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Stansberry Research — Finance Briefing

INFO
MARKET MEDIA2026-06-30
OPEN SOURCE
CHANNELStansberry Research
Gold Is Down 20%. So Why Is the Smart Money Still Buying? | SIH
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Gold Is Down 20%. So Why Is the Smart Money Still Buying? | SIH
Stansberry Research • 2026-06-30 11:00:18 UTC
The host suspects that President Trump will make a significant announcement regarding gold on July 4th.
FULL
00:00–05:00
  • The host suspects that President Trump will make a significant announcement regarding gold on July 4th.
  • Gold is currently down about 20% from its January high, while silver has decreased by approximately 40%.
  • Andy Scheckman reports that nearly 3 million ounces of gold have been delivered on the COMEX in June alone, indicating strong physical demand despite falling prices.
  • Scheckman emphasizes that the physical gold market is telling a different story than the paper price, with consistent delivery of gold for 18 straight months.
  • He notes that typically less than 1% of contracts stand for delivery, but the current trend shows a significant shift in investor behavior towards physical gold.
  • Our interpretation: The ongoing high demand for physical gold, despite price declines, suggests that sophisticated investors are positioning themselves for a potential monetary shift, which could redefine the role of gold in the financial system.
INSTRUMENTS
GOLD
I 0.8 • C 0.9
The block discusses significant physical demand for gold despite price declines.
SILVER
I 0.6 • C 0.8
The block mentions silver's price decline alongside gold, indicating a broader trend in precious metals.
AUDUSD
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
EURUSD
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
GBPUSD
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
NZDUSD
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
USDCAD
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
USDCHF
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
USDDKK
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
USDJPY
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
USDNOK
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
USDPLN
I 0.5 • C 0.7
The discussion about gold's role in the financial system suggests a potential shift in monetary policy.
FULL
05:00–10:00
  • China has purchased gold for 19 consecutive months, acquiring 10 tons in May 2026, the largest monthly addition in over 18 months.
  • In December 2025, a record 65 million ounces of silver were delivered through COMEX, followed by 49.4 million ounces in January 2026, exceeding January 2024's deliveries by more than seven times.
  • From January to May 2026, 169.3 million ounces of silver were physically delivered, already surpassing total deliveries for the entire year of 2023 by 45%.
  • The largest investors are leveraging falling prices as a cover for accumulating physical gold and silver, indicating a strategic long-term investment approach.
  • February 2026 recorded the highest delivery rate of gold contracts in history, with 40,711 contracts delivered, totaling 4.7 million ounces.
  • Our interpretation: The sustained high demand for physical gold and silver, despite price declines, suggests that sophisticated investors are positioning for a potential monetary shift, which could redefine gold's role in the financial system.
INSTRUMENTS
GOLD
I 1.0 • C 1.0
The block discusses significant accumulation of gold despite price declines.
SILVER
I 1.0 • C 1.0
The block highlights record deliveries of silver, indicating strong demand.
FULL
10:00–15:00
  • ETFs can act as a source of physical supply during tight market conditions, as authorized participants redeem ETF shares to meet delivery obligations.
  • The Bank of International Settlements criticized the CME Group for increasing margin requirements by 300% during ETF rebalancing, which contributed to a significant price drop in silver.
  • The price decline in silver was identified as structural and synthetic, driven by ETF rebalancing and substantial margin hikes rather than fundamental market factors.
  • The fundamentals of the market are stronger than price movements suggest, indicating a disconnect between market perception and actual demand.
  • Our interpretation: The ongoing high demand for physical gold and silver, despite price declines, signals that sophisticated investors are strategically positioning themselves for a potential shift in the monetary landscape.
INSTRUMENTS
GOLD
I 0.8 • C 0.9
The block discusses high demand for physical gold despite price declines, indicating its importance.
SILVER
I 0.8 • C 0.9
The analysis highlights significant price drops in silver linked to structural factors, making it relevant.
AUDUSD
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
EURUSD
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
GBPUSD
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
NZDUSD
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
USDCAD
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
USDCHF
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
USDDKK
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
USDJPY
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
USDNOK
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
USDPLN
I 0.6 • C 0.8
The discussion on gold and silver prices indicates a potential shift in monetary dynamics that can affect the USD.
FULL
15:00–20:00
  • The CME's aggressive increase in margin requirements during ETF rebalancing contributed to a significant drop in silver prices.
  • Refiners in the U.S. faced operational challenges due to rising prices and margin calls, leading many to halt new business.
  • Central banks continue to accumulate gold regardless of short-term price fluctuations, reflecting unchanged fundamentals in gold and silver demand.
  • Trust in the financial system is eroding, prompting central banks to repatriate gold reserves from institutions like the Bank of England and the New York Fed.
  • Our interpretation: The rising debt and declining trust in financial systems are likely to increase central bank demand for gold, potentially exerting upward pressure on gold prices despite short-term volatility.
INSTRUMENTS
GOLD
I 0.8 • C 0.9
The block discusses central banks accumulating gold, indicating strong demand.
SILVER
I 0.6 • C 0.7
The block mentions a significant drop in silver prices due to margin requirements.
AUDUSD
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
EURUSD
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
GBPUSD
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
NZDUSD
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
USDCAD
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
USDCHF
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
USDDKK
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
USDJPY
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
USDNOK
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
USDPLN
I 0.5 • C 0.7
The discussion on central banks accumulating gold suggests a macroeconomic impact on the USD.
FULL
20:00–25:00
  • Despite a decline in gold prices, there has been a notable surge in physical gold deliveries, suggesting robust demand in the market.
  • Andy Schectman points out that central banks are accumulating gold at an unprecedented rate, driven by a growing distrust in the current financial system.
  • The mainstream media is failing to report on the substantial monthly gold deliveries, raising concerns about the identities of those standing for delivery.
  • Andy expresses his frustration that his insights regarding the gold market are often dismissed due to his ownership of a precious metals company, despite his extensive research and industry experience.
  • The prevailing economic conditions should ideally lead to deflation, as advancements in technology typically result in lower prices.
  • Our interpretation: The ongoing accumulation of physical gold by central banks and institutional investors, despite falling prices, indicates a potential shift in market dynamics that could challenge the current dollar liquidity and monetary policy framework.
INSTRUMENTS
GOLD
I 0.8 • C 0.9
The block discusses significant physical gold deliveries and central bank accumulation.
AUDUSD
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
EURUSD
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
GBPUSD
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
NZDUSD
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
USDCAD
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
USDCHF
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
USDDKK
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
USDJPY
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
USDNOK
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
USDPLN
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
USDSEK
I 0.5 • C 0.7
The discussion on gold accumulation by central banks suggests a shift in monetary dynamics that can affect the USD.
FULL
25:00–30:00
  • In 2005, the average price of a house in middle America was approximately $240,000, while gold was priced at $450, equating to about 530 ounces of gold.
  • Currently, the average price of a house is $500,000, and gold is priced at $4,344, meaning the same 530 ounces of gold could now purchase nearly five houses.
  • While the dollar value of the house has doubled, in gold terms, the value of the dollar has effectively decreased, illustrating inflation.
  • Gold has outperformed stocks this century, returning 9.9% since 2000 compared to 9.6% for the S&P 500 with dividends reinvested.
  • The speaker suggests that both gold and Bitcoin can coexist in an investment portfolio, serving different purposes: gold for wealth preservation and Bitcoin for potential profit.
FULL
30:00–35:00
  • The speaker highlights that both gold and Bitcoin serve distinct roles in wealth preservation, suggesting that investors should incorporate both into their portfolios.
  • The divisiveness in political and economic ideologies is likened to the binary nature of Team Red and Team Blue, advocating for a more unified understanding of financial systems.
  • The U.S. faces significant debt challenges, with total debt surpassing $39 trillion, which could lead to a crisis if unfunded liabilities are factored in.
  • Triffin's dilemma is discussed, indicating that as the reserve currency, the U.S. dollar's value is compromised by the global demand for more dollars, affecting trade balances and manufacturing competitiveness.
  • Countries are gradually reducing their dependence on the U.S. dollar, as seen in the establishment of cross-border payment systems by BRICS nations that may utilize local currencies and gold for transactions.
  • Our interpretation: The shift away from the U.S. dollar as the global reserve currency, driven by the need for more dollars in international trade, poses risks to the dollar's value and could lead to inflationary pressures, impacting asset classes like gold and commodities.
INSTRUMENTS
GOLD
I 1.0 • C 0.9
The discussion on gold's role in wealth preservation highlights its significance in the current economic context.
AUDUSD
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
EURUSD
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD. Also: The mention of cross-border payment systems by BRICS nations suggests a potential impact on the euro.
GBPUSD
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
NZDUSD
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
USDCAD
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
USDCHF
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
USDDKK
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
USDJPY
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
USDNOK
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
USDPLN
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
USDSEK
I 1.0 • C 0.9
The discussion on the U.S. dollar's role as a reserve currency indicates a direct impact on USD.
FULL
35:00–40:00
  • The speaker asserts that the U.S. economy is struggling, with significant manufacturing off-shoring leading to reliance on foreign countries for essential goods.
  • With 60% of the U.S. population having a literacy rate below the sixth grade, the country faces serious educational challenges that could impact economic productivity.
  • The speaker suggests that President Trump may seek to revitalize manufacturing to decrease dependence on foreign suppliers, particularly China.
  • The Genius Act is expected to create synthetic demand for U.S. Treasuries by backing stable coins with short-term treasuries, effectively stabilizing short-term interest rates.
  • If financial institutions utilize the interest from these treasuries to purchase gold, it could lead to a devaluation of the dollar as gold prices increase.
  • Our interpretation: The potential shift towards gold accumulation by financial institutions, driven by synthetic demand for Treasuries, may signal a strategic repositioning in the global monetary landscape, impacting the dollar's value.
INSTRUMENTS
GOLD
I 0.9 • C 0.9
The block discusses significant gold accumulation by institutions, indicating strong relevance.
AUDUSD
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
EURUSD
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
GBPUSD
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
NZDUSD
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
USDCAD
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
USDCHF
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
USDDKK
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
USDJPY
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
USDNOK
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
USDPLN
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
USDSEK
I 0.8 • C 0.9
The discussion on gold accumulation and its impact on the dollar indicates a direct relationship.
FULL
40:00–45:00
  • Trump has indicated that July 4th, 2026, could be pivotal in his presidency, potentially linking a 50-year treasury to gold.
  • Vanneck funds suggest that if the dollar loses its reserve status, gold prices could soar to $139,000 an ounce, significantly altering debt repayment dynamics.
  • A zero coupon bond redeemable in gold would eliminate upfront borrowing costs, aiding the revival of American manufacturing.
  • As the dollar depreciates and gold appreciates, selling U.S. products globally and managing national debt becomes more feasible.
  • The U.S. risks losing its reserve currency status without a return to manufacturing, which could lead to financial instability for dollar savers.
  • Our interpretation: The potential transition to gold-backed treasuries may reshape the monetary framework, affecting the dollar's value and enhancing U.S. manufacturing competitiveness, prompting a shift in investment towards gold and real assets amid rising inflationary pressures.
INSTRUMENTS
GOLD
I 0.9 • C 0.9
The block discusses a potential link between treasury bonds and gold, indicating a direct impact on gold prices.
AUDUSD
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
EURUSD
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
GBPUSD
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
NZDUSD
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
USDCAD
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
USDCHF
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
USDDKK
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
USDJPY
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
USDNOK
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
USDPLN
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
USDSEK
I 0.8 • C 0.9
The discussion on the potential loss of the dollar's reserve status indicates a direct impact on USD.
FULL
45:00–50:00
  • The speaker warns that saving in dollars could lead to financial difficulties, as wealthy individuals typically save in real assets rather than cash.
  • Current inflation rates may be significantly underreported, with estimates suggesting actual inflation could be around 11%, which would further diminish the value of dollar savings.
  • The integration of AI into the economy is expected to create new industries, akin to the transformative effects of the printing press, despite potential job disruptions.
  • The speaker anticipates that July 4th, 2026, could signify a major shift in U.S. monetary policy, potentially linking Treasury bonds to gold.
  • Without a revival of manufacturing, the U.S. economy risks insolvency, highlighting the necessity for policy changes to bolster domestic production.
  • Our interpretation: The potential shift towards gold-backed Treasury bonds could reshape the monetary framework, impacting the dollar's value and enhancing U.S. manufacturing competitiveness, which may drive investment towards gold and real assets amid rising inflationary pressures.
INSTRUMENTS
EURUSD
I 1.0 • C 0.9
The discussion on inflation and potential policy shifts in the U.S. directly relates to the EUR/USD pair.
USDCHF
I 1.0 • C 0.9
The discussion on inflation and monetary policy impacts the USD, which is relevant for USD/CHF.
