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

Silver's five most extreme deviations below its 200 DMA in 30 years: $37–$52 targets

China, the largest identifiable gold buyer in May: 48 tonnes

PBOC monthly net gold buying steps back up:

Silver market balance: +132 Moz surplus flips to −762 Moz deficit

Gold's secular bull: every advance interrupted, then new highs

Gold miners' AISC margin per ounce, Q1 2026: Thor Explorations $3,884 leads

Silver $55.80: 1973 and 2008 correction overlays

Shanghai silver $61.80 vs paper ~$55: 11.4% premium

Real assets vs financial assets, 1925–2025: new cycle ahead?

HUI gold miner index: one more retest of 550 before the bottom

Mining now just 1% of global equity market cap, lowest since 1900

Gold/M2: breakout and retest since 1981

Gold ETF flows by region vs price since 2022:

Silver ETF flows: 100-day change in SLV assets at −53%

Foreign holdings of US Treasuries near record, long-term share climbing

Wealth of the top 0.00001% at ~12% of national income, quadrupled since 2008

Yields sinking: 10Y 4.52%, 30Y 5.05%, 2Y 4.13%

Consumer sentiment jumps to 54.4, five-month high on cheaper gas 🤦‍♂️

Nearly a fifth of active student-loan balances now severely delinquent

Margin debt +40% over 12 months — a level only seen at market tops

India vs China: change in GDP per capita, 2008–2025

Americans not in the labor force: 105.8M all-time high, +832K in June

France 30-year yield 4.71%, highest since the GFC

USD share of global FX reserves at the lowest this century

S&P 500 priced in M2 money supply, now above the dot-com peak

Bank of Japan raises its policy rate, first time in 17 years

US M2 money supply at a new all-time high: $23.05 trillion

JGB yields going parabolic since 2019

Diesel crack spread $86, now above WTI crude — up 4x since the war

US crude in the SPR falls to 317MM, lowest since April 1983

3-2-1 WTI refining margin at a record $59/barrel

China crude imports −41% YoY in June, lowest since 2016

Russia refinery runs: 2025 vs 2026, mbd

EU Russian LNG imports hit a record ahead of the 2027 ban

US crude inventories (commercial + SPR) at a 40-year low

US total crude oil exports hit a record high in April

Front-month oil +272% vs +28% spot over five years of backwardation

Global diesel loadings tracking a 9-year low for July

China's fossil-fuel consumption at an all-time high, in exajoules

Apple $4.871T overtakes Nvidia $4.837T as world's most valuable

Retail cashing in tech: SanDisk, Apple, Tesla top the net-sold list

US stocks at 2nd most expensive CAPE since the late 1800s

Argentine peso at an all-time low, −99.8% since 2009

LatAm FX beating the dollar: Colombian peso +17% over 5 years

Chinese AI models now out-use US models on OpenRouter

EV share of new car sales 2025: Norway 97%, China 53%, US 10%

Bitcoin found support at $58k

The only gold coin worth less than its metal value: