INTELRUNNER
The Indians & to a lesser extent the Japanese are wisely stacking more gold. The United States is far too exposed to financial assets, and China is (effectively de jure) too exposed to real estate.
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That's been enough to produce a breakout from the old all-time-high levels established in 1989. It started pushing resistance in February of last year, and by June of this year, it had broken it.
It's been nothing but up since...
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INTELRUNNER
Facebook remains the leading social media for news
Of course, Twitter & Reddit were obscenely overpriced, but both were also (ostensibly) quasi-government projects, so I'm sure a full account of the relevant facts would explain those valuations.
Here's Harrison Berger on the impetus for the TikTok sale:
And as independent journalists Lee Fang and Jack Poulson reported last year, TikTok has forged a content moderation partnership with CyberWellโan NGO closely linked to the Israeli government and staffed by Israeli spiesโwhose chief executive publicly boasts about the foreign lobbyโs successful campaigns to suppress the free speech of Americans and restrict the information they can receive not just on TikTok but across โall major social media platforms.โ
The acquisition of TikTok by Oracle, Silver Lake, and Andreessen Horowitz is therefore not simply a reshuffling of corporate control, but the latest step to consolidate a foreign governmentโs censorship regime in America. The appโs new owners openly display their affection for, and often loyalty toward, Israel.
Well that sounds fun.
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INTELRUNNER
Top picture is the past month of trading in this market. The past week and today are on the bottom. More on this later...
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INTELRUNNER
An outbreak of foot-and-mouth disease in South Africa, reportedly.
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INTELRUNNER
Walmart operates 4600 stores in the U.S. (5200 including Samโs Clubs) and 10K globally for 270 million total customers each week.
There are 1.5 million American Walmart employees.
...why do so many people work at Denver International?
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INTELRUNNER
Meta may be deluded once again, but if so, this time so are the investorsโฆ
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The spending will continue well into 2026 and even a little beyond in some cases. This will include industrial construction, data center construction, and building out chip manufacturing capacity.
There are two key American ETFs for infrastructure: (1) the Global X U.S. Infrastructure Development ETF ($PAVE), which is largely industrial, construction, and raw materials companies, and (2) the iShares U.S. Infrastructure ETF ($IFRA), which has those but also includes companies in utilities & energy.
$PAVE has appreciated against $IFRA for most of its history. $PAVE is the more pure infrastructure play, but $IFRA has the higher yield, as you'd expect from the make-up.
None of this is financial advice.
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INTELRUNNER
Most of the world is of course into their cutting cycles, while Japan continues normalization.
The pattern points to cautious, data-dependent central banks: some scope to trim rates where growth is cooling, but a softer glide path in economies that have already banked meaningful cuts.
We're easing, come hell or high water...
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INTELRUNNER
๐ The Biggest Shifts in Currenciesโ Value Against the Dollar
This is the percent change in the U.S. Dollar index for each year up until September 18th.
This is largely a reflection of its performance against the Euro, which dominates the $DXY index on which this is based.
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INTELRUNNER
Future prices reached an all-time high of $3,923 per ounce this morning around open and have since pulled back to $3,871.
Fun Fact: the very first post on this channel was about the importance of gold to every man, woman, child, institution, organization, and company. I said it's all about trading uncertainty.
I showed you the central banks were driving the price up. I noted the likely further upside in August, as well as the miners before that and the lagging juniors after. I discussed the importance of gold reserves last Friday.
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INTELRUNNER
It's now broken out of the last dynamic resistance and has returned to March prices after a long consolidation that I pointed out early & at the lows.
Will it catch up to the S&P 500 on the year? It's on the way. The ratio of the sector to the broader market ($XLV/$SPY) is up 4.5% this week.
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