Let's look at the weekly precious metals charts from last week.
Quite a ride for gold last week - $32 higher on Friday! That's powerful. It got as high as $2,095. So you got a $2,100 market in gold. We are back up to $2,071 on a monthly basis.
Why? Because it doesn't have a headwind. You lose the strong dollar, bonds and notes continue to fall in their yield. The high interest rate is behind it, and you still have sticky inflation.
Powell says everybody is premature that the Fed is ready to cut rates. Americans have an unprecedented amount on credit cards. People have gone through their money.