Happy Boxing Day, everyone! The equity markets are absolutely thrilling pre-market: the S&P 500 futures are up 0.01%, for example. Actually, the only real action is in the world of precious metals, as the debasement trade continues to thrive. What has happened over the past couple of years is jaw-dropping, and like I keep saying, this isn’t happening for no reason. There are fundamental changes taking places that I think won’t be clear until years in the future:
