calculus

Democrats have more than just political calculus to weigh.

But the relentless rise of gold—and indeed, mining stocks—appears to have changed the calculus on Wall Street.

This was Hamas’s calculus during the Biden administration—holding out until Israel caved, or the international community forced it to.

U.S. and European officials said Putin hasn’t changed his calculus in the war despite staggering Russian military losses and is still pushing to take Ukrainian territory.

But soaring gold prices are helping change that calculus, he said—especially given how financially strapped many Americans feel.