USDJPY
I 1.0 • C 0.9
The commentary on the dollar's value and inflation directly impacts USD, relevant for USD/JPY.
AUDUSD
I 1.0 • C 0.9
The discussion on saving in dollars and inflation rates directly relates to USD.
GBPUSD
I 1.0 • C 0.9
The discussion on saving in dollars and inflation rates directly relates to USD.
GOLD
I 1.0 • C 0.9
The discussion on gold-backed Treasury bonds and the importance of gold in the context of inflation directly relates to gold.
NZDUSD
I 1.0 • C 0.9
The discussion on saving in dollars and inflation rates directly relates to USD.
SILVER
I 1.0 • C 0.9
The commentary on physical deliveries of precious metals includes silver, making it relevant.
USDCAD
I 1.0 • C 0.9
The discussion on saving in dollars and inflation rates directly relates to USD.
USDDKK
I 1.0 • C 0.9
The discussion on saving in dollars and inflation rates directly relates to USD.
USDNOK
I 1.0 • C 0.9
The discussion on saving in dollars and inflation rates directly relates to USD.
USDPLN
I 1.0 • C 0.9
The discussion on saving in dollars and inflation rates directly relates to USD.
FULL
50:00–55:00
  • The guest stresses the necessity of owning real assets, warning that saving in dollars could lead to financial ruin.
  • Significant investments in physical gold by central banks and commercial banks indicate a strong belief in its future value.
  • The discussion references Wayne Gretzky's philosophy, suggesting that major investors are positioning themselves for future trends in the gold market.
  • The guest cautions against relying on faulty metrics from money market accounts, which yield returns below inflation, eroding real wealth.
  • Central banks have been accumulating gold for nearly a decade, reflecting a long-term strategy that diverges from short-term price movements.
  • Our interpretation: The ongoing accumulation of gold by central banks and sophisticated investors, despite current price declines, suggests a strategic positioning for a future where gold may regain its prominence in the financial system. This trend could lead to a shift in monetary policy dynamics, impacting the dollar's value and potentially leading to inflationary pressures as the market adjusts to a new monetary framework.
INSTRUMENTS
GOLD
I 0.9 • C 0.9
The block discusses significant investments in physical gold, indicating its importance as a real asset.
AUDUSD
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
EURUSD
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
GBPUSD
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
NZDUSD
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
USDCAD
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
USDCHF
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
USDDKK
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
USDJPY
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
USDNOK
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
USDPLN
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
USDSEK
I 0.8 • C 0.8
The discussion on the future of gold and the U.S. monetary system implies a significant impact on the dollar.
INFO
MARKET MEDIA2026-06-23
OPEN SOURCE
CHANNELStansberry Research
America Is Running Out of Diesel and No One Is Paying Attention | SIH
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America Is Running Out of Diesel and No One Is Paying Attention | SIH
Stansberry Research • 2026-06-23 11:00:06 UTC
The latest report indicates that the US has only 20 days of diesel supply left in reserve, a significant decrease from the usual months of supply.
FULL
00:00–05:00
  • The latest report indicates that the US has only 20 days of diesel supply left in reserve, a significant decrease from the usual months of supply.
  • Over 90% of data centers in the United States rely on diesel backup generators, highlighting the critical role of diesel in supporting AI infrastructure.
  • The energy bottleneck for AI is fundamentally tied to energy supply, particularly diesel fuel, rather than just technological limitations.
  • Years of refinery closures have created a supply-side problem for diesel, exacerbating the current crisis.
  • Geopolitical events, such as disruptions in the Strait of Hormuz, could significantly impact global energy markets and diesel supply.
  • Our interpretation: The current diesel supply crisis, driven by refinery closures and geopolitical risks, poses a significant threat to energy markets, which could lead to inflationary pressures and affect investor sentiment across commodities and equities, particularly in sectors reliant on energy infrastructure.
INSTRUMENTS
WTI
I 1.0 • C 1.0
The diesel supply crisis directly relates to crude oil supply dynamics.
BRENT
I 1.0 • C 1.0
Brent crude is closely linked to global oil supply and demand dynamics.
FULL
05:00–10:00
  • Over 90% of data centers in the United States depend on diesel backup generators, underscoring the critical reliance on diesel for energy continuity.
  • A power outage in Loudon County, Virginia, could trigger a potential 3% national spike in diesel demand due to the area's high concentration of data centers.
