@jolyonThree-week highs for Newmont and Wheaton. That's where the money is going, according to Michael Oliver, who says his charts called the April break in 30-year Treasury futures before it happened. The yield charts of Japan, Germany, Britain and America have all converged. Oliver's read: this is a Western government debt crisis, not a stock bubble. "find me a crisis bigger than that in the last hundred years," he says. The Treasury secretary bought yen to keep Japan from selling American bonds. The bonds fell anyway. Everyone else is watching AI earnings. Meanwhile capital is leaving the stock market, and its usual parking spot isn't there anymore. So the managers who can't sit on bullion are going to the miners instead. Silver is trading near its 1980 peak. Gold is five times its own historical peak. The move into precious metals began before the war. Oil is the most recent indicator.

@jolyonThree-week highs for Newmont and Wheaton. That's where the money is going, according to Michael Oliver, who says his charts called the April break in 30-year Treasury futures before it happened. The yield charts of Japan, Germany, Britain and America have all converged. Oliver's read: this is a Western government debt crisis, not a stock bubble. "find me a crisis bigger than that in the last hundred years," he says. The Treasury secretary bought yen to keep Japan from selling American bonds. The bonds fell anyway. Everyone else is watching AI earnings. Meanwhile capital is leaving the stock market, and its usual parking spot isn't there anymore. So the managers who can't sit on bullion are going to the miners instead. Silver is trading near its 1980 peak. Gold is five times its own historical peak. The move into precious metals began before the war. Oil is the most recent indicator.