The Great Taking

The market’s headline indexes have held their ground, relatively speaking, among all the Persian Gulf hand-wringing. But it’s worth a closer look at what’s causing this unique setup…

The problems in private credit aren’t going away – they’re compounding. For now, the market is more focused on Iran and oil than private credit. But the trouble compounds.

With the United States conducting what the Pentagon politely calls an “operation” against Iranian military infrastructure, markets have had every reason to be panicky. Instead, the past week delivered something subtler…

Gold has been consolidating after a powerful multiyear rally. Yet with America’s gold reserves equal to only about 3% of federal debt, the metal could still have significant upside ahead.