It has been a rough stretch for Tesla shareholders lately. The stock has slid in nine of the last ten sessions coming into today, which is enough to test even the strongest conviction.

Time to calculate targets based on a measured move for gold and silver.

But it is very difficult to argue that AI is a bubble when the Big Tech hyper-scalers are trading at lower forward P/E ratios than Walmart or Costco.

In early 2020, global nominal interest rates converged around zero, with the U.S. (at the 10-year maturity point) under 1% and the EU slightly negative.

We break down the real driver behind recent price action: index rebalancing, a scheduled, rule-based flow that forced major funds to sell futures as gold and silver became oversized in commodity benchmarks like the Bloomberg Commodity Index.