be it ever so humble there is no place like gold
market vibes
Nashville themes
There were two dominant themes among a thoroughly entertaining and often droll collection of presentations at the TG Macro conference in Nashville: The dollar is going lower and gold is going up. Other assets and capital markets were covered but the meat in the TG macro-sandwich was essentially gold, gold and more gold… with a slathering of monetary profligacy.
Jared Dillian: “I always like to include this next slide in my presentations.” Actually, imo, the slide is outdated… home affordability in gold is sharply lower in 2026.
Grant Williams. “[Buy it] here, buy it lower buy it higher.”
Brent Johnson, famous for his Dollar Milkshake thesis which posits hegemonic USD dominance, is bullish on gold as well. His presentation was mostly a tutorial on stable coins which (I think) he thinks is going to happen. Doomberg true to his eponymous outlook for the future focused on a bear market in oil and get this… a deflationary cascade in commodities. Doomberg is bullish on gold (he owns it), albeit the least bullish, imo.
Kuppy pretty much hates everything except gold, sparing little, including AI, various Ponzis and an epidemic of official scams. Our host, Tony Greer, has been long gold for six years in his “view matrix”, a trade tracking metric in his daily note and he’s all in until something changes. I too, am long gold.
Thus, the mood in the room was uniformly bullish gold, however there was zero tactical discussion about trading it at $5000 other than Grant Williams’s Medusa approach (buy it at birth and in the spirit of the immortal Gorgon, never sell it, ever… lol… just joking sir). More on these guys in the vibe.
location vs patience
At the closing dinner on Friday night I sat with an energy specialist and top writer on Substack, Robert Bryce. His formal training is journalism and he literally hammered on me (like a good reporter) to commit whether I would or would not buy gold at $5000. Finally, at the point of a gun, I said I own gold but I would not buy it here. I will buy it if I can get a margin of safety but not on the highs. I’ll explain.
