7 pieces on this topic.
Two contests over the US dollar's role, and why a family's gold allocation is a governance question as much as a market one.
Treasury buybacks that drew thin demand, record long-bond yields and an escalating Middle East conflict, read as one compounding system. Plus a governance question to put to an SMSF accountant before the Fed decision.
An oil shock, rate-hike bets, rising real yields, pressure on gold and silver, and Japan selling US Treasuries, traced as one chain of cause and effect rather than five separate stories.
Why silver in Shanghai traded well above the Western spot price while the paper price fell, and what the wedge between physical and paper markets signals. Published alongside the essay on the intelligence layer.
Why the AI build-out is a real-asset story as much as a software one, and why that matters for patient capital.
A live drawdown as a governance exam, and what a written thesis does when a position falls sharply.
Why family offices express the AI build-out almost entirely through equities while the materials that physically run it sit at a sliver of the average portfolio.
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