One of my favourite charts below.Couple the major breakout...

One of my favourite charts below.

Couple the major breakout with.

• NDX peeling off (although admittedly it held its ascending channel ) and eventual significant outward capital flow rotation.
• Nascent green movement and pivot toward storage technologies and battery chemistries and commodity mix.
• Capital flows away from oil discovery to cleaner sources and the eventual replacement practically, long term of trillions of investment.
• Stan Druckenmiller's commentary (May 11 2021) where he talks about the following topics.

1. USD erosion as the reserve currency. First time he's considered it a possibility.
2. Significant US government debt and serviceability.
3. US10Y climbing to 4.9% per CBO normalized forecast. The implication is 30% of GDP would be interest payments.
4. Baby Boomer demographic and their significant entitlements converging with the above.
5. Foreign Governments reducing exposure to US treasuries and the FED stepping in to monetize government spend.
6. COVID normalizing from pandemic to endemic with work forces returning (at least a higher enough % to make a difference), therefore a reduction in tech company revenues that is likely to add downward P/E pressure on the top NDX tech's and hasten index capital outflows mid to long term.
7. Therefore further FED monetization of government debt and spend.

My base case with BML hasn't changed and similar to many on here, that is secular commodity cycle with the potential (added benefit not main thesis) for silver spikes. The asset is gradually being de-risked and the recent announcement regarding off-take bidders is extremely encouraging.

Makes more sense to anchor to the secular bigger picture, whilst managing terminal risks, than worry about short term flux and inflight commentary by those with only a 'passing' interest.