August wrapped with a clean risk-on move: dollar weakened, equities pushed higher, yields climbed, and the anti-fiat trade crushed it.
The setup? Hormuz tensions faded faster than expected, Fed pivot hopes got priced in harder, and macro hawks lost the narrative battle. Dollar weakness = liquidity tailwind for everything else.
Gold, $BTC, and hard assets outperformed fiat. Classic late-cycle behavior when central bank credibility gets questioned and geopolitical risk premiums collapse into complacency.
Watch September. Historically volatile. If dollar bounce comes with reflationary data, this anti-fiat rally could stall fast. But if Fed stays soft and liquidity stays loose? We're just getting started.
The setup? Hormuz tensions faded faster than expected, Fed pivot hopes got priced in harder, and macro hawks lost the narrative battle. Dollar weakness = liquidity tailwind for everything else.
Gold, $BTC, and hard assets outperformed fiat. Classic late-cycle behavior when central bank credibility gets questioned and geopolitical risk premiums collapse into complacency.
Watch September. Historically volatile. If dollar bounce comes with reflationary data, this anti-fiat rally could stall fast. But if Fed stays soft and liquidity stays loose? We're just getting started.