© Nick Migliaccio 2026 — AKA Denaliguide
September 29, 2026
Markets are influenced by people with power—and those people have interests. When familiar relationships between oil, gold, and government bonds begin to shift, I start asking questions.
My suspicion is that some of what we are seeing reflects intervention behind the scenes. That is a theory, not something I can prove.
Could there be an understanding between major players: help keep oil prices down, and we will help keep gold affordable for those accumulating it? It is a possibility worth considering. Circumstantial evidence, however, does not establish that such an agreement exists.
Why would cheaper oil matter so much? Beyond the political appeal of lower fuel prices, energy costs affect inflation pressures. Those pressures matter to bond markets—and higher borrowing costs put further strain on government finances.
That is why I watch the 10-year Treasury yield so closely. It offers a window into the cost of financing government debt and the confidence of those lending the money.
The larger question is how far policymakers will go to protect the bond market. My view is that, if forced into a difficult choice, they will prioritize government funding—even at the expense of the dollar’s purchasing power.
A weaker dollar might help some American manufacturers compete, but it could also make imports more expensive and squeeze household budgets.
Money can be created. Energy cannot be printed.
I believe those with the means to influence markets will use them when their interests are at stake. Power deserves scrutiny, especially when decisions made behind closed doors carry consequences for everyone else.
Watch the yields. Question the explanations. Keep speculation separate from evidence.
This is market commentary and personal opinion, not financial advice.
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