I asked @themarketsniper the question everyone's avoiding: rates went from 0% to 5.5%, yields are spiking in Japan, and yet everything keeps going up. How long can this last? His answer reframes what "up" even means: "There's meltups — not in terms of gold ounces. Meltups in terms of dollar." Stocks aren't rising. The ruler is shrinking. And his explanation for why nobody notices is the line I can't unhear: "The dollar is devaluing far more rapidly than you realize. The only reason you don't realize this is because the euro is two, the pound is two and many others are all managed. So you're comparing lepers in a leper colony... As a result they look no better or no worse than you." Every fiat currency measured against the others looks stable, because they're all deteriorating together. The only honest ruler left, in his view, is gold — and the buyers moving it aren't retail: "Institutions and central banks are setting the gold price, not us as retail." Surplus nations "aggressively buying gold at the central banking level" — shoring up balance sheets "with real things that you truly own, not ones that are pieces of paper that somebody else holds and can change your ability to get out of them." His shape for how this resolves is the Hemingway bankruptcy curve: "It goes slowly at first and suddenly very fast." The meltup is real. It's just measured in a melting unit.