BREAKING: The number of people working MULTIPLE jobs in the US hit 8.66 million in September, a new record.
This is ~300,000 above the peak seen before the pandemic and ~600,000 above the 2008 peak. Furthermore, the number of part-time jobs has jumped by ~3 million over the last 3 years to a near-record 28.2 million. Concerningly, full-time employment has declined by 1 million since November 2023. Multiple jobholders have been rapidly rising over the last few years as Americans are fighting record-high prices. Millions of Americans are working multiple jobs to afford basic necessities. Source: The Kobeissi Letter
$META is up 70% this year and has soared 550% since bottoming in October 2022
If you invested $10,000 in October 2022, you would have over $65,000 Source: Stocktwits
Satoshi Nakamoto
HBO documentary film maker Cullen Hoback has named Peter Todd, a bitcoin core developer who has been involved with bitcoin since 2010, as who he believes to be the real-world identity of Satoshi Nakamoto. If it is true, it means that this man holds about 1.1m BTC tokens (around $70 billion...) in about 22,000 different addresses. Source: Bitcoin Magazine
Exactly what someone who's Satoshi would say ???
Source: Wall Street Silver
Some wise words to start the day...
Source: AZ Quotes
😱 The shocking chart of the day: Too many goldilongs?😱
Momentum in gold remains powerful, but you are not alone being bullish gold here... The chart below shows CFTC net long minus short position in futures for the Managed Money category. Source: The Market Ear, JPM
US credit card interest rates hit 23.4% in August, a new record.
Over the last 2 years, rates have soared by 7 percentage points. US consumers now have a record $1.36 trillion in credit card debt and other revolving credit meaning they pay a massive $318 billion annual interest. To put this into perspective, Americans paid just half of that in 2019 at ~$160 billion. Meanwhile, credit card serious delinquency rates are at 7%, the highest level since 2011. Source: The Kobeissi Letter
NEARSHORING... 🚨FOXCONN TO BUILD WORLD’S LARGEST NVIDIA SUPERCHIP PLANT IN MEXICO
Foxconn announced plans to construct the world’s largest manufacturing facility for assembling Nvidia’s GB200 superchips in Mexico, key to Nvidia’s next-gen Blackwell computing platform. The Taiwanese tech giant is capitalizing on the surging demand for AI servers. Foxconn execs revealed the plant's "enormous" capacity, with the company already investing over $500 million in Mexico. Source: Reuters, Mario Nawfal on X
