Gold vs SP500 show equal returns over the past 5 years but gold has significantly outperformed SP500 since inauguration day.

Markets as of 4am MT open in green.

SP500 monthly so far. Huge wick forming.

ETH up 5%

Bitcoin OTC desk balance hits ATL

Gold's latest surge to fresh records has been fueled by a rush of buying activity in daily auctions, a sign that major players in the market are still adding to their holdings even at all-time high prices.

WH Sr Advisor Hassett: We're making enormous progress on tariff talks with EU. White House is concerned about China period. I am 100% not expecting a recession.

Short term inflation swaps just surged again

NVIDIA Blackwell chips have started production at TSMC's chip plants in Phoenix, Arizona. [⬆️inflation]

NVIDIA building supercomputer manufacturing plants in Texas, with Foxconn in Houston and with Wistron in Dallas.

NVIDIA: Mass production at Texas plants to ramp up in 12-15 months.

Global gold ETFs saw US$4.7bn (~52 tonnes) of net inflows last week. North American and Asian funds accounted for the bulk; the latter seeing its largest weekly inflow on record. YTD net inflows now over US$27bn (~293 tonnes).

NVIDIA UP NEARLY 4% PREMARKET

S&P 500 OPENS 1.6% HIGHER, NASDAQ RISES 2.15%

APPLE SHARES JUMP 7.2% AFTER TARIFF EXEMPTIONS ON SMARTPHONES, COMPUTERS

Treasury yields coming down.

History strongly suggests both the Nasdaq 100 and SP500 should rally over the next 50 trading days, and by double digits.

Cross asset Volatility all over the place. [BTFD!]

Bitcoin has outperformed the S&P 500 over the past 1-, 2-, 3-, 4-, 5-, 6-, 7-, 8-, 9-, 10-, 11-, 12-, 13-, and 14-year periods.

Deutsche Bank now expects the Fed to deliver a 25 BPS interest rate cut in December vs prior their forecast of no cut in 2025.

China's global trade surplus in the first 3 months of 2025 reached a stunning $273 bn. That's an order of magnitude higher than any previous surplus in the first 3 months of the year.