Base Case Update 2026 - Dope-Sniffing Dogs May Prevail: - Bitcoin and cryptos have peaked, $50,000 more likely than above $100,000 - President Trump faces similarly poor timing as Herbert Hoover - A third down year for US stocks since 2008 - Cryptos to lead the next post-inflation deflation cycle due to wealth creation reversion. The Bloomberg Galaxy Crypto Index dropped 19% in 2025 - Gold grabbing alpha in 2025 was a warning - especially vs. falling crude oil - Gold, silver and most metals face 'went up-too-much' risks in 2026 - S&P 500 up 10% is meh - it better! Down 10%, now that's an options trade - 2026 to favor the tactically orientated, a traders delight Best wishes to all, notably the doers (I'm just a sayer :). Those who follow the inklings -- as John Liscio once described futures pit traders, "dope sniffing dogs" -- and stay responsive stand to benefit in 2026. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t7o46ekgifwf {BI COMD} #gold #commodities #stockmarket #bitcoin @BBGIntelligence(Mike McGlone)