Gold vs. 5%…

Gold has had quite the run.

The metal is hovering around $4,400 an ounce, while the 10-year Treasury yield came within a whisker of 5% this week.

Put those two numbers next to each other and things get interesting.

Historically, higher yields have tended to make life harder for gold. Not every time, and certainly not in a straight line — but the relationship has been one of the more useful ways to understand the metal.

Right now?

Gold doesn’t seem particularly bothered.

So we went looking for what else might be keeping it up.

The trail leads from interest rates… to central banks… to a $40 trillion pile of U.S. debt.

Let’s follow it. ⇩

SPONSOR BREAK presented by Katusa Research*

A Rare Gold Signal Fired

What I’m about to show you doesn’t come from me.
It comes from SentimenTrader — a quantitative research firm with no gold
newsletter to sell and no side in this fight.
Their GLD sentiment gauge just did something it has done only eight times
since 2008…
Its 50-day average dropped below 36% for the first time in three months.
The signal fired June 23rd.
My team pulled every prior instance and checked what gold did next.
Here’s the full record:

One year after every one of those eight signals, gold was higher.
Every single time. Median gain: roughly 16%.
Two honest caveats, because you deserve them. Eight signals is a small
sample — history rhyming is not history repeating.

But here’s why this matters more for our world than for GLD holders.
Gold miners are leverage on this exact move – find out what I’m buying.

When the metal recovers a double-digit percentage, producers’ margins expand
faster than the gold price itself.

Which is why quality gold stocks have historically amplified these turns in both
directions. Down first, then up.

And historically, gold’s friendliest stretch of the year — opened in July.

Bearish sentiment at an extreme.

A seasonal tailwind just beginning. But, I don’t call bottoms.

I position for asymmetry when the crowd leaves the room.

That’s what the entries and position sizing in The 3 Best Gold Stocks to Buy
Now are for…

And it’s yours the moment you join at the 2016 charter price…

Regards,
Marin Katusa
 

First, That 5%.

✱ Gold and high yields aren’t usually the best of friends.

The 10-year Treasury yield climbed to 4.96% this week, while real yields — what investors earn after accounting for expected inflation — remained above 2%.

→ Normally, that should make gold’s job harder.

After all, gold pays no interest. When investors can earn an attractive inflation-adjusted return from Treasuries, holding a non-yielding metal becomes a little harder to justify.

And yet…

Gold averaged $4,506 an ounce in Q2, up 37% from a year earlier, even with real yields above 2%.

That’s the unusual part.

The old relationship hasn’t disappeared. But something else is clearly strong enough to compete with it.

So, who’s buying?↓

Enter: The Central Banks.

If higher yields are supposed to be holding gold back, central banks have been pushing the other way.

They bought 289 tonnes in Q2 — 62% more than a year earlier and the strongest second quarter on record.

Some of the biggest buyers:

→ Poland: +51 tonnes
→ China: +33 tonnes
→ Uzbekistan: +16 tonnes
→ Kazakhstan: +15 tonnes

But one quarter doesn’t really tell the story.

Over the past four years, central banks have bought roughly 1,000 tonnes of gold per year. During the decade before that, they averaged closer to 500 tonnes.

In other words, the world’s central banks have roughly doubled their annual gold-buying habit.

That’s a lot of steady demand for a market where new supply doesn’t appear overnight.

And it helps explain why gold has been able to shrug off something that would normally hurt it: high real yields.

SPONSOR BREAK presented by Katusa Research*

Gold’s biggest move is still ahead

We’re up about 150%. The last gold bull ran past 500%. History says
we’re early.

For 20 years, I’ve watched what central banks do with their gold.
The pattern I see now? I’ve seen once before – right before gold tripled.
People keep telling me gold has had its run and the easy money is gone.
I get it. The price has cooled off from where it peaked earlier this year, and
pullbacks make people nervous.
But history says it’s time to buy…

This chart lines up the great gold bull markets by length and size.
— The current one, in green, is about 47 months old and up roughly
150%.
— The 2000s bull ran 139 months and past 500%.
— The 1970s bulls ran hot for years.
In short, this gold bull market has a long way to go… Here’s the Fuel…

Central banks bought 863 tonnes of gold in 2025, the fourth straight year at
more than double the historical average. For the first time since 1996, foreign central banks hold more gold than U.S. Treasuries. Central banks are buying at the fastest pace in decades…

But here’s what’s changed:
New players in the market are buying as much as the central banks, if not more.

And the newest whale isn’t a country at all:
— It’s Tether, the company behind the world’s most-used digital
dollar. It has quietly built one of the largest private gold hoards on
earth…
With around 140 tonnes and $24 billion of gold… Hauling one to two tons a week into a Swiss vault. This past winter, it bought more gold than every central bank except Brazil and Poland.
Nobody had that buyer on their list a year ago.
So no matter what… I believe gold now has a floor under it…
And when the price of gold moves a little… the right small gold stocks move a
lot.
Three of those names are waiting for you in your second free report, called The
3 Best Gold Stocks to Buy Now…

Regards,
Marin Katusa
 

They Told Us So.

And central banks don’t sound finished.

In the World Gold Council’s latest survey, 89% said they expect global central-bank gold reserves to increase over the next 12 months.

More tellingly, a record 45% expect to add to their own reserves.

This isn’t about trying to catch the next move in gold.

Central banks are managing reserves measured in the billions — and they cited diversification, performance during crises, inflation protection, and geopolitical uncertainty among the reasons for holding the metal.

→ A Treasury is ultimately an obligation of the U.S. government. A corporate bond depends on a company. A bank deposit depends on a bank.

→ Gold is simply an asset held outright.

For institutions deciding where to store hundreds of billions of dollars, that distinction can carry a lot of weight.

Enough, in fact, to start reshuffling what the world keeps in reserve.↓

Gold Moved Up the Table.

Here’s a stat that deserves a second look:

Gold surpassed U.S. Treasurys as a share of global official reserves in 2025.

That sounds like central banks were dumping Treasurys for gold.

They weren’t.

✱ According to the IMF, much of the shift came from something simpler: gold got a lot more expensive. As its price climbed, so did its weight on central-bank balance sheets.

And the dollar remains dominant, accounting for roughly 57% of allocated global foreign-exchange reserves in Q1 2026.

So this isn’t a changing-of-the-guard story. It’s a changing-of-the-mix story.

Gold didn’t replace the dollar. It simply became too big to ignore.

Which brings us to the other side of the reserve equation.

Meanwhile, $40 Trillion.

There’s another number sitting in the background of the gold story.

$40 trillion.

U.S. federal debt ended 2025 at roughly $37.6 trillion. This year, it crossed the $40 trillion mark.

But the size of the debt is only part of the story.

Federal interest expense has already reached roughly $1.05 trillion this fiscal year. And as older debt gets refinanced at higher rates, carrying that debt becomes increasingly expensive.

That doesn’t give us a neat equation where:

More debt = higher gold.

But think about it from a central bank’s perspective.

Reserve managers are deciding where to store hundreds of billions of dollars while the world’s largest government bond market carries $40T+ in debt, a growing interest bill, and yields flirting with 5%.

Treasurys still offer something gold doesn’t: income.

Gold offers something Treasurys don’t: no issuer at all.

For a reserve manager, owning some of both starts to look less unusual.

So, Is the Old Gold Playbook Broken?

Not quite.

Rates still matter. The dollar still matters. Inflation still matters. And geopolitics certainly hasn’t left the conversation.

But there’s another force in the market now: a structural buyer.

Central banks have roughly doubled their annual gold purchases compared with the previous decade. And nearly half of those surveyed say they expect to keep adding to their own reserves.

