Justin Sullivan/Getty Images News Silver Getting Ready For The Next Round Precious metals investors have been under the weather for a while already, even though the crazy volatility that we saw earlier in the year looks to be well behind us. Those moments squeezed silver ( SLV ) investors so dramatically that we also saw record silver lease rates peak, even though borrowing costs aren’t back to th...
Justin Sullivan/Getty Images News Silver Getting Ready For The Next Round Precious metals investors have been under the weather for a while already, even though the crazy volatility that we saw earlier in the year looks to be well behind us. Those moments squeezed silver ( SLV ) investors so dramatically that we also saw record silver lease rates peak, even though borrowing costs aren’t back to the low levels yet when parsed against the historical averages. Silver lease rates (Bloomberg) I think it's a welcome respite for some silver investors who got freaked out by the historic volatility that also led me to issue a timely caution on silver in late December. I did mention that the tight supply had spurred brewing tensions that could lead to a blow-off top that appeared to be fomenting. While silver futures obviously didn't peak until late January this year, I think the subsequent fallout should have given us tremendous insights into why buying dips into the highly volatile white metal trade seems like a more sustainable strategy as compared to chasing the FOMO surges (that often precede a blow-off top). Commentary on China's silver imports (Bloomberg) Thankfully, China’s insatiable demand for the part industrial, part precious metal hasn’t quite broken the market yet. Still, it's hard to see how much longer we can keep up, as inventory levels have been drawn down further, as silver's use cases are now crucial for fulfilling a wide range of applications (data centers, EVs, solar PVs, etc.), while also being used as a store of value for investors, and especially for those who couldn't afford to buy much more expensive gold bars, given the vast pricing differences with the yellow glittering metal. Silver's Fundamentals Remain Bullish Silver inventory (Bloomberg) Despite the looming inventory shortages, I still don't really expect a substantial price disconnect moving forward, as such lofty sentiments have arguably normalized, with the speculative investors already bei...
Here are the key takeaways from Federal Reserve Chair Jerome Powell ’s remarks at an economics class at Harvard University Monday: Powell reiterated that it’s too soon to know how much of an impact the oil-price shock will have on the economy, but that monetary policy is well positioned to handle it. The Fed is carefully monitoring inflation expectations and is mindful of the fact that inflation h...
Here are the key takeaways from Federal Reserve Chair Jerome Powell ’s remarks at an economics class at Harvard University Monday: Powell reiterated that it’s too soon to know how much of an impact the oil-price shock will have on the economy, but that monetary policy is well positioned to handle it. The Fed is carefully monitoring inflation expectations and is mindful of the fact that inflation has been above its 2% target for five years. Both the moderator and a student audience member asked Powell about the risks around private credit. Powell said that while the Fed is monitoring that market very carefully, distress there seems like a correction and not like a broader systemic event. While Powell was reluctant to answer questions about his successor — potentially Kevin Warsh , whom President Donald Trump has nominated to be the next Fed chair — he noted that there’s broad support among the public and Congress for the Fed’s independence. He praised the Fed staff and the central bank’s ability to stick to its core missions, something he said was essential. Speaking to the mostly student audience, Powell acknowledged that the labor market is difficult for younger workers right now, but he urged the students to remain optimistic. He said the US economy is dynamic and should offer them plenty of opportunity. Treasures extended the rally after Powell’s speech. Both two- and 10-year yields tumbled by about 10 basis points today, with majority of the move occurring before the speech. Investors are starting to become more concerned that a prolonged conflict in Middle East may undermine the global economy, as the oil shock pushes up consumer prices. To access the full live blog, click here to read on the Terminal and here online.
As thousands of US soldiers and marines arrive in the Middle East, Iran is accusing Washington of privately plotting a ground assault while publicly touting ceasefire talks. Donald Trump threatened to ‘obliterate’ Iran’s energy infrastructure, said his ‘preference would be to take the oil’ in Iran and that US forces could seize the regime’s export hub on Kharg Island, while also claiming he was in...
As thousands of US soldiers and marines arrive in the Middle East, Iran is accusing Washington of privately plotting a ground assault while publicly touting ceasefire talks. Donald Trump threatened to ‘obliterate’ Iran’s energy infrastructure, said his ‘preference would be to take the oil’ in Iran and that US forces could seize the regime’s export hub on Kharg Island, while also claiming he was in talks with a new ‘reasonable regime’. Yemen’s Houthi forces have also entered the conflict, bringing the threat of further damage to the global economy. Lucy Hough speaks to the Guardian columnist and host of Politics Weekly America, Jonathan Freedland Continue reading...
