Dear copiers and followers,
Welcome to another monthly summary. This time, I’ll keep it brief and mainly point you toward something else worth reading—or listening to.
With Powell’s term nearing its end, he clearly does not want to be responsible for market turmoil. As a result, the Fed has effectively restarted QE (in spirit, if not in name). Officially, this is framed as addressing expected liquidity issues around tax day, but to me, it looks like another way to print money. The implication is familiar: asset price appreciation and another leg up for markets.
Silver ($SLV) has been behaving like a meme stock for a while now. There are many reasons behind this (China, the gold/silver ratio, short-squeeze dynamics, ETF mismatches, and more). I’m sure most of you are following these developments. In my view, the move is becoming frothy. Over the long run, both gold and silver should serve as stores of value, but the recent behavior of silver is not healthy.
Banks also appear to be short on cash for reasons that are not entirely clear. We can see this in the New York Fed’s repo facility usage. This is concerning and something worth monitoring closely.
For this month, I recommend reading, or listening to, Howard Marks’ latest memo. You can find it on most podcast platforms by searching “Howard Marks, Is It a Bubble?”, or via the link below:
www.oaktreecapital.com/insights/memo-podcast/is-it-a-bubble
Happy investing,
Mehmet... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
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Sun Aug 16 2026 05:06:59 GMT+0000 (Coordinated Universal Time)
