According to The Information, ChatGPT ads are being priced at $60 per 1000 impressions - which is way above other digital ads, even above TV/Streaming
Source: Peter Gostev (in SF 2-6 Feb) @petergostev
The mother of all deal?
Source: Jack Prandelli on X
U.S. Dollar has now fallen below its 14-Year Support Level 🚨🚨🚨
Source: Barchart
Did someone front run Trump's dollar announcement by going all-in gold?
At exactly 3pm, a large block of gold‑linked call (GLD) trading went through, coinciding with the sharp move higher in spot gold. In over‑the‑counter equivalent terms, a trader rolled 250k deltas out of an in‑the‑money 4,950/5,050 call spread, and into a Feb. 20 5,250/5,400 call spread, representing 1.1 mm ounces of gold exposure ($5.1BN). The client paid $30MM in net premium to implement the new structure. Source: zerohedge
While the world watches the US Dollar and Yen with bated breath, the "Swissie" just hit its strongest level in over a decade.
Here is why the global markets are shaking: 🚀 The "Gold Nugget" Effect Investors are fleeing to safety. With Gold crossing $5,000/oz and political volatility rocking major powers, the Swiss Franc has become the ultimate "reliable" haven. It’s up 3% this year, following a massive 14% gain last year. 📉 The SNB's Impossible Choice A currency this strong is a double-edged sword. It keeps inflation low (currently at 0.1%), but it puts a massive squeeze on Swiss exporters. The Swiss National Bank (SNB) is now stuck between a rock and a hard place: Cut rates? They are already at 0%. Going negative again is a move they want to avoid. Intervene? Direct intervention risks the "currency manipulator" label and diplomatic friction. 🌍 The Bigger Picture When the "linchpin" of the global economy (the USD) feels erratic, capital doesn't just disappear—it migrates. We are seeing a fundamental shift in where the world stores The Lesson: In a world of volatility, stability is the most expensive luxury on the market. Source: FT
Gold volatility is now the global cross-asset volatility outlier (silver too, though that market is essentially broken for now).
Hedging “global” risk via gold volatility at these levels is very unattractive. Source: The Market Ear
FT headline today as S&P 500 hit a new all-time high yesterday
Does it mean that the "sell US assets" narrative is already dead? Source: FT
If you want to understand why silver is hitting $100/oz in 2026, stop looking at the news and start looking at the 1-year silver swap minus US interest rates.
In a "sane" market, this line stays above zero. It’s called Contango. 📈 It means: There’s plenty of silver to go around. No one is panicking. You pay a small premium to hold it later because of storage and insurance costs. But right now? We aren’t in Contango. We aren’t even in "normal" Backwardation. We are in EXTREME BACKWARDATION. 📉🔥 When that line drops below zero, the math flips. The market is effectively saying: “We need your silver so badly that we will literally PAY YOU to sell it to us today and buy it back later.” What does this tell us? The Vaults are Bleeding: LBMA and COMEX inventories are hitting decade lows. Industrial Desperation: AI chip manufacturers and EV giants aren't waiting for "better prices"—they are buying everything that isn't bolted down. The Great Decoupling: The "paper price" on a screen is becoming a fantasy. The price of a real bar in your hand is the only thing that matters. When lease rates for silver stay higher than cash interest rates, you aren't looking at a "bubble." You’re looking at a physical shortage. The shorts are being squeezed. The vaults are being drained. Does it mean the silver rally 🚀 has further to go??? Source: Karel Mercx @KarelMercx Bloomberg
