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
Global M3 vs gold: $148.5T money supply, $31.4T of gold:
PBOC gold additions ramp to 320,000 oz, 19-month streak:

Gold's first close below the 200-day since November 2023:

Silver -6.3% to $69, lowest since March:
Global silver free float vs ETF holdings:
2026 bank silver targets: Citi $110, BofA up to $309:
Miners get whacked: GDXJ -10%, HUI down to 674:
Central banks resume buying: +17 tonnes in April:
Gold/SPX at 0.586, first interim correction off the trendline:




Gold up to 27% of global reserves, Treasuries down to 22%:
Chinese silver imports vs exports:
Largest (official) gold reserves: US 8,134t out front:
Dollar down 99.24% against gold since 1971:
US flips to a record silver net exporter:


$8.3T treasuries maturing within a year:
Labor's share of corporate GDP at a record-low 54%:
US margin debt at 4.0% of GDP, above every prior bubble peak:
Generational bottom in global 10-year yields:
Fed balance sheet flat since April — 2019 repo echo:


Bank of England short-term repo at a record ~£123bn:
US office vacancy at 14.2%, highest since the GFC:
ISM services prices at 71.3, pointing to CPI above 5%:
S&P returns after every US military conflict since WWII:
Real vs financial assets at a century low:
JOLTS openings jump 731K in a 9-sigma beat:
US deficit at -6.0%, the worst in the G7:
Personal savings rate down to 2.6%:
Mandatory outlays and net interest set to swallow all revenue:
CPI +1,232% since 1950 vs bottom-90% wages +15%:


National debt by administration on the way to $39T:
World oil inventories falling at a record pace toward the floor:
US distillate inventories at their lowest since 2003:
TSA throughput still tracking 2025 — no demand destruction yet:
US oil and petroleum inventories at a 22-year low:
South Africa 95-octane at a record 2,806 c/litre, +40%:
SPR drained 58M barrels since the Iran war began:
Copper's highest monthly close ever:
Semis 89% above their dot-com extreme vs the S&P:
S&P heatmap: -$2T erased, NVDA -6.4%, MU -12.9%:


Meta free cash flow turns negative on a $140B capex year:


Micron's record -$94B single-day wipeout:
VOO becomes the first ETF ever above $1 trillion:
Shiller PE at 42.66, closing in on the dot-com record:
KOSPI nears 8,500, up from 2,500 a year ago:


AI Big 10 concentration matches prior bubble peaks:
Italy and Spain wages flat for three decades:
AI = 70 cents of every dollar added to the S&P since ChatGPT:
My other publications:
[Daily Digest] → The news in 5 minutes, without the forty open tabs.
[Portfolio] → What I do with my own money










































That last meme.
hahahhhahahaahahaha
LOL
This is not a suggestion.
"Searching Facebook Marketplace in the AI era has revealed a strange new phenomenon: sellers are running product photos through chatbots or image generators to insert scantily clad women into listings."
https://www.zerohedge.com/technology/facebook-marketplace-enters-ai-thirst-trap-era