OPEC has now lost its biggest member ever in the UAE, and Venezuela, one of the five founding countries from 1960, has reportedly discussed its own exit directly with US officials.

2 founding members drifting toward the door in the same year is structural strain.

The volumes

Bessent must be furious...

Warsh’s speech sent the yen straight back toward 160.

It also highlights another reason Warsh can’t hike rates:

Higher US rates would strengthen the dollar and push the yen even lower.

That would increase pressure on the BoJ to sell USTs to defend

Gold puking. The dollar ripping. Vol crushed to the floor. And suddenly the rates picture is getting a lot more interesting.

Silver is up ~1.6% while Gold is basically flat.

The signals were already there, Silver vol rising while Gold vol was cooling, and now we’re starting to see that divergence show up in price.

I’m expecting Silver to test 72 today.

But with Jackson Hole ahead, I’m not getting