China is pulling silver from global markets at the fastest pace in 8 years
China is rapidly absorbing global silver supply, with imports exceeding 790 tons in early 2026 and a record February. Demand is driven by retail investors seeking a cheaper alternative to gold and solar manufacturers accelerating purchases before tax changes. With the solar sector consuming about 20% of global supply and inventories falling, market tightness is intensifying. China’s dominant role in both demand and production is amplifying pressure on already constrained silver markets. Source: Global Markets Investor
50 countries rely on imported fossil fuels for more than HALF their energy.
The Strait of Hormuz is a critical global chokepoint: disruption would hit energy-dependent economies like Japan, South Korea, and Germany. Despite shifts after past crises, reliance on fossil fuels remains high and concentrated in volatile regions. The energy transition is progressing, but too slowly to mitigate immediate geopolitical and supply risks. Source: Jack Prandelli on X, Ember
This month is proving painful for macro traders:
Brevan Howard Master Fund: -6% MTD (through March 20) Brevan Howard Alpha Strategies: -3.7% MTD (through March 20) Taula: -9.6% MTD (through March 20) Caxton Macro: -15% MTD (through March 20) Source; Bloomberg, Nishant Kumar
JP Morgan has launched a basket of credit default swaps designed to let hedge funds bet against the debt of $GOOGL, $AMZN, $ORCL, $META, and $MSFT
Big Short 2 Coming? Source: Barchart
Why Memory Stocks Crashed Today: TurboQuant Just Changed The Game With "Google's DeepSeek Moment"
Micron Technology (MU) fell 17% in 5 days, losing $90B market cap (now $430B), alongside Sandisk, Seagate, and Western Digital. Not earnings, but Google’s TurboQuant cutting memory use 6x, boosting inference 8x shocked markets. By reducing AI hardware needs, it threatens memory demand, signaling a shift toward software efficiency over hardware dominance. Source: Provided text
The limited flow of traffic moving through the Strait of Hormuz is now sailing exclusively through an IRGC-controlled corridor requiring specific clearance codes and an Iranian escort service.
Source: LLoyd's List
SHIPS PASSING THROUGH THE STRAIT OF HORMUZ
🟢 Feb 26 → 🚢 132 🟢 Feb 27 → 🚢 128 🟠 Feb 28 → 🚢 98 🟠 Mar 01 → 🚢 18 🟠 Mar 02 → 🚢 7 🔴 Mar 03 → 🚢 2 🔴 Mar 04 → 🚢 2 🔴 Mar 05 → 🚢 1 🔴 Mar 06 → 🚢 0 🔴 Mar 07 → 🚢 1 🔴 Mar 08 → 🚢 2 🔴 Mar 09 → 🚢 1 🔴 Mar 10 → 🚢 2 🔴 Mar 11 → 🚢 1 🔴 Mar 12 → 🚢 0 🔴 Mar 13 → 🚢 3 🔴 Mar 14 → 🚢 1 🔴 Mar 15 → 🚢 0 🔴 Mar 16 → 🚢 1 🔴 Mar 17 → 🚢 2 🔴 Mar 18 → 🚢 1 🔴 Mar 19 → 🚢 0 🔴 Mar 20 → 🚢 1 🔴 Mar 21 → 🚢 2 🔴 Mar 22 → 🚢 3 🔴 Mar 23 → 🚢 5 🔴 Mar 24 → 🚢 6 Source: Windward Maritime Intelligence, Lloyds List, PIB India, and regional briefings.
Is the petrodollar era starting to erode?
A Deutsche Bank report questions the future of the petrodollar system, where oil trade in USD underpins global demand for the currency. Emerging shifts Middle Eastern oil flowing to Asia, countries like Russia and Iran trading outside the dollar, and Saudi Arabia considering alternatives are increasing pressure. Geopolitical tensions and risks to Gulf supply routes could accelerate change. Combined with the rise of renewables and energy independence, a gradual decline in USD dominance may reshape global financial power.Source: ZeroHedge, Deutsche Bank
