Prof G Markets Gold Hits $5K — What’s the Market Afraid Of?
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Jan 27, 2026 
Reed Albergotti, Semafor technology editor who covers tech policy and deals, breaks down the finalized TikTok sale and its technical and geopolitical twists. Robert Armstrong, author of the Unhedged newsletter and market commentator, walks through why gold hit $5K, contrasting theories like political risk, debasement, and momentum. Quick, sharp takes on Fed chair chatter and investor behavior.
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Markets Are Numbing To Political Drama
- Market reaction to Trump's dramatic statements has been blunted over time so shocks move markets less than before.
- Robert Armstrong suggests investors should adopt a skeptical filter between sensational presidential posts and actual policy.
Filter Presidential Rhetoric Before Acting
- Do treat many of Trump's headline statements as expressions of rage rather than credible policy until echoed by other officials.
- Limit your exposure to his social posts and focus on consensus among policymakers for investment signals.
Three Theories Behind Gold's Surge
- Armstrong offers three explanations for gold's rise: debasement fears, political instability, or momentum chasing.
- He disfavors the debasement view because bond-market inflation expectations don't support massive dollar debasement.