Otavio (Tavi) Costa

Bazoka incoming… None of us own enough hard assets. https://t.co/YHHaz9vbEH https://t.co/mPdy5hkYlu

Silver adjusted for money supply. What a great chart that tells the silver story incredibly well. A breakout with authority earlier this year, followed by a move from euphoria back to neglect as silver corrected toward former resistance, which has now become major support. The long-term thesis for silver not only remains intact, it is stronger than ever. https://t.co/IBrBFOMMhz

Latin America is likely experiencing a major turning point in market leadership. ▪️Politics are turning. ▪️Deep exposure to global resources. ▪️Exceptionally cheap valuations. ▪️And global investors are still historically underweight. Game on. https://t.co/TjlsC3PmIG https://t.co/xnatllGstT

Remember when miners were relentless destroyers of capital? Constant dilution. Chronic losses. Mountains of debt. Today, we’re watching the exact opposite unfold. The mining industry has fundamentally changed. The market’s perception hasn’t. https://t.co/YHHaz9uDP9 https://t.co/jgZH0KgNMD

Washington has a strong dollar, high interest rates, and an unmanageable debt-service burden. The math won’t let it have all three. My two cents: A weakening dollar and financial repression will be the two defining macro drivers of this decade. None of us owns enough hard assets. https://t.co/OJl2qsDrnh

This is still one of the most important macro divergences in markets today. Ever since the US seized Russian assets, we have seen this historical relationship come apart. Gold is now the main collateral for central banks. Meanwhile, the current trajectory of real yields is exactly how you go bankrupt with this much debt in the US. https://t.co/KdgXFCtoZY

Miners have never been this cheap relative to tech on a free cash flow yield basis. Yet there is no AI revolution without metals. https://t.co/75Wokbq7A2 https://t.co/c7wc4rPQmH

Inflation expectations are on the verge of a major breakout. Markets underestimate how strongly today’s macro imbalances will push policymakers toward more inflation. This will define the next decade and write a new chapter in monetary history. https://t.co/vlDWniJHLv https://t.co/JFnq27w6xq

A reminder: Silver miners are now producing four times more free cash flow than they did at their last peak. https://t.co/6Ld3MRqXpQ https://t.co/QBmNtMpfmY

The US dollar is approaching one of its most consequential technical tests in years. A break below this support could mark the beginning of a much broader decline. If I had to choose one market move that could define the next few years… this would be it. https://t.co/zibz6QZ5WQ