The Naval Academy canceled my lecture on wisdom:

GOLD just surged past $3,400/oz for the first time in history. Meanwhile, the US DOLLAR just hit a 3-year low against a basket of global currencies. What does this mean for markets, inflation, and investor strategy? Let’s break it down: (a thread)

The Market’s Loudest Divergence: Gold vs Crude Gold now buys more than 50 barrels of Brent An extreme reached only four times in 45 years. Divergences this wide rarely sit still for long. Here’s why the Gold : Oil ratio matters and how to listen for the snap‑back.

*Manufacturers* in the Richmond Fed district say they're already reducing headcount, and expect to reduce headcount even further into the future

Given this deal with potential deal with China Tomorrrow Gold is:

Zweig Breadth Thrust has officially triggered! 👇

Forget the Zweig breadth thrust - the NYSE just triggered a SuperZweig. Both extremes were significantly further than the thresholds of the original signal. The S&P 500 returned more than +20% the year following every prior thrust. Talk about a bear killer.

Per ⁦Ned Davis Research⁩, U.S. foreign tourism dropped 11.6% year/year in March…sharpest decline since Global Financial Crisis

Something v profound here about the whole Trump experience. Trump stepping over Congress to punish Chinese manufacturers (his tariffs) while stepping over Congress to un-punish Chinese social media (his stay of the TikTok ban) is one of the clearer cases where I don’t think

The current State Of My Trusted Thrusts: Just – just – missed getting a Whaley Breadth Thrust today by 50 net advances: came in at 73.47% and threshold is 73.67%. Would now take a virtually-unachievable 2335 net advances tomorrow to generate one. Breakaway Momentum: Not yet;

Our Q1 2025 Portfolio Review is out. It was a tough quarter, but we survived. I discuss the three core holdings that bolstered our returns: $IDR, $RHM, $VLE. Also talked about the mental/psychological pain of trying to do nothing. Hope you enjoy. macro-ops.com/q1-2025-portfo…

Macro Ops Futures portfolio is +18.99% YTD vs. S&P +1.62% An outperformance gap of +17.37 % (Athread)

I wrote a lot more about it here macro-ops.com/the-setup-june…