Gold at $4,000 is a solid entry level after a 25%+ decline. The market has already priced in higher interest rates (Kevin Warsh meeting). Equities showing trouble with lower highs/lower lows. Gold as safe haven should benefit from equity weakness. Expects gold to run to $4,400-$4,500.

Big round numbers are solid levels. If gold breaks harder, I'll take losses and move on. The rally from morning lows (Nasdaq down 500 to down 120) shows volatility but overall trend is down.

I want higher rates and they're going higher. 10-year notes near 5%, heading to 6% by year-end. Higher rates are better for the economy—stop creating artificial wealth for the wealthy. Housing market is a potential repeat of 2008 with stated income, no-doc loans, 0% down in Las Vegas.

Credit card debt is deep, 14%+ rates, 90 days past due rising. Peer-to-peer lenders at 12-13% show free market can handle higher rates. Housing inventory overextended, forced bad loans, eventual taxpayer bailout.

Let failing businesses fail. Government intervention hurts taxpayers. Bitcoin/crypto show free markets work without intervention. Private credit industry is in big trouble. Equity markets making lower highs—tops are in.

Nasdaq was down 400, Micron earnings caused 700-point rally in 2 minutes—crazy volatility at tops. Housing bubbles in Florida, Texas, Nevada, Arizona.

Gold has already priced in higher rates with a 30% haircut. Equities need a 30-40% haircut to catch up—that's what I'm expecting. Gold benefits from inflation as a hard asset.

Asset classes price things in before they happen. Dollar strength's impact on gold is fading.

Market is well overvalued and delusional. Price action shows topping in equities, bottoming in gold and grains. Equity selloff will benefit commodities. Stocks extremely overvalued—we'll see a healthy selloff.

SpaceX spiked too far, now back to open. Markets find when they're too expensive.

Sell tech, especially Nvidia. Lesser-known names already cut 50-60%. Palantir dropped to 106, SpaceX from 240 to 155. Dow is safer—S&P is $40,000 over Dow on futures. Both go down but S&P accelerates faster.

In 2009, Dow had more value than S&P on futures. Now S&P is overvalued relative to Dow.

Could go to 1 but probably not. Will retrace toward the mean, tying into my long gold/short Dow theory. Long-term averages matter—8.5% annual market gain.

Irrational behavior on ratios happens but mean reversion is typical.

At least one, maybe two rate hikes before year-end. They're warranted and due. Warsh is hawkish. Inflation not improving despite oil drop. Bernanke created this mess. 10% of population doing well, bottom 90% struggling. Rate hikes will bring normalcy.

Banks need to raise capital—higher rates help deposits.

Yes, same pattern. Rate hikes take away borrowing ability, margin costs rise, creates selling. Midterms also historically lower markets. Combined with rate hike, could see serious selling.

I'm always net long and hedged (neutral with 5-6% risk), but from trading standpoint, I've switched to short side.

No. Oil going to mid-$50s. Still short. Glut of oil, bad economy, demand way down. Oil companies benefited, consumers got creamed. Expecting mid-$50s before move is done.

I have a level to cover and re-short.

First rally to $120 was panic. WTI oil has no effect from Strait—Brent does. No demand, enormous inventory glut in US. Two new 24/7 contracts (crude, gold) starting July 24th.

Every time there's an Iran issue, we make lower highs.

Don't buy the news. Markets are smarter than politicians. Crude is headed lower until it's not. Anyone trying to outsmart the market won't make money.

Gold already down 30% from $5,500 to under $4,000. This is a trade at $4,000—if it breaks $3,800, I'll exit. Expect $4,500 on next leg. Gold got extremely oversold. Next low if it goes down again would be around $3,816.

Standard deviations show extreme oversold. I'll tighten stops at $4,500.

S&P (ES) has great chance to go to 7,200. Highs are in. Resistance at 7,520 where I'd add to short.

Dollar is still reserve currency. Countries buy dollars when there are problems (China, others). Dollar is a safe haven for nations. That's pushing it higher.

BRICS talk is nonsense. Many countries in trouble are buying dollars.

Gold spike was ridiculously high due to FOMO. Selloff went too deep due to panic selling and margin calls. That was my signal to buy. If I traded DXY, I'd sell it here.

It depends on where we're coming from—dollar was at low levels, gold at high levels. Natural trading would have you selling gold at $5,500 anyway.

End the Fed. Free market should price asset classes. Cheap money benefited wealthy, not population. End government insider trading. Term limits on all offices.

When you could borrow at 2% and get 8% return, why wouldn't you make that arbitrage? That shuts out the rest of the population.