$SPDR Gold ETF(GLD)$ QE is back. Rate hikes have been officially cancelled, and the US Treasury capitulated in August 2026. The Fed is next, with the annual Jackson Hole Economic Symposium set for August 27-29. Over the past few weeks I have been saying that AI bears and skeptics are better off accumulating gold and silver, both physical and paper, rather than trying to short individual AI infrastructure stocks. The reason is the roughly 3 trillion in off-balance-sheet debt keeping the AI circular financing setup going. Today we got more evidence for why that approach makes sense. If that AI infrastructure debt bubble pops, gold and silver would likely run to all-time highs as the last obvious place left. $iShares Silver Trust(SLV)$ $Gold Trust Ishares(IAU)$ $iShares Bitcoin Trust(IBIT)$ $SPDR S&P 500 ETF Trust(SPY)$
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