Nobody in flyover country USA asking me about gold (or BTC) yet.

For context, started getting questions about when their bond funds would stop going down from a few folks circa mid-October 2023

Really weird stuff going on in the Gold market. Despite the big price rise, investors have been divesting Gold ownership. Global investors have also been net sellers of physical-backed ETFs for 8 consecutive months.
For more information, visit McClellan Market Report at…

MacLeod noting the BIS quietly changed the rules to essentially force TBTF banks to cover unallocated gold shorts by mid-2022 to reduce risks to the banking system if the price of gold went up a lot, in nearly binary fashion, looking more auspicious still

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New OTM is LIVE with Lyn Alden and Luke Gromen

We covered:

- Gold's divergence from real rates
- Treasury auctions and sovereign bonds
- Prognosis on inflation
- 12 month view of equities, BTC and gold

This one was epic, full episode below enjoy!

Foreign UST demand remains a f(x) of the level of the USD.

Corollary: A sustained USD “superspike” is only possible if US Fed &/or Treasury are willing to allow one or more UST auctions to fail. IMO that won’t be allowed to happen.

Interesting to see 10y UST yields rise ~55 bps in a little over 2 months with long-dated UST issuance at the lowest relative share in 20 years 👇.

Imagine what would happen to yields & risk if Yellen termed out the debt (ugly)…& if she didn’t (bubblelicious & inflationary.)…

This series will likely only trend even higher if Jamie Dimon is even directionally correct about his recent 8% rates comment.

It will likely also trend even higher if the Fed cuts rates.

Contrast VP Dick Cheney's April 8, 2001 comments on China with recent Biden Administration comments.

See if you can detect any difference in tone among senior Washington DC officials when they thought the 'Great Power Competition' with China was going favorably for the US👇:

1. Offshore US mfg to China to lower US inflation, break US unions

2. China recycles USD surpluses into US equities, etc, driving US NIIP to -74% of GDP, resulting in more China ownership & ctrl of Corporate USA

3. 'Citizens United' increases corporate influence in US politics

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3 PM in Cleveland and the eclipse turned it into a night game Barstool Baseball

Interesting timing.

1. Western consensus: 'China needs to devalue CNY'

2. China devalues CNY v. gold; western consensus laughs at 'Chinese capital flight' into gold

3. CNY oil allows China to influence gold prices

4. USD begins devaluing v. gold

5. Western consensus stops laughing. 👈We are here

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Fiscal dominance.