We are exiting the age of Optimism and entering the age of Collateral.

The Dow-to-Gold ratio is the most important signal nobody is talking about.

A falling ratio isn't just a "bear market" indicator, it’s a barometer of civilizational trust.

The market is quietly admitting that it values "certainty" (hard assets) more than "stories" (tech valuations).

In a Fourth Turning, you don't want promises. You want property. The repricing of trust has begun.