The Year of the Sword: 2025 Annual Review
TL;DR: As we close the ledger on 2025, the market presents a paradox of material exuberance and latent fragility. The S&P 500 near 6,900 signals a triumph of optimism, yet Gold at $4,356 reveals a profound distrust in the fiat numerator of that valuation. The collapse in Silver serves as a sharp memento mori for
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