Trillions of dollars are flowing into an interconnected circle of firms, creating "closed-loop spending" that inflates valuations.
Financial historian Niall Ferguson argues we are deep in the "mania phase" where enthusiasm always outruns economic reality. When correlations are this high, your portfolio is more fragile than you think.
Jan Skoyles breaks down:
How circular finance makes the AI trade vulnerable to a sudden shock.
Why does the current pattern rhymes with classic financial bubbles (Kindleberger's stages)?
Where to find genuine stability when the mainstream narrative is fragile: Structural signals in Gold and Silver that are strengthening outside the tech cycle.
Stability is not an accident; it's a choice built with assets that are independent of the current hype.
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