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December could be the last hike Hiring is freezing, recent-grad unemployment 5.6% (the widest gap on record) and the AI capex bust is starting due to electricity shortages - Oracle's CDS is at a record, up 287% y/y Once defaults crystallise (in neoclouds, private equity or insurance) the Fed won't be able to hike If it is the last hike, Gold should bottom about two weeks before the final hike ~25 November I then expect Gold, Silver and ETH to run

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