India hikes bullion import duties as the world’s second-largest gold market faces a declining rupee.
India has increased import duties on gold and silver from 6% to 15% (including basic customs duty and a 5% Agriculture Infrastructure Cess), significantly raising domestic prices by roughly ₹12–13 lakh per kg for gold and ₹24,000–25,000 per kg for silver. The move is aimed at curbing a sharply rising import bill, with gold imports reaching a record $71.98 billion in FY26 and silver imports surging 162%, amid broader macro pressures such as higher crude prices, a weaker rupee, and geopolitical uncertainty. Authorities expect a potential 15–20% reduction in imports, saving $10–15 billion in foreign exchange outflows, though past patterns suggest possible offsets through smuggling, unofficial premiums, and higher recycling. The policy may also be part of a broader effort to shift household wealth away from physical gold holdings toward financial assets, but it remains unclear whether this is a temporary measure or a structural shift. Source: CR
The Roundhill Memory ETF $DRAM is up 98% since launching 5 weeks ago, easily the best perf ETF out of the gate (while also being the fastest growing ETF- at least to $6.5b).
Source: Bloomberg, Eric Balchunas
The only precedent for when the S&P 500 has been at record highs while fewer than 60% of stocks were above both their 50- and 200-day moving averages: December 1998-March 2000.
Source: Bespoke Invest
21Shares lnc. is going live TODAY 12th of May with their Hyperliquid #ETF Ticker $THYP US Fee 30bps.
Source: Bloomberg, Eric Balchunas
Stocks vs. Housing Performance since the 1970s
Source: Barchart
Seems like another AI chipmaker IPO is on its way with Cerebras.
Source: Bloomberg
In case you missed it.... KKR Funds Loses $560 Million In 3 Months
The WSJ reports KKR’s big private-credit fund for regular investors just took a $560 Million bath (10% of its value) as loan defaults jumped to 8.1%. KKR's largest private-credit fund, primarily held by individual investors, experienced a significant $560 million loss in the first quarter due to an increasing number of loan defaults. Wall Street Journal (Markets) posted on X that this development highlights the challenges faced by private-credit funds as economic conditions fluctuate. The fund, which has been a popular choice among individual investors seeking higher yields, has been impacted by the financial instability of several borrowers. KKR share price has been cut in half and it’s now junk-rated.
Asset class returns as of 8/5/2026
Source: Charlie Bilello