  • Diesel fuel can degrade over time, necessitating regular maintenance of on-site supplies to prevent machinery failure.
  • Geopolitical tensions, such as disruptions in the Strait of Hormuz, could further strain energy markets and impact diesel supply.
  • Our interpretation: The combination of increasing diesel demand from data centers and declining refining capacity, along with geopolitical risks, indicates a tightening energy market that may lead to inflationary pressures on energy commodities, influencing broader market dynamics and prompting potential adjustments in monetary policy.
INSTRUMENTS
WTI
I 0.8 • C 0.9
The block discusses a diesel supply crisis, which is closely related to crude oil prices.
BRENT
I 0.7 • C 0.8
The discussion on geopolitical tensions affecting diesel supply also relates to Brent crude oil prices.
AUDUSD
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
EURUSD
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
GBPUSD
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
NZDUSD
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
USDCAD
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
USDCHF
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
USDDKK
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
USDJPY
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
USDNOK
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
USDPLN
I 0.6 • C 0.8
The discussion on diesel supply and geopolitical tensions suggests inflationary pressures that can affect the USD.
FULL
10:00–15:00
  • The long-standing issue of declining refining capacity has resulted in tighter diesel supply, with no new refineries being permitted.
  • Current diesel inventories are nearing critically low levels, with projections indicating they could reach the lowest since 1963.
  • The U.S. is approaching a situation where only about 20 days' worth of diesel supply remains, posing significant risks to the economy.
  • Increased diesel demand is largely driven by the reliance of data centers on diesel backup generators, which could lead to spikes in demand during power outages.
  • Ongoing geopolitical tensions, particularly in the Middle East, could further exacerbate supply issues for diesel and oil, impacting global energy markets.
  • Our interpretation: The combination of tightening diesel supply and increasing demand from data centers, along with geopolitical risks, suggests potential inflationary pressures on energy commodities, which may influence broader market dynamics.
INSTRUMENTS
XOM
I 0.5 • C 0.6
Valero's mention indicates a direct link to the refining and diesel supply issues.
WTI
I 0.8 • C 0.8
The diesel supply crisis and geopolitical tensions are likely to affect oil prices.
GASOLINE
I 0.7 • C 0.7
The discussion on diesel shortages implies potential impacts on gasoline supply and prices.
AUDUSD
I 0.5 • C 0.7
The discussion on diesel supply and inflationary pressures suggests a macroeconomic impact.
EURUSD
I 0.5 • C 0.7
The discussion on diesel supply and inflationary pressures suggests a macroeconomic impact.
GBPUSD
I 0.5 • C 0.7
The discussion on diesel supply and inflationary pressures suggests a macroeconomic impact.
NZDUSD
I 0.5 • C 0.7
The discussion on diesel supply and inflationary pressures suggests a macroeconomic impact.
USDCAD
I 0.5 • C 0.7
The discussion on diesel supply and inflationary pressures suggests a macroeconomic impact.
USDCHF
I 0.5 • C 0.7
The discussion on diesel supply and inflationary pressures suggests a macroeconomic impact.
USDDKK
I 0.5 • C 0.7
The discussion on diesel supply and inflationary pressures suggests a macroeconomic impact.
USDJPY
I 0.5 • C 0.7
The discussion on diesel supply and inflationary pressures suggests a macroeconomic impact.
USDNOK
I 0.5 • C 0.7
The discussion on diesel supply and inflationary pressures suggests a macroeconomic impact.
FULL
15:00–20:00
  • The U.S. economy is heavily dependent on diesel fuel, with 98% of class eight trucks running on diesel, making its supply critical for economic function.
  • Current diesel inventories are alarmingly low, with only about 20 days of supply remaining, a situation that is not widely recognized.
  • The feasibility of constructing new refineries is questionable, as demonstrated by the America First refinery project, which has faced significant infrastructure challenges since 2016.
  • The last major refinery built in the U.S. was in 1977, highlighting a long-term decline in refining capacity and the difficulties posed by regulatory hurdles and high costs.
  • Even substantial increases in diesel prices may not lead to new refinery construction due to the high upfront costs and complex regulatory environment.
  • Our interpretation: The combination of dwindling diesel supply and rising demand from data centers, along with geopolitical tensions, suggests potential inflationary pressures on energy commodities, which could impact broader market dynamics.
INSTRUMENTS
WTI
I 1.0 • C 1.0
The discussion highlights the critical supply issues of diesel fuel, which is closely linked to crude oil prices.
