Tue, Jan 20, 2026

The Trump trade is on pause. The survival trade has begun. Gold (up 3.7%), Silver (up 6.9%), S&P 500 (down 2.1%), Nasdaq (down 2.4%).

The market is dumping anything that requires a functional government (Stocks, Crypto, Tech) and buying anything that survives the apocalypse (Gold, Oil, Silver). Why? Because today, the world found out the price of Donald John Trump's ego.

The S&P 500 fell 2.1% – the steepest drop since October. A text message from Donald John to Norwegian Prime Minister Jonas Gahr Støre was released, linking the new tariffs on NATO allies directly to his Nobel Peace Prize snub.

The Text: "Considering your country decided not to give me the Nobel Peace Prize... I no longer feel an obligation to think purely of peace."

The market realized that US trade policy is truly pathological. Donald John is taxing the global economy because he didn't get a medal. There is no hedge for a leader who treats the Atlantic Alliance like a fan club he wants to quit.

Gold is up because it has no ego.

Stocks are down because they need a grown-up in the room.