Christoph Ebel

The speaker stated the gold run-up happened pre-war, and the war allowed gold to be "sold off super hard" as people look for liquidity in a crisis. He said, "if you think about gold at 5000 versus gold at 2500... the disposable income hasn't increased... you'll see this flattening." He concluded, "I would be surprised if gold is trading above $4,000 by the end of the year." In a crisis, investors prioritize liquidity and sell profitable, liquid assets like gold first. High absolute prices have saturated retail investment demand, as the same disposable income buys fewer ounces. SHORT because the confluence of liquidation pressure and saturated demand at elevated prices creates a clear path downward. A dramatic, prolonged escalation of the war reigniting a intense flight-to-safety bid that overpowers liquidity-selling dynamics.