All that glitters

Another record high in gold today and silver is playing some catch up, though is still well off its record high. We remain bullish and long of both (platinum too). So, while the US dollar has been strong against most fiat currencies, it has been very weak against gold, the 5000 year old non-fiat currency. The gold miners are finally playing some catch up too but remain very inexpensive. I include in a chart below the gold/silver price charts of the known ETF gold holdings and it still remains well off its 2020 peak when western investors decided to sell gold and buy bonds that finally had a yield again. Consider this possible dry powder.

Silver

Total Known ETF Holdings of Gold in ounces

It's been a few weeks since I updated for you the price of container shipping and they continue to fall post the Israeli/Hamas cease fire that the Houthi's are adhering to also, for now. It is also post the year end rush to get stuff delivered before any tariffs are implemented. The Shanghai to Rotterdam trip for a 40 foot container now costs $2,887, which is down for an 8^th straight week and to the lowest level since the beginning of 2024. Shanghai to LA costs $4,392, down from its highs but not as much as the Rotterdam route as it is at the lowest since December 2024 and still more than double where it was in January 2024. The Shanghai trip to NY is also more than double the January 2024 level, currently at $5,874 and just at a multi week low.

From what I heard from Maersk and Hapag-Lloyd is that both are still avoiding the Red Sea until they have more certainty on the staying power of the ceasefire and what the Houthi's will do.