What the Yield Curve Is Really Saying Right Now
This chart is a long history of the yield curve, and in plain English, it is one of the market’s best mood meters for the economy. Think of the yield curve as
Copper Demand Is Surging but Supply Is Stalling
This chart is a simple picture of a very big future problem. It shows copper demand rising steadily from around 25 million tonnes in 2020 to more than 42 million tonnes by
Institutions Are Sending a Clear Message About the Dollar
This chart is showing one big message: the world is slowly holding less of its reserves in US dollars. Think of global foreign exchange reserves as the emergency savings account of central
If This Trend Continues Gold Miners Could Reprice Fast
This chart tracks quarterly free cash flow for three major gold miners: Newmont, Barrick, and Agnico Eagle, from 2016 through 2025. And the message is not subtle. After years of choppy, uneven
China’s Power Boom Is Bigger Than Most Investors Realize
This chart is a simple picture of a very big global shift. It shows electricity generation in China versus the United States over time, measured in terawatt-hours. The US line is mostly
The Smartest Money in the World Is Buying Gold Aggressively
This chart shows one of the most important quiet shifts in the global macro story. Central banks have been buying gold at a pace that stands far above the old normal, and
From 39 Trillion to 64 Trillion The Macro Story Is Clear
This chart shows the long arc of US public debt outstanding, stretching from the early 1900s all the way to a projected 2036 level of 64 trillion dollars. The shape is the
The Mining Sector Now Only 1% of Global Equities
Here’s the real message of this chart. It shows how small the mining industry has become relative to the total global stock market. Back in the early and mid 1900s, mining made
