crisis, and the Dot Com Bubble
Source: Barchart @Barchart
Long gold is by far the most overcrowded trade according to the latest BofA fund manager survey
Source: BofA Global Fund Manager Survey
Christine Lagarde is expected to leave the ECB before her term ends in 2027, aiming to give Emmanuel Macron and Friedrich Merz the opportunity to choose her successor.
With the French presidential election approaching, Lagarde may step down early to let Macron and Merz influence her ECB successor. Key stakes: filling the power vacuum, deciding among top contenders like Hernández de Cos, Knot, Schnabel, and Nagel, and shaping the ECB’s post-crisis legacy.
The K-Shaped Economy: Personal savings have dropped by -$469.2 billion since April, a decline of -37%.
The personal saving rate tumbled from 5.5% in April to 3.5% in November, the lowest since 2008, excluding the Covid-era distortions of 2020. Dwindling savings mean there’s less of a cushion to meet necessary payments, let alone make discretionary purchases. Delinquency rates on loans ranging from mortgages to credit cards rose to 4.8% in Q4, the highest since 2017. American's wallets are hurting. Source: Bloomberg, Hedgeye
One equity market tailwind is coming back...
Roughly 80% of corporates are out of the buyback blackout period Source: Bloomberg
Wondering why memory chips stocks are on fire? Just watch the chart below courtesy of Bloomberg.
Nvidia's chips consume more RAM witch each generation. Rubin requires as much memory as several powerful PCs.
