The US and UK imposed new restrictions on trading Russian aluminum, copper and nickel…in the latest bid to curb President Vladimir Putin’s ability to fund his war machine.     -Bloomberg, 4/14/24 According to the IMF, global currency reserves are at $7.1 trillion and 2.5 trillion euros now. These reserves are devalued at an annual rate of about 8 percent. Moreover, they can be confiscated or stolen any time if the United States dislikes something in the policy of the states involved. … According to analyst estimates, and this is an objective analysis, a conversion

For the moment, the only thing the convexity of net effective UST supply is good for is the USD.  Even gold and BTC will likely be sold.  In the not-too-distant future, UST yields will hit a rate that make it obvious to Mr. Market that the US government will default on its debt or Entitlements if the Fed does not engage in QE, YCC, or its functional equivalent.  Then gold, BTC, and likely oil will