one thing nobody was talking about today—and that I want everyone to be aware of—is that I’ve long suspected China would eventually reveal larger-than-disclosed gold holdings and essentially “flip a switch,” deciding one day to wage full-on war against the U.S. dollar. I’m not saying that’s exactly what’s happening now, but if they were to do it, this is how it would start. The weaponization of rare earth minerals—vital not only to our quality of life in the U.S. but also to our national defense—is a major power play by President Xi. As my friend Andy Schectman and I have long speculated, a declaration of war against the dollar would happen over a weekend—likely on a Sunday—and result in catastrophe on Monday.

As I’ve been writing for months, leverage in the system—including record margin debt and irresponsible leverage in options and crypto—means there will be a pain point where “buying the dip” no longer works and we cascade lower. Because of how investors have been conditioned the last 2 decades, that will break people’s brains