The gold bull market is not broken, it's just breathing. Central banks are the key buyer that never left. Investors should invest alongside central banks. For AI and semiconductor winners, remember it's only a paper gain until you sell. He is not a momentum trader and enjoys taking profits.

A hawkish Fed under Kevin Warsh maintaining 'higher for longer' could trigger a blowup in private credit and private equity markets, creating a financial crisis where gold becomes the safe haven. The inflation print itself is secondary to the systemic risk.

The pullback in gold is noise; the real story is a monetary system being rebuilt. The fiat experiment is falling apart. Foreign central banks now own more gold than US dollars. The petrodollar system is ending, and the US will react harshly to those exiting. Copper could go to $8-10/lb, gold to 'crazy numbers'.

We are in a bull market for silver and gold, only in the third inning, not the ninth. The Fed is trapped by debt and cannot shrink the balance sheet without collapsing the structure. Inflation is baked in for at least five years, so investors should own things that can't be printed.