Any interpretation of gold being down at same time?
Many people ask why.
The short answer is because nothing stops this train.
The longer answer is that 1) the rest of the world isn’t buying as many Treasuries anymore, 2) investors prefer cash to Treasuries, and 3) there are now balance of payments issues and so the United Stated has EM-like characteristics where stocks and bonds can struggle together due to capital outflows.
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Discussion
When broad money contracts, the price of everything falls. And when people reduce leverage en masse, broad money contracts. And when uncertainty across the markets spikes, people reduce leverage.
This PROBABLY won't extend to consumer goods due to the price effects of tariffs. But it could if the feedback loop gets going, at least until the money printer goes "Brrrr" to fill the hole, AND the fiscal policy pumps that money into the real economy.
Without that second part you just get a repeat of the 2010s.