Philip Patrick

We've got Fed already cutting rates to keep Washington solvent.

So I think from Trump's point of view, this was tactical.

He's not giving up leverage.

He's buying time, time to rebuild industrial base, to secure critical mineral supply chains and to protect American farmers who essentially have been the foot soldiers of this trade war.

So I think the idea is to stabilize now.

and reform later, which, quite frankly, is a smart move because the alternative, a full decoupling, would just torch economies on both sides of the Pacific.

We're just not ready for that yet.

I think it's going to take five to 10 years to onshore rare earth mining and refining.

And in the meantime, China will have leverage that they could choose to weaponize at any point.

So I think coming up to a deal, rare earth was a big win, kicking the can further down the road.

buys us time to reduce their leverage.

So I think it was absolutely a win and the markets responded accordingly.

Look, the gold markets are on fire, right?

We've seen at the high point, we're up 55% for the year.

We had a pullback.

We're now up 45% for the year.

So

I want to quell panic out there.

Nothing goes up in a straight line.

You always have profit taking.