🥈 Silver has surpassed Microsoft ($MSFT) to become the 5th largest asset by market cap (exempting bonds & real estate).

It likely still has a little more run left in it.

📝 I N T E L R U N N E R 📝

🖼 Top 20 Most Expensive Artworks Sold at Auction

5️⃣ Reclining Nude - Amedeo Modigliani [$170.4 million]

4️⃣ Women of Algiers (Version "O") - Pablo Picasso [$179.4 million]

3️⃣ Shot Sage Blue Marilyn - Andy Warhol [$195 million]

2️⃣ Portrait of Elisabeth Lederer - Gustav Klimt [$236.4 million a few weeks ago]

1️⃣ Salvator Mundi - Leonardo da Vinci [$450.3 million]

🎨 I N T E L R U N N E R 🎨

🤩 Ranking of Current top 10 Websites by Monthly Visits Worldwide, Desktop & Mobile Web, October 2023—September 2025

5️⃣ ChatGPT 🤩

4️⃣ Instagram 🤩

3️⃣ Facebook 🤩

2️⃣ YouTube 🤩

1️⃣ Google 🤩

Top 3 are the same as in America, but with Amazon & Reddit at 4 & 5...

🤩 I N T E L R U N N E R 🤩

🇺🇸 Tilray Brands is up 14.7% this week after a -70.3% decline over the past couple months.

$TLRY is looking technically appealing. It may be short-covering at the bottom of that nasty slide. At $8.43/share, Tilray is precisely at the 200DMA (the 50DMA is up at $12.46, and remarkably the all-time VWAP is at $77.59).

Fundamentally, there's all the same problems of sustaining profitability, particularly in Canadian recreational & German medical markets. Revenue & gross margins have inched higher (the Aphria merger helped here), but operating cash flow remains negative and dilution is still a concern.

Legalization has meant comparatively serious price inflation in American cannabis. That differential is worsened by persistent Canadian oversupply. The Holy Grail catalyst in this industry is still descheduling (or direct banking relief), and the bigger the market that liberalizes, the better...

🥦 I N T E L R U N N E R 🥦

🇺🇸 Federal Reserve (Neither Federal Nor A Reserve) Balance Sheet Contraction Slows to 5.1% YoY by November 2025

After surging more than 80% year-over-year between May 2020 and February 2021, the Federal Reserve's balance sheet began to decelerate, eventually turning negative in November 2022. Since then, the pace of contraction has steadily moderated - easing from a 14.0% year-over-year decline in March 2024 to just 5.1% by November 2025.

In other words, the fake & gay financial system probably needs more support...

🦅 I N T E L R U N N E R 🦅

🥈 Silver is cooking! We're at a 64 handle and it has now rejoined the top five (non-bond, non-real estate) assets.

This has resulted in silver being more overbought than it has been in 45 years.

The last time its Relative Strength Index was this high was January 1980 at the tail end of the first precious metals bull market since the death of Bretton Woods. It even surpassed its 2011 peak.

📈 I N T E L R U N N E R 📈

🇺🇸 Annualized Returns Per Day For The S&P 500 In 2025

Wednesdays have been the big green day this year. Thursdays have been the most red day.

🌐 I N T E L R U N N E R 🌐

🌐/🥇 This is a chart of S&P 500 shares priced in gold ounces—otherwise known as the SPX-to-Gold Ratio.

This is becoming a much better currency inflation measure now that the chronic manipulation emanating from New York City, London, and Frankfurt is becoming untenable under the weight of Shanghai's growing market share. China does not have the same interest in suppressing the gold price that western monopoly capital does; on the contrary, it has the opposite point-of-view.

Right now, a share in $SPX is worth 1.59 ounces of gold. That's down 40.5% from 2.67 ounces in December 2021.

The all-time high for the S&P 500 is 5.59 gold ounces in July 19th, 1999. This is a much more significant & meaningful ATH than the recent high in nominal dollars ($6,920.34/share on October 29th).

In fact, $SPX is trading at the same 1.59 ounces per share it initially reached on December 4th, 1995. Of course then gold only cost you $386/ounce. That's 30 years of treading water for the American stock market.

Related Coverage
• The NASDAQ 100 adjusted by the M2 Money Supply
• Gold is having its best year since 1979 + the history of gold coverage on Intelrunner

📉 I N T E L R U N N E R 📉

🇺🇸🇬🇧🇫🇷 Amazon: Web Visitors, Application Users, Units Sold, and Revenue YoY in the USA, the UK & France, Web & App, January 2025—May 2025

Amazon's facing stiffer competition than it's used to with Temu & Shein...

🛒 I N T E L R U N N E R 🛒

🇸🇪 Consumer Prices in Sweden

The more traditional Swedish Consumer Price Index (CPI) and the Swedish Harmonized Index of Consumer Prices (HICP), Europe adopted with the monetary union, have exhibited a bit of a divergence since the 2022 peak in inflation.

