**Founders: Please Read Intro

After Dollar Hegemony: Mercantilism or Universal Clearing

Housekeeping: **No Founders class today**

I’m a bit stretched at the moment between portfolio management and preparing for the week ahead, including the Sunday night open. That said, I will share my personal analysis later this evening, along with a summary from Michael Oliver, assuming his work is available in time.

I also want to thank you for the feedback on yesterday’s post. The response has been overwhelming. It’s been striking to watch the contrast in market psychology: gold can move toward $4,500 over several years with little public reaction, while silver approaching $80 sparks immediate and widespread attention. That difference in response is worth reflecting on, and I’ll address it more directly in a forthcoming note. ….. speed is everything when frogs are being boiled

Best,