🟢 [E1625] Daniel Oliver: Phase three is the government bond death spiral, where higher rates drive larger deficits and greater Treasury supply. When private equity markets blow up, Warsh will print—whatever his stated intentions.

🟢 [E1601] Daniel Oliver calculates gold's 'cleansing price' at $8,395-$12,595/oz based on historical central bank gold reserve ratios. Development gold mining companies trade at 0.17x NPV, down from 0.2x at lower gold prices, with M&A occurring around 0.4x NPV.

🟢 [E1668] Daniel Oliver: When private equity and private debt markets blow up, Warsh will print. Whatever his stated intentions, he will have no choice but to renew Fed balance sheet expansion.