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Following is an excerpt from the substack. For the entire substack article visit - [The Rebirth of Mining](https://open.substack.com/pub/tavicosta/p/the-rebirth-of-mining?utm_campaign=post-expanded-share&utm_medium=web) > Neither the macro regime nor industry fundamentals point to late-stage conditions. Seen through this lens, recent price moves in hard assets are not signs of excess. They are the opening act of a…
> "In its various Quantitative Easing programs, the Fed bought long-term debt and gave out overnight debt (interest paying reserves) in return. That undoes some of the interest rate protection the Treasury bought. > The wife went to the bank, and got the 30 year fixed. The husband went back to the bank and said no, no, swap that back to half floating. Interest rates went up, the wife thought “how wise I was.” The…
Following is an excerpt from the substack. For the entire substack article visit - The Rebirth of Mining
Neither the macro regime nor industry fundamentals point to late-stage conditions. Seen through this lens, recent price moves in hard assets are not signs of excess. They are the opening act of a…
"In its various Quantitative Easing programs, the Fed bought long-term debt and gave out overnight debt (interest paying reserves) in return. That undoes some of the interest rate protection the Treasury bought.
The wife went to the bank, and got the 30 year fixed. The husband went back to the bank and said no, no, swap that back to half floating. Interest rates went up, the wife thought “how wise I was.” The…