Overall, it was a solid auction—if you ignore the fact that Wall Street’s finest are still peddling the fantasy that bonds remain “risk-free.” Spoiler alert: they’re not. Meanwhile, #gold—the one true antifragile asset with zero counterparty risk—quietly waits, as always, ready to outshine everything when the house of cards finally collapses.

The #Bitcoin-to-#Gold ratio has been the market’s drama queen for 15 years—spiking in good times, sulking in downturns.
Right now, it’s throwing a fit: Bitcoin’s losing ground to gold, and if history’s any guide, that spells trouble for stocks. Fun fact?

The only two years the S&P 500 finished in the red since Bitcoin’s birth also saw this ratio drop. Stocks may be up 6.5% in 2025 so far, but if this trend keeps sliding, brace yourself: gold’s the adult in the room, and crypto’s tantrum might just be forecasting a tariff-fuelled earnings hangover.

In this chapter of The Macro Butler Chronicles, our hero teams up with Arigato Investor to uncover the ultimate treasure of the war cycle decade: Gold!

As Bonds, and Cash stumble like fallen warriors, #Gold shines as the undefeated champion—proving once again why every investor needs it in their arsenal.



https://themacrobutler.substack.com/p/interview-with-arigato-investor-03092025