PUBLICATIONS
2026. 11. 07. · Structural process
Comparing American families' income, living costs and debts in 1971 and 2025 reveals how much greater the obligations we have placed on the future have become.
2026. 10. 18. · Structural process
Behind growing American wealth, many households have less financial room to manoeuvre, and the pressure spreads through consumption to businesses and credit markets.
2026. 10. 11. · Structural process
A high share of real estate in family wealth can become a risk when nominal prices still hold, while real income, rental yields and transaction demand are already weakening.
2026. 10. 03. · Structural process
The earlier democratization of the luxury market drew a broader affluent group into premium consumption; after 2022, that group began to contract, while shifts in savings and real wealth may be emerging as an early cyclical signal.
2026. 09. 17. · Structural process
China’s property downturn shows how household wealth losses can reshape saving and consumption, while the country’s export- and investment-led model continues to operate according to a different logic from Western consumer economies.
2026. 09. 04. · Structural process
The development of parallel gold-market and payment infrastructures is creating new choices while increasing the value of effective control over physical gold.
2026. 08. 30. · Structural process
Dollar stablecoins could turn U.S. government debt into backing for a new money-like payment layer, while also creating new demand for Treasuries and new forms of systemic dependence.
2026. 08. 22. · Structural process
Nvidia’s role in organising financing shows that the next bottleneck in the AI investment wave may be financeable capital itself—and the ultimate return on that capital.
2026. 08. 19. · Structural process
Europe's new obligations are competing for the same finite financial, labour, energy and industrial capacity while growth remains weak.
2026. 08. 15. · Foundational thesis
Gold tokenization promises technical efficiency while potentially weakening the very system independence that distinguishes physical gold from most financial instruments.
2026. 08. 11. · Structural process
Behind the global growth forecast lies a narrow American AI investment cycle and an as-yet unverified geopolitical normalization.
2026. 08. 08. · Structural process
Japan’s yen problem reveals how the global dollar system protects the functioning of nominal claims while shifting the associated costs elsewhere.
2026. 07. 31. · Structural process
The dramatic revision to central bank gold demand reveals as much about the market's measurability and public visibility as it does about demand itself.
2026. 07. 30. · Structural process
Monetary tightening may weaken not only demand but also the economy’s ability to build capacity, thereby helping investment scarcity persist.
2026. 07. 13. · Structural process
The central risk to the U.S. economy is not a shortage of money, but the fact that abundant liquidity is increasingly failing to translate into broad labor income while inflationary and fiscal pressures persist.
2026. 07. 12. · Current analysis
A prolonged disruption in the Strait of Hormuz could trigger interconnected shocks in refined products, LNG, electricity and inflation, shaping the price of gold through opposing forces over the short and long term.
2026. 07. 04. · Structural process
The non-Western world is not necessarily seeking to abandon the Western financial system, but is building the capacity to operate without it when necessary.