To The Moon

Gold Fell in September While Inflation Stayed a Worry, and China Kept Buying Fri 2 Oct 2026 | Podcast The Numbers Gold is usually described as an inflation hedge, yet it fell in September, a month in which inflation remained a concern. Gold pays no interest or dividend. A two-year US Treasury yield of about 4.8% is the income on offer elsewhere. China has now bought gold for 22 months in a row. Today's podcast looks at how those three facts fit together, and why a reserve-diversification motive and a personal income need are different questions. My Personal Take This morning I wrote that the 10-year SGS yield was 2.49%, and that I could not say how much of the S-REIT decline rates explain. I had been thinking of rates as a REIT and bond question. It took me a while to see that gold sits on

SGS 10-Year at 2.49% as US Yields Reach Their Highest in Over Two Decades Fri 2 Oct 2026 | Morning The Numbers Overnight in the US, the Dow closed at 50,926.56 (+0.04%), the S&P 500 at 7,666.45 (+0.19%) and the Nasdaq at 26,871.60 (+0.04%). TheStreet attributes the flat finish to Treasury yields rising to their highest in more than two decades, which offset early AI-led gains. BigGO News credits remarks from Fed Vice Chair Philip Jefferson, that the Fed could take time before its next move, for easing fears of an immediate hike. The VIX rose 6.73% to 17.44. Brent rose 4.45% to US$102.39 on Trading Economics' continuous series. USD/SGD is 1.2805. The STI closed Thursday at 5,667.67 (-0.14%), and SGX opens at 9am. At home, the 10-year SGS yield was 2.49% on 1 October, up 0.02 perce

The STI Is Up 23%. REITs Are Down 12%. The Question I'd Ask About the Payout Thu 1 Oct 2026 | Evening The Numbers Angela's video today starts from the index gap I wrote about this morning. The Smart Investor puts the STI about 23% higher this year and the iEdge S-REIT Index about 12% lower, both on a price basis. Her question is whether a REIT's payout would still exist if the trust sold nothing, raised no new money and had to refinance debt at a higher rate. She puts it to three Singapore REITs. Sasseur REIT shows a trailing yield of about 9.3% at S$0.695 on 20 August, with gearing of 25.6% and interest cover of 5.6 times as reported by the manager. CapitaLand Ascendas REIT brought gearing down to 39.7% after a S$900 million equity raise. My Personal Take This morning I wrote that I could

Anthropic Lost $42 Billion. Only About $8 Billion Came From Running the Business. Wed 30 Sep 2026 | Evening The Numbers Reuters reports, citing Anthropic's IPO prospectus, a net loss of nearly US$42 billion in 2025. Roughly US$34 billion of that was a valuation-related accounting charge. The operating loss still widened to US$8.06 billion from US$2.98 billion in 2024. Anthropic had US$20.28 billion in cash and short-term investments against US$518 billion of future cloud, computing and infrastructure obligations, and nearly a quarter of 2025 revenue came from two customers. Today's video asks which of those figures is firmest: the loss, the obligations, or the customers. My Personal Take My first reaction to US$42 billion was that it had to mean the business was failing. What I almost miss

US 30-Year Yield at Its Highest Since 2002, and MAS Names Five Managers Wed 30 Sep 2026 | Morning The Numbers Overnight in the US, the Dow closed at 51,349.92 (-0.26%), the S&P 500 at 7,670.84 (-0.17%) and the Nasdaq at 26,797.54 (-0.09%). The VIX eased to 16.04. FXCM ties the Dow's decline to Boeing falling to its lowest level of 2026 after the FAA held up the 737 Max 10, and to caution ahead of Core PCE data forecast at 3.4% year-on-year. Brent closed at US$102.59 (-2.6%). BT reports the US 30-year Treasury yield rose to its highest since 2002. USD/SGD is 1.2780. The STI closed Tuesday at 5,715 (-0.25%), and SGX opens at 9am on the last trading day of September. In Singapore, MAS placed S$1.45 billion with five asset managers in the third EQDP batch, taking commitments to S$5.4

