Who says inflation is transitory? I agree with that. I'm talking about the Fed's ability (or desire) to respond. High inflation addresses their debt burden. Why would they add friction to that strategy by increasing their servicing costs? Makes no sense. Eventually the market will catch up to this truism. For me that happens when the Fed baulks at raising rates.
High inflation plus lower nominal yields equals negative real rates. That's the perfect environment for gold. I don't need $USD 2500 to make my investment decision in Regis makes sense.
The only uncertainty for me is McPs. NSW has proven to be anti mining so there are no guarantees particularly where water rights are involved. However I think this is well and truly priced in at present so I'm happy to add at these levels. In any event, the company has strong cash flows and a strong enough balance sheet to consider alternatives. In a beaten down market, those options come cheap.
Under valued, page-225
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