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Gold can't even rally on HOT inflation. ✅ CPI came in hot Wednesday. Gold dropped ~$60 in 15 minutes. ✅ Friday: back to ~$4,167. Down ~0.5% on the week. 😇 Money printer off, gold no bueno. ✅ Warsh's term as Fed chair runs to May 2030. 😇 Until then, we're in a lost period of time for gold. ➡️ "But an Iran deal makes gold run, right?" 😇 But my belief is that what goes up after an Iran deal are bonds. ➡️ Yields down, bond prices up, less deficit fear. Gold loses its reason to run. ➡️ So if the deal comes, I'm looking at $TLT, & gold gets left behind. 😇 And I'd rather buy semiconductors than gold. 😇 I think Kevin Warsh is actually going to usher in deflation. ➡️ Deflation after the AI buildout. Job losses after the buildout. Both bearish gold. 🚨 A real recession & the printer comes back early. Then gold wins & I'm wrong. ➡️ Bearish gold since January 30th. Two days before the top! $IAU