That helps explain the unusual picture we started with:

10-year Treasury → ~5%
Gold → ~$4,400

Historically, those two numbers might have looked difficult to square.

Today, less so.

$4,400 gold may look expensive on a chart.

For a central bank thinking about diversification, geopolitics and the next decade?

Price isn’t the only thing on the ledger.

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

Got a market or stock you want us to analyze next?

Just drop your request in the comments here.

P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!

Gold vs. 5%…

Gold has had quite the run.

The metal is hovering around $4,400 an ounce, while the 10-year Treasury yield came within a whisker of 5% this week.

Put those two numbers next to each other and things get interesting.

Historically, higher yields have tended to make life harder for gold. Not every time, and certainly not in a straight line — but the relationship has been one of the more useful ways to understand the metal.

Right now?

Gold doesn’t seem particularly bothered.

So we went looking for what else might be keeping it up.

The trail leads from interest rates… to central banks… to a $40 trillion pile of U.S. debt.

Let’s follow it. ⇩

SPONSOR BREAK presented by Katusa Research*

A Rare Gold Signal Fired

What I’m about to show you doesn’t come from me.
It comes from SentimenTrader — a quantitative research firm with no gold
newsletter to sell and no side in this fight.
Their GLD sentiment gauge just did something it has done only eight times
since 2008…
Its 50-day average dropped below 36% for the first time in three months.
The signal fired June 23rd.
My team pulled every prior instance and checked what gold did next.
Here’s the full record:

One year after every one of those eight signals, gold was higher.
Every single time. Median gain: roughly 16%.
Two honest caveats, because you deserve them. Eight signals is a small
sample — history rhyming is not history repeating.

But here’s why this matters more for our world than for GLD holders.
Gold miners are leverage on this exact move – find out what I’m buying.

When the metal recovers a double-digit percentage, producers’ margins expand
faster than the gold price itself.

Which is why quality gold stocks have historically amplified these turns in both
directions. Down first, then up.

And historically, gold’s friendliest stretch of the year — opened in July.

Bearish sentiment at an extreme.

A seasonal tailwind just beginning. But, I don’t call bottoms.

I position for asymmetry when the crowd leaves the room.

That’s what the entries and position sizing in The 3 Best Gold Stocks to Buy
Now are for…

And it’s yours the moment you join at the 2016 charter price…

Regards,
Marin Katusa
 

First, That 5%.

✱ Gold and high yields aren’t usually the best of friends.

The 10-year Treasury yield climbed to 4.96% this week, while real yields — what investors earn after accounting for expected inflation — remained above 2%.

→ Normally, that should make gold’s job harder.

After all, gold pays no interest. When investors can earn an attractive inflation-adjusted return from Treasuries, holding a non-yielding metal becomes a little harder to justify.

And yet…

Gold averaged $4,506 an ounce in Q2, up 37% from a year earlier, even with real yields above 2%.

That’s the unusual part.

The old relationship hasn’t disappeared. But something else is clearly strong enough to compete with it.

So, who’s buying?↓

Enter: The Central Banks.

If higher yields are supposed to be holding gold back, central banks have been pushing the other way.

They bought 289 tonnes in Q2 — 62% more than a year earlier and the strongest second quarter on record.

Some of the biggest buyers:

→ Poland: +51 tonnes
→ China: +33 tonnes
→ Uzbekistan: +16 tonnes
→ Kazakhstan: +15 tonnes

But one quarter doesn’t really tell the story.

Over the past four years, central banks have bought roughly 1,000 tonnes of gold per year. During the decade before that, they averaged closer to 500 tonnes.

In other words, the world’s central banks have roughly doubled their annual gold-buying habit.

That’s a lot of steady demand for a market where new supply doesn’t appear overnight.

And it helps explain why gold has been able to shrug off something that would normally hurt it: high real yields.

SPONSOR BREAK presented by Katusa Research*

Gold’s biggest move is still ahead

We’re up about 150%. The last gold bull ran past 500%. History says
we’re early.

For 20 years, I’ve watched what central banks do with their gold.
The pattern I see now? I’ve seen once before – right before gold tripled.
People keep telling me gold has had its run and the easy money is gone.
I get it. The price has cooled off from where it peaked earlier this year, and
pullbacks make people nervous.
But history says it’s time to buy…

This chart lines up the great gold bull markets by length and size.
— The current one, in green, is about 47 months old and up roughly
150%.
— The 2000s bull ran 139 months and past 500%.
— The 1970s bulls ran hot for years.
In short, this gold bull market has a long way to go… Here’s the Fuel…

Central banks bought 863 tonnes of gold in 2025, the fourth straight year at
more than double the historical average. For the first time since 1996, foreign central banks hold more gold than U.S. Treasuries. Central banks are buying at the fastest pace in decades…

But here’s what’s changed:
New players in the market are buying as much as the central banks, if not more.

And the newest whale isn’t a country at all:
— It’s Tether, the company behind the world’s most-used digital
dollar. It has quietly built one of the largest private gold hoards on
earth…
With around 140 tonnes and $24 billion of gold… Hauling one to two tons a week into a Swiss vault. This past winter, it bought more gold than every central bank except Brazil and Poland.
Nobody had that buyer on their list a year ago.
So no matter what… I believe gold now has a floor under it…
And when the price of gold moves a little… the right small gold stocks move a
lot.
Three of those names are waiting for you in your second free report, called The
3 Best Gold Stocks to Buy Now…

Regards,
Marin Katusa
 

They Told Us So.

And central banks don’t sound finished.

In the World Gold Council’s latest survey, 89% said they expect global central-bank gold reserves to increase over the next 12 months.

More tellingly, a record 45% expect to add to their own reserves.

This isn’t about trying to catch the next move in gold.

Central banks are managing reserves measured in the billions — and they cited diversification, performance during crises, inflation protection, and geopolitical uncertainty among the reasons for holding the metal.

→ A Treasury is ultimately an obligation of the U.S. government. A corporate bond depends on a company. A bank deposit depends on a bank.

→ Gold is simply an asset held outright.

For institutions deciding where to store hundreds of billions of dollars, that distinction can carry a lot of weight.

Enough, in fact, to start reshuffling what the world keeps in reserve.↓

Gold Moved Up the Table.

Here’s a stat that deserves a second look:

Gold surpassed U.S. Treasurys as a share of global official reserves in 2025.

That sounds like central banks were dumping Treasurys for gold.

They weren’t.

✱ According to the IMF, much of the shift came from something simpler: gold got a lot more expensive. As its price climbed, so did its weight on central-bank balance sheets.

And the dollar remains dominant, accounting for roughly 57% of allocated global foreign-exchange reserves in Q1 2026.

So this isn’t a changing-of-the-guard story. It’s a changing-of-the-mix story.

Gold didn’t replace the dollar. It simply became too big to ignore.

Which brings us to the other side of the reserve equation.

Meanwhile, $40 Trillion.

There’s another number sitting in the background of the gold story.

$40 trillion.

U.S. federal debt ended 2025 at roughly $37.6 trillion. This year, it crossed the $40 trillion mark.

But the size of the debt is only part of the story.

Federal interest expense has already reached roughly $1.05 trillion this fiscal year. And as older debt gets refinanced at higher rates, carrying that debt becomes increasingly expensive.

That doesn’t give us a neat equation where:

More debt = higher gold.

But think about it from a central bank’s perspective.

Reserve managers are deciding where to store hundreds of billions of dollars while the world’s largest government bond market carries $40T+ in debt, a growing interest bill, and yields flirting with 5%.