GASOLINE
I 1.0 • C 1.0
The low diesel supply and potential price increases can also impact gasoline prices as they are part of the same energy market.
HEATING_OIL
I 1.0 • C 1.0
The interconnectedness of diesel supply with heating oil suggests that any supply issues will also affect heating oil prices.
FULL
20:00–25:00
  • Diesel fuel is essential for various services, including the transportation of goods, military operations, and agricultural machinery.
  • Data centers operate continuously with contracts that ensure high reliability, making them less sensitive to rising diesel prices, which could lead to increased demand during power outages.
  • Current diesel supply is critically low, with only about 20 days remaining, which could result in significant demand destruction if prices rise to $10 per gallon.
  • Commodity prices, such as oil, are typically held for times of turmoil rather than for consistent returns, as seen in past spikes during geopolitical tensions.
  • Our interpretation: The combination of dwindling diesel supply and rising demand from data centers, along with geopolitical tensions, suggests potential inflationary pressures on energy commodities, which could impact broader market dynamics.
INSTRUMENTS
WTI
I 1.0 • C 1.0
The discussion highlights the critical low supply of diesel, which is closely linked to crude oil prices.
BRENT
I 1.0 • C 1.0
Brent crude is a key global benchmark that will likely be affected by the same supply-demand dynamics as WTI.
GASOLINE
I 1.0 • C 1.0
The discussion on diesel supply also implies potential impacts on gasoline prices due to interconnected fuel markets.
FULL
25:00–30:00
  • The combination of soaring fertilizer costs and doubled diesel prices, alongside declining agricultural commodity prices, poses a significant risk to farmers' viability.
  • A historic drought is impacting approximately 150 million Americans, yet this critical issue is underreported in major financial news outlets.
  • ExxonMobil and Chevron are recommended for their substantial refining capacity and integrated operations, which may offer stability amid refinery shortages.
  • Valero and Marathon are highlighted as independent refiners with each producing around three million barrels per day, also contributing to renewable diesel production.
  • The refining sector benefits from a competitive advantage due to years of refinery closures, increasing the value of existing facilities.
  • Our interpretation: The ongoing refinery shortage, combined with rising diesel demand from agricultural and energy sectors, suggests upward pressure on diesel prices, potentially leading to inflationary effects across the economy.
INSTRUMENTS
CVX
I 0.6 • C 0.8
Chevron is mentioned as a company with substantial refining capacity, relevant to the diesel supply crisis.
XOM
I 0.5 • C 0.7
ExxonMobil is mentioned for its refining capacity, relevant to the current diesel supply issues.
WTI
I 0.8 • C 0.8
The discussion on rising diesel prices indicates a broader impact on crude oil prices.
GASOLINE
I 0.7 • C 0.7
The diesel supply crisis is likely to influence gasoline prices as well.
NATURAL_GAS
I 0.6 • C 0.6
The energy demands discussed may also relate to natural gas markets.
AUDUSD
I 0.4 • C 0.7
The discussion on rising diesel prices and inflationary pressures suggests a connection to USD through commodity pricing.
EURUSD
I 0.4 • C 0.7
The discussion on rising diesel prices and inflationary pressures suggests a connection to USD through commodity pricing.
GBPUSD
I 0.4 • C 0.7
The discussion on rising diesel prices and inflationary pressures suggests a connection to USD through commodity pricing.
NZDUSD
I 0.4 • C 0.7
The discussion on rising diesel prices and inflationary pressures suggests a connection to USD through commodity pricing.
USDCAD
I 0.4 • C 0.7
The discussion on rising diesel prices and inflationary pressures suggests a connection to USD through commodity pricing.
USDCHF
I 0.4 • C 0.7
The discussion on rising diesel prices and inflationary pressures suggests a connection to USD through commodity pricing.
USDDKK
I 0.4 • C 0.7
The discussion on rising diesel prices and inflationary pressures suggests a connection to USD through commodity pricing.
FULL
30:00–35:00
  • Marathon has effectively managed its cash flow by repurchasing half of its shares since 2018, indicating strong financial discipline.
  • The anticipated increase in diesel prices is expected to enhance Marathon's margins, positioning the company advantageously in the current market landscape.
  • ExxonMobil is highlighted as the leading capital allocator in the petroleum sector, focusing on investments that consistently yield returns.