The ECB didn't want inflation numbers rising when they raised rates, so they just left housing costs out of the measure. Since housing & fuel costs are down 3.1% YoY, the CPI has found its way to a lower low than the HICP (like the higher high in 2022).

Why the Europeans tolerate this? No one knows. No one knows.

Why do we tolerate "owner equivalent rent"?

📉 I N T E L R U N N E R 📈

💸 If Bitcoin hits $96K, then $4.57B in shorts will be liquidated.

The max pain point for today's option expiry was around $90K, so price has been responsive to these trade-wrecking levels.

🌐 I N T E L R U N N E R 🌐

🌍 High Versus Low Alcohol Consumption by Nation – The OECD's Drinking Divide

The OECD has been a "global health burden" itself, for the record, along with the WTO, the IMF, the BIS & all its subsidiaries, and the World Bank.

Just saying. If they want to drink, let them drink. It's their culture.

🥃 I N T E L R U N N E R 🍷

🌍 The Wealthiest Countries in Africa by GDP Per Capita

1️⃣ Seychelles - $42,110

2️⃣ Mauritius - $33,023

↔️ Global Average - $26,500 ↔️

3️⃣ Gabon - $24,739

4️⃣ Egypt - $21,759

5️⃣ Equatorial Guinea - $20,494

🌐 I N T E L R U N N E R 🌐

🇺🇸 President Trump has moved the market attempting to predict the next Chairman of the Federal Reserve.

In an interview with the Wall Street Journal released yesterday, Trump confirmed the choice was narrowed down to "the two Kevins" and responded "Yes, I think he is" when asked if Warsh was the Kevin in the lead.

To my mind, this is good news. Warsh presents the approach most harmonious with Trump's agenda and he has by far the best understanding of the Fed's culpability in America's economic struggles among Trump's short list.

🦅 I N T E L R U N N E R 🦅

🇺🇸 1- & 2-Year Inflation Swaps

They've finally given up the ghost on tariff-induced inflation. We're back to pre-election inflation expectations...

This is likely exactly the wrong time to be thinking that, but these are people who take the financial press seriously, so they get what's coming to them.

Related:
• All-Time High in Money Supply
• 39-Month High in M2 Growth
• Has Inflation Bottomed at 3%?
• U.S. Economy Expands at Fastest Pace in 2 Years

📊 I N T E L R U N N E R 📊

🇺🇸 The Bloomberg Fed Statement Sentiment indicator is diving toward the dovish side.

As a matter of fact, we're reaching 2020 levels of dovishness...

Just when they calmed down about Trumpflation—here comes QE.

🦅 I N T E L R U N N E R 🦅

🇺🇸 30% of all American wealth is owned by men & women over 70 years of age...

👴 I N T E L R U N N E R 👴

🇺🇸 Cyclical stocks lead the breakout list...

The technology ($XLK), financial ($XLF), and industrial ($XLI) sectors saw at least 10% of their equities hitting 52-week highs.

📈 I N T E L R U N N E R 📈

🇺🇸 Central banks re-accelerated their gold purchases every time price fell a bit. They've been at it for some time now. This is a preparation for the financial system to come.

As I noted in September, the gold representation in the asset mix of Americans (and several other key populations) is woefully low.

Now, finally, we're seeing broad interest in the concept of debasement in Google searches in the United States of America. Consciousness about the loss of purchasing power for the Dollar, the Euro, and virtually every other fiat currency in concert is permeating the Wall of Sleep.

More on Debasement & Gold
• The Decline in the Euro's Purchasing Power [8/1]
• Global Gold Reserves: the United States of America vs. the World [9/26]
• The Asset Mix of Major Nations' Populations [9/30]
• Gold's Best Year Since '79 (Plus A Review of Gold Coverage Here) [10/2]
• The Gold/Silver Ratio Drops [12/2]
• Central Banks Still Buying Gold For an Ugly Tomorrow [12/5]
• The 50 Year Return on Gold Exceeds Bonds [12/7]
• The S&P 500 Priced in Gold [12/12]

💲 I N T E L R U N N E R 💶

🇺🇸 Natural gas is down 23.2% since I said:

"I've got a gut instinct we're due for a pullback here."

Let's try to hit a few more winners before the year is out.

🔥 I N T E L R U N N E R 🔥

🇺🇸 October to November Change in Americans' Holiday Spending Plans

Americans are cutting back on holiday spending according to Gallup polling. People say "more than 2008," but dollars were worth a lot more in 2008, and never forget it.

They said they'd spend an average of $778 on gifts this year. This is $234 lower than last year’s November spending expectations of $1,012.

You should think of this as an early price of stagflation and a rogue government.

🎄 I N T E L R U N N E R 🎄