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GDX shares outstanding over the past year
lower pane: volume. source: bloomberg

Bloomberg, quoting Rabobank: The surge in gold prices to... appears to be driven by diversification of global reserve portfolios rather than investor fear of debasement..

* Agreed key buyer is institutions.
* Shrugging off debasement trade - well, that's more complicated.

Bill Gross says gold has become a 'momentum asset'

FWIW, I group gold investors into those focused on diversification, purchasing power, speculation and central banks (in addition to non-financial investors, i.e. jewelry).

Speculators are back, agreed.
@real_bill_gross

Unpopular opinion: credit conditions are too loose.

Chris Waller argues the reason the economy doesn't show more weakness is because both supply and demand of labor have declined simultaneously.

In speaking with @tomkeene, Chris Waller showed why he is more of the same if he were to become Fed Chair,
* giving forward guidance
* downplaying monetary policy lag
That is
-> continued flawed communication strategy
-> no overhaul of policy making framework x.com/AxelMerk/statu…

What do fracking & data centers have in common?

They are private initiatives. Part of what made fracking a success is that property owners own the mineral rights on their property.

A family engaged in fracking now builds a data center on its ranch.
wsj.com/tech/ai/west-t…