Gold Breaks Out as the Fed Turns Dovish
August 7, 2026
In this episode of Signal vs. Noise, an Onramp Media show, hosts Jackson Mikalic, Michael Tanguma, and Brian Cubellis examine gold's rally following a more dovish Fed under Chair Warsh, commentator Ed Zitron's thesis that AI revenue may be circulating among a handful of firms, rising U.S. national debt, and a reported $30 million in violent crypto-related crime in 2026.
Jackson Mikalic, Michael Tanguma, and Brian Cubellis break down four stories on the shot clock: gold's roughly $200 breakout following a more dovish Fed under Chair Warsh; commentator Ed Zitron's circular-revenue thesis, which argues an estimated 70% of Amazon, Microsoft, and Google's AI revenue traces back to spending by OpenAI and Anthropic; the U.S. national debt's climb of an estimated $450 billion since July 1; and a reported $30 million taken in violent crypto-related attacks in 2026. Liam is out this week.
Chapters
01:15 - Topic 1 - The Warsh Fed and the Inflation Reset 07:39 - Topic 2 - Gold Breaks Out as the Fed Feeds It 13:52 - Topic 3 - The AI Revenue Circle (Ed Zitron) 19:36 - Topic 4 - Violent Crypto Attacks Hit $30M in 2026 25:35 - Lightning Round and Parting Thoughts
Frequently Asked Questions
What does Signal vs. Noise say about gold's recent breakout?
Starting at 07:39, the hosts point to a more dovish tone from the Fed under Chair Warsh as the driver behind gold's roughly $200 move higher.
What is Ed Zitron's circular-revenue thesis about AI?
Covered at 13:52, the hosts summarize commentator Ed Zitron's argument that an estimated 70% of Amazon, Microsoft, and Google's AI revenue traces back to spending by OpenAI and Anthropic.
How much was stolen in violent crypto attacks in 2026, according to the episode?
At 19:36, the hosts cite an estimated $30 million taken in physical, violent crypto-related attacks in 2026 as part of a broader discussion on security risks facing bitcoin holders.
How much has the U.S. national debt grown since July 1, per the episode?
In the Fed and inflation segment starting at 01:15, the hosts note the national debt has climbed an estimated $450 billion since July 1.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.