Gold isn't about cash flows or valuations. It's about trust.
For centuries, gold anchored monetary systems and provided confidence when fiat currencies eventually lost it. Today, global debt has exploded to $350 trillion, while only about 25% of all fiat money is backed by the value of all the gold above ground, down from 60–100% throughout most of history. At the same time, governments continue printing money to finance ever-rising debt. China appears to understand this dynamic: it is simultaneously expanding debt and aggressively accumulating gold. If history rhymes, gold may not simply rise in price—it may be revalued as confidence in fiat currencies is tested. Source: jeroen blokland
The K-Shaped economy:
Source: Hedgeye, Bloomberg
Could it be one of the most important breakouts developing in the entire commodity complex?
Source: Tavi Costa, Bloomberg
Samsung, SK Hynix shares fall as investors brace for reported $1.3 trillion spending plans
This is double the previous reports last week of 1,000 trillion won ($650B). Source: Negligible Capital @negligible_cap Bloomberg
All the gold ever mined fits in a sphere 107 ft wide.
216,300 tonnes above ground. Worth around $29T That's it and that's the whole supply. It grows about 2% a year, and you can't print more. Source: Jack Prandelli on X, Visual Capitalist
A tough time for store of values
Source: Bitcoin Magazine
In case you missed it... US MegaCap Tech is facing its worst month since April 2022
(and 3rd worst month ever)... Source: zerohedge
Brent crude is now trading below where it was before the Iran conflict began.
Think about that. The market has effectively priced in a clean resolution to one of the largest geopolitical energy shocks in recent history. That's a powerful reminder that markets don't wait for certainty. They price the most likely outcome. But while the geopolitical risk premium may have disappeared from prices, that doesn't necessarily mean the underlying risk has... Stay tuned Source: Blackrock, UBS
