10ear rates up close to five, which means there's 250 basis points of real 10ear yields. That has been a major drag on crypto. It's been a major drag on gold. It's been a major drag on silver. It's been a major drag, I think, on the entire AI trade. And the irony is it gets back to Oracle because the amount of debt that these guys have needed competes with the Treasury. So, I'll finish this little monologue off with the quarterly refunding announcement. This is not getting a ton of press and we'll find out about it on on November 4th, so next week.
It's been a major drag on gold.