gold, page-98117

Good article.
Like he says, misallocation of capital, high PE's and similar components are already here. May slip into stagflation very quickly after a blow-off top in equities.
The other key item was around money velocity. Productive growth unlikely until this picks up as it indicates money invested in the community rather than on overseas purchases or off-shoring. This is where the Gada articles intersect except there is a significant lag. Factories take years to design and build then there is the education/skills deficit. Many of these delays are regulatory. Some seismic shifts on the way.
In the meantime commodities will still be in rising demand and with falling grades and smaller scale projects the inflation in commodities prices is only just beginning.
Thanks for that.