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:

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