🟡 Gold jumped 3% overnight on the Democratic sweep. The popular read is that Democrats will block new spending. I think the opposite happens. They'll push for more spending, and that's why gold is going up. A split Washington makes deals, and deals cost money. More deficits, more debt to finance, more pressure on the dollar. What moved today: • Gold futures +2.9% to $4,055 • Silver +5% to $52 • Dollar index -0.4% to 101.4, a five-week low What could stop it: • Markets still price a 79% chance of a Fed hike in December • The 10-yr real yield is 2.62%, and gold has tracked it all year • Payrolls land Friday Who keeps buying: • Central banks added 321 tonnes in Q3, up 42% y/y • Gold ETFs hold a record 4,256 tonnes Fiscal is the story. The Fed is the risk. ❓ Will this Congress cut spending or add to it? Not investment advice.

AuXAUGoldBullishGoldTLTBearish

9/19/2026 on

⚠️A 5% coupon is not compensation for trusting Scott Bessent with your duration Bond strategists on Bloomberg are talking themselves, then the audience, into long-duration Treasuries because “5% looks attractive.” One even said: ignore price risk. Hold to maturity and you get your principal back. What they left out: in a high-inflation regime that principal comes back in cheaper dollars. A 5% coupon does not offset duration risk or the credibility risk of trusting Scott Bessent’s bond-market interventions. I fade the 5% narrative. Income ➡️ high-dividend equities. Diversification ➕ inflation protection ➡️ gold and real assets. The 12-month total-return chart is the scoreboard. $PDBC +54% $GLD +18% $FDVV High-div +15% $BND flat $TLT −4.5% Not investment advice. What’s the real inflation-adjusted yield on a 30-year after Bessent’s interventions? Show your work.