The Fed is caught between a rock and hard place and we look at that and where is all this money that has exploded money supply and the Fed’s balance sheet going.
New mines supplies of copper will be limited. The world will be in a copper deficit over the coming years. Only a sharp increase in recycled copper will also reduce the future deficit in copper.
Inflation has clearly arrived, but the first wave looks exhausted and the “hawk talk” from “Fiat Fed” has the overleveraged hedge funds liquidating COMEX market positions with a loss of confidence.
Gold demand seems to be dropping. Swiss gold exports fell 37% in May. Sales to India fell 96% to 2 tons. Shipments to China fell 19% to 32.8 tons and exports to Hong Kong dropped to 3.8 tons.