Joe Raedle/Getty Images News NASA is preparing for Artemis II, a roughly 10-day mission that will carry four astronauts around the Moon and back, marking the first crewed lunar voyage since the Apollo program. The flight is intended as a critical test ahead of planned lunar landings later this decade. Launch and Earth orbit The mission is set to launch from Kennedy Space Center aboard the Space La...
Joe Raedle/Getty Images News NASA is preparing for Artemis II, a roughly 10-day mission that will carry four astronauts around the Moon and back, marking the first crewed lunar voyage since the Apollo program. The flight is intended as a critical test ahead of planned lunar landings later this decade. Launch and Earth orbit The mission is set to launch from Kennedy Space Center aboard the Space Launch System. After liftoff, the Orion spacecraft will separate and enter a stretched orbit around Earth. The launch window opens April 1, with additional opportunities depending on conditions. Initial systems testing During the first one to two days, the crew will remain in Earth orbit while running checks on key systems, including life support, propulsion, navigation and communications, to confirm readiness for deep space travel. Journey toward the Moon Once cleared, Orion will perform a major engine burn to leave Earth’s orbit and begin its trajectory toward the Moon. Over the next few days, astronauts and mission control will continue monitoring performance as the spacecraft moves farther from Earth than humans have traveled in decades. Lunar flyby The spacecraft will pass behind the Moon on a path designed to loop it back toward Earth without requiring additional propulsion. This phase will take Orion to its farthest distance from Earth during the mission. Return trip Following the flyby, the crew will spend several days heading back while conducting further tests of onboard systems and operations in deep space. Re-entry and recovery As Orion approaches Earth, it will re-enter the atmosphere at speeds near 25,000 miles per hour (40,233.57 km/h). One of the mission’s key objectives is to evaluate the capsule’s heat shield under these extreme conditions. The spacecraft is expected to land in the Pacific Ocean, where recovery teams will retrieve the crew. More on Boeing, Lockheed Martin, etc. Northrop Grumman: Undervalued Ahead Of Key Program Ramp Boeing: The Triple Blow T...
A 10% Dip Is Not A Green Light To Go All In Submitted by QTR's Fringe Finance This is the kind of environment where how you deploy capital matters far more than just being “in the market.” One lesson I’d repeat to myself here: don’t go throwing all your cash into the market just because we’re down 10% from the highs. That kind of thinking assumes the decline is basically over, when there’s no rule...
A 10% Dip Is Not A Green Light To Go All In Submitted by QTR's Fringe Finance This is the kind of environment where how you deploy capital matters far more than just being “in the market.” One lesson I’d repeat to myself here: don’t go throwing all your cash into the market just because we’re down 10% from the highs. That kind of thinking assumes the decline is basically over, when there’s no rule that says it is. In fact, a 10% decline is just considered a correction, not a bottom, and according to historical market data by firms Fidelity , a meaningful share of corrections go on to become deeper bear markets. The biggest mistake you can make here is treating this level like a clearance sale instead of what it actually is: a potentially ongoing drawdown. And just because I recently put out a list of stocks I’m watching on further plunges does not mean I think we’re anywhere near a floor. If anything, it means the opposite. I’m preparing for lower prices, not declaring victory. There’s a huge difference between identifying names you’d like to own if they move lower and actually stepping in aggressively. Too many people confuse “this is interesting at some price” with “this is safe to buy a shitload of right now.” Those are not the same thing, and in declining markets that confusion gets expensive very quickly. What really concerns me is seeing posts like the one circulating on X right now . You have someone openly talking about being down 80%+, already having blown up once before, and the response is not caution or humility—it’s doubling down, levering up, and planning to take out loans to buy more if things fall further. That’s not discipline, that’s gambling dressed up as conviction. The language sounds inspiring on the surface—“volatility isn’t loss,” “now is the time to go big”—but underneath it is the exact mindset that tends to get completely wiped out in prolonged drawdowns. When people start talking about “rockets” and “relentlessly margining in,” that’s usu...
Architect of modernist Catholic churches whose designs encouraged the active participation of worshippers The forte of the architect Desmond Williams, who has died aged 93, was the design of modern Catholic churches, reflecting a rare ability to conjoin liturgical function, architectural ambition and artistic collaboration. The quality and significance of his work were recognised during his lifeti...
Architect of modernist Catholic churches whose designs encouraged the active participation of worshippers The forte of the architect Desmond Williams, who has died aged 93, was the design of modern Catholic churches, reflecting a rare ability to conjoin liturgical function, architectural ambition and artistic collaboration. The quality and significance of his work were recognised during his lifetime with the listing of four of his churches, a distinction that placed him among the leading figures of postwar British architecture. Growing Catholic congregations in the first half of the 20th century impelled a demand for new buildings, while the liturgical reforms of the Second Vatican Council in the early 1960s had profound implications for church design and layout. An emphasis on communality and intimacy led to a rejection of traditional axial plans in favour of more inclusive, spatially dynamic forms that encouraged active participation by worshippers. Continue reading...
