Japanese long-term rates are surging as the government signals that no further rate hikes are needed. That's because with the average yield on Japan's existing debt at just ~1%, refinancing at current levels would eventually send interest expenses ~3x higher. With debt this high, you don't fight inflation... You embrace it. First, you lower debt to GDP through inflation. Then you hike rates to kill inflation. We don't own enough gold for what's coming.

The media is basically telling us Hormuz is open... Then why are G7 countries releasing another 100 million barrels of oil and diesel from emergency reserves?

So Japan can: 1. Raise rates = blow up the yen carry trade and its pension funds 2. Sell USTs to buy yen = blow up the US bond market 3. Use the US money printer to buy yen = increase US inflationary pressures We don't own nearly enough hard assets for what's coming.

US rates are rising as the US labor market is softening. That means fighting inflation via rate hikes not only deteriorates the US fiscal situation further, but also increasingly hurts the labor market In the long run, higher rates are becoming more painful than inflation itself. We don't own enough gold for what's coming.

The US is in trouble... It has $100T+ in unfunded liabilities. We've all heard that the US can pay any debt because it's owed in dollars... Well, that's not true for its unfunded liabilities. They are owed in actual medical treatments and inflation-adjusted payments, and they're growing faster than inflation or tax receipts: - Medicare: +8% yoy - Social Security: +6% yoy - Tax receipts: +4% yoy - CPI inflation: +3.4% yoy In other words, the US can't simply inflate these obligations away because they're currently growing ~2x as fast as inflation. At the end of the day, the US will sacrifice the dollar and still be forced to break its Medicare and Social Security promises. We don't own enough hard assets for what's coming.

The Hormuz crisis isn't just an energy problem. So far, markets don't seem to care. But soon they will. Petrochemicals are at the core of our entire production chain. Without them, modern life as we know it is impossible. - Petrochemicals -> fertilizer -> food production - Petrochemicals -> sulfur -> mining (copper, uranium, nickel) - Petrochemicals -> plastics -> cars, electronics - Petrochemicals -> drugs, rubber, textiles - Gas -> power generation - Diesel -> transportation It's a supply shock hitting food, industry, transportation and power at the same time. Our world doesn't function without Hormuz supplies. And you can't print your way out of a supply crisis.... Paper is worthless when the physical goods aren't there.

Gold prices needed to wipe out all federal debt: - Russia: $5,3K - Eurozone: $44.7K - United States: $153K Rising gold prices can solve global debt problems, as a rise in prices doesn’t hurt any industry. - No factories shut down because gold goes up. - No crisis Just gold prices rising significantly

Trump is trying to buy votes... is he trying to crash the UST market? The proposed bribe, or stimmy, would amount to ~$1.35T... It would almost double the deficit at a time when long-term USTs are already “bidless,” as Goldman says. In other words, the Fed would have to print the money. Brace for inflation.

America buys paper gold... Asia buys physical gold. - US: 29% of gold buying is physical - China: 86% - India: 95% Physical gold is moving East.

Big Oil is printing cash... despite manipulated oil prices. And thanks to the manipulation, they are using it to return cash to shareholders rather than increase production.

The US' biggest export is gold... and most of it is going to China. China is effectively choosing gold as payment for some of the goods it sells to the world. With the introduction of interest-bearing gold accounts, accessible through online banking and paying roughly 1% in gold, China is beginning to eliminate one of gold's biggest historical disadvantages: "Gold pays no interest." At the same time, China is gradually opening international trade through gold. Trade can be settled in yuan, while surplus balances can ultimately be converted into physical gold. China is even building gold vaults abroad, allowing bullion to be stored in friendly jurisdictions rather than Western financial centers. So China is basically telling the world: Use our currency to trade with us... And if you don't trust our currency, convert your surplus yuan into gold and store it locally. - You don't have to trust China. - You don't have to trust the yuan. - You just have to trust gold. In a world where trust between nations is collapsing and the dollar system has repeatedly been weaponized, China is using gold's 5,000-year monetary history to gradually increase the international role of the yuan. We don't own enough gold for what's coming.