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Gold’s risk premium surges as sovereign risk spreads
Diego Faßnacht reports that gold’s ratio to US TIPS has hit record highs, reflecting rising geopolitical and fiscal fragility. With Western currencies eroded by deficits, frozen assets politicized, and inflation entrenched, investors increasingly view gold as the only hedge free from counterparty risk.
Putin spurns Europe, betting on a breakthrough with Trump
James Davis reports that Russia continues steady battlefield gains and rejects a ceasefire, while Putin signals openness to compromise with Washington. His Valdai speech praised Trump and positioned rapprochement with the US as a strategic goal, underscoring Moscow’s shift away from Europe toward patient negotiation with Washington.
As Japan picks a leader, Trump looms with demands in hand
Scott Foster reports that Japan’s LDP leadership race could produce Yoshimasa Hayashi as a consensus choice, but whoever wins must navigate Trump’s tariff threats and $550 billion investment demands. Negotiator Ryosei Akazawa insists the deal is “reciprocal,” yet its terms leave Tokyo exposed to Washington’s leverage.