Also the Central Banks have been driving the POG for now, layer...

Also the Central Banks have been driving the POG for now, layer onto that when instos/pension funds etc start flipping out of bonds (this decade bonds are just certificates of confiscation with negative real interest rates, wait till they have the aha moment ) and then finally when the FOMO retail party finally joins the melee, we are still very early into this new paradigm.


Most finance folks only know bonds as good performers last 4 decades but from 1901 to 1982 bonds were generally negative performers. That period is now back, but when your whole frame of reference is that last 4 decade period it takes a while for it to sink in.

Last few years bonds returns were terrible, but majority haven't cottoned on that it has shifted back to the 1901 to 1982 paradigm. Central banks always lead and this time is no different and they are primary buyers of gold so far. The herd will catch on, that's when developers with real assets (like AUC) come into their own.

No wonder Basel 3 was implemented a few years ago to get ahead of this curve, the market makers knew what's coming.

The larger debt cycle is clear. PMs and commodities matter again in this Inflationary decade.