The Gold President - If 2025 ends with markets at their July 25 levels, gold will go down in history as a top performer in the first year of the second Trump administration. Volatility often bottoms out in the summer, and my base case remains unchanged: the U.S. stock market must continue rising, or a typical cycle of deflation following inflation may take hold. Cryptocurrencies are likely to lead the way. The president’s pushback against Federal Reserve independence -- a key factor that had boosted the U.S. premium -- may be contributing to the strength of the ancient store of value. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/sz8c2bdwrgg1 {BI COMD} #gold #stockmarket #bitcoin @BBGIntelligence(Mike McGlone)