"BE PATRIOTS" - What I Heard: "Democrats Sweep the Midterms and 2028 Elections" That's what I heard from President Trump, who seems to be misunderstanding the macroeconomics by demanding the Fed "BE PATRIOTS" and cut rates, with T-bond yields rising to multidecade highs and signaling the opposite. Affordability is a top issue in the elections. This could be bad for gold, which is near its highest vs. T-Bonds in about four decades and currently in my stock-puppet category alongside Bitcoin and copper. Be Cautious When Gold Is Exciting Gold's 260-day volatility is about 2.2x the S&P 500's -- last matched in 2007 and 1980-81. No worries. I enjoyed writing about the US dollar and Treasury investment benefits of cryptos when Trump 1.0 and the Biden administration didn't get it. Stocks Are the US Economy and Next Recession If the US stock-market experiences some typical post-inflation deflation before the end of Trump 2.0 -- from about 2.5x GDP (the highest in about a century), 2x public debt (the highest in about a quarter-century) and from almost 40% above its 200-week moving average, which roughly marked the 2021 peak -- no future US president may make the mistake of pressuring the Fed again. On the Bloomberg {BI COMD}: The Last Big Trade May Not Be the Next - Gold, Bitcoin, Stocks https://blinks.bloomberg.com/news/stories/tku159kgzajb Gold, Crude, T-Bonds Face Binary Volatility Season, Midterms https://blinks.bloomberg.com/news/stories/tks6h8kiupsf When Former Studs Turn to Duds - Bitcoin and Gold vs. the Fed https://blinks.bloomberg.com/news/stories/tkoh58kiups1 @BBGIntelligence(Mike McGlone)