Épisodes

  • Market Pulse — Tuesday: Oil, Gas, Real Estate & Credit Numbers
    Dec 31 2025

    Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing.

    For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Market Pulse. Tuesday's numbers.

    Final trading day of 2025.

    Oil

    • Mixed on year-end session
    • Brent rose 0.33% to $61.69
    • WTI fell 0.5% to $57.72
    • Both benchmarks closing worst year since 2020
    • Brent down 16% annually
    • WTI down 18%
    • Oversupply narrative dominated 2025
    • OPEC+ output increases scheduled for January
    • Chinese demand weakness persisted throughout year
    • U.S. production remained elevated
    • Geopolitical tensions provided minimal support

    Natural Gas

    • Climbed
    • Rose to $4.04/MMBtu as of midday
    • January contract near $4.42
    • Weather forecasts supporting prices
    • Storage draws accelerating
    • LNG exports remain robust near record levels
    • U.S. production holding at 107.74 bcf/day
    • Winter volatility expected through January
    • 12-month strip forecast at $3.76

    Equity Markets

    • Full trading day
    • Bond market closing early at 2 PM Eastern
    • Markets closed Wednesday for New Year's Day
    • Full-year 2025 performance exceptional
    • S&P up 23%
    • Nasdaq up 28%
    • Technology and AI-focused stocks led gains
    • Fed rate cuts catalyzed rally
    • Energy worst-performing sector
    • Small caps surged fourth quarter
    • Year-end positioning complete

    Real Estate

    • Closing strong year
    • Office vacancy peaked at 20.4% first quarter but stabilizing
    • Prime spaces in key markets showing strength
    • Flight to quality driving Class A demand
    • Industrial leasing rebounded late year
    • E-commerce and manufacturing supporting warehouse demand
    • Multifamily occupancy stabilized
    • Rent growth returning most markets
    • Retail showing resilience — grocery-anchored centers performing well
    • Construction slowdown expected to drive rent increases
    • Data centers explosive growth from AI workloads
    • 88% of executives expecting higher revenues in 2026

    Credit Markets

    • Record year
    • Private credit reached $3.5 trillion assets under management, up 17% from 2023
    • Strong fundraising with $209 billion in final closes
    • Competition increasing from broadly syndicated loan market
    • Bank partnerships expanding
    • Private credit providing capital-efficient solutions for long-dated corporate loans, infrastructure, real estate
    • Asset-based finance projected at $8 trillion in three years
    • Retail participation growing through evergreen funds
    • Direct lending appetite remains strong
    • M&A rebound expected to drive 2026 growth

    Bottom Line

    • Oil: Targeting sub-$50 breakevens, hedge floors above $75
    • Gas: Selective exposure, winter contracts locked
    • Industrial: Sub-6.5% caps near logistics hubs
    • Senior secured credit: SOFR + 650, LTV under 65%

    Visit GotTheGold.com. Stay sharp.

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    3 min
  • Game Theory — Monday: The Blank Gene — Soulless Humans Who Terrify Daemons
    Dec 30 2025

    Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing.

    For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Game Theory. Today we're talking the Blank Gene — soulless humans who terrify daemons. Now let's get into it...

    What Are Blanks?

    • In Warhammer 40K, there are humans born without souls — not metaphorically, literally
    • They're called Pariahs, Untouchables, or Blanks
    • They're the only thing in the universe that Chaos genuinely fears

    How It Works

    • Every living creature in 40K has a Warp presence — a reflection in the Immaterium, a soul
    • Psykers have bright souls that shine in the Warp like beacons
    • Normal humans have dim souls
    • Blanks have nothing — they're voids, anti-souls, holes in reality where the Warp can't exist

    The Effect on Others

    • Blanks are biologically repulsive
    • When you're near a Blank, you feel it: nausea, dread, existential wrongness
    • Your soul recoils from something that shouldn't exist
    • Most people can't articulate why they hate Blanks — they just do, viscerally, instinctively

    What This Does to Daemons

    • Daemons are pure Warp entities made of psychic energy and emotion
    • A Blank isn't just repulsive to them — a Blank erases them
    • Being near a Blank causes a daemon physical pain
    • Being touched by a Blank can kill a daemon outright
    • They don't just fear Blanks — they experience existential terror

    The Sisters of Silence

    • The Imperium weaponizes Blanks
    • The Sisters of Silence are an all-female order of Blanks trained as elite warriors
    • They accompany the Emperor's Custodian Guard
    • When the Imperium needs to kill something Warp-tainted, they send the Sisters
    • They wear black armor and take vows of silence because their very presence makes communication psychically painful
    • They hunt psykers, daemons, and Chaos sorcerers — and they're terrifyingly effective

    Why Chaos Fears Blanks More Than Grey Knights

    • Grey Knights are psykers — they fight Warp fire with Warp fire
    • They're powerful, but they're still playing on Chaos's terms
    • Blanks aren't playing the same game — they nullify the Warp entirely
    • A daemon can fight a Grey Knight
    • A daemon can't fight a Sister of Silence — they can only flee

    The Rarity and Tragedy

    • The Blank gene is incredibly rare — maybe one in a billion humans
    • The Imperium hunts them down and conscripts them
    • In a universe where gods are real and daemons are everywhere, having soldiers who are immune to corruption and can kill daemons by proximity isn't just useful — it's essential
    • The tragedy: Blanks live lonely, hated lives — they're weapons, tools, never trusted, never loved
    • But they're the only reason humanity survives against Chaos

    That's Game Theory. Subscribe if you haven't already, and visit GotTheGold.com for more... Make it a great day!

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    3 min
  • Market Pulse — Monday: Weekly Market Overview + Data
    Dec 29 2025

    Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing.

    For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Market Pulse. Weekly market overview and data.

    Year-end positioning underway as markets close out strong 2025.

    Oil

    • Rebounded Monday
    • WTI rose 0.91% to $57.67
    • Brent climbed 1.04% to $61.27
    • Both benchmarks posting modest gains after hitting multi-year lows
    • Short-covering and technical buying supporting prices
    • WTI ending year below $60 for first time since 2021
    • Brent down 16% for the year, WTI down 18%
    • Worst annual performance since 2020
    • Oversupply narrative continues dominating sentiment
    • OPEC+ production increases scheduled
    • Chinese demand remains sluggish
    • Geopolitical tensions providing limited support

    Natural Gas

    • Retreated sharply
    • Fell 1.31% to $3.83/MMBtu
    • Down from Thursday's $4.42
    • Weather forecasts moderating
    • Storage draws slowing despite strong LNG exports
    • U.S. production holding near record at 107.74 bcf/day
    • Quarter-end forecast at $4.38
    • 12-month forecast at $5.43
    • Winter volatility expected to continue

    Equity Markets

    • Closing year at records
    • Global stocks on track to end 2025 at all-time highs
    • MSCI World Equity Gauge up 21% year-to-date
    • Fed rate cuts driving sentiment
    • Technology and AI-focused stocks leading gains
    • Santa Claus rally into year-end
    • Low volume expected through New Year's
    • S&P up approximately 23% for the year
    • Nasdaq up 28%
    • Energy weakest sector
    • Small caps outperformed in fourth quarter

    Real Estate

    • Entering 2026 with momentum
    • Cap rates stabilized after early 2025 peaks
    • Industrial between 6.5-7.5% for single-tenant assets
    • Multi-tenant around 6%
    • E-commerce and nearshoring driving warehouse demand
    • Multifamily vacancy declining
    • Class A at 5% caps, Class B at 7%
    • High homeownership costs supporting rental demand
    • Office finding stability, flight to quality driving Class A demand
    • Retail making strong comeback — grocery-anchored centers leading
    • Data centers showing explosive growth from AI workloads

    Credit Markets

    • Ending year at record strength
    • Private credit reached $3.5 trillion assets under management end of 2024, up 17% from 2023
    • Market diversifying beyond direct lending into asset-backed finance
    • Bank partnerships increasing
    • Retail participation growing through evergreen funds
    • Asset-based finance projected at $8 trillion in three years
    • CLO spreads tightening
    • Strong fundraising year with $209 billion in final closes
    • Competition increasing from broadly syndicated loan market

    Bottom Line

    • Oil: Targeting sub-$50 breakevens, hedge floors above $75
    • Gas: Selective exposure, winter contracts locked
    • Industrial: Sub-6.5% caps near logistics hubs
    • Senior secured credit: SOFR + 650, LTV under 65%

    Visit GotTheGold.com. Stay sharp.

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    3 min
  • Game Theory — Friday: Pandemic Legacy Season 1 — The Board Game That Destroys Itself
    Dec 27 2025

    Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing.

    For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Game Theory. Today we're talking Pandemic Legacy Season 1 — the board game that destroys itself. Now let's get into it...

    What Makes Pandemic Legacy Unique

    • Pandemic Legacy Season 1 did something no board game had done before
    • It made you destroy the game as you played it
    • Rip up cards, write on the board, place permanent stickers
    • By the end of the campaign, your copy of the game is unique, unrepeatable, yours alone

    How It Works

    • Pandemic Legacy is a cooperative campaign game
    • You play through 12-24 sessions, depending on how well you do
    • The core gameplay is standard Pandemic: you're disease-fighting specialists racing against the clock
    • You treat disease hotspots and research cures for four plagues before they spiral out of control

    Core Gameplay Mechanics

    • Each player gets four actions per turn:
    - Travel around the world
    - Build research stations
    - Treat diseases by removing cubes from the board
    - Trade cards with teammates
    - Find cures by discarding five cards of the same color at a research station
    • Each player has a unique role with special abilities
    • After taking actions, you draw two cards (these can include epidemic cards)
    • Epidemics place new disease cubes on the board and can trigger outbreaks
    • Outbreaks spread disease cubes to connected cities and increase the panic level of cities

    Where Legacy Changes Everything

    • The game is divided into months: January through December
    • Each month has objectives — you get two chances to complete them
    • Succeed on the first attempt, you move to the next month
    • Fail, you get a second chance with more funding for event cards
    • But win or lose, the game changes permanently

    The Destruction Begins

    • New rules get introduced, new components get added
    • You'll open sealed boxes mid-campaign
    • You'll read dossiers that alter the story
    • You'll place stickers on the board that change city connections
    • You'll upgrade character abilities by adding stickers to character cards
    • And you'll rip up cards — permanently remove them from the game

    Characters Can Die

    • When they do, you tear up their card — they're gone forever
    • You can't use them again
    • Cities can be destroyed — you place stickers over them, they become quarantine zones, unplayable spaces

    Emotional Investment

    • When your medic character survives a close call in October, you feel relief
    • When your scientist dies in November, you feel loss
    • These aren't just cards — they're your team
    • You've been through months of near-apocalypse together

    The Story Unfolds Dynamically

    • Without spoiling anything: the plagues aren't just diseases — there's a narrative reason they exist
    • The campaign has twists, betrayals, revelations
    • The game trains you to expect standard Pandemic chaos, then subverts it
    • You'll open a legacy deck mid-game and read instructions that change everything you thought you knew

    Why This Matters

    • Pandemic Legacy proved that board games could be narrative experiences, not just mechanical puzzles
    • It showed that permanence creates stakes
    • Knowing your decisions can't be undone makes every choice matter
    • Ripping up a card feels wrong — good, that's the point

    The Legacy Mechanism's Impact

    • The legacy mechanism has since been copied by dozens of games: Gloomhaven, Charterstone, Risk Legacy
    • But Pandemic Legacy Season 1 was the breakthrough
    • It's still the gold standard, consistently ranked as one of the greatest board games ever made

    When the Campaign Ends

    • Your copy is done — you can't replay it
    • But you'll remember every session, every close call, every character lost
    • That's the magic: the game dies so the memories live forever

    That's Game Theory. Subscribe if you haven't already, and visit GotTheGold.com for more... Make it a great day!

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    4 min
  • Market Pulse — Friday: Week-End Wrap-Up & Forward Look
    Dec 26 2025

    Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing.

    For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Market Pulse. Week-end wrap-up and forward look.

    Week ending strong despite holiday volatility.

    Oil

    • Held gains Friday
    • Brent steady near $63, WTI holding above $59
    • Both benchmarks posting modest weekly gains after mid-December lows
    • Geopolitical tensions providing support: U.S.-Venezuela sanctions tightening, Russian oil infrastructure under pressure
    • Supply disruption concerns offsetting demand weakness
    • OPEC+ output increases scheduled for January
    • Chinese demand remains sluggish
    • Full-year 2025: Brent down 16%, WTI down 18% — worst annual performance since 2020
    Forward look: Oversupply narrative dominates early 2026

    Natural Gas

    • Retreated from week highs
    • Closed near $4.15/MMBtu, down from Thursday's $4.34
    • Weather forecasts moderating, storage draws slowing
    • LNG exports remain robust at 18.5 bcf/day
    • U.S. production holding near record at 107.74 bcf/day
    • Winter strip forecast at $4.30
    Forward look: Cold snaps drive volatility through January

    Equity Markets

    • Markets closed early Friday
    • Dow holding near 48,731
    • S&P near 6,932
    • Nasdaq maintaining gains
    • Year-end positioning continues, trading volume thin through New Year's
    • Full-year 2025 performance strong: S&P up approximately 23%, Nasdaq up 28%
    • Technology and consumer discretionary led gains, energy lagged significantly
    • Fed rate cuts in September catalyzed rally
    Forward look: Earnings season kicks off mid-January, valuations elevated

    Real Estate

    • Finishing 2025 with momentum
    • Cap rates stabilized after early-year peaks
    • Industrial between 6.5-7.5%
    • Multifamily Class A at 5%
    • Office finding footing, retail recovering strongly
    • Transaction volume up year-over-year
    Forward look: 2026 brings continued cap rate stability, increased deal flow, and sector rotation into industrial and data centers

    Credit Markets

    • Closing year at record strength
    • Private credit reached $3.5 trillion assets under management
    • CLO issuance nearly doubled 2023 levels
    • Spreads tightened significantly: AAA CLO bonds at SOFR + 110 basis points
    • Middle-market converging toward broadly syndicated loan levels
    • Default rates low but expected to normalize
    Forward look: M&A activity rebounds in 2026, driving direct lending growth

    Bottom Line

    • Oil: Targeting sub-$50 breakevens, hedge floors above $75
    • Gas: Selective exposure, winter contracts locked
    • Industrial: Sub-6.5% caps near logistics hubs
    • Senior secured credit: SOFR + 650, LTV under 65%

    Visit GotTheGold.com. Stay sharp.

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    3 min
  • Game Theory — Thursday: This Week's Hottest Gaming News
    Dec 26 2025

    Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing.

    For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Game Theory. Today we're talking this week's hottest gaming news. Now let's get into it...

    Let's celebrate the holiday season with some gaming news that dropped this week.

    1. Katsuhiro Harada Leaving Bandai Namco

    • After over 30 years as Tekken's legendary producer
    • Harada built Tekken into a global fighting game phenomenon
    • He balanced competitive depth with accessibility
    • He engaged directly with the community on social media
    • His departure marks the end of an era
    • The question now: Can Bandai Namco maintain Tekken's identity without the man who defined it for three decades?
    • This is massive for the fighting game community

    2. Sony vs. Tencent — Light of Motiram Lawsuit

    • Tencent's Light of Motiram has been paused after Sony filed a lawsuit
    • Allegations: Copyright and trademark violations related to the Horizon series
    • Tencent is now restricted from releasing the game before Q4 2027
    • Light of Motiram looked suspiciously similar to Horizon Zero Dawn: robot dinosaurs, tribal aesthetics, bow combat
    • Sony drawing a legal line shows they're protecting their IP aggressively
    • In an era where visual similarity can blur into theft, this is huge

    3. Two New Tomb Raider Games Revealed

    Catalyst arrives in 2027 as a brand-new entry
    Legacy of Atlantis drops in 2026 as a remake
    • Crystal Dynamics is betting on nostalgia while building forward momentum
    • Lara Croft remains one of gaming's most iconic characters
    • This dual release strategy keeps her relevant across generations
    • Expect parkour, puzzles, and tomb-raiding at its finest

    4. Total War: Warhammer 40K Announced

    • Announced during the Game Awards
    • Creative Assembly is bringing grand strategy to the grimdark future
    • This is huge for Warhammer fans who've wanted a Total War treatment of 40K for years
    • Imagine commanding Space Marine chapters, Ork Waaaghs, and Tyranid swarms in massive real-time tactical battles
    • If executed well, this could be the definitive 40K strategy experience

    5. In-Car PlayStation Remote Play

    • Sony Honda Mobility's Afeela will feature in-car PlayStation Remote Play integration
    • You'll be able to stream PlayStation games directly in your car
    • This isn't about playing while driving — it's about passengers gaming during road trips and downtime
    • The car is becoming a mobile entertainment hub
    • Gaming everywhere, always

    That's Game Theory. Subscribe if you haven't already, and visit GotTheGold.com for more... Make it a great day!

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    3 min
  • Market Pulse — Thursday: Oil, Gas, Real Estate & Credit Numbers
    Dec 26 2025

    Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing.

    For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Market Pulse. Thursday's numbers.

    Oil

    • Brent rose 0.97% to $62.84
    • WTI gained 1.09% to $58.99
    • Both benchmarks rebounded after hitting multi-year lows earlier in the week
    • Short-covering and technical buying supported prices
    • Brent on track for worst year since 2020, down over 20% year-to-date
    • Oversupply concerns dominate
    • OPEC+ production increases and weak Chinese demand weighing on sentiment
    • Geopolitical risks provide limited support

    Natural Gas

    • Rose 2.12% to $4.34/MMBtu
    • Winter weather forecasts driving demand expectations
    • Colder temperatures across key consumption regions supporting prices
    • LNG export flows remain near record levels
    • US production at 107.74 bcf/day
    • Storage levels slightly above five-year average but drawing faster than normal
    • Front-month contract testing $4.50 resistance
    • EIA winter strip forecast holding at $4.30

