Gold was capped/managed for a long time to prevent it from competing with US Treasuries as the global reserve asset. This was done via expansion of unallocated gold credit.

We are now seeing an unwind of this system, driven by geopolitics, the eastward shift of economic power, and the weaponization of the dollar and Treasuries.

Gold is going back into the system as a reserve asset and rising in price. This will lead to a weaker dollar against creditor currencies (yuan, yen, euro, Swiss franc) as currencies reorder around balance of payments and gold.

In a secular inflationary environment, long-term mortgages disappear (banks shorten terms to 3-10 years), causing home values to fall to cash bids. Don't buy a house for financial speculation.

Bitcoin is trading as levered NASDAQ, not levered gold, because it's overwhelmed by capital flows. NASDAQ itself is a capital flow phenomenon.

Chinese gold buying is a sign of strength and stability, not weakness. Nations in crisis sell gold for dollars; China is buying.

The shift from tech/software to precious/base metals will continue for the next few quarters. If AI is a bubble, its burst is good for gold. If not, raw material inflation is good for gold.

You can't look at equities in dollar terms alone; you must look in gold terms. NASDAQ is already down 45% in gold terms since early 2024.

The 'Free Gold' concept has begun. Gold's price is being freed to absorb global surpluses (energy/commodities) instead of Treasuries.

Multiple six-sigma events indicate markets long suppressed ('beach balls held underwater') are being unleashed, signaling a currency system transition.

Policymaker statements should be discounted. The math is clear: the US must devalue its debt. This is dollar-negative and inflationary.

A weaker dollar is good for commodity producers like Brazil (EWZ). Brazil is issuing debt in dollars, euros, and yuan, and its central bank bought 33% more gold in Q4.