Newsletter #16: Markets in a power struggle, pressure from the Fed, and the flight to gold

Welcome back to the sixteenth edition of this newsletter! For nine weeks now, the US stock market has been undergoing a rapid and dramatic medium-term correction. The completion of the peak formation at the beginning of this year was only halfway there, with the S&P 500 down approximately 11.5%, and at its lowest point, the index was down around 20%. The recurring "rip rallies" are huge, at 4-15%, leaving larger investors feeling uncertain. They continue to hide in the GOLD market, which has now outperformed the S&P 500 over a five-year period. One Trump tweet follows another, one news item on tariffs follows another... in such an uncertain environment, investors are...