Gold protects against uncertainty, not against drawdowns. In my view, after such a meteoric rise, allocation discipline matters more than conviction. (n/n)

How long the current uncertainty & gold’s rally lasts remains to be seen. Some call this a structural shift; the jury is still out.
History offers a reminder:in 1981 & 1982,gold delivered negative returns. Prices don’t move in one direction. Be clear about why you own gold (3/n)

The late-1970s rally was driven by three forces:
• Inflation: US CPI surged to ~14%.
• Geopolitics: Iranian Revolution triggered safe-haven demand.
• Supply: South African output (then >50% of global supply) dipped due to labour unrest, while Soviet gold sales declined. (2/n)

"The shape of the financial system has shifted from where it was in the Great Financial Crisis, from a bank-centric hub-and-spoke system with the banks in the middle and everyone else around the periphery to more of a web, with private credit more central in that web." - @markzandi.bsky.social