Germany's Silent Shift: From Entrepreneurs To State Dependence

A Golden Opportunity Just Appeared Authored by Matt Badiali via DailyReckoning.com, The headlines are screaming that gold is falling. And it’s true. The price dipped below $4,000 per ounce for the first time since November 2025. This seems backward. There are multiple wars going on in the world. Fuel prices are high. Gold is supposed to be the “safe haven” asset. Why isn’t it going up? Well, as analysts from LPL Financial, the largest broker-dealer in the U.S. said, gold is doing what it’s supposed to do. It’s acting as financial insurance. Analysts at giant...

Mediocre 5Y Auction Tails As Foreign Demand Slides After yesterday's solid 2Y auction, today's 5Y auction was an uglier mirror image.  The sale of $70BN in 5 year paper priced at a high yield of 4.200%, up from 4.182% in May and the highest since Jan 25. It tailed the When Issued 4.193% by 0.7bps, and was the 8th consecutive tail for the 5Y tenor. The bid to cover was 2.351, better than the 2.340 in May and the highest since October.  The internals, however, a disappointment: Indirects took down just 61.60%, a...

Hezbollah Chief Rejects US-Mediated Israel Truce; Trump To Maintain Ceasefire With Iran Unless American Troops Killed Summary Hezbollah chief rejects outcome of Lebanon-Israel talks, insisting that a truce must encompass whole country. WSJ reports that the White House intends to maintain a ceasefire with Iran unless American troops are killed; oil drops also after Trump states on TS  Trump lashes out after House War Powers votes passes Wednesday evening, attacking especially four Republicans who voted in favor. Trump downplayed Iran's attacks on US bases in Kuwait & Bahrain, saying "they were slightly provoked...so they...