    Equity Markets

    • Markets closed for Boxing Day
    • Last trading session Christmas Eve saw record closes
    • Dow at 48,731
    • S&P at 6,932
    • Nasdaq holding gains
    • Year-end positioning underway
    • Low volume expected through New Year's
    • Technology and consumer staples leading year-to-date performance
    • Energy weakest sector
    • Treasury yields drifting lower on Fed easing expectations

    Real Estate

    • Momentum building into 2026
    • Industrial cap rates stabilized between 6.5-7.5% for single-tenant assets
    • Multi-tenant around 6%
    • E-commerce and nearshoring driving warehouse demand
    • Multifamily vacancy expected to decline throughout 2026
    • Class A buildings averaging 5% caps, Class B at 7%
    • High homeownership costs supporting rental demand
    • Office market finding stability, flight to quality driving Class A demand
    • Retail making comeback — grocery-anchored centers leading
    • Data centers showing explosive growth from AI workloads

    Credit Markets

    • Expanding rapidly
    • Private credit reached $3.5 trillion in assets under management end of 2024, up 17% from 2023
    • Market diversifying beyond direct lending into asset-backed finance
    • Bank partnerships increasing as lenders shift risk off balance sheets
    • Retail investor participation growing through evergreen funds
    • Asset-based finance projected to hit $8 trillion in three years
    • CLO spreads tightening on strong investor demand
    • Credit quality improving but default rates expected to rise moderately
    • Strong covenants and disciplined underwriting crucial

    Bottom Line

    • Oil: Targeting sub-$50 breakevens, hedge floors above $75
    • Gas: Selective exposure, winter contracts locked
    • Industrial: Sub-6.5% caps near logistics hubs
    • Senior secured credit: SOFR + 650, LTV under 65%

    Visit GotTheGold.com. Stay sharp.

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    3 min
  • Game Theory — Wednesday: E.T. the Extra-Terrestrial for Atari — Gaming's Worst Disaster
    Dec 26 2025

    Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing.

    For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Game Theory. Today we're talking E.T. the Extra-Terrestrial for Atari. Gaming's worst disaster. Now let's get into it...

    The Setup — Summer 1982

    • Steven Spielberg's E.T. movie was a massive hit in summer 1982
    • Atari wanted a game for the Christmas season
    • They secured the license in July
    • That gave developer Howard Scott Warshaw five weeks to design, program, and ship a game
    • Most games took six to nine months

    The Developer

    • Howard Scott Warshaw was a talented programmer
    • He created Raiders of the Lost Ark and Yar's Revenge for Atari
    • But five weeks wasn't enough

    The Game Was Broken

    • E.T. fell into pits constantly
    • The objective was unclear
    • The gameplay was repetitive and frustrating
    • It wasn't fun — it was a chore

    The Commercial Disaster

    • Atari manufactured 5 million cartridges, expecting a massive hit
    • It sold 1.5 million copies
    • That left 3.5 million unsold cartridges
    • Stores returned them — Atari had nowhere to put them
    • So they buried them in a New Mexico landfill
    • Literally millions of cartridges in a desert grave

    What E.T. Represented

    • Everything wrong with the early gaming industry:
    • Publishers prioritizing movie tie-ins over quality
    • Impossible development timelines
    • Shovelware flooding the market
    • No quality control

    The 1983 Video Game Crash

    • By 1983, the video game market crashed
    • Revenues dropped 97%
    • Companies went bankrupt
    • Retailers stopped stocking games
    • The industry was dead
    • E.T. didn't cause the crash alone, but it became the symbol of it

    The Lessons Learned

    • Nintendo learned from Atari's mistakes
    • When they released the NES in 1985, they implemented the Nintendo Seal of Quality
    • Games had to meet standards before release
    • They controlled third-party licensing
    • They limited how many games publishers could release per year
    • Quality over quantity

    The Cautionary Tale

    • E.T. is a cautionary tale about greed, hubris, and corner-cutting
    • Atari believed the brand was enough
    • They thought people would buy anything with E.T. on the box
    • They were wrong
    • Players care about quality — always have, always will

    The Legend Confirmed

    • In 2014, archaeologists excavated the New Mexico landfill
    • They found the cartridges — proof the legend was real
    • The worst game ever made, buried and forgotten
    • Teaching an industry how not to fail

    That's Game Theory. Subscribe if you haven't already, and visit GotTheGold.com for more... Make it a great day!

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    3 min