Q2 GDP came in at +1.5%, below consensus and slowing. The same morning, the Atlanta Fed opened Q3 at +5.0%. One confirmed weak quarter, one unconfirmed strong one. We argue that an inflationary boom is the more likely outcome for now, where equities outperform energy, gold outperforms US Treasuries, and gold tends to outperform equities over time. Inside, we discuss the market’s current technical picture, our latest views on precious metals, and why the real risk to US yields lies in Tokyo, not Washington.

Rich Man, Poor Man (The Power of Compounding), a timeless article by legend, Richard Russell, editor of the Dow Theory Letters. Russell produced the Dow Theory Letters for over half a century before he passed away in November 2015 aged 91.

MAKING MONEY: The most popular piece I've published in 40 years of writing these letters was entitled, "Rich Man, Poor Man." I have had dozens of requests to run this piece again or for permission to reprint it for various business organizations.

The tech bubble topped in 2001 shortly after the AOL TimeWarner IPO. The housing bubble topped in 2007 shortly after the Blackstone IPO. The commodity bubble topped in 2011 shortly after the Glencore IPO. Are we all looking forward to the SpaceX IPO in June, followed by Anthropic and OpenAI later this year?

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