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The U.S. has historically relied on technical superiority as a strategy, but Ukraine showed that industrial scale is equally important.

Gold's current status as a risk asset challenges its traditional role as a safe haven. Its rise is driven by momentum and speculation, not intrinsic value or central bank actions.

The U.S. has historically relied on technical superiority as a strategy, but the Ukraine conflict showed that mass production is also crucial for deterrence and winning conflicts.

China is accumulating gold and may have more than the U.S., which hasn't had a public audit of its gold reserves. This raises questions about the quality of U.S. gold and the strategic moves of countries like China and Russia.

Ukraine's conflict demonstrated that mass production is crucial, and advanced weapons without industrial capacity do not deter adversaries.

The bottom line is the run-up in gold is essentially an indictment against the U.S. because gold is sold. Also dollars.

Ukraine demonstrated that mass production is crucial and that advanced weapons without industrial capacity do not deter adversaries.

Gold and Bitcoin are non-government forms of money that cannot be debased, offering protection against currency devaluation. They may play a crucial role in the future.

The U.S. has historically relied on technical superiority as a strategy, but the Ukraine conflict showed that industrial scale is equally important.

Countries in the Shanghai Cooperation Organization, like China and Russia, are increasing their gold holdings and de-dollarizing, potentially creating a payment system that bypasses the US dollar.