The first two months of 2026 are done. With all the noise around AI, recent hand-wringing over private credit and - one month ago - jousting over Greenland and a bond market blow-up in Japan, it’s easy to miss the forest for the trees. So this post does something very simple. It compares how markets did in all of 2025 to how they did in the first two months of 2026. The picture that emerges is very clear. As far as the Dollar and precious metals go, the first two months of 2026 look very much like 2025, except that we’re on steroids. That’s easy to miss because precious metals had such a crazy spike and subsequent ... (full story)