The Russian Ministry of Finance officially announced yesterday that it will allocate 279.42 billion rubles (~$3B) for foreign currency and gold purchases.

Gold topped the moment Warsh was announced on January 31. Stay away. A lot of people are going to get trapped in gold chasing headlines like these. We expect gold to lose the $4K handle soon.

US imports of semiconductors up 185% YoY in August

The deeper force behind semis is that the market is frontrunning a 2027 move on Taiwan by China. That's why Russia and China keep buying gold: to sanction proof their economy for 2027.

ICYDI: Hyperscalers have been briefed since 2023 on Xi’s intention to make a move on Taiwan in 2027. The engine driving the current AI bubble is pure hyperscaler CapEx.

In anticipation of China's move on Taiwan in 2027, the real supply shock the Fed is prepping for, Warsh will start aggressive QT that will reverse 2 decades of QE. 2026 is the final exit year before a cataclysmic bear market starts in 2027.

The Winklevoss brothers have filed for a ZEC ETF under the ticker WINK, with a 0.25% fee vs. Grayscale's 2.5%.

ZEC can go much higher in Q4

Privacy coins are Taiwan coded. Doing business with Chinese companies through traditional financial channels will become increasingly difficult as China signals a move on Taiwan next year.

A parallel dark economy will be the defining theme of this bull market into 2027.

ZEC has no competition.

Anthropic announces Claude integration with Google Docs, Sheets and Slides.

Circular financing galore: Google accounts for approximately 44% of Anthropic's contracted capacity share. If Anthropic goes down, Google stands to lose a huge chunk of business.

After Meta and Microsoft cut their internal use of Claude, Google seems to be stepping in to help Anthropic find new users ahead of its IPO.

Semis are a dumpster fire. They will go from circular financing to circular contagion in no time.

Meta, Walmart and other firms, are developing an AI agent protocol to govern how consumer AI assistants safely interact with businesses

AI partnerships are jet fuel for beta plays. Stocks like Walmart will come back from the dead and rip in Q4 on fugazi narratives like: "Now you can just send your personal AI agent to shop at Walmart."

Crypto will pump 100x harder.

Metals → Stocks → Crypto

FT: SpaceX plans to raise $40B in an Apollo-led financing to purchase NVIDIA chips. The deal is anticipated to close in 2027.

A lot of people will fomo into semis because of headlines like this. Semis have topped, this relief rally will end soon. Buy crypto spot and chill.

Nikkei: TSMC, Quanta Computers and other Taiwan players are boosting US spending to build out supply chains that can handle surging demand for Super Intelligence. TSMC's US investments have reached $265B.

By 2030, the US is expected to account for 40% of Taiwanese firms' AI server capacity, up from 23% today, while Taiwan's share falls from 47% to 30% and Mexico's from 30% to 15%.

Translation: TSMC is boosting US spending to build out supply chains that can handle a Taiwan blockade.

BTFD, crypto will rip hard in Q4.

Diesel has successfully retested the ~$4.50 breakout zone and is now resuming its move higher.

Ultrabullish global inflation, DXY and crypto.

ICYMI: Semiconductor and AI companies are trying to take advantage of the autumn breakout in diesel prices and monetize inflation panic by channeling yield hungry dumb money into mega scale rounds.

SoftBank raised $11B in bonds issued in September, and OpenAI is attempting a $30 billion raise at a staggering $1.4 trillion valuation.

Ramp: The share of businesses switching SI model exceeded 8% in September, the highest ever.

The inference price war started by the Chinese open source models continues. It highlights just how little pricing power US Super Intelligence labs actually have. A lot of the leasing contracts that were signed on the assumption of OpenAI and Anthropic duopoly pricing are about to get a reality check soon.

SI = dumpster fire. BTFD in crypto. A tsunami of liquidity is headed our way.

Higher yields = risk ON, not risk off

Higher diesel prices push yields higher.
Higher diesel prices = risk ON.

Hope that helps.

icysmi: crypto will rip, btfd!

Iran: Will soon block "illegal" routes in Hormuz

Nobody cares. Zelensky is in charge now. He will keep playing Battleship with Russian refineries until we get a monster blow off top in crypto.

From the FT article regarding the $40 billion financing deal sought by SpaceX.

AI is a dumpster fire and rebranding to SI won't save it.

ETH is retesting resistance turned support before the next leg higher. Buy the dip

Alts are the only risk asset class left with the potential for exponential returns in Q4.

ZEC is retesting resistance turned support before the next leg higher. Buy the dip

Alts are the only risk asset class left with the potential for exponential returns in Q4.

BTC is retesting resistance turned support before the next leg higher. Buy the dip

BTC is the only hard asset left that hasn't topped.