Mary Daly 0.9 1 idea

"We really have to keep our eye on the labor market [92k job losses], but we also have inflation printing above target and oil prices rising." Daly describes a textbook "Stagflation" scenario: economic contraction (job losses) combined with high inflation and supply shocks (oil). In this environment, bonds are risky (due to inflation) and stocks are risky (due to recession). Gold historically outperforms as a hedge against both currency debasement and economic instability. LONG. The Fed is paralyzed ("wait to think through the data"), which is bullish for hard assets. If the job losses are a data error (weather/strikes) and growth rebounds quickly, gold may sell off.