borrowing costs and leverage

Hard Assets, Liquidity and the Cost of Leverage

Where the historical relationship holds, where it breaks, and what the evidence says about housing. This November update extends the Pattern Nexus liquidity reconstruction with 37 charts, a reproducible workbook and the complete research package. It compares the published four-input liquidity index with an equal-weight audit, separates level relationships from return correlations, tests gold and Nasdaq positioning, and examines housing against mortgage rates, historical cohorts and a model frozen before the pandemic. The liquidity measures disagree on direction; the evidence does not establish a mechanical housing catch-up target.