Geopolitics

DANIEL LACALLE | Hyperscalers are real competition to sovereign debt. Bearish debt & bullish gold! - YouTube

Source: YouTube

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DW NOTE

Lacalle is right that hyperscaler bond issuance competes directly with sovereigns for the same pool of fixed-income capital — but the thesis only holds if investors still believe government paper offers superior safety. They don't. Gold is down 22.8% from January's $5,318 peak because real rates turned positive and the Fed pause held, not because sovereign credit improved. If debt markets fracture, gold doesn't rally on fundamentals — it rallies because nothing elseclears.

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DANIEL LACALLE | Hyperscalers are real competition to sovereign debt. Bearish debt & bullish gold! - YouTube

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