Hormuz Trade Log: The System Is Losing Its Ability to Absorb Shock
Hormuz, Gold, and the Emergence of Strategic Vacuum
April 15, 2026
Core Thesis
The market is making a category error.
It is treating the Hormuz disruption as an energy event,
when in reality it is a system stress test.
What matters now is not the size of the shock, but the system’s capacity to absorb it.
The shock has already occurred.
What we are observing now…
