AJB Capital

Let's go with some video content today...

I clipped this from some analysis we recorded this morning.

Domestic liquidity's getting interesting. If you're watching FNGD and Repo, you're seeing early signals of short-term refinancing stress in the US market. The pressure's building.

We track momentum and liquidity signals daily because they tell you when something's about to crack before it actually does.

China's printing again, and it's showing up in metals. Copper is pushing higher, gold and silver are rallying, and platinum and palladium are following. When China stimulates, the money flows into manufacturing and metals demand. Our printing? Goes into banks and financial assets.

We're a financialized economy. China is a manufacturing economy. The transmission is completely different.

Add in the geopolitical stuff. US and Iran tensions, Iran's internet is blacked out, EU's still dealing with energy vulnerability. CME's having structural problems while all this is converging.

If you missed t

Natural Resource Partners (NRP) is up over 10% in a week.

Here's why.

One ounce of gold buys 85 short tons of coal right now.

Historically, that number's been 30-40 tons on average. Sometimes it stretches to 50 or 60 in extreme moves, but it always snaps back.

Right now? 85 tons. We're 75% above the historical trend.
Coal has completely disconnected from where it should be relative to gold. Multi-decade lows while gold screams higher.
You can practically buy a full railcar of coal with a single ounce of gold right now.

This disconnect doesn't last. Either metals are wrong, or coal is massively mispriced.

NRP doesn't mine coal. They own 20,000 square miles of land and mineral rights. They collect royalty checks. No labor costs, no equipment, no diesel, no margin compression.

NRP benefits from activity without the cost pressure miners face.

Coal's treated like it's dead. Market's starting to figure it out.