Folks, you know that I enjoy reading every piece that #ZoltanPozsar at #CS writes. His latest piece "War and Commodity Encumbrance" (Dec. 27th) was particularly worth reading. Here's a little #thread with the most important parts:

Very big picture there is an absolutely huge divergence between $GOLD and $SILVER. Something´s got to give. Last time the two had a larger divergence like this, silver played catch-up big time. As we know, silver outperforms gold both to the downside and the upside.

It seems that #Zoltan has been quite busy lately! The newest, already 5th part of his "War"-series, was published on January 6th. In this little #thread i've summarized some of the highlights of his piece "War and Peace: 🧵

Valuation

Манай ЗГ-ын шинээр гарч буй бондын хүү 9.625% гэж анх яригдаж байгаад эрэлт өндөр байгаа тул 8.95% болж буурч анхдагч зах зээлд арилжигдахаар болсон байна. Энэ жил хугацаа нь дуусч байгаа төр хувийн нийлсэн $5.9 тб гадаад өрийг дахин санхүүжүүлэхэд эерэгээр бенчмарк болох нь дээ.

Хамгийн чухал нь улс төрийн эрсдэлээ ингээд хаачихаар $100M NPV төслийн хувьд бараг win-win биз дээ.

2023 Oil Market Outlook #OIl Ask your company to subscribe:👇 anasalhajjieoa.substack.com/p/eoa-2023-oil…

What percentage of national wealth is owned by the Bottom 80%? Highest: 🇳🇱Netherlands 35% Lowest: 🇿🇦South Africa 5% 🌍World as a whole: 12% #dataviz

The market consensus can and will change, with the direction of change depending on how inflation and the real economy play out in 2023. Put simply, whether you think stocks are cheap or expensive will reflect your views on these two macro variables. bit.ly/3kBeObu

СЗХ /FRC/ 🇲🇳-ны зөвшөөрөлгүй о/нийтээс санхүүжсэн Монголоос "цахиурын хөндийд гарсан" гэх компанийн гаргасан бондын купон төлөлт хийгдэлгүй 10 орчим хонож байна. Утсаар яриад, мэйл бичээд амжилтгүй гэхээр одоо дефолт болсон гэж ойлгох? Цааш нь ярих уу яах уу гэдэг билүү...

BIG NEWS: $STGO to acquire Anacortes Mining! Exciting announcement coming out from our team today, that will transform Steppe Gold | TSX: STGO into a multi asset, multi jurisdiction #gold company. 👉 Full details: bit.ly/3KZOe75 $STPGF 🇲🇳🇨🇦 #PreciousMetals #mining #investing

We can sleep tight?

2 Oversold Industrial Powerhouses Long-Term Dividend Investors Should Consider. seekingalpha.com/article/477659… #investing #economy #stockmarket

washingtonpost.com/business/2025/… The Washington Post 🔥🏆🐂🪩

$JEPQ - JEPQ: A Yield Enhancing Investment With Exposure To Nasdaq-100 Companies. seekingalpha.com/article/478719… #finance #trading #economy

$MAIN - Main Street Capital: Trade De-Escalation Could Propel It To New Highs While Paying A Substantial Dividend. seekingalpha.com/article/478786… #investing #economy #trading

Tariffs, labor squeeze, and AI are turning up the heat on markets. Stephanie Guild, CFA has the mid-year breakdown 👇

Reflections on building financial architecture that lasts, beginning with Mongolia’s real assets.

Housing finance scales when access and liquidity are one system. Mongolia is at that hinge: years to save the deposit on one side; idle household equity on the other. The fix is architectural. I outline a twin-engine framework in Blacswan Perspectives (Issue #2).

A system view of housing in Mongolia, a practical path to make it investable. Thread worthy, but the post says it better.