Darius Dale

@serxzsz @SecScottBessent I’ve been a gold bull since we initially published our Investing During a Fourth Turning Regime presentation in the summer of 2023. I’m not a traditional gold bug. I’m thoughtful enough to recognize that there is a time and place for every asset class.

CONNECT THE DOTS: 1. Party leadership flips in the House. @SecScottBessent's use of the TGA to counter Treasury bond market disequilibrium is greatly diminished. 2. Fearing this outcome, Bessent instructs a lame-duck Congress to revalue the Treasury’s gold, inflating the TGA by ~$1.2tn (at current gold prices) in the process. 3. In order to counter inflation risks, the @federalreserve will obviously seek to sterilize the eventual increase in bank reserves caused by spending down the increased TGA balance, but sterilization is an imperfect science. There will be some leakage in the form of higher bank reserves because policymakers will seek to avoid breaching LCLoR—the lowest comfortable level of reserves. This will not be the only activity transpiring in the global funding market. 4. The resulting asset price inflation triggers sticky and/or increasing consumer price inflation via an acceleration in the already historically large Cantillon effect. The nationwide affordability crisis deepens. 5. MAGA and DSA—both feeling immense socioeconomic pressure from labor's rapidly declining share of national income—merge into one unified voting bloc. 6. Substantial redistributive policies (e.g., more taxation of the rich; more spending on the poor) are proposed, legislated, and eventually adopted, triggering secular bear markets in both stocks and bonds. 7. Some states (e.g., TX and FL) may nullify the remedies and even threaten or attempt secession if the penalties for us in the K-1 class are harsh enough. 8. The Fed steps in to defend the system with aggressively dovish monetary policy. 9. Repeat steps #4–8, then skip to #10. 10. Fearing revolution by MAGADSA, a.k.a. "The Revenge of the W-2s," U.S. political and corporate elites identify an enemy abroad whose defeat in military combat would serve both their political and economic interests. Voilà, the final act of Paradigm E. Our global investor community will be waiting for you at the finish line. And I say that with the humility that only a data-driven, robust research process can provide. This is NOT the only scenario. It's merely the highest-probability scenario according to our math. With love and gratitude for not thinking I'm "crazy." FWIW, some people thought I was crazy for replacing all the Treasury bond exposure in our flagship KISS Model Portfolio with Gold years ago. Jesus Christ and I love you, —Skipper ❤️+🤍+💙=💜

CONNECT THE DOTS: 1. Party leadership flips in the House. @SecScottBessent's use of the TGA to counter Treasury bond market disequilibrium is greatly diminished. 2. Fearing this outcome, Bessent instructs a lame-duck Congress to revalue the Treasury’s gold, inflating the TGA by ~$1.2tn (at current gold prices) in the process. 3. In order to counter inflation risks, the @federalreserve will obviously seek to sterilize the eventual increase in bank reserves caused by spending down the increased TGA balance, but sterilization is an imperfect science. There will be some leakage in the form of higher bank reserves because policymakers will seek to avoid breaching LCLoR—the lowest comfortable level of reserves. This will not be the only activity transpiring in the global funding market. 4. The resulting asset price inflation triggers sticky and/or increasing consumer price inflation via an acceleration in the already historically large Cantillon effect. The nationwide affordability crisis deepens. 5. MAGA and DSA—both feeling immense socioeconomic pressure from labor's rapidly declining share of national income—merge into one unified voting bloc. 6. Substantial redistributive policies (e.g., more taxation of the rich; more spending on the poor) are proposed, legislated, and eventually adopted, triggering secular bear markets in both stocks and bonds. 7. Some states (e.g., TX and FL) may nullify the remedies and even threaten or attempt secession if the penalties for us in the K-1 class are harsh enough. 8. The Fed steps in to defend the system with aggressively dovish monetary policy. 9. Repeat steps #4–8, then skip to #10. 10. Fearing revolution by MAGADSA, a.k.a. "The Revenge of the W-2s," U.S. political and corporate elites identify an enemy abroad whose defeat in military combat would serve both their political and economic interests. Voilà, the final act of Paradigm E. Our global investor community will be waiting for you at the finish line. And I say that with the humility that only a data-driven, robust research process can provide. This is NOT the only scenario. It's merely the highest-probability scenario according to our math. With love and gratitude for not thinking I'm "crazy." FWIW, some people thought I was crazy for replacing all the Treasury bond exposure in our flagship KISS Model Portfolio with Gold years ago. Jesus Christ and I love you, —Skipper ❤️+🤍+💙=💜

