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TL/DR – 6 points

* Trump’s de-escalation bias keeps the core macro trade intact: long US equities, short US 10y rates, with growth and affordability prioritized into the midterms.

* Goldman differs with BOA’s Hartnett on what to play macro-wise on 2 fronts.. stocks and bonds. But both agree on Gold.

* Gold remains the preferred hedge across scenarios as central bank buying and private-sector diversification support Goldman’s $5,400/oz Dec-2026 forecast.