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The Marginal Buyer

Markets are set at the margin. Each issue follows the one buyer who actually moves the price, gold, Treasuries, equities, Bitcoin, and what changes when they do. Mechanism over noise. Free, every couple of weeks.

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Issues5Foundeda month agoLast Issue6 days ago
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Latest Issues

Who Is Funding This?

Four companies are going to spend about 725 billion dollars this year building AI.

That is not a typo. Seven hundred and twenty five billion, in a single year, up roughly 77 percent from last year.

Here is the part nobody wants to sit wit...

6 days ago
5

What Are You Actually Buying When You Buy the S&P 500?

Everyone gets told the same thing when they start investing.

Buy the index. Buy the S&P 500. It is diversified, it is cheap, it is 500 of the biggest companies in America.

That advice is mostly right.

But the thing you are buying has qui...

13 days ago
3

Who Is Actually Buying US Treasuries?

Everyone is still waiting for China to dump its Treasuries.

That is the wrong thing to watch.

China has actually been selling. Foreign central banks as a group have gone quiet, and a lot of them are buying gold instead. The Federal Reserv...

20 days ago
4

Who Buys a House at 6.5%?

Housing is the least affordable it has been in forty years. A typical home now costs about five times household income, the mortgage rate sits near 6.5%, and it takes roughly a third of a median family’s paycheck just to cover the payment....

a month ago
5

Gold Should Be $2,000. It’s $4,562.

For about twenty years, you could price gold with a single number: real yields. When the yield on inflation-protected Treasuries went up, gold went down. When real yields fell, gold went up. That was it. The relationship was so tight and so...

a month ago
3

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  • The Marginal Buyer

    Following the buyer nobody puts on the call. Finance student, CFA candidate, macro through one lens.

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