Treasurys still offer something gold doesn’t: income.

Gold offers something Treasurys don’t: no issuer at all.

For a reserve manager, owning some of both starts to look less unusual.

So, Is the Old Gold Playbook Broken?

Not quite.

Rates still matter. The dollar still matters. Inflation still matters. And geopolitics certainly hasn’t left the conversation.

But there’s another force in the market now: a structural buyer.

Central banks have roughly doubled their annual gold purchases compared with the previous decade. And nearly half of those surveyed say they expect to keep adding to their own reserves.

That helps explain the unusual picture we started with:

10-year Treasury → ~5%
Gold → ~$4,400

Historically, those two numbers might have looked difficult to square.

Today, less so.

$4,400 gold may look expensive on a chart.

For a central bank thinking about diversification, geopolitics and the next decade?

Price isn’t the only thing on the ledger.

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

Got a market or stock you want us to analyze next?

Just drop your request in the comments here.

P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!

A Small Win From Inflation?

✱ This is an explainer, not a recommendation — here’s the mechanism, the math, and the real tradeoffs…

Hot inflation doesn’t leave many winners.

Prices rise, purchasing power shrinks, and suddenly the same grocery cart costs a little more.

But there is one rather unusual exception.

I Bonds.

These U.S. government savings bonds are built to move with inflation — which makes this week’s 3.4% CPI reading particularly interesting.

While most savers would prefer inflation to head in the opposite direction, higher inflation can eventually mean a higher rate on I Bonds.

And right now, newly issued I Bonds are already paying 4.26%.

The mechanics are a little unusual. The rate can change. There are limits on how much you can buy. And once your money goes in, you can’t immediately take it back out.

So, we went through the rules, the rate — and the math.

Can a 4.26% bond actually beat 3.4% inflation?⇩

SPONSOR BREAK presented by MarketWise*

Chaikin: “This Company Will Crush Elon’s Dreams of AI Dominance”

Elon became the world’s first trillionaire – largely on dreams of SpaceX dominating AI for years to come.

But 60-year Wall Street legend Marc Chaikin just issued a warning to AI investors. “Legacy AI stocks like SpaceX are in for a massive shock. I’d run.” Instead, Chaikin says a new form of AI – “Sovereign AI” – is about to replace today’s models when it comes to major breakthroughs.
Go here for Marc’s full prediction and free stock pick for riding this $248 trillion event, starting Sept. 29th.
 

Why I Bonds Are Having a Moment?

✱ I Bonds don’t usually get much attention.

A 3.4% inflation reading helps.

August prices rose 0.4% from July and 3.4% from a year ago, putting inflation firmly back in the conversation.

For markets, that immediately turned attention to what the Fed might do next.

For I Bonds, the connection is a little more mechanical.

Their return includes an inflation component that changes every six months, based on CPI data.

→ The next new I Bond rate will be announced on November 1.

And with inflation running hotter, that reset is suddenly worth watching.

Most investments have to deal with inflation. I Bonds were built to adjust to it.

SPONSOR BREAK presented by Brownstone*

The #1 Ticker for Trump’s War on Iran?

While Trump’s approval is plummeting over Iran… hedge fund legend Larry Benedict says it’s a huge opportunity. One ticker has given folks a chance at payouts like $2,482, $7,623, and $8,704… All in under eight days.
Click here to get the ticker for FREE.
 

So, What Exactly Is An I Bond?

The name makes it sound more complicated than it is.

An I Bond is a U.S. government savings bond with an interest rate made up of two parts.

1| The fixed rate – This is set when you buy the bond and never changes. If you hold the bond for 30 years, you keep that same fixed rate for all 30.

2| The inflation rate – This is the part that moves.
It’s based on changes in consumer prices and resets every six months, allowing the bond’s return to adjust as inflation changes.

→ Put the two together and you get the bond’s composite rate — essentially, the rate your I Bond earns.

The Treasury announces new rates every May 1 and November 1.

So, the formula is pretty simple: ↓

✱ One part stays put. The other moves with inflation.

SPONSOR BREAK presented by MarketWise*

He Put Half His $9 Billion Into One Unusual AI Stock

One billionaire put over half his $9 billion fund into one unusual AI stock — then bought more shares nearly every day for 61 straight trading days.

It’s not Nvidia… a chipmaker… or a cloud giant.

Instead, it owns the assets the entire AI boom depends on…

And Trump signed emergency executive orders to protect them.

Right now it’s trading at a rare discount…

The same kind that’s previously turned $10,000 into $55,000. In just over 12 months

>>>Whitney Tilson reveals the name, completely free<<<

The Fine Print.

I Bonds are pretty simple. Getting your money back comes with a few rules.

1| The electronic purchase range, with a $10,000 annual limit per Social Security Number through TreasuryDirect.

2| An I Bond can keep earning interest for up to 30 years.

3| The minimum holding period is 1 year. You cannot cash an I Bond during the first 12 months.

And then there’s the five-year rule.

✱ 3 months of interest- The amount of interest you give up if you cash out before five years. Hold for at least five years, and that penalty disappears.

So: locked for one year, penalty-free after five, earning interest for up to 30.↓

Pros & Cons.

The good:
→ Government backed › They carry the full faith and credit of the U.S. government, making default risk extremely low.

→ Tax friendly › Interest is exempt from state and local taxes, and federal taxes can generally wait until you cash the bond or it matures.

→ Education perk › Interest may also be excluded from federal taxes when used for qualified higher-education expenses, subject to income and other requirements.

→ Built for inflation › The inflation component adjusts every six months, helping the return respond when consumer prices rise.

→ No market drama › Unlike tradable bonds, I bonds don’t bounce around in price every time yields move.

The not-so-good:
→ Your money is locked up › No cashing out during the first 12 months.

→ Leaving early costs you › Cash out before five years and you lose the most recent three months of interest.

→ There’s a ceiling › The $10,000 annual electronic purchase limit makes it difficult to put a large amount of money to work.

→ Inflation protection works both ways › If inflation cools, the inflation component resets lower too.

→ Not particularly liquid › A money-market fund or short-term Treasury can offer much easier access to cash.

→ The fixed rate isn’t always exciting › Historically, it has sometimes been set very low — including 0%.

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

Got a market or stock you want us to analyze next?

Just drop your request in the comments here.

P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!

Four Years Later…

Elon Musk has Tesla. SpaceX. xAI.

And then there’s The Boring Company.

The less-famous member of the Musk collection has spent the past few years digging tunnels beneath Las Vegas. This week, it made considerably more noise above ground.

The company raised $3 billion in a new Series D, giving it a $23 billion valuation— roughly four times what it was worth in 2022.

Let’s see what $23 billion is betting on.⇩

SPONSOR BREAK presented by DealMaker*

The Brains Behind Colombia’s Iconic Coffee

Two entrepreneurs from Wall Street came to Colombia, and discovered a coffee sector decades behind the curve, suffering from a broken supply chain. They decided to do something about it.

They built Green Coffee Company (GCC), Colombia’s #1 largest coffee producer, operating 45 FairTrade-certified farms with 10M+ coffee trees planted. With the exclusive rights to distribute Colombia’s iconic coffee brand, Juan Valdez, across the US and Canada, they are bringing GCC’s delicious coffee directly to millions of customers.

In just four years, their vertically-integrated business model saw 26X revenue growth. They’ve expanded their presence in Target from 55-300+ locations, and are in 3,000 locations in other major retailers like Kroger and Walgreens.

Now, they’re expanding into Canada after securing sales through the country’s largest food retailer, Loblaws. Don’t miss your chance to invest in GCC at $1.10/share before the share price changes after 9/30.

