The S&P 500 is now trading at over 3.3x sales, its highest valuation in history

The S&P 500 has never been more concentrated in a single stock than it is today with Nvidia representing over 8% of the index.

Gold is now the best performing major asset class over the last 20 years with an annualized return of over 11%.

The German industrial economy is in ruins

The best performing commodities over the past year: Silver (+69%) and Gold (+58%).