  • Major refining companies, including Marathon and ExxonMobil, are currently refraining from investing in new refineries, reflecting a cautious capital allocation strategy amidst market uncertainties.
  • Given the ongoing diesel supply crisis, Marathon is identified as a top stock in the refining sector, with the issue projected to persist long-term.
  • Our interpretation: The current dynamics in the diesel market, combined with cautious capital allocation by major refiners, suggest a potential tightening in energy supply that could influence both commodity prices and broader market conditions.
INSTRUMENTS
XOM
I 0.8 • C 0.9
ExxonMobil is discussed as a leading capital allocator in the petroleum sector.
WTI
I 0.6 • C 0.8
The discussion of the diesel supply crisis suggests implications for crude oil prices.
FULL
35:00–40:00
  • The convergence of digital and physical markets is evident, with significant gains in diesel refining stocks, some rising by 50% to 60% in recent months.
  • This trend may signal the onset of a larger movement within the market, particularly as energy demands increase.
  • Our interpretation: The current dynamics in the diesel market, characterized by rising stock values and the importance of physical infrastructure, suggest potential supply constraints that could impact energy prices and investment strategies.
INSTRUMENTS
CVX
I 0.8 • C 0.9
The discussion on rising diesel refining stocks directly relates to CVX as a major player in the energy sector.
WTI
I 0.6 • C 0.8
The diesel supply crisis and rising energy demands can influence crude oil prices.
INFO
MARKET MEDIA2026-06-09
OPEN SOURCE
CHANNELStansberry Research
Don't Buy SpaceX. Buy These Space Monopolies Instead | SIH
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Don't Buy SpaceX. Buy These Space Monopolies Instead | SIH
Stansberry Research • 2026-06-09 11:00:13 UTC
SpaceX is characterized as a 'tower of Babel' due to its rising capital expenditures while yielding diminishing returns.
FULL
00:00–05:00
  • SpaceX is characterized as a 'tower of Babel' due to its rising capital expenditures while yielding diminishing returns.
  • Starlink experiences a negative network effect, where an increase in users diminishes the service's overall effectiveness.
  • The technology behind Starlink is likened to a 3.5G tower, which can effectively serve only about 1,000 users at a time.
  • Despite operating 9,600 satellites, Starlink's capacity remains constrained, particularly in densely populated regions.
  • There is a concern that SpaceX could evolve into a capital sinkhole, necessitating ongoing investment without commensurate returns.
FULL
05:00–10:00
  • SpaceX incurs annual losses, partly due to its efforts to establish an AI division without prior experience in that area.
  • The reported losses in SpaceX's launch operations are misleading, as the company profits from carrying payloads, but these profits are offset by the subsidies provided to its connectivity services.
  • SpaceX and Starlink are fundamentally linked, as the company depends on its own rocket launch capabilities to deploy satellites.
  • The increasing capital expenditures of SpaceX are described as an 'ever-increasing sinkhole,' complicating the ability to generate sufficient cash flow to support ongoing investments.
  • The optimal application for SpaceX's satellites is compared to that of cell phone towers, with the assertion that the technology is consistently lagging by about a decade and struggles to compete effectively in densely populated areas.
FULL
10:00–15:00
  • In 2025, SpaceX's capital expenditures on space and connectivity reached $8 billion, alongside a $20 billion investment in spectrum acquisition from Echo Star.
  • The lifespan of SpaceX's low earth orbit satellite constellation is estimated to be a maximum of 10 years, complicating financial planning.
  • Revenue per Starlink customer decreased from $99 per month in 2023 to $66, despite an increase in the number of users.
  • The speaker characterizes SpaceX's situation as a 'Tower of Babel,' indicating challenges in monetizing its satellite network due to structural limitations.
  • SpaceX's launch division is experiencing losses that are being offset by profits from its connectivity division, complicating the overall financial narrative.
FULL
15:00–20:00
  • Google's investment in Starlink and SpaceX allows it to utilize SpaceX for data transmission, enhancing its connectivity options.
  • In 2025, Google reported a free cash flow of $73 billion, largely driven by its Android operating system, which is installed on two-thirds of smartphones globally.
  • Apple's collaboration with Amazon, which is acquiring Globalstar, enables satellite connectivity for iPhones, potentially connecting up to 450 million users.
  • Amazon's free cash flow was $26 billion in 2024-2025, despite increased expenditures on AI chips, showcasing its robust financial position.
