🇨🇳 China’s Falling Property Prices

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🌍 Temperature drives CO2 changes, not the other way around.

Note in the chart that the HadCRUT5 temperature plot is shifted forward by 4 months, and that CO2 level changes match the temperature changes after that lag.

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🇺🇸 The status of Strategic Bitcoin Reserve legislation across America...

Were the measures currently pending in all 26 of these states to pass, 262,577 BTC totaling over $28 billion in dollar terms would have to be purchased.

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🌍 The price of copper, 1850-2025…

Copper's price history is a story of its fundamental link to industrial progress and economic health, marked by significant cycles driven by major global events, technological changes, and shifting supply-demand balances, with the energy transition being the dominant theme today.

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🇺🇸 The delinquency rate of multi-family housing—watch this space.

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🇹🇷 🇺🇸 The Turkish Lira is down another 11.37% year to date against the Dollar.

That’s -85.21% since 2020 and -96.27% since 2010 as well.

But then again, it lost 99.57% from July 1990 to July 2000, so this is not Turkey’s first (or second) rodeo.

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🇵🇱>🇬🇧 Will Poland Overtake the UK? Sure looks like it.

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🇬🇧 Opinium poll June 25-27:

REFORM~NI: 30%
LAB-S&D: 25% (+1)
CON~ECR: 17% (-1)
LDEM-RE: 12%
GREENS-G/EFA: 9%
SNP-G/EFA: 2% (-1)
PC-G/EFA: 1%

+/- from two weeks prior.

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🚘 The Porsche-to-Gold Ratio…

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🇺🇸 The S&P 500 ($SPX) has rallied from -18% to a 1 year high within 3 months…

Also, other times this occurred since 1933.

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🇺🇸 There’s no question about it. I’ve been saying this since the pandemic. Leaving the health risks of fast food entirely to the side…

You can get the casual dining takeout faster than a drive-thru during anything but the slowest periods. It will taste better than fast food, they will be less likely to screw the order up, and the pricing is competitive!

👎 CHART WATCH 👎

🇰🇷🇺🇸Auto exports to America are important to the South Korean economy, but the new government in Seoul is still in early stages of negotiation with the Trump Administration.

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🇪🇺 Capital Gains Tax Rates in Europe

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Supply has begun to eclipse demand…

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🌍 Global Nuclear Investment Doubles

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🇺🇸 Dirty Rotten Congress vs. the S&P 500 ($SPX)

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🌍 Global Equity Valuation Indicators

Small & value are undervalued against large & growth, just like Dotcom, but this time, global equities are undervalued against US equities as well…

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🇺🇸 The prices of crude oil & natural gas went their own ways…

The price of West Texas Intermediate crude oil declined to $65.71 per barrel (-19.5% y/y) in the week ended June 27 as tensions in the Middle East eased. The decline more than reversed the prior week’s runup to $74.17 per barrel, but remained up from a low $59.04 low in the second week of May 2025

Natural gas prices rose last week to an average $3.30 per mmbtu (31.0% y/y) in the week ended June 27, after increasing to an average $3.08/mmbtu in the prior week. Prices remained well above a low of $1.40/mmbtu in the week of March 15, 2024 but below their peak of $9.56 in the week of August 26, 2022.

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🇺🇸 Cyclical sectors are leading. This is the drawdown from the record high.

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🇺🇸 Change in the U.S. Dollar Index ($DXY) in the first half of every year since 1986.

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🇺🇸 Volatility: the MOVE Index creeps up while the VIX hangs behind.

Note—defer to the MOVE.

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