from Felix:

The UNTHINKABLE is about to happen to GOLD & SILVER (& Why AI is the Trigger)

NVIDIA arranged $500 billion in financing so its own customers can buy its own chips, a circular debt loop Credit default swap costs on NVIDIA’s debt doubled since late May, even at all-time stock highs Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR arranged the deal, took fees upfront, and hold none of the risk Pension funds and insurers end up holding risk on AI chips that lose most value within five years Lucent and Nortel ran the same supplier-lending playbook in the 1990s and both ended in massive bankruptcies U.S. market valuations across eight metrics now exceed the dot-com bubble and the 1929 peak Hyperscalers flipped from $190 billion in buybacks (2024) to selling $147 billion in stock (2026), the first reversal in a decade The U.S. Strategic Petroleum Reserve fell to its lowest since 1983, leaving no buffer for inflation or energy shocks Gold miners trade below the value of the gold in the ground and generate roughly 10% free cash flow GDX offers exposure to 86+ gold and silver mining stocks without single-stock risk IQLT, an international quality fund with minimal U.S. weighting, positions for a value rotation away from overpriced growth