Philip Patrick

In a normal climate, rates should have declined.

So yes, bond markets aren't freaking out yet.

They're certainly happy with the direction Trump's heading.

But Scott Besson's reaction, you know more than me.

I'm getting this from the Daily Mail.

There's people within the administration trying to calm this down a little bit because I think if it goes too far, we may start to have problems.

Listen, there's so many forces driving it.

We've got inflation.

We've got de-dollarization.

We've got geopolitical instability.

It's like the perfect storm for physical precious metals that we're seeing.

By the way, I want to say something on foreign policy.

It's interesting.

There is a world where things land right.

We have a free Iran.

We have a peacekeeping force in Gaza.

I mean, this could be some absolute genius.

We'll see how it plays out.

But this is interesting times we're living in.

I think putting economic pressure on the Iranians at 25% tariff for anybody doing business with Iran, that's probably the smartest thing to do at the moment.