Welcome to the 27th edition of Markets, Distilled — your edge on where capital’s flowing across the exponential age.
Explore key insights from top minds, emerging trends, and game-changing topics, all streamlined for you.
1. Market Overview:
A. Silver Continues Its Shine:
Futures net-longs just matched Feb-2020 highs—the springboard for that +60% surge.
Gold/Silver ratio is breaking down on a fresh 30-month trend flip.
With gold stuck in range, liquidity is rotating into the high-beta metal—silver.
Source: Barchart on X
B. Capital’s Great Rotation: U.S. → Abroad
Dollar softness + Treasury outflows are fueling a shift toward fiscally sound, stronger-currency regions.
EU has pulled in $82.5B YTD as cuts + stimulus boost risk appetite. Asia rides low debt + growth rebound.
Valuations support the shift: U.S. (20.4x), EU (13.5x), Asia (14.2x)
Global ETFs are running: IEUR +19.04%, EEMA +11.81% vs SPX +1.72% YTD.
Source: Reuters
C. War Premium Returns:
Geopolitical tension is flaring as Israel–Iran conflict escalates, with U.S. intervention risk looming.
VIX spiked +9.15%, while energy and metals rally on supply shock fears.
BTC and equities are fading as risk gets cut—defensive flows likely persist until clarity returns.
Source: Mike Zaccardi on X
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2. OpenAI Betas:
A. OpenAI - AI’s First Mover:
ChatGPT sparked AI’s breakout—and OpenAI now sits atop a $300B valuation.
With no public ticker, capital is rotating downstream—into public names linked to OpenAI or Sam Altman, chasing indirect exposure to the AI epicenter.
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