Haymaker Friday Edition
Haymaker Friday Edition
VDL on GLD
Hello, Subscribers!
Consider every major topic covered in the news over the past month. Military spending, government “aid” programs, diplomatic ties, misguided economic strangulation climate “accords”, the federal labor force, energy policies, social priorities, and Danish landholdings — all of it is in flux, and all at the behest of our 47th President and our First DOGE Czar.
“Move quickly and break things” was a Silicon Valley mantra for 20 years or so; “Never, ever stop moving and overturn everything that has ever existed” has been the White House mantra for about 20 minutes, but with significant consequences. Whether we say it aloud or not, everyone is just waiting for the moment when we learn that The Art of the Deal is required reading for high school students and new American citizens, our orbiting lunar mass will now be known as Moon-a-Lago, and every president depicted on Mount Rushmore will soon sport a scaled-up MAGA hat… and a red tie.
Accompanying the zaniness alluded to above is a grand movement of seemingly indiscriminate illumination wherein all manner of government spending habits, economic policies, and international trade practices are being revealed, warts and all, for the American populace to gaze upon… often enough, in horror. The result of such unbridled transparency is a sweeping and collective sense that now is the time for a meaningful overhaul of various systems that have been either failing to enhance or indirectly sabotaging American prosperity.
What you’ll gather from today’s guest Haymaker, courtesy of Vincent Deluard (VDL), is that, at the intersection of these revelations and the revolutionary impulses they are propping up are the dollar, gold, and, apparently, bitcoin. But mostly the U.S. dollar and gold, we’d think. As VDL observes in his piece, “Time will bring more clarity, but it is already obvious that the new administration wants to lower the US dollar, revalue gold, reduce US payments on Treasuries held abroad, and re-negotiate its international military obligations.”
Of those four items, it’s a revaluing of gold that could end up being most consequential for the American economy, perhaps even the world economy, in years to come (though we certainly favor a careful and ongoing audit of our overseas defense costs). A shift away from bubble-nomics and towards healthy, commodity/value-based monetary policy seems consistent with the spirit of this political moment. Much of what we’ve been dealing with as citizens and voters for years on end has seemed intractable by way of sheer mass; now, it’s clear that everything is on the table and… well, we’re getting of ourselves. We turn you over to VDL, who dissects the math, the politics, and the loftier economics underlying a potential re-centering of gold in American currency policy.
Enjoy!
The Haymaker Team
Vincent Deluard
Notre Dame’s gold cross shone bright after the 2019 fire. Christians viewed this shining cross as a symbol of the resilience of the Spirit against hardships. Scientists saw it as an illustration of gold’s high melting point – 1,064 degrees Celsius…
Subscribe to Haymaker to read the rest.
Become a paying subscriber of Haymaker to get access to this post and other subscriber-only content.
A subscription gets you:
 | Subscriber-only posts and full archive |
| Post comments and join the community |
IMPORTANT DISCLOSURES
This material has been distributed solely for informational and educational purposes only and is not a solicitation or an offer to buy any security or to participate in any trading strategy. All material presented is compiled from sources believed to be reliable, but accuracy, adequacy, or completeness cannot be guaranteed, and David Hay makes no representation as to its accuracy, adequacy, or completeness.
The information herein is based on David Hay’s beliefs, as well as certain assumptions regarding future events based on information available to David Hay on a formal and informal basis as of the date of this publication. The material may include projections or other forward-looking statements regarding future events, targets or expectations. Past performance is no guarantee of future results. There is no guarantee that any opinions, forecasts, projections, risk assumptions, or commentary discussed herein will be realized or that an investment strategy will be successful. Actual experience may not reflect all of these opinions, forecasts, projections, risk assumptions, or commentary.
David Hay shall have no responsibility for: (i) determining that any opinion, forecast, projection, risk assumption, or commentary discussed herein is suitable for any particular reader; (ii) monitoring whether any opinion, forecast, projection, risk assumption, or commentary discussed herein continues to be suitable for any reader; or (iii) tailoring any opinion, forecast, projection, risk assumption, or commentary discussed herein to any particular reader’s investment objectives, guidelines, or restrictions. Receipt of this material does not, by itself, imply that David Hay has an advisory agreement, oral or otherwise, with any reader.
David Hay serves on the Investment Committee in his capacity as Co-Chief Investment Officer of Evergreen Gavekal (“Evergreen”), registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940. The registration of Evergreen in no way implies a certain level of skill or expertise or that the SEC has endorsed the firm or David Hay. Investment decisions for Evergreen clients are made by the Evergreen Investment Committee. Please note that while David Hay co-manages the investment program on behalf of Evergreen clients, this publication is not affiliated with Evergreen and do not necessarily reflect the views of the Investment Committee. The information herein reflects the personal views of David Hay as a seasoned investor in the financial markets and any recommendations noted may be materially different than the investment strategies that Evergreen manages on behalf of, or recommends to, its clients.
Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this material, will be profitable, equal any corresponding indicated performance level(s), or be suitable for your portfolio. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. All expressions of opinions are subject to change without notice. Investors should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed in this presentation.
20250221
