Equity Rotations, Cash-Secured Puts, and Gold Dislocations - Lyn Alden

This dollar downtrend has been a bit different than other recent ones, because normally a strong dollar puts pressure on asset prices while a weak dollar helps support them, and this weak dollar period (which is relative; it’s still strong on a longer-term chart and on a purchasing power parity basis) has occurred alongside a sell-off in U.S. equit

Thus, from a technical and economic perspective I categorize the Bitcoin network as a communication protocol, specifically in this case a monetary communication protocol, which means it benefits from network effects and robust simplicity, and is quite resistant to disruption.

One of the themes I emphasized was the idea of protocol money. People who live and breathe technology tend to think in terms of rapid disruption, and assume that new things will displace old things. But a point I emphasized is that while that’s a true trend for many things, it hasn’t historically applied to communication protocols. Things like Ethe

Data aggregates aside, a more serious question is to ask, if some entities are front-running the risk of tariffs by importing gold, what other things might they be doing this with that do affect the economy in a business operation sense?

In that sense, we’d be asking whether the S&P 500 is at risk of its third major bear market against gold within the past 50 years. The first one was in the 1970s. Then there was a second one in the 2000s. And lately it’s been gradually rolling over for a third time. Could a combination of tariffs, global capital flow shifts, and broad trade re-