We all live in a world where we are used to “standard” deviations. There was nothing “standard” about gold’s move yesterday. I was getting ready for a meeting and my stream was flooded with victory tweets on gold! Gold above $5,500 having only recently crossed $5,000. What was going on? Apparently betting sites had started to sell Reider to buy Warsh (who has just been announced on Truth Social to be the President’s choice for Fed Chair). Historically he has been on the hawkish side and not a fan of crypto. That explains, potentially, part of yesterday’s moves. It may ... Non-Standard Deviations