🚨The Silver Market CRISIS: India’s biggest refinery ran out of silver for the 1st time EVER as demand exploded. Shortages spread globally, also breaking the London silver market. The surge was driven by record Indian buying, a multi-year solar boom, and a rush to ship metal

🚨This has NEVER happened before: S&P 500 Shiller P/E (CAPE) ratio exceeded 40x, the highest level since the 2000 Dot-Com Bubble BURST. At the same time, US households’ equity allocation jumped to ~45%, the highest EVER. This is a few percentage points above the Dot-Com Peak.

🔴The US federal debt is SKYROCKETING: Total US public debt reached $37.9 TRILLION, an all-time high. This is up nearly $2 TRILLION since July, or ~$430B a month. The debt is now on track to hit $40 TRILLION for the 1st time in Q1 2026. The debt crisis is accelerating...

⚠️US subprime auto loan delinquencies are ELEVATED: The 60-day delinquency rate for subprime auto loans increased to 6.43% in August, one of the highest levels in HISTORY. The rate has DOUBLED over the last 4 years. They are way ABOVE the Great Financial Crisis levels.

🔥Investors are pouring into gold funds at a RECORD pace: The 4-week moving average of inflows into gold and silver funds hit $7.5 billion, an all-time RECORD. Over the last 10 weeks, gold funds have posted a WHOPPING $34.2 BILLION in net inflows. This is MASSIVE.

⚠️US investors own MORE stocks than EVER: US households, pension, insurance, and investment funds’ equity allocation hit a RECORD 60%. The share is 4pts higher than during the Dot-Com Bubble. Americans’ wealth is more tied to the stock market than at any point in history.

‼️CHART OF THE DAY: Another Tech Record US technology stocks now make up 35% of the S&P 500 market cap. This is above the 2000 Dot-Com Bubble peak level. By comparison, the share was ~17% during the Great Financial Crisis. Tech stocks are MASSIVE.

🚨US tariff revenue is rising at a RECORD pace: Tariff revenue hit a record $29.7 billion in Sept, marking its 7th STRAIGHT monthly increase. This brings Fiscal Year 2025 revenue to $195 BILLION - 3.7% of all government receipts. That’s a $118 BILLION, or +153%, YoY increase.

🚨Global equities 'SELL SIGNAL' was triggered for the 4th month STRAIGHT: Institutional investors' cash as a share of assets fell to 3.8% in October, the lowest in over a DECADE. Cash allocations at or below 4% indicate a “SELL SIGNAL” for stocks👇 globalmarketsinvestor.beehiiv.com/p/us-stocks-dr…

For the week ending October 24,🔥key events are: - US Existing Home Sales for September on Thursday - US CPI Inflation for September on Friday - US Consumer Sentiment for October on Friday - ~10% of S&P 500 firms report earnings results👇 globalmarketsinvestor.beehiiv.com/p/us-stocks-dr…

⚠️First Brands BANKRUPTCY shakes credit markets: The collapse WIPED OUT $4 billion in leveraged loans held across ~80 CLOs from Blackstone, and others. The sudden failure is a major warning for the broader credit market and leveraged loan sector.👇 globalmarketsinvestor.beehiiv.com/p/us-stocks-dr…

‼️German industry is in a DEPRESSION: A WHOPPING 245,000 jobs have been shed in German industry since 2019. Jobs have FALLEN for 5 consecutive quarters. Since 2019, German industry has seen job growth in only 8 quarters out of 22. Europe's largest economy is struggling.