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The Hidden Link Between Capital Intensity and the Next Raw Materials Cycle
This chart is basically a map of which parts of the stock market need the most money just to keep the machine running. At the top, you have utilities, basic resources, telecom, airlines, energy, autos, and chemicals. These are heavy…
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Why Central Banks Are Dumping Paper for Gold
This chart shows a quiet but very important shift in the plumbing of the global financial system. Foreign central banks are holding a bigger share of their reserves in gold, while their share of U.S. debt holdings has been falling…
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Big Money Chose Tech Over Resources and Now the Bill Is Coming Due
This chart is a quiet bombshell. What it shows is the share of S&P 500 corporate capex going into two very different parts of the economy: tech and related sectors in black, and commodity sectors in blue. In plain English,…
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