Weekend thoughts
No penny for my thoughts
This is a weekly digest of unassociated pictures (graphs mostly) I saw during the week. Not much context is given.
For daily digests: https://no1sdailydigest.substack.com/archive
Silver backtesting a 45-year breakout:
China gold imports doubling as prices slump:
China’s silver imports spike to a record:
Central banks keep piling into gold reserves:
Gold overtakes Treasuries in central-bank reserves:
Gold ETF demand flowing West to East:
Silver breaking out of its triangle:
Platinum and silver retesting decade breakouts:
India's MCX gold & silver vaults draining:
Gold at $4,104, euphoria-to-capitulation map:
COMEX silver open interest collapses -43.2%:
Tether now out-buying China on gold:
Gold/M2 ratio breakout and retest:
Gold is now the largest US export:
Ming paper money's 99% collapse vs silver:
Gold vs interest rates, 1971–2026:
Top 20 countries by gold & silver reserves:
Central bank gold buying: 244 tonnes in Q1:
Gold miners' AISC margin leaders, Q1 2026:
Silver flips from surplus to deep deficit:
Japan 2-year yield 1.5%, highest in 30 years:
US margin debt hits record 6.2% of M2:
Global bond yields surging to GFC highs:
TLT near its lowest price in history:
10-year yield eyeing 5%:
High-grade bond outflows, biggest since Covid:
30-year yield above 5% most days since 2007:
Treasury rollover risk runs into the trillions:
Germany 10-year yield 3.2%, 15-year high:
Real 10-year Treasury yield highest since 2023:
Labor's share of US income near record low:
US national debt nears $40 trillion:
S&P 500 priced in M2, above the dot-com peak:
Americans not in the labor force, all-time high:
US oil reserve lowest since 1985:
China weekly LNG imports, 22-month high:
Mideast-to-Asia oil reroute adds 29 days:
Hormuz & Bab el-Mandeb tanker flows vs Brent:
US crude oil supply, lowest in 45 years:
US gasoline back above $4 a gallon:
Global oil inventories at multi-year lows:
Tesla down 38% from its December ATH:
Oracle down 67% since its September ATH:
Uranium vs S&P, 17-year bullish wedge:
Wheat jumps to a 3-year high:
Diamond prices lowest this century:
Apple at a record 11x sales:
Big Tech's off-balance-sheet AI debts hit $1.65tn:
Inflation is only 2%…
Re: the Chart on devaluation of the Ming Dynasty 1 tael paper note: I understand the truism that paper fiat currency always devalues against the physical real value, but the funny thing here is these notes are recognized as the first paper currency in history and surviving authentic examples (which are around 600 years old and made of mulberry bark) are highly valued by collectors! Graded single examples in better condition (not using numismatic terms) can go for US$20,000 or more. How's that for holding value? 🤣 . Same goes for say, Confederate currency or rare US notes.😂 By the way, in spoken Chinese the modern term for a paper currency note or bill is still "銀 紙 幣" which literally translates as "silver paper money" even though there is of course no backing by silver or anything anymore.
Thanks No1. I think China has much more central bank gold than that. They buy a LOT of Chinese gold without fanfare. The next monetary regime can be gold-backed, like the previous one.