
Global money supply has hit an all-time high of $103.66 trillion, with the Fed, ECB, Bank of Japan and PBOC alone adding $1 trillion in August, marking the 10th consecutive monthly increase. More money in circulation typically flows into assets like stocks, gold and Bitcoin. Separately, Iran’s oil exports have collapsed from roughly 2 million barrels a day in March to just 220,000-255,000 barrels by August, sharply cutting its export revenue and squeezing China’s access to discounted Iranian crude. With the Strait of Hormuz still heavily disrupted, Asian buyers are shifting to US crude instead, South Korea bought a record 1.1 million barrels a day in May, Japan took around 602,000, and total US crude exports hit a record 5.6 million barrels a day.
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