NothingPH

[NothingPH @phecon]

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[Seabridge Gold Investor (NYSE:SA | TSX:SEA.TO) @GoldSeabridge]

Gold's share of central bank reserves (ex US) peaked in 1980 as dollar inflation soared. Voelker raised rates, preserving the strong dollar policy that pushed gold out of the financial system. Now king dollar's gone, dedollarization is rising, gold reserves are growing. Back to 1980 levels? $SA

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

Mid-$70s oil a year out

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

MS: We see Fed and fiscal policy, deregulation and fading tariff headwinds all contributing to a growth acceleration in 2026

[Lance Roberts @LanceRoberts]

While spending on data centers is massive, when compared to the size of the economy, it is less than the Marshall Plan and the US railroads.
@thedailyshot

[Bob Elliott @BobEUnlimited]

Diesel Disaster

Diesel and jet fuel prices are at record highs, raising transport costs across the economy. While folks focus on gas prices, these inputs create a bigger risk of broader inflation and supply strains.

https://t.co/cTAixvurnq

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

Nasdaq back up to a 25x P/E
S&P 500 21x

[Barchart @Barchart]

Shiller PE Ratio hits 2nd highest level of all-time, only slightly behind the Dot Com Bubble 🚨🚨🚨

[St. Louis Fed @stlouisfed]

U.S. import prices increased 2.1% year over year in March. Excluding fuel prices, import prices increased by 2.8% year over year https://t.co/79FqlUs7Dd

[Our World in Data @OurWorldInData]

📊 Data update: NVIDIA's data center & AI revenue has grown nearly 15-fold since early 2023—

Most of the chips used to train and run AI models come from NVIDIA. This makes NVIDIA's data center & AI revenue one of the clearest public figures available for tracking demand for AI hardware.

The chart here shows how the company's quarterly revenue has changed over the last eight years, split by market segment.

In early 2023, data center & AI revenue was around $4 billion per quarter. By late 2025, this had grown to $62 billion — a more than 15-fold increase in under three years.

This data comes from NVIDIA's financial reports and is not adjusted for inflation. Our colleague Veronika Samborska recently updated our chart with the latest quarterly release and will continue to do so each quarter.

[Bloomberg @business]

Thailand’s government may lift a voluntary ceiling on public debt to open room for additional borrowing of about $30 billion to fund measures to shore up an economy hit by global energy shocks, according to sources https://t.co/IJ2f2hnbl0

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

BofA: Energy costs are not a significant component of costs for most industries – labor is typically the largest... MZ: and that is not exactly on fire

[OECD ➡️ Better Policies for Better Lives @OECD]

Economic uncertainty continues to weigh on small and medium-sized enterprises.

Despite lower #SME interest rates, new lending in 2024 remained 20% below 2019 levels in real terms and 53% of SMEs are still required to provide collateral to secure loans: https://t.co/yzBWKUZ969

[ING Economics @ING_Economics]

How a prolonged disruption to Middle East energy flows could affect inflation, interest rates and currencies.

https://t.co/SddGsHPWNw

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

MS: Comparing the Oil Shock of the Early 90s to Today

[Bloomberg @business]

Thailand will press ahead with a plan to link the Indian and Pacific oceans, after tensions over the Strait of Hormuz highlighted the strategic value of key shipping routes, a senior minister said https://t.co/nohjKlrVVX

[Daily Chartbook @dailychartbook]

EM "outflows have been almost as bad as during COVID, i.e. they’ve been massive."

@robin_j_brooks

[The Kobeissi Letter @KobeissiLetter]

The US wage growth gap is historically wide:

After-tax wages for higher-income households rose +5.6% YoY in March on a 3-month moving average basis, the highest in at least 3 years.

At the same time, lower-income earners saw their wages grow just+1.0% YoY, near the lowest in at least 3 years.

This marks the widest gap between the highest and lowest earners since data began in 2015.

By comparison, middle-income wages grew +2.0% YoY last month, near the lowest since mid-2024.

Meanwhile, US CPI inflation jumped +3.3% YoY in March, meaning lower and middle-income households are seeing their real wages decline.

In other words, inflation is eating all of the wage gains for the bottom two-thirds of American households.

Asset owners are the only winners.

