French-Italian 10y spread dropped below 25 bp this morning.
It was 115 bp at the start of last year… En route to zero? Source: Stephane Deo on X, Eleva Capital, Bloomberg
Bullish for the nuclear power sector and uranium producers
Source: Markets & Mayhem
Portugal might bring back enhanced tax incentives, just for Golden Visa investors.
A 20% flat tax on local income. 0% on foreign income. Basically NHR 1.0… but gated behind a Golden Visa. If this passes, will demand explode? Source: Alessandro Palombo, Forbes
Gold's share of global reserves reached 23% in Q2 2025, the highest level in 30 years.
Over the last 6 years, the percentage has DOUBLED. At the same time, the US Dollar's share of international reserves has declined 10 percentage points, to 44%, the lowest since 1993 (dee left-hand scale). By comparison, the Euro's share has decreased 2 percentage points, to 16%, the lowest in 22 years. Gold is quickly replacing fiat currencies as a reserve currency. Keep watching gold.
BREAKING: Volatility
CBOE Volatility Index has plummeted 63% over the last 9 weeks, the largest volatility crush in history Source: Barchart
Silver about to surpass gold as best performing asset YTD
Source: zerohedge
Tesla stock $TSLA, surges over +5% as President Trump says he is not getting rid of his Tesla.
Trump also called Starlink a “good service” and say he wishes Elon well. Global Pulse on X: “Despite rising tensions, the Trump Vs Musk conflict will cool down in the coming days till next election. Both are high-stakes players, and neither wants to risk their empires”. Source image: Not Jerome Powell on X
China dominates global rare earths production:
China now produces nearly 400,000 metric tons of rare earths a year. This is a massive 69% of the global output, per the US Geological Survey. The US is seeking to restore flows of critical minerals in today's trade talks. Source: Global Markets Investor
