Capital Wars, Confirmed

This week's price action across metals, bonds, currencies, and stocks shows governments are winning the funding battle

The Capital War thesis is holding up as markets have given their answer in a few days.

Prices stopped falling across gold, silver, currencies, bonds, and stocks. That matters. When many markets stabilize at once, it usually means something structural has changed.

This was not just a metals crash. It was governments quietly making borrowing more expensive. And the evidence shows up everywhere.