Yes, there is in that excellent interview talk of significant SP...

Yes, there is in that excellent interview talk of significant SP movement not really happening until in 2026 or later, but that is very qualified and conservative. It doesn't take into account POG moving to the upside.

Difficult to know when the tipping point will be on the macro side,
Some are saying June, others are saying this will be contained - presumably with massive market intervention -, until after the November elections.

Certainly there needs to be a continuing and strong market for US LT Treasuries. When that market is no longer booming because of downwards pressure on interest rates to stimulate the economy, then the serious money goes to hard assets like commodities. Or more precisely the effects will be far from uniform: 2 silos will develop. One is inflation with some sectors booming (like gold, Li and other critical minerals) and housing but from a concentration of ownership amid lack of supply, the others in deflation like areas of retail, and those connected with the middle class, which will continue to be under massive pressure. We are on the edge of a massive shift.

What we do know is regardless of the precise order and timing of macroeconomic events, there will be volatility and uncertainty. Of course this is when gold shines ad BGD will have its day and more. JIMO.