CONNECT THE DOTS: 1. Party leadership flips in the House. @SecScottBessent's use of the TGA to counter Treasury bond market disequilibrium is greatly diminished. 2. Fearing this outcome, Bessent instructs a lame-duck Congress to revalue the Treasury’s gold, inflating the TGA by ~$1.2tn (at current gold prices) in the process. 3. In order to counter inflation risks, the @federalreserve will obviously seek to sterilize the eventual increase in bank reserves caused by spending down the increased TGA balance, but sterilization is an imperfect science. There will be some leakage in the form of higher bank reserves because policymakers will seek to avoid breaching LCLoR—the lowest comfortable level of reserves. This will not be the only activity transpiring in the global funding market. 4. The resulting asset price inflation triggers sticky and/or increasing consumer price inflation via an acceleration in the already historically large Cantillon effect. The nationwide affordability crisis deepens. 5. MAGA and DSA—both feeling immense socioeconomic pressure from labor's rapidly declining share of national income—merge into one unified voting bloc. 6. Substantial redistributive policies (e.g., more taxation of the rich; more spending on the poor) are proposed, legislated, and eventually adopted, triggering secular bear markets in both stocks and bonds. 7. Some states (e.g., TX and FL) may nullify the remedies and even threaten or attempt secession if the penalties for us in the K-1 class are harsh enough. 8. The Fed steps in to defend the system with aggressively dovish monetary policy. 9. Repeat steps #4–8, then skip to #10. 10. Fearing revolution by MAGADSA, a.k.a. "The Revenge of the W-2s," U.S. political and corporate elites identify an enemy abroad whose defeat in military combat would serve both their political and economic interests. Voilà, the final act of Paradigm E. Our global investor community will be waiting for you at the finish line. And I say that with the humility that only a data-driven, robust research process can provide. This is NOT the only scenario. It's merely the highest-probability scenario according to our math. With love and gratitude for not thinking I'm "crazy." FWIW, some people thought I was crazy for swapping all the Treasury bond exposure in our flagship KISS Model Portfolio for Gold years ago. Jesus Christ and I love you, —Skipper ❤️+🤍+💙=💜

CONNECT THE DOTS: 1. Party leadership flips in the House. @SecScottBessent's use of the TGA to counter Treasury bond market disequilibrium is greatly diminished. 2. Fearing this outcome, Bessent instructs a lame-duck Congress to revalue the Treasury’s gold, inflating the TGA by ~$1.2tn (at current gold prices) in the process. 3. In order to counter inflation risks, the @federalreserve will obviously seek to sterilize the eventual increase in bank reserves caused by spending down the increased TGA balance, but sterilization is an imperfect science. There will be some leakage in the form of higher bank reserves because policymakers will seek to avoid breaching LCLoR—the lowest comfortable level of reserves. This will not be the only activity transpiring in the global funding market. 4. The resulting asset price inflation triggers sticky and/or increasing consumer price inflation via an acceleration in the already historically large Cantillon effect. The nationwide affordability crisis deepens. 5. MAGA and DSA—both feeling immense socioeconomic pressure from labor's rapidly declining share of national income—merge into one unified voting bloc. 6. Substantial redistributive policies (e.g., more taxation of the rich; more spending on the poor) are proposed, legislated, and eventually adopted, triggering secular bear markets in both stocks and bonds. 7. Some states (e.g., TX and FL) may nullify the remedies and even threaten or attempt secession if the penalties for us in the K-1 class are harsh enough. 8. The Fed steps in to defend the system with aggressively dovish monetary policy. 9. Repeat steps #4–8, then skip to #10. 10. Fearing revolution by MAGADSA, a.k.a. "The Revenge of the W-2s," U.S. political and corporate elites identify an enemy abroad whose defeat in military combat would serve both their political and economic interests. Voilà, the final act of Paradigm E. Our global investor community will be waiting for you at the finish line. And I say that with the humility that only a data-driven, robust research process can provide. This is NOT the only scenario. It's merely the highest-probability scenario according to our math. With love and gratitude for not thinking I'm "crazy." FWIW, some people thought I was crazy for swapping all the Treasury bond exposure in our flagship KISS Model Portfolio for Gold years ago. Jesus Christ and I love you, —Skipper ❤️+🤍+💙=💜

