This is a fascinating chart for anyone looking at the gold-to-silver ratio in a historical context - courtesy of Otavio (Tavi) Costa.
Over the past 125 years, the ratio has only spent brief moments above the 100 level — extremes like this tend not to persist for long... Source: Tavi Costa, Crescat Capital
Crazy numbers coming out of China
A $100 billion (goods) surplus in March, a $275 billion goods surplus for q1 (up from $185 billion last year) and a surplus of nearly $1.1 trillion over the last 4 quarters... The easy explanation is tariff front running. But it seems "too easy" as an explanation. China's exports to the US and the EU look identical -- and there is no "reciprocal" tariff threat out of the EU. Same story with emerging markets: more exports and fewer imports. Source: Brad Setser @Brad_Setser on X
Mag7 stocks trade at the cheapest in more than 2 years
Source: Mike Zaccardi, CFA, CMT @MikeZaccardi
China has suspended exports of certain rare earth minerals and magnets to the U.S. and other countries
It’s also drafting new regulations to block these materials from reaching American companies Source: Stocktwits
Indeed...
Source: @AesPolitics1
BILLIONAIRE RAY DALIO: ‘I’M WORRIED ABOUT SOMETHING WORSE THAN A RECESSION’ - CNBC
“Right now we are at a decision-making point and very close to a recession,” Dalio said on NBC News “And I’m worried about something worse than a recession if this isn’t handled well”
Chart for future history books...
Source: Michel A.Arouet, Bloomberg
Givaudan Positive Reaction Last Week
Givaudan (GIVN SW) showed a positive reaction last week, rebounding strongly and closing the week above major support at 3536. The stock rebounded sharply from the demand zone between 3287-3468, and has consolidated 26% since the September 2024 high. It’s also at the 61.8% Fibonacci retracement. These technical levels aligning suggest a significant moment for the stock.Source: Bloomberg
