What a week in the financial markets! Given the considerable number of unknowns, there isn’t really much for me to comment on at this point. I do think the setup for gold remains attractive, and I would be surprised if we were not at US$4k/oz by end of year.

I will also spare readers from a primarily tariff-focused reading list. This week’s links include predictions for the impact of superhuman AI, the FT on the prospects for Nintendo’s Switch 2, Blue Orca Capital’s writeup on DN Automotive Corporation, an update from Mike Alkin on the uranium thesis, Jeremy Hosking’s perspective on the current environment, and Nikkei Asia on MinebeaMitsumi joining the takeover battle over Shibaura Electronics. 

• AI 2027: Scenarios for the impact of superhuman AI in the coming years.
• FT: Can Nintendo’s Switch 2 revive a stagnant gaming industry?
• Blue Orca Capital: Long DN Automotive Corporation.
• MacroVoices podcast: Conversation with Mike Alkin, Sachem Cove Partners.
• Jeremy Hosking: Plunging share prices and soaring ‘known unknowns’.
• Nikkei Asia: Japan parts maker to challenge Taiwan’s Yageo with counterbid.