Only one asset class has told a consistent story: Gold. Gold prices have been rising in a straight-line higher since 2022. The commodity is now up +43% in 12 months and +100% in 3 years. Today, that narrative continues as gold prices take another sharp turn higher into record high territory, above $3,500/oz. The reality is that deficit spending is worsening, inflation is still an issue, and the labor market is rapidly weakening. Gold has known this was coming for months now. Keep watching gold.