$GLD just ripped through a yield backup. That's not what clean goldilocks looks like. BTC at $65,793 is selling with small caps, not the metal. Rate-insensitive physical demand on one side, pure risk beta on the other. Same fracture we saw May 7: scarce hard assets bid while leveraged proxies get offered. Index calm is covering for narrower appetite underneath. July 29 FOMC decides if this stays a soft rotation or breaks the label. How are you reading this split?
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