Disclaimer: Green Coffee Company is offering securities through the use of an Offering Statement that has been qualified by the Securities and Exchange Commission under Tier II of Regulation A. A copy of the Final Offering Circular that forms a part of the Offering Statement may be obtained from:  https://invest.greencoffeecompany.com

Up We Go.↑

Back in 2022, The Boring Company was valued at roughly $5.7 billion.

This week, that number reached $23 billion

The latest round brought in $3 billion of fresh capital — and pushed The Boring Company into a very different valuation bracket.

✱ What’s Series D?
A Series D is simply a later-stage round of private fundraising.

A startup typically raises money in stages:

Seed → Series A → Series B → Series C → Series D

By the time a company reaches Series D, it’s usually well beyond the early startup phase. Investors are putting in additional capital to help it expand, build infrastructure, enter new markets, or otherwise scale the business.

So, where is all that money going?↓

“The Boring Company” is preparing to build 150+ kilometers of underground infrastructure in the UAE, while expanding its Vegas network and working on another tunnel system in Nashville.

Who’s Writing The Checks?

The Boring Company didn’t have much trouble finding company for this round.

The UAE and its affiliated investment entities led the $3 billion raise, alongside a fairly familiar group of heavyweight private-market investors:

1| Human Capital — venture capital firm and longtime Musk-company investor
2| Vy Capital — technology-focused investment firm
3| Valor Equity Partners — growth investor with a history of backing Musk companies
4| Sequoia Capital — one of Silicon Valley’s best-known venture firms
5| Andreessen Horowitz (a16z) — major Silicon Valley venture firm
6| Temasek — Singapore’s state-owned investment company
7| Shamal Holding — Dubai-based investment company
8| Baron Capital — U.S. investment firm known for long-term growth investing

The UAE’s involvement is particularly notable because it’s also becoming one of The Boring Company’s biggest customers.

The fresh capital will help expand that relationship, including plans for 150+ kilometers of underground infrastructure across the UAE, separate from the previously announced Dubai Loop.

So as the UAE puts money into The Boring Company, The Boring Company is preparing for its largest expansion beyond the U.S.

SPONSOR BREAK presented by DealMaker*

The Brains Behind Colombia’s Iconic Coffee

Two entrepreneurs from Wall Street came to Colombia, and discovered a coffee sector decades behind the curve, suffering from a broken supply chain. They decided to do something about it.

They built Green Coffee Company (GCC), Colombia’s #1 largest coffee producer, operating 45 FairTrade-certified farms with 10M+ coffee trees planted. With the exclusive rights to distribute Colombia’s iconic coffee brand, Juan Valdez, across the US and Canada, they are bringing GCC’s delicious coffee directly to millions of customers.

In just four years, their vertically-integrated business model saw 26X revenue growth. They’ve expanded their presence in Target from 55-300+ locations, and are in 3,000 locations in other major retailers like Kroger and Walgreens.

Now, they’re expanding into Canada after securing sales through the country’s largest food retailer, Loblaws. Don’t miss your chance to invest in GCC at $1.10/share before the share price changes after 9/30.

Disclaimer: Green Coffee Company is offering securities through the use of an Offering Statement that has been qualified by the Securities and Exchange Commission under Tier II of Regulation A. A copy of the Final Offering Circular that forms a part of the Offering Statement may be obtained from:  https://invest.greencoffeecompany.com

And More…

A big part of the expansion comes down to how quickly The Boring Company can actually dig.

✱ That’s where Prufrock comes in.

It’s the company’s latest tunnel-boring platform, designed to make building large amounts of underground infrastructure faster and increasingly automated.

And in August, The Boring Company took another step in that direction, completing a partially built tunnel autonomously — with no workers in the pit during that portion of the build.

The company calls the approach “zero-people-in-pit,” or ZPIT.

The idea is: if you want to build a lot more tunnels, you need to get considerably better at building tunnels.

The Boring Question…

For all the expansion plans, The Boring Company still has just one tunnel network in operation: the Vegas Loop.

→ The system has been growing, adding stations at Westgate, Encore, Fontainebleau, and Sahara Las Vegas, with an airport connection expected next.

So far, the company says the Loop has carried more than 4 million passengers.

Next on the map is Nashville, where work on the Music City Loop began in February. The planned network will connect the airport with Lower Broadway and Music City Center.

!!! One Question Still Underground.

Building more tunnels is one thing. Moving enough people through them is another.

Critics have questioned whether the model can meaningfully reduce traffic, pointing to the number of vehicles and passengers a tunnel of this size can handle at once.

And every new city brings another layer of complexity — from construction and environmental considerations to local approvals.

That leaves The Boring Company with something still to prove as it expands:

Can what works in Vegas work at a much larger scale?

The $3 Billion To-Do List…

!!! Writing the check was apparently step one.

According to The Wall Street Journal, some investors in The Boring Company’s latest round were expected to contribute more than capital.

The TO-DO List:

1 — Find people: Some were given descriptions of positions the company needed to fill — and expected to help identify or recruit candidates.

2 — Open doors: In some cases, investors were also expected to make introductions to government officials in cities where The Boring Company hopes to build future projects.

Or lose some shares: If investors failed to identify viable candidates, the company reportedly retained the right to repurchase some of their shares.

Source: Wall Street Journal · September 9, 2026

✱ Musk’s response to the report on X?

“True.”

It sounds like an eccentric fundraising clause, but it also says something about what The Boring Company needs most.

The company just raised $3 billion. Capital clearly isn’t the only constraint. Expanding into new cities requires specialized employees and local government relationships — things a large bank balance alone can’t provide.

Turns out, $3 billion can still come with a to-do list.

Lesson Of The Day:

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Pretty, Pretty Bullish…

A new $220 price target is bullish. The five-year math gets considerably more ambitious.

SpaceX got another vote of confidence from Wall Street this week.

Pivotal Research slapped a $220 price target on the stock — roughly 50% above where shares had been trading.

Pretty bullish.

Then we stretched the timeline to 2031.

That’s where the numbers start to spread out — a lot.

Depending on how fast SpaceX grows — and what investors are willing to pay for that growth — the five-year picture can look remarkably different.

So, we ran the numbers. ⇩

SPONSOR BREAK presented by Brownstone*

Chaikin: “This Company Will Crush Elon’s Dreams of AI Dominance”

Elon became the world’s first trillionaire – largely on dreams of SpaceX dominating AI for years to come.

But 60-year Wall Street legend Marc Chaikin just issued a warning to AI investors. “Legacy AI stocks like SpaceX are in for a massive shock. I’d run.” Instead, Chaikin says a new form of AI – “Sovereign AI” – is about to replace today’s models when it comes to major breakthroughs.
Go here for Marc’s full prediction and free stock pick for riding this $248 trillion event, starting Sept. 29th.
 

The Big “If.”

✱ Pivotal Research initiated coverage on SpaceX this week with a Buy rating and a rather ambitious number attached:

The big “if” behind the $220 target?

Pivotal Research analyst Jeffrey Wlodarczak, the man behind that $220 target, is essentially betting on one thing: rapid reusability.

If Starship can fly frequently enough, the cost of reaching orbit could start to look less like traditional spaceflight and more like moving freight.

At those prices, things that are prohibitively expensive today could suddenly start to make economic sense.

That “if” is doing quite a bit of work.

The $220 case hinges on Starship eventually cutting the cost of reaching orbit by roughly 90%.

And to get there, Wlodarczak assumes each Starship could eventually fly as many as 50 times.

