deep dive
▫️ Data Centres Drank 17.4 Billion Gallons in One Year. Nobody Priced It.
Projections put direct consumption between 38 and 73 billion gallons by 2028, concentrated in a few dry states.
Latest
weekly review
▪️ The Fed's Case for September Just Weakened. Gold Moved First.
The labour force shrank by 264,000, which is the only reason the rate could fall at all.
deep dive
▫️ America Had 8,000 Listed Companies. It Has Half That Now.
Failures and takeovers cut the American listed universe roughly in half between 1996 and 2012.
deep dive
▫️ Foreign Governments Keep 6,331 Tons Under Manhattan. Under Whose Law?
American exports to Iran went from $3.7 billion to $23 million in a single year.
deep dive
▫️ Washington Guaranteed $110 a Kilogram for Ten Years. Ask Why.
A contracted floor turns a cyclical miner into a borrower that banks will finance for a full decade.
deep dive
▫️ The Deposit Never Got Smaller. Your Share of It Did.
Every financing round issues new shares, and each one reduces the fraction of the asset you already hold.
deep dive
▫️ Your Servers Now Last Six Years. Nobody Told the Servers.
Equipment ages at a physical rate, while the schedule that writes it down is set by management.
weekly review
▪️ Inflation Has Been Above Target for Five Years. The Fed Just Blinked Twice.
The gap between two giants reporting in the same week is the real story of this earnings season.
deep dive
▫️ In 1970 the World Mined More Gold Than Ever. The Price Then Rose Twentyfold.
A record year of mining changes the total supply by less than most currencies change in a quarter.
deep dive
▫️ The US Carries Over $1 Trillion of Metal on the Books at $11 Billion.
The gap between what the ledger says and what the vault holds is one of the largest in public finance.
deep dive
▫️ Two Nobel Laureates Were Right About the Trade. It Still Ended in Weeks.
A conviction you cannot hold through a drawdown converts into a forced sale at the worst price.
deep dive
▫️ America's Emergency Oil Reserve Just Hit Its Lowest Level Since 1983.
The United States has withdrawn 352 million barrels in four years, and the tanks now sit far from full.