According to @KobeissiLetter, gold and silver have risen more than 4 times the S&P 500 in 2025 despite one of the strongest equity bull runs, indicating safe havens are outperforming risky assets during the same cycle (source: @KobeissiLetter). According to @KobeissiLetter, concurrent rallies in safe havens and equities signal eroding confidence in fiat currencies, shifting investor preference toward hard assets (source: @KobeissiLetter). According to @KobeissiLetter, deficit spending and rate cuts into stagflation are key drivers behind the shift in sentiment toward gold and silver (source: @KobeissiLetter). According to @KobeissiLetter, the market is also pricing record AI CapEx and an impending AI competition between the US and China, which could push the US to print more money and expand deficits to win the AI revolution, reinforcing the hard-asset bid (source: @KobeissiLetter). According to @KobeissiLetter, this fiat-confidence narrative provides a macro backdrop that crypto traders may monitor for potential spillovers into assets perceived as monetary alternatives, even though no specific digital assets were cited (source: @KobeissiLetter).