Otavio (Tavi) Costa
@TaviCosta
Founder & CEO of Azuria Capital LLC. Macro thinker, history student, value-oriented investor. Native of Sao Paulo, Brazil 🇧🇷 E-mail: tavi@azuriacapital.com
2.3K Following 322.9K Followers
Latin America is likely experiencing a major turning point in market leadership.
▪️Politics are turning.
▪️Deep exposure to global resources.
▪️Exceptionally cheap valuations.
▪️And global investors are still historically underweight.
Game on.
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This is potentially the best investment out there for people who want to preserve their capital in the upcoming high volatility of markets and international monetary system restructuring.
Gold and silver buybacks
Historic !! net Buybacks 🔥👀
> And shortage is coming
Majors ll buy juniors in the futur for sure 🔥
$GOLD $AEM $KGC
$ITRG $NVA $RML $USGO
how can we afford this?
hint: we can't.
h/t @TaviCosta
The 10 largest Gold and Silver Miners had $7b in net buybacks in 2025
That is the highest in 28 years!!!
This will continue until the sector gets the right multiple..
Stop worring about if big AUM rotates or not. The major miners love their own cooking...
-@TaviCosta
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From @TaviCosta on Substack:
“Two Defining Forces”
Remember when miners were relentless destroyers of capital?
Constant dilution. Chronic losses. Mountains of debt.
Today, we’re watching the exact opposite unfold.
The mining industry has fundamentally changed.
The market’s perception hasn’t.
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Washington has a strong dollar, high interest rates, and an unmanageable debt-service burden.
The math won’t let it have all three.
My two cents:
A weakening dollar and financial repression will be the two defining macro drivers of this decade.
None of us owns enough hard assets.
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Hiking rates with one of the most expensive stock markets in history, the most irresponsible fiscal agenda on the planet, and a costly war in the background.
Embrace the volatility.
None of us own enough hard assets.
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This is still one of the most important macro divergences in markets today.
Ever since the US seized Russian assets, we have seen this historical relationship come apart.
Gold is now the main collateral for central banks.
Meanwhile, the current trajectory of real yields is exactly how you go bankrupt with this much debt in the US.
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Are you invested yet?
How many signs do you need?
Miners have never been this cheap relative to tech on a free cash flow yield basis.
Yet there is no AI revolution without metals.
Inflation expectations are on the verge of a major breakout.
Markets underestimate how strongly today’s macro imbalances will push policymakers toward more inflation.
This will define the next decade and write a new chapter in monetary history.
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A reminder:
Silver miners are now producing four times more free cash flow than they did at their last peak.
From a Substack post by my friend @TaviCosta
'World's Most Critical Line'
Make or break ..
(DXY: Dollar Index)
The US dollar is approaching one of its most consequential technical tests in years.
A break below this support could mark the beginning of a much broader decline.
If I had to choose one market move that could define the next few years… this would be it.
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None of us own enough hard assets
Silver miners are swimming in cash.
The industry has built its largest cash balance in history.
You know what comes next…
M&A activity is likely on the horizon.
Game on.
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A reminder:
The mining industry still represents only about 1% of the entire global equity market.
I do not know whether that share will rise to 2%, 5%, 10%, or even 15–20% over the next decade.
But I find it difficult to imagine it falling below 1%.
This, my friends, is asymmetry in its purest form for the decade ahead.
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