Hi
@arsenic , too kind as always.
I think most people are still viewing the old lense of the past 5 decades re bonds as the go to whereas that has been shifting over the last decade towards gold but most haven't noticed as we still look at the old denominator (USDs and USTs)
If we start pricing everything in ozs of gold the whole picture looks markedly different.
Markets will keep going up in dollar terms (esp as the new regime in US keeps weakening the DXY because they NEED to) then we have rising markets and prices but in gold terms it's sideways (EM type behaviour).
As the debt and deficits are so large the only route is via inflation (or outright deflationary default but no govt chooses that option when they have a printer and need to fund cold war 2.0).
The other thing folks will wake up to this decade is gold is the pressure release valve, not energy (like it has been sinc the early 70s Petrodollar system) as spike in energy prices will blow up the debt markets being so large. Expecting a range of 70 to 90 usd/bbl moving forwards but expect 1 oz of gold to buy more barrels of oil as we progress.
It's all about the denominator and purchasing power.
We don't have money printers so easiest way is hedging through PMs and Commodities and by extension equity plays (which are just leveraged options) that have solid resources bases.
As always, I'm just guessing like everyone else and just parroting what smarter folks than me have figured out and I'm trying to position accordingly for what's coming.
Now we wait for the majority to catch on.
(20min delay)