CONNECT THE DOTS: 1. Party leadership flips in the House. @SecScottBessent's use of the TGA to counter Treasury bond market disequilibrium is greatly diminished. 2. Fearing this outcome, Bessent instructs a lame-duck Congress to revalue the Treasury’s gold, inflating the TGA by ~$1.2tn (at current gold prices) in the process. 3. In order to counter inflation risks, the Fed will obviously seek to sterilize the eventual increase in bank reserves caused by spending down the increased TGA balance, but sterilization is an imperfect science. There will be some leakage in the form of higher bank reserves because policymakers will seek to avoid breaching LCLoR—the lowest comfortable level of reserves. This will not be the only activity transpiring in the global funding market. 4. The resulting asset price inflation triggers sticky and/or increasing consumer price inflation via an acceleration in the already historically large Cantillon effect. The nationwide affordability crisis deepens. 5. MAGA and DSA—both feeling immense socioeconomic pressure from labor's rapidly declining share of national income—merge into one unified voting bloc. 6. Substantial redistributive policies (e.g., more taxation of the rich; more spending on the poor) are proposed, legislated, and eventually adopted, triggering secular bear markets in both stocks and bonds. 7. Some states (e.g., TX and FL) may nullify the remedies and even threaten or attempt secession if the penalties for us in the K-1 class are harsh enough. 8. The Fed steps in to defend the system with aggressively dovish monetary policy. 9. Repeat steps #4–8, then skip to #10. 10. Fearing revolution by MAGADSA, a.k.a. "The Revenge of the W-2s," U.S. political and corporate elites identify an enemy abroad whose defeat in military combat would serve both their political and economic interests. Voilà, the final act of Paradigm E. Our global investor community will be waiting for you at the finish line. And I say that with the humility that only a data-driven, robust research process can provide. This is NOT the only scenario. It's merely the highest-probability scenario according to our math. With love and gratitude for not thinking I'm "crazy." FWIW, some people thought I was crazy for swapping all the Treasury bond exposure in our flagship KISS Model Portfolio for Gold years ago. Jesus Christ and I love you, —Skipper ❤️+🤍+💙=💜

CONNECT THE DOTS: 1. Party leadership flips in the House. @SecScottBessent's use of the TGA to counter Treasury bond market disequilibrium is greatly diminished. 2. Fearing this outcome, Bessent instructs a lame-duck Congress to revalue the Treasury’s gold, inflating the TGA by ~$1.2tn (at current gold prices) in the process. 3. In order to counter inflation risks, the Fed will obviously seek to sterilize the eventual increase in bank reserves caused by spending down the increased TGA balance, but sterilization is an imperfect science. There will be some leakage in the form of higher bank reserves because policymakers will seek to avoid breaching LCLoR—the lowest comfortable level of reserves. This will not be the only activity transpiring in the global funding market. 4. The resulting asset price inflation triggers sticky and/or increasing consumer price inflation via an acceleration in the already historically large Cantillon effect. The nationwide affordability crisis deepens. 5. MAGA and DSA—both feeling immense socioeconomic pressure from labor's rapidly declining share of national income—merge into one unified voting bloc. 6. Substantial redistributive policies (e.g., more taxation of the rich; more spending on the poor) are proposed, legislated, and eventually adopted, triggering secular bear markets in both stocks and bonds. 7. Some states (e.g., TX and FL) may nullify the remedies and even threaten or attempt secession if the penalties for us in the K-1 class are harsh enough. 8. The Fed steps in to defend the system with aggressively dovish monetary policy. 9. Repeat steps #4–8, then skip to #10. 10. Fearing revolution by MAGADSA, a.k.a. "The Revenge of the W-2s," U.S. political and corporate elites identify an enemy abroad whose defeat in military combat would serve both their political and economic interests. Voilà, the final act of Paradigm E. Our global investor community will be waiting for you at the finish line. And I say that with the humility that only a data-driven, robust research process can provide. This is NOT the only scenario. It's merely the highest-probability scenario according to our math. With love and gratitude for not thinking I'm "crazy." FWIW, some people thought I was crazy for swapping all the Treasury bond exposure in our flagship KISS Model Portfolio for Gold years ago. Jesus Christ and I love you, —Skipper ❤️+🤍+💙=💜

Here's Where Gold Prices Could Head This Spring, According to Experts https://t.co/WhHoqBJcVa Enjoy the recent article from @CBSMoneyWatch where I discuss where Gold prices may possibly be headed despite short-term volatility. @42Macro continues to view any pullbacks as tactical noise within an ongoing structural uptrend.

Here's Where Gold Prices Could Head This Spring, According to Experts https://t.co/WhHoqBJcVa Enjoy the recent article from @CBSMoneyWatch where I discuss where Gold prices may possibly be headed despite short-term volatility. @42Macro continues to view any pullbacks as tactical noise within an ongoing structural uptrend.

The Macro Minute | January 28, 2026 In today’s video, I answer the following questions: - Will the Fed continue to ease monetary policy in 2026? - Risks to owning paper gold vs. physical gold? You can watch it here: https://t.co/QxxMGarPZp