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...

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...

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...

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...

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...

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...

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...

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...

Out With The Old. Stanley Druckenmiller has never been particularly sentimental about stocks. His latest 13F is a pretty good reminder. The legendary investor spent Q2 reshuffling his portfolio — opening dozens of new positions, walking away from nearly two dozen others, and making some surprisingly big changes along the way. For someone who averaged roughly 30% a year over three decades without a losing year, it’s a lot of changing his mind in three months. And buried inside all that buying and selling is a pretty interesting picture of where Druckenmiller sees opportunity now. So, we went...

The Farm of Omaha. Of all the investments Warren Buffett could use to explain investing, he picked two rather ordinary ones. A 400-acre farm in Nebraska. And a retail property next to NYU. Neither was a stock. Neither required some brilliant new technology or complicated financial model. Yet Buffett said both should remain “solid and satisfactory” investments not only for his lifetime, but for his children and grandchildren — with income that would probably keep growing for decades. That’s quite a vote of confidence from a man with a fairly decent investing résumé. So what made these two...

Heads Burry Wins. Tails? Michael Burry is short Nvidia. But days before earnings, he did something that seems to point in the exact opposite direction. He bought Nvidia calls. Then he made things even more confusing by describing the stock as “wildly undervalued.” Which got us wondering: How can you think Nvidia is undervalued, bet on it going up — and still be short the stock? The obvious answer would be that Burry changed his mind. He didn’t. In fact, the calls only make sense because of the much bigger bet sitting on the other side. And Burry himself described what came next as essentially...

Wood You Buy The Dip? Cerebras has had a rough week. The AI chipmaker fell for six straight trading sessions — including a 12.7% drop on the same day it unveiled its latest technology. Cathie Wood apparently saw a different chart. Her Ark Invest funds bought $17.2 million worth of Cerebras, just one week after making another purchase. Wood, of course, has made a career out of betting early — and often aggressively — on technologies she thinks could reshape entire industries. → And Cerebras certainly fits the description. It makes enormous AI chips designed to compete with the GPU systems...