The Big Picture

Where my head is at

Risk is at elevated levels when the market is hoisting mega hyped ipos like SpaceX, Chatgpt and Anthropic.

And Ivanka Trump/Kushner building a 1,400 hectare resort in Albania. You are definitely NOT invited.

(Manhattan is about 5,900 hectares)

I digress.

Let’s take a longer term view of the market priced in Gold.

A chart of the S&P 500 divided by gold shows how many ounces of gold it takes to buy the S&P 500. Since 1999, this ratio has moved in large cycles. Let’s also look at it since the 50s…