The big bullish “monster” trade (even there, I see no monster, just healthy broad breadth leadership) did not materialize until after widespread price damage was done to most markets.
Despite pundits advising to sell gold, real interest rates remained deeply negative. There's no "opportunity cost" when real rates are negative, even if nominal rates are rising.
It's clear why everyone is scrambling for copper. Once cheap and plentiful, this global workhorse is now a critical mineral. Rising prices indicate high demand and limited supply.
The Fed’s implicit guarantee to prevent the government from defaulting is why politicians in Washington, D.C. don’t feel compelled to change their spending habits.
When I hear people speculating that our inflation troubles are winding down, I wonder what is wrong with their heads. How do they not see more inflation coming?
Our political heroes will kick the can down the road until they can't. The limits are real. Private investors can’t and won’t buy government debt whose repayment is doubtful.
American stock investors will drive gold up as the AI stock bubble inevitably bursts. Still-deeply-undervalued gold stocks need to soar to reflect their fat earnings.
