Positions as of 13 October, 2026
Despite a kneejerk initial selloff on surging Fed-rate-hike odds, gold soon started recovering barely deepening its recent correction.
Throughout history, governments have debased their currencies to finance their wars. Prices of commodities always rise, with prices for war material leading the way.
One does not have to be bullish France, just less bearish than a market pricing revolution and default, to see what’s at stake in the streets of Paris and the voting booths next April.
While American Eagle coins are legal tender, they aren’t used as currency in everyday transactions because the market value of their gold and silver content far exceeds their face value.
When the war began, Russia held about half of its reserves in dollars, euros, and pound sterling. The other half was in yuan and gold, which remain accessible.
A 5% tail probability may sound small. But when analysts and mainstream financial media talk about tail risks, they often suggest ignoring them precisely because they seem so unlikely.
Epstein also mentions upcoming economic reports, such as import/export price data and Federal Reserve industrial production figures, which he considers significant for market analysis.
