🟢 [E1708] Gromen's framework: foreign Treasury selling to finance oil imports puts upward pressure on yields when the US fiscal position is most fragile. The US equity market economy 'doesn't handle 4.8% on the 10Y very well.'

🟢 [E1713] Gromen calculates US official gold holdings currently collateralize only ~10.9% of foreign-held US debt—historically unsustainable—implying a target of at least $12,000/oz mathematically. Near-term call is $6,000/oz by midyear if Hormuz remains closed.

🟢 [E1697] Luke Gromen sees Liberation Day 2025 tariff shock as a dress rehearsal—stocks, dollar, and bonds all fell simultaneously. His base case is a big downward 'whoosh' 3-6 months away depending on how long Hormuz remains closed.