ChartStack
Jeff Currie is short gold.
Not investment advice
The agentic economy’s math is not mathing.
Large-scale deployment might be "economically and environmentally prohibitive" — arXiv & arXiv (the first system-level characterisation of agent infrastructure costs).
Across 500 problems, the most expensive instance costs ∼7M more tokens than the cheapest:
And agents can't forecast their own spend:
Jeff Currie is now on X, he’s been short gold since early March:
“When the marginal central bank flips from structural buyer to forced seller to pay for energy, gold’s biggest bid disappears. Once central banks turn dovish after the energy crisis hits growth, the trade resets and I’m back long.”
How not to read charts.
Tether’s ‘more than China’ gold buying narrative ignores the fact that PBoC numbers are widely assumed to understate actual state buying — roughly 4–6x reported figures, with some months estimated higher.
Also, a closer look shows its Q1 2026 holdings actually decelerated sharply (6.52) va PBoC’s nudging back up (7.15). That’s not to dismiss Tether’s sovereign-scale buying spree.
UST 30y > 5% won’t last, according to history — BMO via steve
Historical performance of 30-year yields during selloffs that resulted in a daily close above 5.0%. This time it’s different?
2026 evolution of Fed pricing - Brent Donnelly.
This chart charts so well.
Erm — @MtPleasant0x via steve
The West debates, China executes.
Almost all of it from solar and wind. Coal actually fell. — Macro Insight
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