Gusztav Hatt

[The Factor Report @PeterLBrandt]

Silver has finally retested the $55 level -- this was the level that launched the move to $120.
This is a possible level for the start of a bottoming phase, yet price could dip into the low 40s first. The 40s is just a discussion level, not a price target. $SI_F

[Ole S Hansen @Ole_S_Hansen]

Commodities weekly: June reset as peace hopes hawkish Fed and fund liquidation hit crowded longs https://t.co/E3LtU7TSkI via @saxobank

[Brian Armstrong @brian_armstrong]

The fact that orbital compute is (soon) the most efficient way to build datacenters says a lot about how much excessive regulation has harmed progress on earth.

It’s more efficient to fly to outer space than to try and build on land.

Freedom is always on the frontier.

The U.S. constitution was a breakthrough in that it protected citizens from tyrannical government. What it missed, and what we should try to integrate into the next constitution (on Mars, special economic zones, etc), is restraint against unchecked growth of regulation and government spending.

I’ve been slowly collecting proposals for how that could work. Might do a post on it at some point.

[Elon Musk @elonmusk]

FSD approved in Denmark

[The Factor Report @PeterLBrandt]

Major support in Silver comes in at $54

Here is how the dynamics of price behavior works:

Late comer bulls who bought >$90 missed the top and have sworn to themselves that they will never sell out

In fact, they have stated their intent to buy more at $65 and more at $60

They will mark the bottom by puking out their positions below $60 swearing to never trade Silver again

This is how bottoms are made every time in every market be it Silver or Bitcoin or Soybeans or Sugar or the S&Ps

$SI_F #silver

[Senator Cynthia Lummis @SenLummis]

The Clarity Act passed committee. The floor is next. We did not come this far to quit at the 5 yard line.

[The Kobeissi Letter @KobeissiLetter]

Lastly, we must put this into perspective.

The S&P 500 rose +21% in 2 months and posted a 9-week win streak for the first time since 2023.

Corrections are necessary and smart investors take advantage of it.

Follow us @KobeissiLetter for real time analysis as this develops.

[dustinrizzo.coq 🔺 @DustinRizzo]

Right now their 843,700 Bitcoin are worth about 57 billion, while all the senior claims ahead of common stock — 6.8 billion in debt plus 15.5 billion in preferred — total only 22 billion.

Bitcoin would have to crash below roughly 26,000 dollars for the Bitcoin value to equal what they owe senior holders.

The dilution everyone is worried about doesn’t change that collateral math. It just means common shareholders own a smaller and smaller slice of that big Bitcoin pile over time.

The Bitcoin themselves are still massively over-collateralized.

When shareholders get frustrated and sell, MicroStrategy can actually buy those shares back cheaper, which reduces the total share count. That increases how much Bitcoin each remaining share represents.

It’s a weird feedback loop — their aggressive dilution scares people out, the stock price drops, and then they can retire some of those shares on the cheap, which actually helps the remaining shareholders.

It’s kind of brutal, but it works as long as Bitcoin itself doesn’t completely collapse.

[Brian Armstrong @brian_armstrong]

Aging is arguably the root cause of most major diseases (loss of function in our cells). Four years ago, we made a bet that aging was treatable, and NewLimit was born.

NewLimit now has a prototype drug that reverses the age of some human cells (restores function they had when they were younger), and a clinical trial scheduled for next year (with more drug candidates in the pipeline).

Grateful to Founders Fund, Thrive, Greenoaks, and the rest of the investors for this latest round. @jacobkimmel and the team are just getting started.

[Ole S Hansen @Ole_S_Hansen]

#Commodities:

Brent #crudeoil spiked to USD 98 from a USD 94 low on Wednesday after renewed US attacks near the Strait of Hormuz and retaliatory IRGC strikes targeting US bases, underscoring the limited prospect for a near-term peace deal as the US and Iran remained far apart on steps needed to reopen the vital waterway. In a separate move, the US Treasury sanctioned the Persian Gulf Strait Authority in a bid to prevent Tehran from profiting from vessel transit tolls through the strait. Overall, the market remains caught between pricing the prospect of a deal and the growing realization that a resolution still looks increasingly elusive.