[World Insights @World_Insights1]

🛢️ Ships passing through the Strait of Hormuz 👇

🟢 Feb 26 → 🚢 132
🟢 Feb 27 → 🚢 128
🟠 Feb 28 → 🚢 98
🟠 Mar 01 → 🚢 18
🟠 Mar 02 → 🚢 7
🔴 Mar 03 → 🚢 2
🔴 Mar 04 → 🚢 2
🔴 Mar 05 → 🚢 1
🔴 Mar 06 → 🚢 0
🔴 Mar 07 → 🚢 1
🔴 Mar 08 → 🚢 2
🔴 Mar 09 → 🚢 1
🔴 Mar 10 → 🚢 2
🔴 Mar 11 → ���� 1
🔴 Mar 12 → 🚢 0
🔴 Mar 13 → 🚢 3
🔴 Mar 14 → 🚢 1
🔴 Mar 15 → 🚢 0
🔴 Mar 16 → 🚢 1
🔴 Mar 17 → 🚢 2
🔴 Mar 18 → 🚢 1
🔴 Mar 19 → 🚢 0
🔴 Mar 20 → 🚢 1
🔴 Mar 21 → 🚢 2
🔴 Mar 22 → 🚢 3
🔴 Mar 23 → 🚢 5
🔴 Mar 24 → 🚢 6
🔴 Mar 25 → 🚢 4
🔴 Mar 26 → 🚢 4
🔴 Mar 27 → 🚢 3
🔴 Mar 28 → 🚢 11
🔴 Mar 29 → 🚢 9
🔴 Mar 30 → 🚢 8
🔴 Mar 31 → 🚢 11
🔴 Apr 01 → 🚢 16
🔴 Apr 02 → 🚢 13
🔴 Apr 03 → 🚢 14
🔴 Apr 04 → 🚢 11
🔴 Apr 05 → 🚢 10
🔴 Apr 06 → 🚢 11
🔴 Apr 07 → 🚢 11
🔴 Apr 08 → 🚢 12
🔴 Apr 09 → 🚢 9
🔴 Apr 10 → 🚢 15
🔴 Apr 11 → 🚢 17
🔴 Apr 12 → 🚢 21
🔴 Apr 13 → 🚢 17
🔴 Apr 14 → 🚢 8
🔴 Apr 15 → 🚢 19
🔴 Apr 16 → 🚢 8
🔴 Apr 17 → 🚢 8
🔴 Apr 18 → 🚢 11
🔴 Apr 19 → 🚢 6 (as of 18:00)

Note: Figures reflect AIS-confirmed transits and managed corridor movements; actual counts may fluctuate by 1-2 units due to "dark" transits (AIS-off) and Iranian-managed selective routing. Traffic drop post-Apr 12 reflects the implementation of the U.S. naval blockade on Iranian ports.

Source: Windward Maritime Intelligence, Lloyds List, PIB India, and regional briefings.

[Charlie Bilello @charliebilello]

Fertilizer prices have moved up to their highest levels since May 2022, rising 53% YoY.

About a third of global fertilizer supply passes through the Strait of Hormuz.

This will drive food price inflation higher in the coming weeks/months.

Video: https://t.co/XaN1isYjSt

[Jack Prandelli @jackprandelli]

🚨$111 trillion in global debt

And every country on this chart is printing more to survive an oil shock they didn't see coming.

🇺🇸 US: $38.3T growing 8% annually

🇨🇳 China: $18.7T growing 18% annually, 14x faster than global average

🇪🇺 EU: $17.6T energy crisis hitting reserves

🇯🇵 Japan: $9.8T 80% of oil through blocked Hormuz

The debt machine never stops.
But Hormuz just made every number on this chart worse.

Higher oil = higher inflation = higher rates = more debt cost.

And central banks are cornered.

This is exactly the topic that I analysed in my latest article

→ Why central banks are cornered right now
→ The 1974 petrodollar handshake and why the Iran war is THE moment
→ What Buffett's $373B cash pile is actually waiting for
→ Where institutional capital is rotating
→ Why every emerging-market central bank is buying gold except the Fed
→ How to think about your portfolio today

Don't miss this one, the link is here 👇
https://t.co/Ym1h54Vpua