Otavio (Tavi) Costa(@TaviCosta):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.

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

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Otavio (Tavi) Costa@TaviCosta

2026.09.16 04:38

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.