Divergence (noun): the situation in which two things become different. Karl Pearson, a brilliant mathematician born in the 19th century coined the phrase, “correlation does not imply causation”. We as humans, have yet to teach our machines this. Most gold trading is done by algorithms today. The algorithms started selling gold bullion because they were
Quietly, the outlook for gold is improving. We say quietly because gold recently attained a new all-time high price of $2,077 per ounce and yet there has not been much fanfare. In part this is because the new all-time high did not hold, but nonetheless gold has reached a new all- time high in every
The firming up of the dollar index in January helped keep a ceiling on various dollar-sensitive assets, including gold which is now back in its rangebound pathway: I expect gold to eventually break out to the upside and likely have a sizable run when it does, but it has to perform that breakout first. Its
In [an earlier white paper], we noted that based on fundamentals, Energy and Tech looked surprisingly similar. We’ve updated the chart below and admit, tech has pulled ahead a bit. We discussed the potential risks from inflated Tech sales and profits due to vendor financing in Everything AI, a problem that simply can’t exist in
URANIUM GOING PARABOLIC as prices surges above 100 for the first time since 2007 and reaches its most overbought level in history.
It’s hard to think of a worse environmental scandal in recent years than Volkswagen’s 2015 diesel-emissions cheating. The German automaker was rightly pursued by regulators, enforcement agencies and class-action lawyers. The scandal ended up costing Volkswagen an estimated $33 billion in fines and financial settlements—and revealed that diesel-emissions cheating was endemic. In 2020 Daimler AG
In the early 2010s, US shale players were producing oil like crazy, with no concerns about profitability. Then the legs were kicked out from the industry, causing a massive bust, and massive oversupply. In 2021 and 2022, it looked like a very different story. Oil prices were surging and it seemed as though US players
North American natural gas is the cheapest energy molecule on the planet by as much as 75%. Over the next twelve months, we believe this discount could close entirely, boosting US gas prices as much as four-fold. As we go to print, Henry Hub gas costs $3.00 per mcf while European and Asian gas is