GOLD 4K 'overbought but under-owned' / PTJ 'blow off top' / US:10% Trilogy / U.S, China, now Japan 'run it hot'

Stéphan
Oct 7
3 min read

Markets : Japan’s Iron Maiden Needs to Fire Abe’s Last Arrow, U.S. takes 10% stake in Trilogy now (U.S Administration now own 15% in AP Materials, 10% in Lithium America, a golden share in US Steel and floating the idea of stakes in defense contractors..) >>> Globally, the entire world is on the ‘Run it Hot’ path (from China, US to Japan again ''not to prioritize fiscal consolidation over growth'', all populist ideas, no--one wins a mandate by calling for huge spending cuts...debasement, hard assets up etc), more debt, run it hot !, PTJ interview below (6mins of it) ''blow up top alla 1999 and then down''... it all looks so lined up, most of us would agree.. non?... that all said, one never really quite know if/when it'll turn, so go with the flows...
Geopolitics : If Trump convinces China to abandon force against Taiwan he deserves Nobel prize, Taiwan president says
Trade : Trump imposing new 25% large truck tariff starting Nov. 1
Moody’s Mark Zandi says the U.S. is “on the precipice” of a damaging contraction
The Office of the Comptroller of the Currency is paring down nearly all community bank regulatory measures not required by law, leaving it up to examiners to determine applicable requirements, routine move ? cutting red tape, easing risk models' rules >>> when rules are loosened, it can be a sign the supervisors giving themselves room to intervene, where and when required...smooth over losses ( commercial real-estate and loan books built during low int rate times few years ago)
Partner Content: Chinese firm Sea Legend is piloting a new Arctic shipping route from China to Europe with Felixstowe in Suffolk as its first European hub The route is set to take 18 days instead of the typical 40, cut emissions by 50%, and could position the UK at the forefront of a "new maritime era"
China again doubled down on solar in the first half of 2025, adding in 6 months more than America has built in its entire history
Shutdown negotiations | Donald Trump opened the door to a possible end to the shutdown impasse by saying he’d negotiate with Democrats on health care subsidies, but later signaled he’d only talk once the government reopened. The Senate again rejected a stopgap bill. (BBG)
Gold is tactically ‘overbought’ but structurally ‘under-owned’; gold = 0.4% of private client AUM, 2.4% of institutional AUM-BofA