An additional point regarding the action in gold that I didn't detail in the video -- from our internal chat this morning:
"...it's so tethered to real interest rates right here though, unrelentingly! You saw how it rallied yesterday on presumed de-escalation... If we get escalation, and we get higher yields, we could actually get gold selling off hard (higher yields being the key)... When escalation finally has the market thinking global recession, and treasuries get bought (yields fall), then gold turns golden... I.e., nominal yields fall faster than inflation expectations (the opposite of the current setup), then that (real rates falling) is big for gold."
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