What the Gold Market Might Be Thinking: - Mr. Trump, you're the best -- pressuring the Fed to cut rates and talking up the stock market. The wealth-effect inflation is good for us and for the roughly 10% of the population that owns about 80% of stocks and real estate, but increasingly bad for regular people -- and for Republicans in elections - Darn, it's rare that our price gets so stretched vs. most long-term moving averages, with stock-market volatility buried. History suggests an unfavorable outcome. - Wars boost our price, and Mr. Putin seems determined -- particularly with the “unlimited friendship” and China “decisively enabling,” according to NATO, Russian aggression. - Bitcoin and its gaggle of millions of cryptos seem to have peaked, akin to the dot-com bubble. We, the gold market, salute you, Mr. Trump, for helping fuel a blow-off top in highly speculative cryptos, most of them tracking nothing and still worth billions. - We got tired of all the yelling from the stock-market and crypto bulls and grabbed alpha in 2025, alongside falling crude oil. We may be warning of an overdue third down year for US equities since 2008 (stuff that used to happen :) Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t6fo67kiupsv {BI COMD} #gold #stockmarket #bitcoin #macroeconomics @BBGIntelligence(Mike McGlone)