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 seasonality in midterm election years:

Gold & silver futures seasonality:

Gold miners: price vs aggregate cash flow 🤑:

China SGE/SHFE precious metals, daily:

Gold monthly, holding the cup & handle target:

Silver futures — one chart to rule them all:

Gold: first real test at $4,240–$4,250:

Platinum trying to break its channel:

Central banks' gold as % of reserves (ex-US):

Central bank & private gold allocations at 30–40yr highs:

Quarterly central bank gold net purchases, still elevated:

Gold sentiment this washed out → higher a month later, 8 for 8:

Gold bull-market corrections, compressed in time:

China vs US M2 (+$37.3T vs +$12.5T):

Chinese silver net exports:

Silver weekly, back inside the cloud:

Global M3 vs total gold value:

GDX/SOXX ratio screaming a bottom:

COMEX silver: delivery requests vs actual withdrawals:

Gold price-to-production-cost ratio:

US construction hiring rate, lowest since 2000:

Money-market funds: $8.3T, all-time high:

Leveraged ETF assets tripled since 2022 (~$200B):

US hedge-fund gross leverage, nearly doubled since 2022:

Fed funds futures pricing 1.2 hikes by year-end:

Hyperscaler free cash flow heading to zero:

Global stock market cap: record $166 trillion:

Retail dip-buying at historic extremes:

US inflation expectations creeping higher:

Federal debt vs Fed ownership of Treasuries:

Foreign holdings of US Treasuries (% of total):

US Treasury debt maturing within one year:

US vs UK long-term bond yields, 250 years:

Semiconductors: 20% of the S&P 500, record high:

3:2:1 crude oil crack spreads at all-time highs:

US Strategic Petroleum Reserve, lowest in ~40 years:

Brent crude, daily:

WTI: 7 straight closes below the 200-day:

US wheat acres: fewest in 149 years:

Namibia's Orange Basin oil blocks:

Micron closes below its 20-day, first time in ~3 months:

Hang Seng trailing the S&P 500 by 20 points YTD:

S&P 500 monthly returns — no red July since 2014:

Chipmakers +104% while the Mag 7 slipped:

China home prices, lowest in 20 years: