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 2.0.

This is Market Pulse — Monday's numbers.

Equities:
• Markets opened November with gains
• Dow up 0.69% to 42,387
• S&P 500 up 0.41% to 5,782
• Nasdaq up 0.80% to 18,567
• Tech sector led on strong earnings momentum from Amazon and Apple
• Manufacturing data showed expansion for first time in seven months
• ISM Manufacturing PMI at 46.5, below expectations but improving from September's 47.2

Oil:
• WTI at $69.49, up 2.85% Monday
• Brent at $73.10, up 2.73%
• Both rallied on OPEC+ decision Sunday to delay December production increase by one month
• Group will maintain current output cuts of 2.2 million barrels per day through December
• Citing weak demand and oversupply concerns
• Market pricing in extended discipline

Gas:
• Henry Hub at $2.93 per MMBtu, up 3.17% Monday
• November contract showing strength on colder weather forecasts
• EIA reporting storage levels at 3.83 trillion cubic feet, 6% above five-year average
• Winter demand outlook supporting prices despite elevated inventories

Production:
• Permian Basin output averaging 6.6 million barrels per day for 2025 per EIA forecast
• Growth slowing to 6% annually
• Operators maintaining capital discipline with WTI in high sixties
• Hedging activity remains elevated for 2026 and 2027
• Devon Energy, Diamondback, EOG all reporting increased coverage ratios

Real Estate:
• October transaction volume hit $30 billion, strongest monthly total in 2025
• Industrial cap rates at 5.0% nationally
• Multifamily at 5.2%
• Office bifurcation continues, Class A at 7.3%, distressed assets at 9% plus
• Fed rate cuts improving financing conditions
• Year-end deal flow accelerating

Credit:
• SOFR at 4.27%, 30-day average at 4.21%
• Investment-grade spreads at 20-year lows
• High-yield market resilient
• Private credit market expanding rapidly
• Direct lending delivering attractive returns
• Corporate refinancing activity strong heading into year-end

Bottom Line:
Equities opened November with gains on tech earnings momentum. Oil rallied over 2.8% on OPEC+ production delay. Gas up 3.2% on winter weather forecasts. Permian growth slowing to 6%, operators maintaining discipline. October real estate transactions hit 2025 high at $30 billion. Credit spreads at historic lows, refinancing activity strong. Target sub-$50 breakevens, hedge floors above $75. Industrial caps sub-5.7%, senior secured credit SOFR plus 650, LTV under 65%.

Visit GotTheGold.com. Stay sharp.

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 2.0.

This is Game Theory. Today we're talking about Ark Nova, the zoo-building game that shot to number four on BoardGameGeek and proved that heavy euros can be thematic. Now let's get into it.

The Phenomenon:
• Ark Nova released in 2021 and immediately became a phenomenon
• Within a year, climbed to top five on BoardGameGeek, dethroning games that had been there for decades
• Delivered on every level: deep strategy, high replayability, gorgeous production, and a theme that actually mattered

What Is Ark Nova?
• You're building a modern zoo
• Acquiring animals, constructing enclosures, supporting conservation projects, attracting visitors
• Balancing two competing goals: Appeal (how popular your zoo is) and Conservation (how much you're helping endangered species)
• Game ends when your appeal and conservation tracks meet
• The hook: racing on two tracks moving in opposite directions

Core Mechanic: Action Selection with a Twist
• Five action cards: Animals, Build, Cards, Association, Sponsors
• Each card has a strength from 1 to 5
• On your turn: play one card, execute that action at its current strength
• Then move that card to the weakest position, all other cards shift up
• Creates a rhythm: you can't spam your best action, must plan multiple turns ahead
• Strategic tension: use your strong build action now at strength 3, or wait for strength 5?

The Animal Cards (Heart of the Game):
• Over 250 unique animals, each with different requirements and benefits
• Some need specific enclosures, some need other animals nearby
• Some give immediate bonuses, some give ongoing effects
• Every animal card is different
• This is what makes Ark Nova endlessly replayable — you'll never see the same combination twice

Conservation Projects:
• Real-world initiatives like protecting coral reefs or saving rhinos
• When you support a project, you gain conservation points and unlock bonuses
• Ties theme to mechanics: you're not just building a zoo for profit, you're contributing to global conservation efforts
• Makes the game feel meaningful

Sponsor Cards (Engine Builders):
• Give you permanent abilities or end-game scoring conditions
• Examples: extra money when you play certain animals, points for diverse collections, bonuses for specific enclosure types
• Sponsors shape your strategy
• The difference between a generic zoo and a specialized powerhouse

Why Ark Nova Matters for the Board Game Industry:
• Proved that heavy euros don't have to be dry
• For years, the heaviest strategy games were about trading in the Mediterranean or building railroads (functional themes)
• Ark Nova showed you can have deep economic gameplay and a theme people care about
• Zoos are relatable, conservation is meaningful
• The theme draws you in, the mechanics keep you there

Card Variety Drives Replayability:
• Over 250 unique animal cards plus dozens of sponsor and conservation cards
• No two games feel the same
• Constantly discovering new combos, new strategies, new ways to build your zoo
• That's what keeps players coming back

Bottom Line:
Ark Nova is a masterpiece of modern euro design. It's heavy enough to satisfy strategy gamers. It's thematic enough to engage casual players. It's replayable enough to justify the price tag. And it's proof that the best board games are the ones that make you care about what you're building. If you want a game that combines deep strategy with meaningful theme, this is it. Ark Nova didn't just climb the BoardGameGeek rankings. It redefined what a heavy euro could be.

That's Game Theory. Subscribe if you haven't already. Visit GotTheGold.com. Stay sharp.

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 2.0.

This is Market Pulse — Friday's numbers.

Equities:
• Markets rallied Friday
• Dow up 0.69% to 47,960
• S&P 500 up 0.41% to 6,919
• Nasdaq up 0.80% to 24,149
• All three indices posted monthly gains despite October volatility
• Tech sector led weekly performance
• Amazon surged 6% on strong earnings
• Apple rose on better-than-expected iPhone sales

Oil:
• WTI at $59.96, down 0.24% from Thursday
• Brent at $64.38, down 0.11%
• Both closed October down over 4%, third consecutive monthly decline
• Weakest October since 2023
• OPEC+ meeting Sunday, expected to delay December output increase by at least one month due to weak demand and oversupply concerns

Gas:
• Henry Hub at $3.79 per MMBtu, down 0.79% from Thursday
• November contract expired, December futures at $3.85
• Up 8.9% for October despite Friday pullback
• Winter demand outlook supporting prices
• EIA projecting Q4 average at $4.11

Production:
• Permian output steady at 6.4 million barrels per day
• October marked slowest U.S. production growth in months
• Operators trimming 2025 budgets with WTI near $60
• Hedging activity accelerating for 2026 and 2027
• Devon, Diamondback, EOG all increasing hedge coverage

Real Estate:
• October transaction volume exceeded $30 billion, highest monthly total in 2025
• Industrial cap rates at 5.0% nationally
• Multifamily at 5.2%
• Office bifurcation continues, Class A at 7.3%, distressed assets trading at 9% plus
• Fed rate cuts improving financing conditions
• Buyer sentiment strengthening into year-end

Credit:
• Investment-grade spreads at 20-year lows
• High-yield market resilient despite rate volatility
• SOFR at 4.28%, showing persistent liquidity stress
• Fed signaling potential pause in quantitative tightening
• Corporate issuance strong in October
• Refinancing activity accelerating ahead of year-end

Bottom Line:
Equities closed October strong despite volatility. Oil posted third monthly decline, OPEC+ delaying output increase. Gas up 8.9% for October on winter outlook. Permian growth slowing, aggressive hedging continues. Real estate transactions hit 2025 high at $30 billion. Credit spreads at historic lows, refinancing accelerating. Target sub-$50 breakevens, hedge floors above $75. Industrial caps sub-5.7%, senior secured credit SOFR plus 650, LTV under 65%.

Visit GotTheGold.com. Stay sharp.