MARKET UPDATE: FED Backstops The Yen, Metals Rip, And Neoclouds Rebound

Summary

Avi Felman and Jonah Van Bourg discuss a state-controlled market where the Fed backstops the yen to prevent Japan from selling Treasuries. They advocate buying metals like gold and copper on central bank flows and AI demand, see crypto and Robinhood as emerging opportunities, and recommend Intel and Micron as AI plays. They criticize private wealth management, favor the S&P 500 for core holdings, and warn to avoid crude oil as Trump caps prices.

• Fed backstops yen to keep Japan from dumping US Treasuries, reinforcing a state-managed market where investors should track what Trump anoints.
• Crude oil is explicitly not anointed; Trump's bearish tweets cap rallies, making oil an avoid.
• Gold, silver, copper, and palladium are surging on renewed central bank buying and flow dynamics, with gold eyeing new all-time highs.
• Druckenmiller's top trade is copper, driven by a supply-demand supercycle from AI, data centers, and energy transition.
• Crypto is starting to look attractive again on a 3-6 month horizon; Robinhood is the preferred expression due to its high-margin crypto business.
• Intel remains a strong AI hardware hold, and Micron is Jonah's concentrated moonshot AI bet.
• Private wealth managers never beat the S&P 500; the index alone provides all needed diversification for wealth preservation.
• A longer-term political risk looms from a rising socialist wave that could raise capital gains taxes and threaten the bull market after 2028.