May 20, 2026
Dear Fellow Investor,
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| The thesis remains the same — although the repercussions will vary.
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| If you’ve been perusing social media, particularly X, lately, you’ve seen a parade of pundits remarking on the debt trap that the Fed and other central banks find themselves in.
It’s essentially the same story I’ve been preaching for the last decade...but it all appears to be coming to a head right now.
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| In short, the inflationary implications of higher oil prices are driving traders away from risk assets (stocks, metals, bonds, etc.) in fear of a hawkish Fed monetary policy in response.
Simultaneously, longer-term investors as well as other central banks, are cutting back or even selling U.S. Treasuries due to the inescapable math of debt and rising debt service costs...and in many cases because they simply need the money.
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| The end result is that Treasury yields have been soaring on both the short and long ends since the Iran war began. And this has helped drive gold and other assets lower.
I posted this chart on X yesterday showing the very strong inverse correlation lately between 10-year Treasury yields and gold:
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| Even more importantly, real yields (yields minus the rate of inflation) have been rising precipitously. Our friend Peter Boockvar noted this development this morning, and posted a chart of the real 10-year yield to accompany his comments:
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| “There is a common belief that the only reason why bond yields are rising is because of growing inflation worries. While that is true in part for sure, the big jump in REAL yields over the past few weeks says that it is something more. The 10 yr REAL rate is up 25 bps just over the past week and a half and I’ll argue again that global debts and deficits now matter in the eyes of lenders.”
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| REAL 10-Year Treasury Yield
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| So what does all this mean?
Simply put, a major turning point for the markets lies ahead.
The Fed will need to raise rates to corral inflation...but it simply can’t because of the debt trap. Investors increasingly recognize this, and are demanding higher returns on Treasurys to compensate for the risk.
Tavi Costa, one of the smartest analysts around today, has also commented on this development in his latest paid Substack article, noting that — despite these pressures – the Fed will be forced to cut rates.
And this will catch the markets by complete surprise.
I suggest you subscribe to both Peter and Tavi’s services to get their full analyses.
Or...there’s another way you can get not only their guidance, but also the latest views of dozens of the world’s top minds:
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| The Greatest Annual Gathering
Of Investing Intelligence
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| OK, you probably suspected I was going in this direction.
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| But quite frankly, attending this year’s New Orleans Investment Conference will likely be your most important and profitable decision of the year.
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| That’s because not only are Peter Boockvar and Tavi Costa among our featured presenters, but also dozens more of the world’s leading authorities on geopolitics, macroeconomics and markets. With an emphasis on today’s red-hot metals and mining market.
Consider who we’ve signed up so far, in addition to Peter and Tavi:
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| Grant Williams…Doug Casey…Danielle DiMartino Booth…Michael Green…Brent Johnson…Dominic Frisby …Jim Iuorio…Peter Schiff…Adrian Day …George Gammon…Robert Helms…Russ Gray…Adam Taggart…Brien Lundin…
Mark Skousen…Bob Prechter…Dave Collum…Nick Hodge…Don Durrett…Brent Cook…Lobo Tiggre…Jeff Clark…Jeff Phillips…Albert Lu…Jennifer Shaigec…Chris Powell…Kerry Stevenson…Dana Samuelson…Rich Checkan…Gerardo Del Real…Mary Anne & Pamela Aden…Omar Ayales…Steve Hochberg…
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| ...And more — including yours truly.
Quite frankly, this is the best value in today’s investing world. You might find two or three of these speakers at another conference.
But you won’t find 30.
As a smart and accomplished investor, I know you realize that getting the latest insights from this faculty, in a time like this, is absolutely invaluable.
So I’m writing you now to alert you to something that’s frankly caught me by surprise....
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| We’ll Have To Turn People Away This Year
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| The response so far for this year’s New Orleans Conference is like nothing I’ve ever seen.
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| We’re about to sell out our entire exhibit hall. And at the current pace, we’ll completely fill our room block at the Hilton Riverside hotel far earlier than we ever have before.
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| I don’t like to turn people away, but it looks like we’ll have to this year, for both exhibiting companies and attending investors.
The upshot is that I’m urging you to act — right now — to secure your place at New Orleans ’26.
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| If you click on the link below to do that now, you’ll not only guarantee your spot, but also save hundreds of dollars on your registration fee.
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| Please don’t delay — I don’t want you to miss out on what may be the best investment opportunity of this year.
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| All the best,
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| Brien Lundin
Publisher, Gold Newsletter
CEO, the New Orleans Investment Conference
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| CLICK HERE
Or Call Us Toll Free At
1-800-648-8411
To Secure Your Spot At
New Orleans ’26
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