Market 03/26: Peace Hopes Fading

What Drives Gold Prices the Most?

• FED, ECB, BOJ or PBoC Interest Rate Policies?

• US, Europe, China, Japan or Global Money Supply?

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Key Headlines:

• Israel Eliminates Another Iranian Leader, Houthis Join Fight

• **Trump to visit Beijing on May 14–15 to meet President Xi Jinping**

• **Tenor 2-year:** 1.32% (+1.5 bps)

• 7-Year Bond Auction

• Bloomberg:

• Sparks Selloff in Memory Chip Stocks

• MU -4.70%

• Structurally, SPX Must Hold 6500. With VIX ~28, Absent Overnight News, Base Case Is Modest Shorts-Cover Rally Pulling VIX to ~25 by End of Week.

• Markets: Everything Breaking Together