#Gold fell to a two-month low as US Treasuries sold off and the dollar strengthened following a fresh surge in crude oil prices, fuelling concerns that tight energy markets and rising fuel costs are increasing pressure on some countries to sell bullion reserves to defend their currencies and support economies struggling with higher import bills. From a technical perspective, a sustained break below the 200-day moving average - currently at USD 4,395 and breached today for the first time since 2023 - raises the risk of a retest of the March low near USD 4,100.

COMEX #copper is once again trading at a rising premium to London, echoing last year’s dislocation, as traders continue shipping metal to the US amid renewed speculation about future import tariffs. The resulting surge in COMEX-monitored inventories to a fresh record has tightened availability elsewhere, thereby helping underpin prices for a metal already in strong demand from the global energy transition. Attention now turns to the June 30 deadline for the US Commerce Secretary to deliver an update on the domestic copper market, a review that could pave the way for import duties from January 2027.

[BSCN @BSCNews]

BIS confirms tokenized payments work, next stop real-value testing

The Bank for International Settlements (@BIS_org) published Project Agora findings today, confirming that tokenizing central bank reserves and commercial bank deposits could deliver atomic settlement across currencies and jurisdictions. The prototype works. Real-value testing is the next phase.

Bank of Canada joined the initiative this week, expanding the central bank lineup that includes the Federal Reserve Bank of New York, Bank of England, Bank of Japan, Bank of Korea, Swiss National Bank, Bank of France, and Bank of Mexico. Over 40 private financial institutions are involved, including JPMorgan, Mastercard, BNP Paribas, Standard Chartered, and Euroclear.

Wall Street's tokenization push is accelerating. DTCC is rolling out tokenized settlement for stocks, ETFs, and US Treasuries on Stellar. Nasdaq and ICE are both building blockchain-based tokenized stock systems.

Central banks just confirmed what stablecoins and DeFi have been demonstrating for years. The wholesale layer is next.

[Ole S Hansen @Ole_S_Hansen]

#Gold is currently showing very elevated inverse correlations with bond yields, the dollar and crude oil, underscoring the reaction function currently driving price action and what likely needs to change for bullion to attract a renewed bid. Rising yields increase the opportunity cost of holding non-yielding assets, a stronger dollar reduces gold’s appeal for non-US buyers, while higher crude prices are feeding inflation and rate-hike expectations rather than supporting gold through their traditional inflation-hedge channel.

The recent shift highlights how markets are currently focusing less on gold’s longer-term structural drivers - fiscal debt concerns, reserve diversification, de-dollarisation and central bank demand - and more on near-term macro headwinds. For gold to regain upside momentum, the market needs to see some easing in oil-driven inflation concerns, or renewed evidence that growth risks are beginning to outweigh inflation fears.
Charts from Bloomberg

[The Kobeissi Letter @KobeissiLetter]

We truly are witnessing history right now.

It's clear that the period we are in now will be referenced for decades to come.

The S&P 500 has added +$10 trillion in 29 days, semiconductor, AI stocks are surging 100%+ in weeks, and the Trump Administration is up +550% on Intel.

When we began emphasizing the need to own assets to win in this market over 12 months ago, this is exactly what we meant.

While inflation is back and the labor market has weakened, it simply does not matter right now.

In fact, the return of inflation has only intensified the scramble for yield and hard assets that can preserve purchasing power.

Look at the data: just 5 stocks have accounted for ~50% of the S&P 500’s total gains since April 1st.

These same tech giants driving the market higher are gaining even more momentum amid rate cuts, deregulation, and historic inflows into equities.

Asset owners are experiencing one of the greatest wealth expansions in modern history while everyone else is being left behind.

Our 12+ month thesis has materialized.

[Mastercard @Mastercard]

Today, Mastercard, @OndoFinance, Kinexys by @JPMorgan, and @Ripple successfully completed a landmark transaction connecting a public blockchain with interbank settlement rails.

Together, we’re laying the groundwork for 24/7 global markets that never close.

[Cointelegraph @Cointelegraph]

🔥 JUST IN: $114T+ custodian DTCC to pilot tokenized securities trading in July, with full launch set for October.