Pull that off, and cheaper launches could do more than improve SpaceX’s existing economics. They could make entirely new businesses viable — from putting AI infrastructure in orbit to expanding what Starlink can do.

But before we get too far into the future, there’s one fairly important detail:

→ Starship still hasn’t flown commercially.

Its next test flight is expected later this month, while commercial payloads could begin this year — though 2027 is considered more likely.

So the $220 case ultimately comes down to something surprisingly simple:

The rocket has to prove the math. ↓

SPONSOR BREAK presented by Brownstone*

The #1 Ticker for Trump’s War on Iran?

While Trump’s approval is plummeting over Iran… hedge fund legend Larry Benedict says it’s a huge opportunity. One ticker has given folks a chance at payouts like $2,482, $7,623, and $8,704… All in under eight days.
Click here to get the ticker for FREE.
 

Wall Street Is Pretty Sold.

Pivotal isn’t exactly alone here.
That’s an unusually crowded bull camp.↓

Across Wall Street, the average SpaceX price target now sits around $226 — actually a touch higher than Pivotal’s new $220 call.

The stock itself has been considerably less decisive.

Since its $135 June IPO, SpaceX has traded as high as $225 and below $105, yet recently sat only about 10% above its IPO price.

Plenty of movement. Not much distance.

And apparently, Wall Street thinks there’s plenty more to come.

SPONSOR BREAK presented by MarketWise*

He Put Half His $9 Billion Into One Unusual AI Stock

One billionaire put over half his $9 billion fund into one unusual AI stock — then bought more shares nearly every day for 61 straight trading days.

It’s not Nvidia… a chipmaker… or a cloud giant.

Instead, it owns the assets the entire AI boom depends on…

And Trump signed emergency executive orders to protect them.

Right now it’s trading at a rare discount…

The same kind that’s previously turned $10,000 into $55,000. In just over 12 months

>>>Whitney Tilson reveals the name, completely free<<<

Meanwhile, Back On Earth.

→ The $220 target is built around what SpaceX could become.

The business today is already growing quickly — just from a much smaller base.

Underneath those numbers, the growth is coming from several places.

→ Space revenue rose 29%.
→ Starlink grew 66%.
→ And AI sales jumped 247%.

The spending is moving quickly too. SpaceX poured $15.8 billion into capital expenditures during the quarter, while its AI business alone posted a $1.3 billion operating loss.

In other words, SpaceX is growing like a company in a hurry — and spending like one, too.

Which brings us to the next part of the valuation.↓

Big Valuation. Smaller Revenue.

So SpaceX currently generates well under half Tesla’s revenue, despite carrying a considerably larger market valuation.

That doesn’t necessarily mean SpaceX is too expensive.

It means investors are paying heavily for what comes next.

✱ And Wall Street expects quite a lot to come next: revenue is projected to grow another 137% in 2027.

Now, About 2031.

This is where the numbers get considerably less certain.

Starting with an estimated $39 billion in 2026 revenue, two long-term growth scenarios give us very different versions of SpaceX five years from now:

1 30% annual growth ~$145B – 2031 revenue

2 50% annual growth ~$296B – 2031 revenue

Source: Motley Fool / Jennifer Saibil · September 9, 2026

Neither is a forecast.

They’re simply scenarios — a way of seeing what different assumptions could mean for the business.

And revenue growth is only half the equation.

Then Comes The Valuation.

Let’s take the 50% growth scenario.

Even if SpaceX reaches roughly $296 billion in revenue by 2031, we still have to guess what investors might be willing to pay for each dollar of those sales.

Change that assumption, and our hypothetical $5,000 changes quite a bit:

1 50% growth + ~35× sales
$5,000 → ~$25,000

2 50% growth + 20× sales
$5,000 → ~$15,000

3 30% growth + 20× sales
$5,000 → ~$7,250

Source: Motley Fool / Jennifer Saibil · September 9, 2026.
Illustrative scenarios based on the assumptions above, not forecasts or Trading Lessons recommendations.

Notice the first two.

They assume the same 50% annual growth. The difference is simply how much investors are willing to pay for SpaceX in 2031.

Lesson Of The Day:

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The Most Expensive 1%.

SpaceX has spent the past month doing very little.

Shares have bounced between $133 and $150, with no major catalyst pushing them decisively in either direction.

But on September 21, that could change.

JPMorgan thinks SpaceX could suddenly find itself on the receiving end of roughly $15.5 billion in buying.

And the reason has surprisingly little to do with the company’s business at all.

It starts with 1%… and $15.5 billion in passive buying.

So, let’s see where all that money is coming from. ⇩

SPONSOR BREAK presented by BanyanHill*

What’s Inside Elon Musk’s Mystery Crates?

Right now, 4,000 of these are rolling out of a high-security compound in Lathrop, California to critical locations all across America…

They have nothing to do with cars or space. And nothing to do with AI, robots or crypto…

Almost nobody knows what’s inside them. But Adam O’Dell does…

And he believes they will go down as Elon’s greatest ever invention… 

Which is why he says that anyone who understands what’s going on here, and positions themselves before October 21, could walk away wealthier than they ever thought possible.

Go here now for the story — and get the name and ticker of one of Adam’s top picks to play it completely free.
 

The Rule!

SpaceX is the 6th-largest company in the Nasdaq 100 by market value.

But it’s only the 19th-largest holding in the index.

Why the gap?

✱ An index weighting is simply the percentage of an index assigned to each company. If a stock has a 5% weighting, a fund tracking the index generally needs roughly 5% of its portfolio exposed to that stock.

So how does Nasdaq decide how much SpaceX counts?

1 Nasdaq doesn’t look only at what a company is worth. It also looks at how much of that company investors can actually trade — known as its free float.

For the Nasdaq 100 calculation, it uses whichever is lower:
the company’s full market value, or a value based on three times its free float.

2 That’s important because a company can be enormous on paper while relatively few of its shares are actually available to investors. When that happens, Nasdaq gives the company a smaller weight in the index than its overall market value would normally suggest.

3 That’s exactly what happened with SpaceX.
Despite its enormous market value, relatively few shares have been available to trade — leaving SpaceX with a much smaller index weighting than its size would suggest.

→ The result: SpaceX ranks 6th by market value, but just 19th by index weight.

And that gap is now starting to close. ↓

SPONSOR BREAK presented by Brownstone*

The #1 Ticker for Trump’s War on Iran?

While Trump’s approval is plummeting over Iran… hedge fund legend Larry Benedict says it’s a huge opportunity. One ticker has given folks a chance at payouts like $2,482, $7,623, and $8,704… All in under eight days.
Click here to get the ticker for FREE.
 

So, What Changed?

Source: Bloomberg · September 8, 2026

More than 1 billion shares have been released from lockup restrictions since the IPO, nearly tripling SpaceX’s free float.

SpaceX hasn’t suddenly become more valuable.

More of it has simply become available to trade.

And under Nasdaq’s formula, that changes the math. ↓

SPONSOR BREAK presented by MarketWise*

Elon Musk Warns We May Have Just Six Months Left

“Frontier AI” is a point of no return when AI surpasses human intelligence and gains free will. Elon Musk warns this moment could hit by the end of 2026.

According to 60-year Wall Street legend, Marc Chaikin, Frontier AI could soon become the only thing that determines which companies make money and which grind to a halt, That’s why he’s giving away a list of stocks to buy and sell absolutely FREE to help you position your money for a world driven by Frontier AI technology. Get Marc’s Frontier AI Hotlist right here…

And… That Changes The Math.

→ JPMorgan estimates SpaceX’s Nasdaq 100 weighting could rise from 1.25% to roughly 2.25% at the upcoming rebalance.

