The only reason the CEOs of these tech monopolies are spending wildly on data centers like they are is because they assume they will be granted an oligopoly that is too big too fail.

Eu estou 20% energia, 10% cobre, 20% ethereum, 30% altcoins, 20% ações BR + AGRO

And there go Brazilian small caps…. A breakout 16 years in the making. Still early, in my view. substack.com/@tavicosta/p-21…

We aren’t finding enough copper deposits - 1985-2000: 102 discoveries totaling 632 mt Cu - 2000-2012: 84 discoveries totaling 419 mt Cu - 2012-2020: 25 discoveries totaling 120 mt Cu - 2020-2025: 6 discoveries totaling 12 mt Cu In other words, we are barely finding new copper mines, and when we do, they are more capital-intensive and smaller than they used to be. The copper supply-demand model is broken.

DXY – Dollar Milkshake Theory in Play💵 BBR Pattern: Break, Backtest, Resumption. Awaiting resumption. Yours truly, The Great Martis.✨

A consequential night for Brazil. Brazil’s next chapter could be extraordinary, in my view. An important reminder: Brazilian stocks rose nearly 19-fold during the last major bull cycle. And much of that happened under Lula. Now imagine another commodity boom with a much more supportive political backdrop. Game on. substack.com/home/post/p-218…

Silver holding around major rising trendline could result in price rallying to $90 plus into late November...

Really? ⚡️⚛️ Number of NEW Nuclear Energy Reactors Under Construction by Country

Personal update: I am launching a mining-focused fund. Miners are likely one of the most compelling investment themes of the next decade, in my view. For more information: tavi@azuriacapital.com For accredited investors only. As always, none of this is investment advice.

It makes no difference what happens to the paper price of gold and silver in the short term. The scenario we hold it for has begun. The bond market is the signal.

Copper mine supply remains under pressure ⚠️⛏️ * Chile Copper Production Sinks to Lowest in More Than 15 Years * Codelco suspends operations after worker dies in accident at Radomiro Tomic mine (250,000+t Cu production) * World's largest copper mine: Supervisors at BHP Escondida mine in Chile reject offer, paving way for strike * Shares in First Quantum Minerals plunged after a Panamanian government commission recommended the closure of the company's giant copper mine * Potential new strike at Antofagasta's Centinela mine (240,000+t Cu) * Copper Mine output fell 1.1% year over year in the first half of 2026 * Antofagasta reported that adverse weather conditions at the ports caused delays in end-of-period shipments from the Centinela and Los Pelambres mines * Chile’s copper output falls 12.8% in August hit by weather conditions and ore grades * Chilean government to cut 2026 copper production forecasts by up to 7% * UBS now forecasts the copper deficit to reach 379,000 tonnes next year, a 73% increase on its expected deficit of 219,000 tonnes in 2026

Uranium miners ETF URNM did 580% in its baby bull move.☢️ Now, uranium price proxy vehicle "SPUT" has broken out and backtested vs the general stock market (SPX). Means uranium will now outperform the stock market going forward. Do not miss the next uranium move, it should be a good one.

Wild. US and China’s combined money supply is surging almost as fast as it did during the Covid stimulus madness. That is a 10% increase in just 12 months! Let that sink in. tavicosta.substack.com/p/par…

Fed rate hike odds dropped to just 16% after weak job data. The market no longer expects a Fed rate hike this month.

US unemployment data came in at 4.2% vs. 4.1% expected. The labor market is still weak.