Happy US Independence Day. Lots to be grateful for, like very high stock market cap to government debt. Gold's about 27% gain vs. the S&P 500's 7.5% total return in 2025 to July 4 may suggest the metal is searching for limits of the US wealth-creation machine. Runaway deficit spending buoys gold and the stock market, but equities could have reached diminishing returns. My graphic shows the market cap-to-debt ratio stretched to 1.80x and potentially topping out below the 2021 1.88x peak. That high was significant due to the biggest money pump in history and last matched in 2007. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/sxmxeadwrgg0 {BI COMD} #gold #bitcoin #stockmarket @BBGIntelligence