From "End of Gold" to Return of the King

Housekeeping: Good Afternoon¹ Please excuse the allergy season symptoms

“ We remain H1 buyers of dips in bonds, international & gold, sellers of SPX/US$ rallies…”

Hartnett’s Key Points:

1. BiG and Sell SPX until one of several things happen

2. Those “things”- Trump/Fed/Consumer/5690 in Spoos

3. Dollar Decline- All secular drivers converge on one thing. Lower DX

4. Global Rebalancing- in stocks, bonds, FX, inflation etc

5. Gold: Return of the King- we explain how Gold predicted all this

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Topics Discussed:

1:20- Scores on the doors: Trump's polling numbers
8:36- Tail of the tape- Why he feels this way, what changes his mind
12:41- The Price is Right
13:41- The Biggest Picture
17:50- Weekly Flows: Crypto Makes Us Buy American (Bonds) Again
Main Section Starts- Elaborating on what changes his mind
30:15- Fed Cuts- agree
32:48- Trump/Xi Talks- agree
33:32- Consumer Resilience- disagree
41:31- "We've Never Had it so good"
52:31- Why The dollar Must Keep Dropping

**58:29 to End-   The Return of King Gold**

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