Mainly long gold and silver here. Most other markets have been showing weakness and don't want to force anything. The fiscal contraction from tariffs is the primary headwind acting on the market. They have been underestimated relative to the amount of attention given to the Fed, we are in a fiscal > monetary regime. The timing (Aug 7 being when reciprocal tariffs started to be collected) lines up with when BTC started to see regime change. The good thing is that we have programmed fiscal expansion on Jan 1 as the rest of the OBBBA kicks in. Also looking out for Trump rolling back tariffs further given the recent elections telegraphing cost-of-living concerns being top of mind. The news tonight that he is rolling back tariffs on certain food items confirms he has gotten the message. Unless Trump takes meaningful action, there may not be sufficient catalysts to meaningfully change the vibes until closer to year end. We will see what his pain tolerance is.