May Market Recap: Gold, Bitcoin, Nuclear – Chaos Is Here, So Is the Playbook

Fiscal Insanity: Borrow, Spend, Deny

Let’s break down Washington’s strategy:

1. Borrow into oblivion.
2. Offer no plan to pay it back.
3. Pass a “Big Beautiful Bill” that leans into the chaos.

The CBO says it adds $2.4 trillion to the deficit over 10 years. Elon Musk said it best:

Nuclear Is Back:

Trump’s executive orders mark the biggest U.S. energy shift in 40 years - finally embracing nuclear as a clean, reliable, science-first solution. What’s changing:

• Fast-tracking next-gen reactors
• Reviving uranium mining
• Unlocking federal land
• Cutting the red tape

This isn’t politics. It’s physics. Nuclear is the only energy source that’s clean, scalable, and always-on. AI-driven power demand is surging. Datacenters don’t run on dreams. They run on nuclear. This shift is overdue - and investable.

Trade War Interrupted:

Trump’s tariff strategy hit a wall: a U.S. trade court ruled key tariffs exceeded presidential authority.

The legal blow is less important than the signal: America’s trade policy isn’t cohesive. Markets hate that.

Some say TACO - Trump Always Chickens Out. But Trump doesn’t pull back. He escalates. And bruised ego is hard to price in. Policy can be modeled. Pride can’t.

Where to Go From Here:

• Diversify Beyond the Dollar: Being long the dollar used to mean stability. Now it means exposure to dysfunction and debt. Don’t ditch it - but hedge it.
• Own Gold and Bitcoin: Both are decentralized store of value assets that protect against fiat decay.
• Go Long Nuclear: Look for investments that provide exposure to miners, processors, reactor developers, and utilities.

Market Review

Equities:

• AI leadership is back. Nvidia passed Microsoft in market cap.
• May surged: S&P 500 +6.3%, Nasdaq 100 +9.2%
• International/EM lagged in May, but leads YTD
• Watch FX tailwinds if the dollar weakens

Fixed Income:

• The curve is steepening - we’re positioned for it
• Long-end yields rising on fiscal concerns
• Unpopular view: The Fed may eventually step in to cap long-term yields via asset purchases

Real Assets:

• Nuclear stocks rallied 50% off April lows, +25% in May, driven by Trump’s orders and Meta’s 20-year nuclear deal with Constellation
• We are bullish on gold, but it may trade sideways near term

Digital Assets:

• Bitcoin rallied to $111K from $77K. We think it goes much higher.

Final Word

I write it every month and say it every day. I’m not going to miss the chance to say it again now: Buy gold. Not because it’s shiny - but because it protects. From reckless spending. From rising debt. From the slow, steady erosion of fiat.

Buy Bitcoin, too. Same goal, different design - decentralized, portable, digital.

And own nuclear. It’s the only scalable, reliable, carbon-free energy source - and demand is accelerating.

These are differentiated assets solving different problems. That’s real diversification.

Bitcoin (BTC) is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.