Current Analysis

Our current thinking on markets and opportunities.

Market Overview

Last updated: January 2025

The Big Picture

• Central banks losing control of bond markets
• Inflation proving stickier than expected
• AI infrastructure buildout accelerating
• Energy supply constraints tightening
• Precious metals breaking out

What We're Watching

• Japanese bond market stress
• US debt trajectory
• Uranium supply/demand dynamics
• Silver industrial demand growth
• AI compute infrastructure needs

Current Themes

1. Precious Metals Breakout

Gold, silver, and platinum are breaking multi-year resistance. Central bank buying continues at record pace. This looks like the early stages of a major bull market.

2. Energy Underinvestment

Years of ESG pressure starved traditional energy of capital. Supply is constrained. Demand keeps growing. This mismatch creates opportunity.

3. AI Infrastructure Boom

Every major tech company is racing to build AI infrastructure. Data centers, chips, power — massive capital expenditure incoming.

4. Mining Renaissance

The mining sector has been unloved for a decade. Balance sheets are clean. Dividends are flowing. Exposure to critical materials.

Key Metrics We Track

• Gold/Silver ratio
• Uranium spot vs term price
• US 10-year yield
• Energy sector capex
• Data center power demand

This is not financial advice. Do your own research.