⁉️IS THE US DOLLAR RESERVE CURRENCY STATUS STRENGTHENING⁉️
The US Dollar share in global payments jumped to 49% in 2024 the highest since 2012. This is up from ~40% at the beginning of 2022. The Euro share has plummeted to ~21%. The US dollar fall does not look so imminent. Source: Global Markets Investor
Japan is the perfect example of the failure of Keynesian policies.
More government spending only generates more debt and stagnation, and with years of printing, the yen keeps depreciating. Graphs JP Morgan and Bloomberg thru Daniel Lacalle on X
The NFT bubble was as bad as the Tulips one.
They aren’t ever coming back. Imagine paying $1 million for one a few years ago Source: tealthQE4 (@QE Infinity) on X
Global Equity Returns this year...
Source: Charlie Bilello
This is quite impressive ... the S&P 500 is up by 38.8% year/year.
Going back to 2000, there are only 25 weeks that had stronger gains, 24 of which were either in 2010 or 2021. Source: Bloomberg, Kevin Gordon on X
Uranium stocks ETF $URA is up +11% last week and +16% for the month, outpacing all other sectors.
Shares in nuclear energy companies surged to record highs last week after Amazon and Google struck landmark power supply deals, boosting efforts to deploy the first small modular reactors (SMRs) in the US. The share prices of US-listed SMR developers Oklo Inc and NuScale power rose by 99% and 36% respectively in the past week, after rivals X-energy and Kairos Power, two private SMR developers, announced the financing agreements. Shares in Cameco, Oklo, NuScale, Constellation and BWX Technologies all traded at record highs over the week. Source: FT
While silver is at a 12-year high, it remains one of the most undervalued metals in history compared to gold—the gold-to-silver ratio is still at 83!
Could this mean that the rally has further to go? Source: Tavi Costa, Crescat Capital, Bloomberg
👉 A very important chart about global liquidity...
While the fed is still in qt mode (it has decreased the size of its balance sheet by $200B between May and September), the PBOC is in qe mode having increased its balance sheet by $560B between May and September... Ne-net liquidity is increasing. With global central banks cutting rates at the most aggressive pace since the pandemic and with the PBOC expanding the size of its balance sheet almost 3x more than the Fed is reducing it, it will be interesting to see the consequences on inflation + on gold, silver, etc. Source chart: Jeff Weniger
