Gold, Bond Vigilantes and Champagne Socialists — Bizarro World 380

The free version of Episode 380 of Investing in Bizarro World is now live.

The bond vigilantes are back — and they are calling Treasury Secretary Scott Bessent’s bluff.

The 30-year Treasury yield has moved above 5.35%, while the 10-year is approaching the critical 5% threshold. A sustained breakout could send yields toward levels last seen around the dot-com bust and global financial crisis. Meanwhile, the gap between U.S. and Chinese 10-year borrowing costs has reportedly reached 324 basis points as Washington spends close to $2 trillion per year servicing its debt.

Oil is back above $103 amid renewed fighting with Iran. Inflation is accelerating again. The market is assigning roughly 74% odds to a Federal Reserve rate hike. At the same time, Washington is discussing a $5,000 “Trump dividend” that would inject even more money into the economy.

Gold fell nearly $100 during the show as rising bond yields overwhelmed the weakness in the dollar. Nick identifies approximately $4,330 as the immediate support level. If it fails, gold could retest $4,000 — a correction that Nick and Gerardo would view as a potential buying opportunity rather than the end of the bull market.

Silver has slipped below $64, while copper pulled back sharply after reaching record highs. The immediate copper catalyst was a report suggesting that President Trump may delay a tariff decision because manufacturers are already struggling with elevated input costs. The structural supply deficits remain, however, and both hosts believe the long-term copper bull market has much further to run.

The broader commodity complex supports that view. The CRB Commodity Index has broken out near record highs. The Bloomberg Agriculture Spot Index gained approximately 13% in August, world food prices rose to their highest level in nearly four years, and diesel and beef prices have reached records of their own.

Then the conversation takes the expected Bizarro turn.

Nick and Gerardo discuss the reported Grindr crash during the Republican convention, Sydney Sweeney’s provocative campaign for the Novig sports-trading app, political outrage, the Lindsay Clancy case and the failures of America’s mental-health system.

They also examine the contradictions surrounding socialism and communism. Democrats embrace the “democratic socialist” label while Republicans campaign against communism and simultaneously propose sending voters $5,000 checks.

Nick explains why New York’s discounted U.S. Open tickets represent redis