BING-JHEN HONG Nvidia ( NVDA ), Broadcom ( AVGO ), Monolithic Power Systems ( MPWR ), and Marvell Technology ( MRVL ) are still Oppenheimer's top picks in the semiconductor space, with the investment firm citing continued artificial intelligence spending. “We visited an assortment of companies across the Asia semiconductor supply chain last week,” analyst Rick Schafer wrote in a note to clients. “...
BING-JHEN HONG Nvidia ( NVDA ), Broadcom ( AVGO ), Monolithic Power Systems ( MPWR ), and Marvell Technology ( MRVL ) are still Oppenheimer's top picks in the semiconductor space, with the investment firm citing continued artificial intelligence spending. “We visited an assortment of companies across the Asia semiconductor supply chain last week,” analyst Rick Schafer wrote in a note to clients. “The AI race continues full tilt, with unfettered [cloud service providers] demand outpacing supply well into 2027. AI-related supply tightness spans vectors, most notably advanced wafers, packaging, and memory. Lead times remain stretched. Prices [are] broadly rising and likely to be passed on to customers as insatiable AI absorbs supply.” As such, Schafer said he favors companies that offer “structural growth for through-cycle outperformance.” Delving deeper, Schafer said that application-specific integrated circuits are still ramping, led by Google's ( GOOG ) ( GOOGL ) tensor processing units. He also noted there are a “number of projects” that are increasing to support the growth in large language models, while engagement continues to increase. Lastly, wins that are announced in the present are likely to only start generating revenue in the middle of 2028, Schafer said. These are due to challenges stemming from connecting Nvidia and ASIC racks, along with other issues inside data centers, including the discrepancies between legacy and new architectures. On Nvidia, Schafer said that server racks for Grace Blackwell and Vera Rubin are likely to top 75,000 this year. He also expects the average selling price of Vera Rubin to be 50% or more when compared to Grace Blackwell, potentially approaching $7M per rack. Additionally, Vera Rubin has higher power management requirements when compared to Grace Blackwell 200 and 300s (up to five times), which could benefit Monolithic Power, Schafer added. Other takeaways from the trip include that the server CPU shortage is not hitting t...
BING-JHEN HONG Nvidia ( NVDA ), Broadcom ( AVGO ), Monolithic Power Systems ( MPWR ), and Marvell Technology ( MRVL ) are still Oppenheimer's top picks in the semiconductor space, with the investment firm citing continued artificial intelligence spending. “We visited an assortment of companies across the Asia semiconductor supply chain last week,” analyst Rick Schafer wrote in a note to clients. “...
BING-JHEN HONG Nvidia ( NVDA ), Broadcom ( AVGO ), Monolithic Power Systems ( MPWR ), and Marvell Technology ( MRVL ) are still Oppenheimer's top picks in the semiconductor space, with the investment firm citing continued artificial intelligence spending. “We visited an assortment of companies across the Asia semiconductor supply chain last week,” analyst Rick Schafer wrote in a note to clients. “The AI race continues full tilt, with unfettered [cloud service providers] demand outpacing supply well into 2027. AI-related supply tightness spans vectors, most notably advanced wafers, packaging, and memory. Lead times remain stretched. Prices [are] broadly rising and likely to be passed on to customers as insatiable AI absorbs supply.” As such, Schafer said he favors companies that offer “structural growth for through-cycle outperformance.” Delving deeper, Schafer said that application-specific integrated circuits are still ramping, led by Google's ( GOOG ) ( GOOGL ) tensor processing units. He also noted there are a “number of projects” that are increasing to support the growth in large language models, while engagement continues to increase. Lastly, wins that are announced in the present are likely to only start generating revenue in the middle of 2028, Schafer said. These are due to challenges stemming from connecting Nvidia and ASIC racks, along with other issues inside data centers, including the discrepancies between legacy and new architectures. On Nvidia, Schafer said that server racks for Grace Blackwell and Vera Rubin are likely to top 75,000 this year. He also expects the average selling price of Vera Rubin to be 50% or more when compared to Grace Blackwell, potentially approaching $7M per rack. Additionally, Vera Rubin has higher power management requirements when compared to Grace Blackwell 200 and 300s (up to five times), which could benefit Monolithic Power, Schafer added. Other takeaways from the trip include that the server CPU shortage is not hitting t...