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In this video, the speaker analyzes the current gold price (around $4,000) and provides a detailed outlook for the remainder of 2026. He emphasizes that gold often undergoes a correction during midterm election years (like 2026) before recovering.

• The speaker expects a major correction in 2026, with a bottom between July and October.
• This assessment is based on seasonality and historical comparisons with previous midterm years (2018, 2022, 2006, etc.).
• On average, gold bottoms in early July during midterm years, though individual cases (like 2014) have seen lows as late as November.

• Gold is currently trading about 7-8% below its yearly opening price – similar to 2018 and 2022 at this point.
• A recent death cross (50-day moving average below 200-day) has occurred, which often triggers a short-term rally. However, the 50-day MA has not been tested since May.

• The Bull Market Support Band for gold consists of the 20-month SMA and 21-month EMA – currently around $3,800 – $3,841.
• This support zone has not been touched since 2023. The speaker expects gold to find its bottom there (or slightly above).
• Historical bull markets (1970s, 2000s) show that gold usually rebounds strongly after testing this band.

• The current drawdown of 28% is similar to 2006 (26%), when gold did not quite reach the support band but later rallied to new highs.
• During the 2008 financial crisis, gold corrected more sharply but recovered faster than stocks (S&P 500), reaching new all-time highs by 2009.
• The tariff shock in early 2025 also showed gold’s resilience: it barely dropped and recovered quickly.

• The speaker believes gold will form a bottom within the next few months (July to October).
• Afterwards, he expects a recovery and renewed uptrend starting in late 2026 and continuing into 2027.
• Even if the Bull Market Support Band fails, he anticipates a multi-month rally that would confirm his thesis.
• For the S&P 500, he predicts a shallow correction in June, a rally in July, and a larger drop in August/September.

The speaker remains bullish on gold: the midterm-year correction is normal, and gold will emerge stronger on the other side. The “Investing Through the Cycles” conference in Miami (November 2026) is highlighted as a key event to discuss developments.

Dr. Martin Picard, director of the Mitochondrial Psychobiology Lab, explains that stress isn't inherently harmful; rather, the capacity for recovery is the key to longevity. The body has an innate healing ability that is activated through rest periods.

• Gray hair is reversible: Graying linked to stress can actually reverse – a visible example of the plasticity of aging.
• Allostatic load: Chronic anticipation of stress consumes energy, leading to wear and tear. The solution isn't avoiding stress but finding intentional rest and regeneration times.
• Focus on mitochondria:
  • Stress (e.g., cortisol) increases cellular energy consumption by up to 60%.
  • Chronic stress diverts energy from repair processes like DNA repair and telomere maintenance, accelerating aging.
  • Hypermetabolism in aging cells drains energy from the body, similar to cancer or sepsis.
• Mind-body connection: Emotions and thoughts directly affect mitochondria – via cortisol, blood sugar levels, and mitochondrial DNA leaks that trigger inflammation.
• Practical steps: Mindfulness, meditation, and exercise help to be present in the moment, enabling healing. The goal isn't a stress-free life, but balancing stress with recovery.
• Marker for mitochondrial stress: GDF15 (growth differentiation factor 15) indicates energetic stress – ideally low at rest.

Dr. Picard encourages proactive rest, not passive stress avoidance. The body heals itself when given the chance – this is the foundation for a healthy lifespan.

The Stargate project – a joint venture by Oracle, OpenAI, and SoftBank with up to $500 billion in planned investment – aims to build massive AI infrastructure in the US. However, its flagship site Project Jupiter in New Mexico faces delays, not from chip shortages, but from a natural gas pipeline.

• Issue: The 27 km "Green Chile Project" pipeline for fuel cell power is stuck in regulatory battles. State land office denied rights, pushing completion from August 2025 to February 2027.
• Oracle's response: Oracle issued a force majeure notice to operator Stack Infrastructure, seeking the right to halt lease payments for up to 3 years if the site isn't ready by 2028.
• Financial ripple effect: The site relies on $18 billion in construction loans; Oracle itself carries $156 billion in debt with negative free cash flow. Its credit rating was downgraded to BBB (S&P), just above junk.
• Founder risk: Larry Ellison pledged over 430 million Oracle shares as collateral for personal loans – more than a third of his stake. Oracle's stock dropped 56% from its peak, and a planned sale of 50 million shares was abruptly canceled.

Conclusion: Stargate was meant to validate the AI boom, but it highlights how fragile the massive debt structures are when facing mundane obstacles like a pipeline. A single local delay could unravel the entire chain from lenders to founder wealth.

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