This is my brief talk at the recently-concluded 2026 Rule Symposium. Despite what my critics say, it's not a bearish call on gold. I remain bullish overall—but that doesn't mean it can't go down first, and I think it's dangerous for perma-bulls to convince investors otherwise. The point is not to try to time this or any commodity market: it's simply to stick to the fundamental rule of disciplined speculation: buy low, sell high.