  • The competitive advantage of Google, Apple, and Amazon stems from their data ownership and established relationships, which Starlink and SpaceX lack, as they primarily offer satellite services without a clear monetization strategy.
  • Our interpretation: The current landscape suggests that companies with integrated data ecosystems and established user bases are better positioned for success in the space sector, while SpaceX may struggle to monetize its satellite services effectively.
INSTRUMENTS
AAPL
I 1.0 • C 1.0
Apple's collaboration with Amazon and Globalstar is highlighted as a key development.
AMZN
I 1.0 • C 1.0
Amazon's acquisition of Globalstar is a significant point in the analysis.
GOOGL
I 1.0 • C 1.0
Google's investment in Starlink and SpaceX is a central theme in the discussion.
FULL
20:00–25:00
  • Apple's projected free cash flow for 2025 is 98.77 billion dollars, indicating its strong financial position.
  • SpaceX is viewed as a company that operates with a business model that may lead to losses, contrasting with the profitability of firms like Apple and Google.
  • Concerns were raised about ETFs potentially inflating SpaceX's market cap, suggesting it could be adjusted to 75 billion dollars instead of a 1.75 trillion dollar valuation.
  • Investors purchasing SpaceX at IPO may primarily provide liquidity for banks and ETFs rather than making a sound investment.
  • SpaceX is categorized as a 'trade' rather than a long-term investment, highlighting the risks associated with short-term trading.
FULL
25:00–30:00
  • The speaker suggests that SpaceX and Starlink may lay infrastructure similar to fiber optic layers but could ultimately face bankruptcy.
  • In 2025, SpaceX's projected spending is expected to match the costs of constructing several major stadiums and Olympic venues, indicating substantial capital expenditures.
  • SpaceX's technology reportedly has a lifespan of approximately three and a half years before it disintegrates in the atmosphere, contrasting with the longer durability of stadiums.
  • Attempting to compete with cell phone towers in the space sector is likely to fail due to significant technological time lags.
FULL
30:00–35:00
  • Shortwave infrared technology is utilized in quality control processes to examine apples for bruising beneath the skin.
  • Telledine ceased production of its own shortwave infrared cameras after being impressed by Sony's technology, opting to use Sony's camera instead.
  • L3 Harris, having acquired Kodak's satellite division, leverages Kodak's extensive experience in producing satellite cameras for government agencies.
  • Rochester, New York, hosts a significant concentration of talent in satellite camera design and construction, with approximately 3,500 professionals in the field.
FULL
35:00–40:00
  • Shortwave infrared technology can penetrate clouds, fog, and dust, making it effective for desert observations.
  • These satellites can function from dawn until midnight by detecting electrical charges emitted by water vapor and oxygen in the atmosphere.
  • The company that owns the shortwave infrared technology has access to ground stations from Intel Sat, which has been operational for 25 years.
  • Amazon Web Services processes the data collected by these satellites, leveraging its extensive computing power for analysis.
FULL
40:00–45:00
  • A single company holds the US, European, and NATO contracts for near space exploration, establishing a significant monopoly in this area.
  • The spacecraft designed like a basking shark is capable of maneuvering in near space and can potentially neutralize threats from other aircraft or hypersonic vehicles.
  • The proposed 'golden dome' ballistic shield over the continental United States is estimated to cost trillions of dollars.
  • The government is building new launch sites to insulate itself against SpaceX and is inviting smaller companies to utilize these facilities.
FULL
45:00–50:00
  • The temperature difference on the moon can reach 500 degrees Fahrenheit, with daytime temperatures at 230 degrees and nighttime temperatures dropping to negative 270 degrees.
  • The upcoming lunar lander launch will include a satellite that uses lasers to recharge the lander's solar panels during the moon's nighttime, allowing for continuous operations.
  • The speaker contrasts the reliability of their lunar lander with Intuitive Machines, which faced failures in its lunar landing attempts.
FULL
50:00–55:00
  • Space has become increasingly valuable, particularly in enhancing the accuracy of weather satellite predictions over the last 30 years.
  • Advancements in space technology now allow for weather forecasts to be accurate up to seven days in advance.
  • GPS technology has rendered map reading unnecessary for many, demonstrating a significant practical application of space capabilities.
  • Space technology supports SOS services for ships and aircraft in distress, showcasing its critical role in safety and emergency response.
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