Dear Reader,

TRUMP SIGNED A PEACE DEAL WITH IRAN THIS MORNING. On his 80th birthday. The mainstream is calling it a triumph.

Oil fell 5%. Stock futures jumped. Champagne all around in Washington.

I have seen this movie before. It never ends the way they promise.

Here is what Bloomberg is not measuring: For three months, Iran sold oil in Chinese yuan. Not dollars. Yuan. And the United States had to negotiate to reopen its own shipping lane.

That is not a victory. That is a demonstration of weakness.

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IN TODAY'S ISSUE

•  The one line buried in Trump's Iran MOU that tells you everything about where the dollar is headed -- and why the bond market is not celebrating.

•  Gas is still up 40% year over year. The war tax does not disappear because Trump signed paper. Here is the BLS math they are hoping you miss.

•  Gold at $4,500. Silver at $92. What the hard asset market is pricing that the stock market is not.

•  Brownstone Research: The Oil Skimming strategy that pays you every time a barrel moves.

Let me show you the exact language of this deal.

The document is called a Memorandum of Understanding to "maintain nuclear status quo until a final deal is reached."

MOU. Until a final deal is reached.

That is not peace. That is a pause. A very expensive pause.

And here is what nobody on CNBC is telling you: Iran extracted a toll fee from this deal. Ships transiting the Strait of Hormuz will pay a services-rendered fee to Tehran. The world's most important oil chokepoint. The one that moves 20% of global oil supply. Now a tollbooth owned by the country we just fought a war with.

The sea mines are still in the water. No timeline for clearing them. No mention of what happens when the "final deal" fails to materialize.

HERE IS THE PART THAT MATTERS MOST:

•  1: Iran sold oil in Chinese yuan for 90 days straight. Not dollars. Yuan.

•  2: China waited. China got paid in its own currency. China never blinked.

•  3: The petrodollar deal, the one Nixon made in 1973 where every barrel of oil on earth trades in dollars, just cracked publicly for 90 days straight.

•  4: Gold is at $4,500. Silver is at $92. My public silver call of $70 was blown past months ago.

•  5: The 30-year Treasury just hit 5.0% yield. First time since 2007. The bond market is not celebrating this deal.

•  6: CPI printed 4.2% in May. Up from 3.8% in April. Inflation is re-accelerating, not retreating.

•  7: Gasoline up 40.5% year over year. Fuel oil up 58.9% year over year. Per the Bureau of Labor Statistics.

The BLS published this headline last week:

"Summer vacations: gasoline and air travel each up more than 20 percent over the year."

That is what three months of Hormuz blockade costs the American worker. Not an abstract economic theory. The pump. The tank. The summer vacation bill.

Trump signed paper today. The inflation is already baked into the supply chain. Treasury Secretary Bessent admitted it himself: oil price normalization takes six to nine months. That means two more hot CPI prints minimum before pump prices follow crude lower.

The stock market is celebrating a 5% crude drop today. The bond market is sitting at 5% yield on the 30-year and asking a different question: who is going to buy $10 trillion in Treasury debt rolling over this year while inflation re-accelerates?

That question does not have a clean answer.

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There is one asset that has been answering that question for 5,000 years. And right now it is sitting at a number that tells you exactly how wide the crack in the dollar has gotten. I will show you that number right after this.

SPONSORED: BROWNSTONE RESEARCH

Do oil prices guarantee financial armageddon?

Oil prices are skyrocketing. And if this continues, the entire U.S. economy could fail.

President Trump thinks he can save us from what’s coming. Truth is, whether you love him or hate him — he could make things much worse.

I firmly believe this situation risks becoming a financial armageddon.

All hell could break loose.

Yet there is a way you can protect yourself and actually profit from this scenario.

Click here to learn how.

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That number is $4,500.

That is where gold is trading right now. Not because of the Iran war. Not because of the deal. Because gold is the language the market speaks when it has lost confidence in paper.

I have been saying this for 30 years. When empires overextend, when debts pile up past the point of repayment, when the reserve currency loses its anchor, hard assets win. Every single time. Without exception. Rome. The British Empire. The Weimar Republic. Same movie. Different cast.

You cannot print gold. You cannot sanction silver. You cannot turn them into a tollbooth for someone else.

THE ESCAPE HATCH IS REAL AND AVAILABLE RIGHT NOW:

•  Physical gold. Held outside the banking system.

•  Physical silver. I bought my first silver coin in 1965. I am still buying today.

•  Income-producing real assets. The B and I quadrant.

•  Energy pipeline infrastructure. Oil moves whether Hormuz is open or closed. The toll collectors keep collecting.

The mainstream just told you peace is at hand. The bond market, the CPI table, and $4,500 gold are telling you something different.

I know which signal I trust.

Pigs get fat. Hogs get slaughtered.

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To your freedom, Robert Kiyosaki

P.S. The Iran deal reminded me why I keep wealth outside paper systems. My team at The Kiyosaki Letter has been tracking an income strategy that pays you every time a barrel of oil moves through a pipeline. Open or closed strait. Bull or bear. The toll collectors keep collecting. To see how it works, click here for the Patriot Income Plan.