Two assets are supposed to move together when the world falls apart. The dollar and Treasuries. It broke. Dollar rallied. 10-year yields rose 48bp. Foreign central banks sold $82 billion in five weeks. Custody holdings at the New York Fed hit the lowest level since 2012. The

Cayman Islands, population 68,000, is now effectively the largest foreign holder of US Treasuries. Central banks out. Hedge funds at 10-20x in. And guys are still quoting the 3-year auction like it settles something. The dollar is fine. The debt is not. open.substack.com/pub/tscsw/p/ca…

Wesdome $WDO at 8.4x forward earnings. 140× more cash than debt. CFO who built Kirkland Lake into the best gold stock on earth. Eagle River running 13-14 g/t grades. June technical reports could be the catalyst that wakes the market up.

Alamos Gold $AGI at 15.3x forward with ~30% production growth coming through 2028. Self-funded pipeline, first-quartile assets, almost no geopolitical risk. Market is pricing it like a flat senior producer. It’s not.

Two construction-stage gold developers trading at 49% and 77% of NAV on conservative gold prices. Skeena $SKE is already 49% built with first ore in ~12 months and trades 3.9x first full-year earnings. These don’t stay this cheap once the market notices.

Q1 earnings for major gold miners start this month: Newmont $NEM Apr 23 Alamos $AGI Apr 29 Agnico $AEM Apr 30 At ~$4,975 realized gold, these will be the best prints the industry has ever delivered at scale. The market is still sleeping on the margins. tscsw.substack.com/p/buy-the-mine…

Foreign central banks just dumped $82 billion in US Treasuries in five weeks. Custody holdings hit the lowest level since 2012. Oil importers (Turkey, India, Thailand) liquidating to defend currencies. This isn’t “panic.” It’s exactly what they’ve done in every energy shock