Observational Notes on Silver Paper Investment Trusts • There are few signs that the physical silver price itself is about to decline. (Industrial demand and physical scarcity remain intact.) • However, there appear to be structural risks in the silver paper market (investment trusts, certificate-based products). • Recently: • A clearly inexperienced retail crowd has begun flowing into silver investment trust forums. • Discussions are heavily focused on price levels and price increases . • There is almost no discussion of delivery conditions, emergency clauses, or redemption terms . → This suggests a growing misconception that paper price = value . • At the same time, there are visible signs that: • More experienced participants, and • People with strong risk-management awareness are quietly taking profits and reducing positions. • This behavior appears less like a bearish view on silver itself , and more like a deliberate move to distance them...

Can you find "😍"? I made this movie.

  I created Pass The Time Movie.

The Infrastructure Metal Hierarchy in the Age of AI and Robotics (Notes) Core Perspective • The essence of the AI and robotics era is not intelligence itself , but physical infrastructure . • What truly matters are the metals that support electricity, heat, magnetism, and structure . • These metals should not be viewed as short-term investment themes, but as a list of essential materials required for civilization to function . Metal Hierarchy (by Strategic Importance) [S Rank] Copper Role: The circulatory system of electricity and heat • Power grids • Data centers • AI servers • Robot wiring • EV motors Key Characteristics • Almost impossible to substitute • Very large market size; price movements are slow • Prices move first, physical premiums appear later • Shortages tend to show up not as price spikes, but as longer delivery times and worsening contract terms → The metal of civilization itself [A Rank] Nickel Role: Strength, heat resis...

Memo: Nominal Assets, Real Value, and How to Live • Money and assets are not defined by how much you have , but by what you use as the denominator to measure them. • Gold has preserved value throughout human history, which makes it usable as the denominator of human currency . • The expected value of gold investment is not “growth,” but is close to 1.0 — meaning its value does not decline. • Fiat currencies are structurally designed to expand in supply, and therefore are destined to lose value over the long term . What Happens When We Use the Old Millionaire Standard • Around the year 2000: • $1,000,000 ≈ 3,333 oz of gold (at about $300 per ounce) • Around 2026: • Gold price ≈ $4,600 per ounce • To hold the same 3,333 oz , about $15 million is required In other words: A modern “millionaire” ($1 million) is no longer equivalent to a millionaire in the past. The Situation Looks Even Harsher in Japanese Yen • Exchange rate: $1 ≈ ¥160 • ¥100 ...