Gold and silver are breaking decade highs as markets front-run September cuts.
At the same time, Shanghai’s +36% YTD rally shows household deposits rotating into equities, even as fundamentals lag.
Flows are shifting, volatility is low, and dry powder remains.
Source: Daily Chartbook on X
Key Report Insights:
Bearish Oil: Hedge funds slash longs as OPEC+ boosts supply
Silver Breakout: 14-year base cleared, eyes $43 then ATHs
Gold Tailwind: Jackson Hole + weak jobs lift cut odds
China Flows: Shanghai +36% YTD as households rotate in
Bubble Risk: Profits +1.6% YoY vs +16.9% price rally
1. Market Overview:
A. The Fading Premium:
Crypto treasuries trade below 1x NAV—except MSTR, still at 1.34x. Its moat? Track record and first-mover status.
The next catalyst: potential SPX inclusion, which could boost volume, cut dilution, attract inflows, and fuel more BTC accumulation.
Source: Blockworks
B. China’s Record Inflow:
Shanghai Composite is up +35% YoY on a domestic rally.
Local investors are piling in with record margin trading—clear evidence of resurgent risk-on sentiment.
Source: Daily Chartbook on X
C. Oil’s Headwind:
Hedge funds have cut longs to 24,225 lots while shorts climb.
OPEC+ is signaling higher output, and Trump’s Russia export threat hasn’t materialized—both easing supply pressure.
With oversupply fears dominant and no new geopolitical shocks, oil faces further downside.
Source: Bloomberg
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