Weekend thoughts

This is a weekly digest of unassociated pictures (graphs mostly) I saw during the week. Not much context is given.

For daily digests: https://no1sdailydigest.substack.com/archive

Gold's weekly close $4,119: needs to hold $3,768 or it's more than a correction:

Gold ETF flows by region:

Gold overtakes the US dollar in central bank reserves:

Poland's gold reserves at a record 632.4 tonnes 🚀:

Why central banks hold gold: crisis hedge, inflation, diversifier:

US gold imports vs exports (May): net outflow -23.7t:

US silver imports vs exports (May): +176.9t net inflow

Silver quarterly: past bulls took 31 and 14 years to make new highs:

Silver & AI: data-center power +5,200% since 2000, market in deficit:

Silver ETF capital flows spike:

Gold market liquidity at a record $488bn/day:

Dow-to-gold ratio, 1915-2026:

All US gold ETFs ($239B) vs Nvidia ($4.71T):

Global gold vault stock (June): LBMA 9,464t, COMEX 857t:

Shanghai silver +81.63% vs Western +69.65%:

PBOC gold: 20th straight month, +14.93t in June 🤑:

London vaults: gold 9,464t, silver 28,082t:

US gold reserves as % of debt: $4,200 → $26,000 → $75,000:

Gold ETF takes the crown as China's largest fund:

Platinum quarterly (log): start of a multi-year bull:

AI now >25% of US GDP growth, ~8% of GDP — above Dot-Com's 6.5%:

German federal net borrowing past €200bn by 2027:

BoJ total assets lowest since Q1 2020:

30-year Treasury auction 5.058%, highest yield since 2007:

Veterans' benefits now a record 27% of DoD spending:

Foreign central-bank Treasuries in Fed custody keep running off:

Interest payments overtake defense spending, first time ever:

Japan 10-year yield 2.87%, highest in 30 years:

US trade deficit $77.6B in May, widest since March 2025:

Margin debt as % of GDP:

US margin debt +550% since 1997 vs S&P +358%

Russell 2000 interest expense = 31% of EBITDA vs 6.7% for S&P 500

2-year breakeven inflation down to 1.95%:

Top 0.1% wealth doubled in six years; bottom 50% flat:

Global diesel loadings on track for a 9-year low: 5.19M bpd:

China's fossil-fuel consumption at an all-time high (exajoules):

US oil product exports at a record 8.7M bbl/day:

US SPR crude stocks: lowest since June 1983:

Russian refinery damage: Omsk offline, 34% of output hit:

China solar generation, 2015 → 2025: 1 → 1,175 TWh:

FX returns vs the dollar over 5 years:

Shiller PE on the verge of taking out its Dot-Com high:

Semiconductors now over 15% of the S&P 500, most ever:

S&P 500 top 10 now 43% of market cap — very lopsided:

Yen above 162/dollar, weakest since 1986:

Tesla free cash flow heading to -$10B, first negative year since 2018:

Median wealth per adult: US ranks below Slovenia and Portugal: