The Devil's Metal: Gold isn’t predicting the crash—it’s measuring it
Nominal highs are masking a real-terms recession—and few are acknowledging it.
If one were to assess the health of the economy solely through the performance of risk-on assets, the conclusion would seem obvious: we are in a booming economy, reminiscent of the Roaring Twenties. Equity indices sit at record highs, speculative assets continue to attract capital, and volatility remains historically subdued.
Yet something is missing.
Whe…
