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Gold is down 26% from its record high. Gold bugs won't like this: I think the bear market lasts 8 YEARS. ✅ Gold peaked near $5,590 an ounce in late January. Thursday: about $4,130. ✅ Two days after that peak, Trump picked Kevin Warsh to run the Fed. ➡️ Coincidence? Nope. 😇 I think that gold has an eight year bear market ahead of it and I am very bearish on it because Kevin Warsh will not want to print money in the event of a recession. ➡️ Gold is a bet that the Fed prints. This Fed is doing the exact opposite. 😇 They are focused on reducing the balance sheet, not expanding it. ✅ Meanwhile the 10-year Treasury pays over 5%. Gold pays you NOTHING. 😇 I maintain Kevin Warsh has ushered in an era of negative returns for gold. ➡️ Watch copper against gold. Copper is the boom metal. Gold is the fear metal. I see that ratio reversing a 5 year downtrend. 😇 My take is that this spread continues to widen. 🚨 The risk: a real recession hits and the Fed prints anyway. Then gold wins and I'm wrong. I'm willing to be wrong. ➡️ Bottom line: no money printer, no gold rally.