Old Money, New Highs

U.S. Steel and the Metals That Built America Are Breaking Out Again

Every time I look at this chart, I think about the kind of conviction it took to build U.S. Steel in the first place.

Andrew Carnegie didn’t just make steel—he made an empire. Vertical integration before it had a name. He controlled the mines, the mills, the railroads. J.P. Morgan saw the scale, smelled the money, and bought the whole thing—creating the first billion dollar corporation in American history.

Now zoom in.

This chart shows 25 years of price history in $X.

Since 2012, every single rally has been capped by the same supply zone—that blue band between ~$30 and $50. Earnings, war, stimulus—none of it mattered.