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 spot vs total known ETF holdings (97.344m oz):

PBOC monthly gold purchases: 19.91t in July

China steps up gold buying right into the slump:

Global gold ETF accumulation: +960t over 104 weeks

Spot-gold ETF weekly fund flows:

New gold discoveries worldwide: zero majors two years running 🙄

US official gold reserves by location:

Comex registered silver vs open interest: 485M oz deficit

COMEX registered silver, lease rates and September open interest:

CME warehouse stocks, eligible vs registered:

Global silver production less demand - deficit since 1950:

AI and data-centre silver offtake: 41.5 Moz in 2026F 🚀

Silver price vs SHFE inventory - China stocking up:

MCX gold and silver vault stock, days left:

GDX top-25 miner fundamentals, aggregate earnings +73% 🤑

Newmont, Barrick and Agnico free cash flow 🤑🤑:

Gold vs inverted US real rates:

Vanguard 60/40 vs gold this century: 176.94% vs 1,442.28%

Dow Jones priced in silver, quarterly log scale:

Bitcoin priced in gold: -63% since December 2024

Top 50 miners by market cap - all of them combined are worth less than Microsoft:

Cost of servicing US debt: $1.38 trillion, 4.2% of GDP

Spending $7.32T vs tax revenue $5.37T. Looks sustainable:

July receipts $334bn against $766bn of outlays:

Interest ($1.25T) now tops defense ($1.20T):

Federal debt held by the public, % of GDP - past the WWII peak:

T-bills at ~21% of marketable debt, near 2020 highs:

US 30-year auction stops at 5.216%, highest since 2001:

US long-end yields back to 2007 peaks 🚀:

France 30-year yield 4.855%, first time since the GFC:

Japan 2-year yield 1.66% 🚀, highest in 31 years

Japan's top-four life insurers: record JGB paper losses

90+ day delinquencies by loan type, credit cards 12.9%:

US saving rate 2.6% and falling toward a record low:

Labor force participation down to 61.4%:

Core PCE from lowest to highest inflation reading:

US financial conditions, easiest since 1997. Nothing to see here:

Strait of Hormuz traffic vs the 130-ship prewar average:

SPR below 300 million barrels, first time since 1983:

Diesel crack at a record 98.169 🚀:

Distillates in $/boe: ULSD MED CIF 184.3, +124.5%

Big Oil free cash flow: record $70 billion in Q2 🤑

US marketed natural gas production, record 2026:

IEA revisions to global oil demand - all positive post-2022:

Saudi Bab el-Mandeb shuttles collapsed to single digits:

US crude inventory draws: 17 straight weeks

US gas storage demand cover near historic lows:

Exchange copper stocks: COMEX record 666kt vs LME+SHFE 274kt