There was a bombshell signal hidden in that late-night White House speech.

Trump stood in front of the camera, suddenly pointed at Kevin Hassett beside him, and threw out: "Guess who might be the next Fed chair?" As soon as he finished, gold rebounded sharply and U.S. stocks surged. The market’s instincts are sharper than anyone’s.

So who is Hassett? A staunch dove, an insider in the White House. If he really takes that seat, the once "independent" Federal Reserve could turn into a money-printing machine. The logic is blunt: infrastructure needs money, tax cuts need money, and a long bull market in U.S. stocks needs even more money—where does it come from? Have the Fed open the floodgates.

In the past, the Fed would at least pretend to hesitate over inflation data. Now? It just follows the White House’s lead. This also explains why gold has been soaring lately. Smart money has already noticed: a more aggressive, more politicized global money-printing cycle is on the way.

When the dollar’s faucet is turned to the max by a businessman president, inflation is the final stop. The theme of hedging with hard assets is likely to play out for a long time. Major institutions have already taken a December rate cut as a given, and some say the real money-printing spree won’t start until next year.

After securing control of the money printer, Trump immediately turned his sights on rich allies like Japan and South Korea. He openly hinted: you’ve benefited from trade, now it’s time to give some back. The real game is just beginning.