Good piece that fits nicely within both my framework (notably, the confluence of multiple cycles) and looking at the world through the Pillars of Power lens - with gold being the key asset within the Money Pillar.
A reminder that periods of extreme debt consistently breed geopolitical tension and conflict.
This is a recurring historical pattern.
Through that lens, deglobalization is not a transitory phase driven by headlines, but a structural shift unfolding in real time.
In this kind of environment, politically neutral hard assets move from being ta…