One percentage point doesn’t sound particularly dramatic.

Across $1.7 trillion of index-tracking money, however, JPMorgan estimates the adjustment could require roughly $15.5 billion in net SpaceX buying as passive funds bring their holdings in line with the new weighting.

Those funds aren’t making a fresh call on SpaceX’s rockets, AI ambitions or valuation. They’re doing what index funds are built to do: follow the index.

Which leaves SpaceX in a rather unusual position.

The release of locked-up shares creates more stock that could be sold.

It also creates the conditions for index funds to potentially buy $15.5 billion more of it.

More shares. More sellers. And, potentially, a lot more buyers.↓

Buyers, Meet Sellers.

There is, of course, another side to all that buying.

The same lockup expirations increasing SpaceX’s weight in the Nasdaq 100 are also putting more shares into the hands of investors who are now free to sell them.

So the setup cuts both ways.

Steve Sosnick, chief strategist at Interactive Brokers, sees two possibilities: newly unlocked shares could be sold into the expected index demand, absorbing some of that buying, or demand from index funds could be strong enough to push the stock higher.

Either way, September 21 brings a rather unusual collision: new shares available to sell, just as billions in potential buyers arrive.

And We’ve Seen This Before.

When Berkshire Hathaway reduced its Apple stake two years ago, more Apple shares became part of the stock’s available float.

That affected its index weighting too.

Piper Sandler estimated the resulting adjustment could generate roughly $40 billion in passive buying.

So the mechanism itself isn’t new.

✱ What makes SpaceX unusual is the scale of the shares still coming unlocked — and how much its place in the index could continue to change along with them.

Lesson Of The Day:

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Also, help your friends blossom this spring! Share us with them.

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Got a market or stock you want us to analyze next?

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The Most Expensive 1%.

SpaceX has spent the past month doing very little.

Shares have bounced between $133 and $150, with no major catalyst pushing them decisively in either direction.

But on September 21, that could change.

JPMorgan thinks SpaceX could suddenly find itself on the receiving end of roughly $15.5 billion in buying.

And the reason has surprisingly little to do with the company’s business at all.

It starts with 1%… and $15.5 billion in passive buying.

So, let’s see where all that money is coming from. ⇩

SPONSOR BREAK presented by BanyanHill*

What’s Inside Elon Musk’s Mystery Crates?

Right now, 4,000 of these are rolling out of a high-security compound in Lathrop, California to critical locations all across America…

They have nothing to do with cars or space. And nothing to do with AI, robots or crypto…

Almost nobody knows what’s inside them. But Adam O’Dell does…

And he believes they will go down as Elon’s greatest ever invention… 

Which is why he says that anyone who understands what’s going on here, and positions themselves before October 21, could walk away wealthier than they ever thought possible.

Go here now for the story — and get the name and ticker of one of Adam’s top picks to play it completely free.
 

The Rule!

SpaceX is the 6th-largest company in the Nasdaq 100 by market value.

But it’s only the 19th-largest holding in the index.

Why the gap?

✱ An index weighting is simply the percentage of an index assigned to each company. If a stock has a 5% weighting, a fund tracking the index generally needs roughly 5% of its portfolio exposed to that stock.

So how does Nasdaq decide how much SpaceX counts?

1 Nasdaq doesn’t look only at what a company is worth. It also looks at how much of that company investors can actually trade — known as its free float.

For the Nasdaq 100 calculation, it uses whichever is lower:
the company’s full market value, or a value based on three times its free float.

2 That’s important because a company can be enormous on paper while relatively few of its shares are actually available to investors. When that happens, Nasdaq gives the company a smaller weight in the index than its overall market value would normally suggest.

3 That’s exactly what happened with SpaceX.
Despite its enormous market value, relatively few shares have been available to trade — leaving SpaceX with a much smaller index weighting than its size would suggest.

→ The result: SpaceX ranks 6th by market value, but just 19th by index weight.

And that gap is now starting to close. ↓

SPONSOR BREAK presented by Brownstone*

The #1 Ticker for Trump’s War on Iran?

While Trump’s approval is plummeting over Iran… hedge fund legend Larry Benedict says it’s a huge opportunity. One ticker has given folks a chance at payouts like $2,482, $7,623, and $8,704… All in under eight days.
Click here to get the ticker for FREE.
 

So, What Changed?

Source: Bloomberg · September 8, 2026

More than 1 billion shares have been released from lockup restrictions since the IPO, nearly tripling SpaceX’s free float.

SpaceX hasn’t suddenly become more valuable.

More of it has simply become available to trade.

And under Nasdaq’s formula, that changes the math. ↓

SPONSOR BREAK presented by MarketWise*

Elon Musk Warns We May Have Just Six Months Left

“Frontier AI” is a point of no return when AI surpasses human intelligence and gains free will. Elon Musk warns this moment could hit by the end of 2026.

According to 60-year Wall Street legend, Marc Chaikin, Frontier AI could soon become the only thing that determines which companies make money and which grind to a halt, That’s why he’s giving away a list of stocks to buy and sell absolutely FREE to help you position your money for a world driven by Frontier AI technology. Get Marc’s Frontier AI Hotlist right here…

And… That Changes The Math.

→ JPMorgan estimates SpaceX’s Nasdaq 100 weighting could rise from 1.25% to roughly 2.25% at the upcoming rebalance.

One percentage point doesn’t sound particularly dramatic.

Across $1.7 trillion of index-tracking money, however, JPMorgan estimates the adjustment could require roughly $15.5 billion in net SpaceX buying as passive funds bring their holdings in line with the new weighting.

Those funds aren’t making a fresh call on SpaceX’s rockets, AI ambitions or valuation. They’re doing what index funds are built to do: follow the index.

Which leaves SpaceX in a rather unusual position.

The release of locked-up shares creates more stock that could be sold.

It also creates the conditions for index funds to potentially buy $15.5 billion more of it.

More shares. More sellers. And, potentially, a lot more buyers.↓

Buyers, Meet Sellers.

There is, of course, another side to all that buying.

The same lockup expirations increasing SpaceX’s weight in the Nasdaq 100 are also putting more shares into the hands of investors who are now free to sell them.

So the setup cuts both ways.

Steve Sosnick, chief strategist at Interactive Brokers, sees two possibilities: newly unlocked shares could be sold into the expected index demand, absorbing some of that buying, or demand from index funds could be strong enough to push the stock higher.

Either way, September 21 brings a rather unusual collision: new shares available to sell, just as billions in potential buyers arrive.

And We’ve Seen This Before.

When Berkshire Hathaway reduced its Apple stake two years ago, more Apple shares became part of the stock’s available float.

That affected its index weighting too.

Piper Sandler estimated the resulting adjustment could generate roughly $40 billion in passive buying.

So the mechanism itself isn’t new.

✱ What makes SpaceX unusual is the scale of the shares still coming unlocked — and how much its place in the index could continue to change along with them.

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

Got a market or stock you want us to analyze next?

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A Rate-Cut Catch-22.

Friday morning gave the Fed another reason not to cut rates.

The U.S. added 162,000 jobs in August, nearly three times what economists expected, unemployment held at 4.1%, and traders quickly pushed the odds of another rate hike higher.

Then, a few hours later, came a rather different idea for getting rates lower.

A trade embargo.

President Trump threatened to stop trading with countries where the U.S. runs a trade deficit if interest rates don’t come down — describing the move as potentially more powerful than tariffs.

Which raises a pretty unusual economics question:

Could restricting trade actually help produce lower interest rates?

The proposed logic is understandable.

