April 1, 2025 - (Gold Market Wire) - These are the days that traders dream about. A strongly held core position, a leveraged trading position, and a market that is charging on all cylinders - a raging Bull in full flow. It is, indeed, a thing of beauty. The years of patience, research and the claims on our attention have been great - but they have paid off. Short of world peace being declared (and even then, it would not really stop the run), there is little in the way of higher prices. We are firmly in stagflation - and it is only the early stages. Moreover, Europe is now fully immersed in a "Dance of Death", which is both frightening and sad. Many are loathe to admit it, but it would appear that the EU and, especially, the UK, went all-in on the Ukraine war as a 'Hail Mary' shot to rescue their desperately indebted economies. It hasn't worked.

Like Suez (1956) before it, and 1967 and 1973 - the IMF stands like the Grim Reaper at the gates, ready to conduct a merciless cull. But this not just another garden variety 'IMF enters and takes its pound-of-flesh' crisis. As any student of history knows (and if you don't study history - avidly, you have no place in the Gold Market) what we have now is no mere recession, but a Sartre-like Fin de Siecle. What comes after this will not resemble, in any manner what has proceeded it. We are witnessing the end of Europe. Everyone knows it... no one dares mention it. The 'elimination' of Marie Le Pen from politics, via the courts, is likely the final straw. The Monetary system is also coming to an end. The intelligent are holding Gold as tightly as they can. Merely treading water, financially, will be a significant achievement when held in retrospect. Gold is feeding on this. That is what it is for.

Right now, our biggest risk is a massive upside movement towards $3500+ in a short time frame, which would necessitate a significant realisation of profit in the position. We note, in this context that war with Iran could produce just such an event. But with a caveat... it would all have to go "according to Western plans", and be quick and surgical, with no repercussions. Somehow we doubt that. If such an attack occurs, Iranian retaliation and/or Russian involvement could suddenly manifest itself. Then we will be entering a new world, even more imminently frightening than the past few years.

As The Master once told me years ago: "If you're getting excited about $5,000 Gold, you seriously need to see a psychiatrist."