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Bonner Private Research
Bonner Private Research
Winter is Coming
Weekly Updates

Winter is Coming

We can safely ignore most of what passes for news and data. We’ll keep our focus on market signal, which is why the latest leg down in the Dow/Gold ratio is so notable. It says “winter is coming.”

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Tom Dyson
Mar 19, 2025
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Bonner Private Research
Bonner Private Research
Winter is Coming
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Busan, Korea

Wednesday, March 19

By Tom Dyson, Investment Director

“Gold is not going up. Gold is like the sun in a solar system of financial assets that are all revolving around it. Gold is like the fe…

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