@steve_hanke Respectfully, that’s not what this chart is showing. It indicates a 15% drawdown over the last two months, and at this pace, reserves will be exhausted within 10 to 11 months.
Strait of Hormuz closed. Iran in control. Private credit cracks forming. AI driven white collar layoffs accelerating - potential consumer credit stress building.
SPY 6% off ATH.
What is the market pricing in right now? Because it's not any of this.
@silvertrade What you're seeing is algo selling triggered by rising real yields -- gold pays nothing, so systematic strategies dump it when Treasuries move higher. That's a US hours phenomenon.