Over 50 TradFi and crypto firms involved, including BlackRock, JPMorgan, Goldman Sachs, Nasdaq, Circle, Ondo, Ripple Prime and more.

[The Kobeissi Letter @KobeissiLetter]

Shocking stat of the day:

Adjusted Stablecoin volume is projected to reach $719 TRILLION by 2035, according to a new report from Chainalysis.

This projection is assuming organic growth alone. When factoring in macro catalysts, Chainalysis says this figure could approach $1.5 quadrillion.

In fact, Stablecoin payment volumes are on pace to match Visa and Mastercard’s off-chain transaction volumes somewhere between 2031 and 2039.

This comes amid a massive shift toward Stablecoin infrastructure, with Western Union, $USDPT, Fidelity, $FIDD, Meta, and many other Fortune 500 companies preparing launches.

The ecosystem is also evolving, such as Jupiter's $JUPUSD, which returns yield back to the ecosystem and has been attracting large inflows.

Stablecoin adoption is skyrocketing.

[World of Statistics @stats_feed]

🚢 Vessels Crossed Strait of Hormuz

🟢 Feb 26 → 132 vessels
🟢 Feb 27 → 128 vessels
🟡 Feb 28 → 98 vessels
🟠 Mar 01 → 18 vessels
🔴 Mar 02 → 7 vessels
🔴 Mar 03 → 2 vessels
🔴 Mar 04 → 2 vessels
🔴 Mar 05 → 1 vessel
❌ Mar 06 → 0 vessels
🔴 Mar 07 → 1 vessel
🔴 Mar 08 → 2 vessels
🔴 Mar 09 → 1 vessel
🔴 Mar 10 → 2 vessels
🔴 Mar 11 → 1 vessel
❌ Mar 12 → 0 vessels
🔴 Mar 13 → 3 vessels
🔴 Mar 14 → 1 vessel
❌ Mar 15 → 0 vessels
🔴 Mar 16 → 1 vessel
🔴 Mar 17 → 2 vessels
🔴 Mar 18 → 1 vessel
❌ Mar 19 → 0 vessels
🔴 Mar 20 → 1 vessel
🔴 Mar 21 → 2 vessels
🔴 Mar 22 → 3 vessels
🔴 Mar 23 → 5 vessels
🔴 Mar 24 → 6 vessels
🔴 Mar 25 → 2 vessels
🔴 Mar 26 → 7 vessels
🔴 Mar 27 → 4 vessels
🟠 Mar 28 → 12 vessels
🔴 Mar 29 → 2 vessels
🔴 Mar 30 → 4 vessels
🔴 Mar 31 → 5 vessels
🔴 Apr 1 → 8 vessels
🔴 Apr 2 → 6 vessels
🟠 Apr 3 → 14 vessels
🟠 Apr 4 → 10 vessels
🟠 Apr 5 → 11 vessels
🔴 Apr 6 → 7 vessels
🟠 Apr 7 → 11 vessels
🔴 Apr 8 → 5 vessels
🔴 Apr 9 → 9 vessels
🔴 Apr 10 → 8 vessels
🟠 Apr 11 → 14 vessels
🟠 Apr 12 → 14 vessels

Sources: Windward Maritime Intelligence, Lloyd’s List, PIB India, regional briefings, Maritime News, Kpler Risk and Compliance.

[Nikita Bier @nikitabier]

@Wealthsimple Credit to the builders:

@k3shen (his 1st launch at X)
@mnmityushkin
@singhai
@nicoduc & @benjitaylor

Web and Android + global launch coming very soon

[Nikita Bier @nikitabier]

𝕏 has always been the best source of financial news for traders and investors. Billions of dollars are allocated every day based on what people read on Timeline.

Today we're launching our new Cashtags feature in the US and Canada on iPhone, bringing real-time financial data to X.

Here's how it works:

1. When you search for or post a cashtag (or contract address), X will automatically suggest matching stocks or crypto tokens, so you can select the exact asset you had in mind.

2. Anyone who taps a Cashtag will see posts mentioning it along with its price chart—without ever leaving X.

This ensures that you're always matched to the chatter for the right stock or token.

Cashtags are just the first step in our commitment to be the best destination for the finance and crypto community.

[Solana @solana]

XRP