This may be one of the most important charts in the current macro environment.
Fascinating chart.
And there go Brazilian small caps….
A consequential night for Brazil.
This is just a short note to share that I am launching a mining-focused fund.
Wild. US and China’s combined money supply is surging almost as fast as it did during the Covid stimulus madness.
The lag in silver prices is becoming one of the market’s most compelling divergences.
Latin America is likely experiencing a major turning point in market leadership.
Washington has a strong dollar, high interest rates, and an unmanageable debt-service burden.
Still one of the most important macro divergences in markets today.
Miners have never been this cheap relative to tech on a free cash flow yield basis.
Yet there is no AI revolution without metals.
Inflation expectations are on the verge of a major breakout.
Markets underestimate how strongly today’s macro imbalances will push policymakers toward more inflation.
This will define the next decade and write a new chapter in monetary history.
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