Welcome to 2026 - A Traders Delight What is it about Hong Kong?! Did a webinar with our Bloomberg Intelligence HK team last night on gold and silver -- it felt a lot like Bitcoin, cryptos a year ago. Sell-side showed their great ETFs and I pointed out the poor risk vs. reward of buying gold or silver at the most stretched levels in almost 1/2 a century. Back up to 2018. Visited HK and presented on the crypto winter, and focused on the top bull market -- the proliferation of crypto dollars, notably Tether. It was about $2B then, now $185B. Now there's Tether Gold! What of peer-to-peer cash when you have stable coins. Thank you Trump admin. The Faustian bargain appears to be unraveling. This chart shows the problem of buying any risk assets, except for a trade -- Nasdaq 180-day volatility at 15% is the lowest since 2018. The last time the Bloomberg Galaxy Crypto Index bottomed from 2,000 support, volatility peaked near 28%, and it's a lagging measure. 2026 is shaping up as a traders delight Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t9tw6akgzak3 {BI COMD} #bitcoin #cryptos #gold #silver @markets(Mike McGlone)