July 2023

A startup aimed at commercializing a more advanced form of nuclear energy – and backed by OpenAI founder Sam Altman – is set to go public (from the Financial Times on July 11)…

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A nuclear fission start-up backed by Sam Altman is to go public through a merger with a special purpose acquisition company set up by the OpenAI chief executive in a deal that values the business at $850mn.  Oklo, where Altman serves as board chair, has agreed a transaction with AltC Acquisition Corporation, a blank-cheque company
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Josh Young – portfolio manager for energy-focused investment firm Bison Interests – shares his view on the oil markets, including the implications of an impending recession and the long-term outlook for supply and demand (from Public’s Leading Indicator podcast on July 5)…

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You can view this video on Youtube via the linked timestamps below: Introduction: 0:00 What happened in 2022: 1:20 Negative Returns: 4:00 Market Psychology: 7:31 Future of Energy: 15:47 Outlook for Oil Prices: 19:09

Toyota reportedly makes a massive breakthrough in electric car battery technology (from The Guardian on July 4)…

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Toyota says it has made a technological breakthrough that will allow it to halve the weight, size and cost of batteries, in what could herald a major advance for electric vehicles. The world’s second largest carmaker was already pursuing a plan to roll out cars with advanced solid-state batteries, which offer benefits compared with liquid-based
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The chart below suggests gold is one of the cheapest assets in the world today (from FFTT Tree Rings on July 21)…

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This chart from Chris Hamilton at Econimica grabbed our attention, not as an immediate indicator, but rather, as a jaw-dropping piece of context. An attempt to see the forest for the trees, if you will. 1980: Everybody hates the [US Dollar (USD)] and [US Treasury Bonds (USTs)], even as US Federal debt is 40% collateralized
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The Russian government claims BRICS nations will announce a new gold-backed currency next month (from Kitco News on July 7)…

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The gold market could see new bullish momentum as the world could see a new type of gold standard. Friday, according to state-run RT, the Russian government has confirmed that Brazil, Russia, India, China and South Africa, also known as BRICS nations, will introduce a new trading currency backed by gold. The official announcement is
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Surging solar panel demand is beginning to “squeeze” silver supplies (from Bloomberg on July 2)…

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Changes to solar panel technology are accelerating demand for silver, a phenomenon that’s widening a supply deficit for the metal with little additional mine production on the horizon. Silver, in paste form, provides a conductive layer on the front and the back of silicon solar cells. But the industry is now beginning to make more
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Elliott is also now targeting troubled drugmaker Catalent (from The Wall Street Journal on July 19)…

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Elliott Investment Management has built a significant stake in Catalent (CTLT) and is pushing for a shake-up on the contract drugmaker’s board. Elliott has been talking to potential director candidates about joining a slate of nominees to run in a proxy contest, people familiar with the matter said. The exact size of Elliott’s stake couldn’t
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