Gold and silver

The October sell-off in technology shares, the debate over AI spending, and the difference between a correction and a rerating.

Fifty years of gold on one log-scale chart, and how the long bear market of the 1980s and 1990s looks from that distance, ahead of the Fed's late-October meeting.

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.

A softer August PCE print that did not move gold the way the conventional playbook expected, and why reading price against a written thesis differs from reading it against the day's news. Plus the governance question of who, or what, first reads your profile.

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.

The US Treasury's expanded buybacks of its own long bonds, set beside China's central bank buying gold into weakness. Two balance sheets answering the same question, and what would soften that reading.

China's central bank buying gold most heavily into the correction and least at the top. Why accumulation that runs against the price is the signal worth watching.

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.

Hong Kong's new central gold clearing system and the end of retail leveraged gold trading at major Chinese banks, two routes to the same structural shift. Also Japan's bond-market stress and a governance question for multi-jurisdiction families.

The 4 July gold revaluation window passed without an announcement. What a non-event tells a holder, why two opposing monetary camps both lean on gold, and one governance question to answer in writing.

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.