The economics are considerably messier.

And there’s quite a Catch-22 hiding in there. ⇩

SPONSOR BREAK presented by MarketWise*

Warren Buffett’s Parting Gift is About to Pay Off

Finally retired, Buffett handed the reins of Berkshire Hathaway to his hand-picked successor. But on his way out the door, Buffett quietly made one last move in a corner of the energy market Wall Street has all but ignored.

Whitney Tilson, a devout follower of Buffet and the analyst CNBC called “The Prophet”, says every move Buffett made upon his exit is pointing to an energy surge that’s about to catch the entire market off guard.
And the window to move ahead of it is closing fast.
 

First, The Jobs Report?

Before we get to the embargo, Friday had already changed the interest-rate conversation.

Payrolls rose by 162,000, unemployment held at 4.1%, and the labor force expanded by 683,000 people. Wage growth also remained relatively moderate, meaning the report showed considerably more strength in employment without an equally dramatic acceleration in wages.

✱ In short: The economy added nearly three times as many jobs as expected, while unemployment held steady and more people entered the labor force.

→ For the Fed higher rates come with a trade-off: they can help restrain inflation, but they can also weaken hiring.

A labor market that is still adding jobs at a healthy clip gives policymakers more room to worry about the first problem without immediately creating the second.

! The probability of a September rate hike moved from roughly 55% before the report to above 60% afterward, while Treasury yields climbed and the dollar strengthened.

So Friday morning had already delivered a fairly conventional message:

Strong economy → more room for the Fed to keep rates high.

Then came a considerably less conventional proposal.

SPONSOR BREAK presented by Paradigm*

Altucher: Inside This Case is Elon’s Next Major Wealth Boom

James Altucher – the man who predicted the rise of SpaceX years in advance – has just released a shocking new prediction about Elon Musk.
 
Inside, he explains why he thinks Elon’s latest project will be even BIGGER than SpaceX – and create up to 1.8 million new millionaires over the coming years starting Sept. 25th.
 
The pieces behind all of it, he says, are sitting inside this case.
 
Click here now for all the details.
 

So… What Exactly Is An Embargo?

→ A tariff makes foreign goods more expensive.

→ An embargo can make them unavailable.

A trade embargo is a government restriction that stops some or all trade with another country. Depending on how it is structured, it can block imports, exports, particular products, or trade altogether.

President Trump’s proposal: to stop trading with countries where the U.S. runs trade deficits unless the Federal Reserve lowers interest rates.

And there are quite a few dollars sitting on the other side of that sentence.

The U.S. recorded an $88.6 billion goods-and-services trade deficit in July, up 24.4% from June, as imports rose and exports fell. The goods deficit alone reached $119.6 billion.

So this wouldn’t be the economic equivalent of turning off a small faucet.

Which brings us to the interesting part:

How exactly is that supposed to lower interest rates? ↓

SPONSOR BREAK presented by Brownstone*

OpenAI and Anthropic Trigger “Pre-IPO” Opportunity

IPO insider Jason Bodner reveals three companies primed to soar thanks to OpenAI and Anthropic’s upcoming IPOs.

The best part? You can invest in them right now before OpenAI and Anthropic go public.

Click here to find out how 

The Idea.

The argument starts with something the U.S. has plenty of:

customers.

Countries around the world sell enormous amounts of goods into the American market. For countries running large trade surpluses with the U.S., losing access to those buyers would hurt.

That gives Washington leverage.

The proposed idea is to use that leverage — threatening to restrict trade with deficit countries — while pushing for lower U.S. interest rates.

President Trump argument: a strong country should have a lower interest rate because it represents better credit.

There is, however, another institution involved in deciding what American interest rates should be.

The Fed.

And the Fed is looking at a rather different set of numbers.

The Fed doesn’t set interest rates according to America’s trade deficit. Its monetary-policy decisions are centered on inflation and employment, and Chairman Kevin Warsh has recently emphasized inflation risks in explaining his policy stance.

Which creates the central problem with using an embargo to get cheaper money.

An embargo could affect the very inflation data the Fed is watching.

Here Comes The Catch-22.↓

Suppose the U.S. stops importing a product that American companies and consumers still want.

There are now fewer of those products available.

Companies can find another supplier, make the product domestically, substitute something else or simply buy less of it.

But none of those guarantees a lower price.

And that’s where the embargo idea starts running into the interest-rate idea.

→ An embargo restricts imports.

→ Restricted imports can reduce supply.

→ Less supply can raise prices.

→ Higher prices can add to inflation.

And inflation is one of the main reasons the Fed would keep rates high in the first place.

So a policy intended to create leverage for lower interest rates could simultaneously create economic conditions that make lower rates harder to justify.

That’s the Catch-22.

AI Somehow Got Involved↓.

There’s another wrinkle hiding inside America’s growing trade deficit.

A meaningful chunk of the recent increase in imports has come from computers and semiconductors.

Computer imports jumped 25% from June to July, while semiconductor imports increased roughly 10%.

Why?

Partly because American companies are spending enormous amounts of money building AI infrastructure.

And that creates a slightly strange accounting problem.

The computers, chips and machinery being brought into the country make the trade deficit larger.

But once they arrive, companies use them to build data centers and other infrastructure inside the U.S. — investment that supports construction, employment and economic growth.

In August alone, construction employment increased by 22,000 jobs, with data-center development helping support activity.

So some of the imports making one economic number look worse are helping make another look better.

So, What Happens From Here?

For now, the embargo remains a threat rather than a policy.

But it adds another variable to an interest-rate story that was already getting more complicated.

The labor market is stronger than expected. Rate-hike expectations have moved higher. The trade deficit is widening. And now trade policy has entered the rate conversation too.

What happens next will depend on whether any of that talk turns into actual policy — and, if it does, what shows up first in the data.

Jobs, inflation, trade or rates.

There are suddenly quite a few numbers worth watching.

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

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This story starts at $4,373…

Gold has had quite the run this year.

But this week, it was the pullback that caught traders’ attention.

After rallying from $4,048.70 in July to $4,755 in August, gold futures started giving some of it back.

And apparently, half was enough.

Gold fell to $4,369.70 before buyers stepped in.

The level traders were watching? $4,373.30 — the 50% retracement of that July-to-August rally.

Which got us wondering:

Why does halfway matter so much to traders?

Especially when gold has now turned there twice.

So, we took a look.⇩

SPONSOR BREAK presented by DealMaker*

An IPO Oversubscribed by 8,000x Could Lift Robotics Stocks

Robotics stocks are suddenly in the spotlight after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, tens of thousands of everyday investors like you have found a different way to participate in the robotics boom: a private company named Miso Robotics. And its stock price is about to change on 9/17.

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. Miso just added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Flippy just entered a major college campus, an NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is making big moves to create the new “operating system” for modern restaurants. It even just acquired the IP of a pizza-robot pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance. But hurry.
Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

Right on Cue↓

The “Halfway-Back” Concept↓

Why traders watch the exact midpoint of a move?

1|  After a big price move, traders often wait for the price to retrace roughly 50% of that move before acting — not because 50% is magic, but because it’s a level where the potential reward relative to risk suddenly looks attractive.

2| The logic: enter a trade right at that level, and you can exit quickly with a small loss if the price breaks through — or ride a genuine reversal if it holds.

3| Enough traders watch these levels that they can become self-fulfilling — a cluster of buy or sell orders sitting at the same price, waiting.

One catch: 50% isn’t a magic number.

Gold could have sailed straight through the level and made the whole setup irrelevant. What traders care about isn’t simply hitting the halfway mark — it’s what happens once price gets there.