MAS S$20 Million for Market Makers, Explained Tue 29 Sep 2026 | Midday The Numbers MAS announced S$1.45 billion for fund managers and S$20 million for market makers today. Only the smaller number reaches your trading account. The S$20 million pays firms to quote tighter bid-ask spreads on around 80 small and mid-cap stocks until 31 December 2028. The spread is a cost on every trade: a 2% gap on a S$10,000 purchase costs about S$200 round-trip, against S$100 at 1%. Today's episode covers what the grant does to that gap, and why it is not a price safety net under those stocks. My Personal Take My first reaction to the S$1.45 billion was that it was the headline and the S$20 million was a footnote. What I almost missed is that the footnote is the only line that touches a retail trading screen

Where to Park Your Cash for Higher Yield: T-Bills vs Fixed Deposits vs SSB (Updated for 1.92% T-Bill Yields) Mon 28 Sep 2026 | Daily Long-Form Today's long-form is the ⭐ Members Edition, made free for everyone. The Numbers The 6-month T-bill just cleared at 1.92%, its highest print this year. Most fixed deposits are still under 1.70%. CPF OA pays 2.5% for October to December 2026, but that money cannot be touched in an emergency. At S$100,000, DBS balance bands can cut the effective FD rate on anything above S$20,000. Syfe Cash+ Enhanced shows a 3.0% projected return, but the data behind it is dated 17 November 2025, so I treat that figure as stale.(Correct me here if you have updated data, so that we can share with the community). My Personal Take My first reaction to 1.92% was to compare

Iggy's Journal: Four New SGX ETFs, But Are They Really Local? 28 September 2026, Morning Podcast This morning I flagged the Xtrackers expansion as a genuinely useful addition to SGX's lineup. Sitting with it a bit longer, I think there's a sharper question underneath the good news. The Numbers Does trading a fund in Singapore dollars make the investment itself Singaporean? I don't think it does, and I don't want to confuse the exchange where a fund trades with the actual markets where the underlying companies operate. These four new ETFs, tracking the S&P 500, Nasdaq 100, and MSCI World, are genuinely easier to access now, dual-currency, local trading hours, no need to route through a US broker. But the overseas exposure underneath them hasn't changed at all. The headline fee range run

Iggy's Journal: US Treasury Yields Hit a 2007 High. Singapore's Own Bonds Just Followed. 28 September 2026, Morning Yesterday's video asked why a US Treasury shock barely touched CPF and T-bills. This morning there's a more direct answer sitting in the data: Singapore Government Securities did move, just not through the channel most people check first. The Numbers Wall Street closed Friday's session with a genuine tech-led rally, Dow up 0.93 percent to 51,828.62, S&P 500 up 0.51 percent to 7,743.41, Nasdaq up 0.48 percent to 27,068.72, driven by gains in Microsoft, Qualcomm, and Dell as crude oil eased and Treasury yields pulled back slightly from their 2007-era peak. Brent fell 2.14 percent to $104.32 on signs of a possible compromise over Middle East maritime transit. USD/SGD s

Iggy's Journal: US Treasury Yields Just Hit Their Highest Level Since 2007. Your CPF Statement Won't Show It. 27 September 2026, Evening Video Release The question I kept coming back to this week wasn't why US Treasury yields reached 5.22 percent. It was why my own CPF statement barely reacted to something that size. That gap is the whole story. The Numbers This is a genuine global bond shock, the kind of move that reprices risk everywhere it touches. But Singapore's transmission mechanism runs differently, CPF Ordinary Account still sits at its guaranteed 2.50 percent regardless of what Washington's bond market does, and this week's 6-month T-bills yielded between 1.70 and 1.92 percent, both untouched by the headline number. The risk hasn't vanished just because your statement looks calm,