Gold tests the 4,000 support

Delfi interview: the former head of Rosenergobank on coming back to Tallinn and where Nordvik Investments is looking now, from fintech to AI and biotech.

My 2025 forecasts have proven accurate. Now, looking toward the end of 2026 — politics, Fed leadership change under Warsh, long-end bond yields approaching critical zone, oil deficit pushing $100+, AI cash flows turning negative. The outlook is not encouraging. I would like to be wrong.

A critical look at the current gold market narrative and whether the reality matches the hype surrounding precious metals investment.

A rare archival article from Estonian media captures a young Konstantin Shvarts at the dawn of post-Soviet capitalism — building ventures, reshaping markets, and voicing bold views on Russia's economic future.

In recent days, we've seen dramatic headlines proclaiming the "end of the dollar" and "hyperinflation." But the reality tells a different story. The recent volatility was largely driven by technical issues, while a quietly passed stablecoin bill could generate unprecedented demand for U.S. Treasuries.

A long-form interview with Konstantin Shvarts: growing up in Tallinn, Rosenergobank, support for the Russian opposition, and why Moscow keeps demanding his extradition.

Former Rosenergobank chairman Konstantin Shvarts was one of Boris Nadezhdin's sponsors and often helped him with money during elections. Kommersant on the 2011 loan.

In my new article, I reflect on how global markets evolved in 2025 — from AI and gold hype to liquidity tightening and the rise of tokenization. As we enter a year of heightened complexity, I argue that vigilance, not exuberance, will define smart positioning. 🎄 Wishing you and your families a thoughtful holiday season and a prosperous New Year.