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William Anne Hollis, Fourth Earl of Essex, Presenting a Cup to Thomas Clutterbuck of Watford, ~1784-85. Painted by Thomas Gainsborough, Oil on Canvas. On view at the Getty Center, Los Angels, CA. Photo by the author.

Well, daddy, don’t you know that things go in cycles…
- A Tribe Called Quest
Money flowin’ like a mudslide and when I get on I like to ride and glide…
- Beastie Boys

Everything is up early, including me, but especially gold and beanie babies (Bitcoin).

Suddenly, all everyone in financial media is talking about is increased treasury buybacks, but you, Dear Analogics Reader, have been tracking treasury bond buybacks, rapidly increasing money supply, liquid loan activity and these historically loose financial conditions for many months now.

Now the world is waking up to just how committed Pumpy Don Drumpf and Scotty B are to market liquidity. But the picture hasn’t really changed. The media just has a new chew toy.

Treasury Secretary Scott Homer Bessent’s Hair. As smooth as long duration treasury liquidity.

All the bears can come out and talk about how the basis of the world financial system (the US Treasury market) is an ouroboros. And they’re right. A crash is always coming. The dollar will die. That’s part of what Ray Dalio calls the big cycle. We don’t trade that - we simply notice the narratives shifting all around us and we trade price.

Biotech, small caps, micro caps, unprofitable tech, regional banks, emerging markets stocks and currencies, energy, energy refiners, explorers and now precious metals miners are outperforming.

Biotech: where drug and price discovery live together

This week we added the silver miners etf SIL 0.00%↑ to our long term portfolio - complementing our junior gold miners position. I haven’t been publishing that portfolio lately, but will start including it again because the swing portfolio is fully allocated and they ain’t shit to do.

A break above the cloud brings clear skies:

I know many are already long silver again - but I’m not quite there yet. It’s not above the cloud on the weekly or even the daily. I’m gonna be late on this one. I love being late.

Silver - weekly timeframe: