The Gold–S&P 500 Reset: Gold’s Outperformance Has Far to Run

Gold’s correction since January looks very different when viewed relative to equities. Gold is now 21% below its January peak. Over the same period, the S&P 500-to-gold ratio has rebounded from roughly 1.27 to 1.79, a 40% move. That is a substantial relative-value reset.

Whale's Insight: The Debasement Trade Returns as Bitcoin–Gold Correlation Tops 50%

BTC just posted its strongest August in nearly a decade, a sign that the months-long crypto winter is fading. At the same time, its link to the Nasdaq has dropped to a two-year low while its correlation with gold has climbed to the second-highest on record. The debasement trade is returning, and investors appear to be refocusing on bitcoin's scarcity, monetary independence and store-of-value function.

Silver, 50 Years of Boom and Bust

Silver trades near $60, roughly 50% below its late-January peak. The market's question is whether this is 1980 or 2011 again, a blow-off top that opens a long bear market. Silver's own history is the sharpest tool for answering it.

Anthropic IPO: What to Know Before the $1 Trillion AI Safety Bet Goes Public

The Debasement Trade Has Entered Its Second Phase

What exactly is the debasement trade? How can a Treasury buyback program, which does not create money in the way Federal Reserve quantitative easing does, strengthen that thesis? And why is the trade usually expressed through scarce assets such as gold and bitcoin rather than equities?