This time, buyers showed up.

SPONSOR BREAK presented by DealMaker*

An IPO Oversubscribed by 8,000x Could Lift Robotics Stocks

Robotics stocks are suddenly in the spotlight after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, tens of thousands of everyday investors like you have found a different way to participate in the robotics boom: a private company named Miso Robotics. And its stock price is about to change on 9/17.

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. Miso just added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Flippy just entered a major college campus, an NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is making big moves to create the new “operating system” for modern restaurants. It even just acquired the IP of a pizza-robot pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance. But hurry.
Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

The 50% Level.

Gold has now tested the halfway mark from both directions.

On the way up → $4,778.70
That was halfway between gold’s January peak and July low. Gold rallied to $4,755 on Aug. 25, came within $24 of the level, then reversed.

On the way down → $4,373.30
That was halfway between the July low and August high. Gold fell to $4,369.70 this week — just $3.60 away — before bouncing.

Sellers halfway up. Buyers halfway down.

✱ And there was another clue on that first reversal: RSI had already moved into overbought territory as gold approached $4,778.70 — suggesting the rally was getting stretched just as it reached the level traders were watching.

Gold’s Been… Moody

Technical levels can help explain where traders buy and sell.
They don’t explain why so many buyers are interested in gold in the first place.

Goldman Sachs thinks part of that answer is sitting inside the world’s central banks.

→ Goldman’s year-end 2026 gold target: $4,900
→ Gold’s rally from its mid-July low through Aug. 25: +15%
→ Goldman’s projected pace of central-bank gold buying in 2026: 50 tonnes/month

And that last number may be the important one.

Before 2022, central banks bought an average of roughly 17 tonnes of gold per month.

Goldman estimates they’ll average around 50 tonnes per month in 2026.

But by June, its three-month adjusted estimate had accelerated to a pace of roughly 100 tonnes per month — up from 66 tonnes in May and nearly 6× the pre-2022 average, with China the largest buyer.

That shift accelerated after 2022, when the freezing of Russian central-bank assets highlighted one of the risks of holding reserves in foreign currencies. Gold, particularly when held domestically, is harder for another country to freeze or sanction.

Goldman now sees elevated central-bank buying as a multi-year trend, as countries diversify their reserves against geopolitical and financial risks.

Why Gold’s Swings Have Gotten Sharper?

The options market.

Goldman points to growing demand for gold call options — essentially bets that gold will move higher.

✱ When gold approaches popular option prices, the dealers who sold those calls may need to buy more gold to protect themselves.

→ Gold rises → dealers buy → that buying can push gold even higher.

And on the way down, the process can reverse:

→ Gold falls → dealers sell their hedges → that selling can add to the decline.

In other words, a move can start feeding itself.

Goldman’s $4,900 year-end target doesn’t include this effect, so the options market could potentially add more upside — along with sharper swings getting there.

Source: Goldman Sachs Research · August 28, 2026

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This story starts at $4,373…

Gold has had quite the run this year.

But this week, it was the pullback that caught traders’ attention.

After rallying from $4,048.70 in July to $4,755 in August, gold futures started giving some of it back.

And apparently, half was enough.

Gold fell to $4,369.70 before buyers stepped in.

The level traders were watching? $4,373.30 — the 50% retracement of that July-to-August rally.

Which got us wondering:

Why does halfway matter so much to traders?

Especially when gold has now turned there twice.

So, we took a look.⇩

SPONSOR BREAK presented by DealMaker*

An IPO Oversubscribed by 8,000x Could Lift Robotics Stocks

Robotics stocks are suddenly in the spotlight after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, tens of thousands of everyday investors like you have found a different way to participate in the robotics boom: a private company named Miso Robotics. And its stock price is about to change on 9/17.

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. Miso just added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Flippy just entered a major college campus, an NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is making big moves to create the new “operating system” for modern restaurants. It even just acquired the IP of a pizza-robot pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance. But hurry.
Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

Right on Cue↓

The “Halfway-Back” Concept↓

Why traders watch the exact midpoint of a move?

1|  After a big price move, traders often wait for the price to retrace roughly 50% of that move before acting — not because 50% is magic, but because it’s a level where the potential reward relative to risk suddenly looks attractive.

2| The logic: enter a trade right at that level, and you can exit quickly with a small loss if the price breaks through — or ride a genuine reversal if it holds.

3| Enough traders watch these levels that they can become self-fulfilling — a cluster of buy or sell orders sitting at the same price, waiting.

One catch: 50% isn’t a magic number.

Gold could have sailed straight through the level and made the whole setup irrelevant. What traders care about isn’t simply hitting the halfway mark — it’s what happens once price gets there.

This time, buyers showed up.

SPONSOR BREAK presented by DealMaker*

An IPO Oversubscribed by 8,000x Could Lift Robotics Stocks

Robotics stocks are suddenly in the spotlight after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, tens of thousands of everyday investors like you have found a different way to participate in the robotics boom: a private company named Miso Robotics. And its stock price is about to change on 9/17.

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. Miso just added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Flippy just entered a major college campus, an NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is making big moves to create the new “operating system” for modern restaurants. It even just acquired the IP of a pizza-robot pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance. But hurry.
Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

The 50% Level.

Gold has now tested the halfway mark from both directions.

On the way up → $4,778.70
That was halfway between gold’s January peak and July low. Gold rallied to $4,755 on Aug. 25, came within $24 of the level, then reversed.

On the way down → $4,373.30
That was halfway between the July low and August high. Gold fell to $4,369.70 this week — just $3.60 away — before bouncing.

Sellers halfway up. Buyers halfway down.

✱ And there was another clue on that first reversal: RSI had already moved into overbought territory as gold approached $4,778.70 — suggesting the rally was getting stretched just as it reached the level traders were watching.

Gold’s Been… Moody

Technical levels can help explain where traders buy and sell.
They don’t explain why so many buyers are interested in gold in the first place.

Goldman Sachs thinks part of that answer is sitting inside the world’s central banks.

→ Goldman’s year-end 2026 gold target: $4,900
→ Gold’s rally from its mid-July low through Aug. 25: +15%
→ Goldman’s projected pace of central-bank gold buying in 2026: 50 tonnes/month

And that last number may be the important one.

Before 2022, central banks bought an average of roughly 17 tonnes of gold per month.

Goldman estimates they’ll average around 50 tonnes per month in 2026.

But by June, its three-month adjusted estimate had accelerated to a pace of roughly 100 tonnes per month — up from 66 tonnes in May and nearly 6× the pre-2022 average, with China the largest buyer.

That shift accelerated after 2022, when the freezing of Russian central-bank assets highlighted one of the risks of holding reserves in foreign currencies. Gold, particularly when held domestically, is harder for another country to freeze or sanction.

Goldman now sees elevated central-bank buying as a multi-year trend, as countries diversify their reserves against geopolitical and financial risks.

Why Gold’s Swings Have Gotten Sharper?

The options market.

Goldman points to growing demand for gold call options — essentially bets that gold will move higher.

✱ When gold approaches popular option prices, the dealers who sold those calls may need to buy more gold to protect themselves.

→ Gold rises → dealers buy → that buying can push gold even higher.

And on the way down, the process can reverse:

→ Gold falls → dealers sell their hedges → that selling can add to the decline.

In other words, a move can start feeding itself.

Goldman’s $4,900 year-end target doesn’t include this effect, so the options market could potentially add more upside — along with sharper swings getting there.

Source: Goldman Sachs Research · August 28, 2026

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

Got a market or stock you want us to analyze next?

Just drop your request in the comments here. 

P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!