In the end "it's just business, nothing personal" - M&A will...

In the end "it's just business, nothing personal" - M&A will occur, because that will be the best use of capital, labour and resources. The shambles created by egos at PNR is to be avoided at all costs i.e unnecessary debt and hedging and lost opportunity.

Oh how I love to wake in the morning to new big green candle - is this the being of very big gold Xmas rally to new highs ?
The continuing strength in the POG seems to suggest 'this time its different' - the conjunction of the IOUSA fighting on 3 fronts:
1. the Ukraine war (which is lost and has created all sorts of unintended negative consequences for the IOUSA and especially Europe
2. the attempt to bait China into a Taiwan war, after surrounding China with numerous military bases, while trying to improve trade relations and increase China purchase of treasuries is schizophrenic
3. the Israel-Gaza conflict, where Israel may win the battle but lose the war ?
All of this combined with runaway debts in the G20 nations, being lead once again by the explosion of debt in the worlds largest debtor (the IOUSA in case you didn't know) at a time that various forces, including failed sanctions, have accelerated "de-dollarisation".
The failure of the latest treasury bond auction is a portent of things to come - the IOUSA is said to be furious with China for not playing ball?
China and Russia are said to be accumulating massive amounts of gold for trade, to circumvent bank sanctions and as a backstop for their currencies.
While the IOUSA talks about 'responsible budgets' in fact they practice MMT economics which they believe gives them an unvetted "god given" right to print endless amounts of "their money" and demand the world accept it in exchange for goods&services, assets, payments of debts, and for "protection" aka military domination.
The 20th century was "the American century" - the 21st will not be.