BoJ/Japan is a very useful study of QE. They practically invented!
3 decades later, they are still addicted to this 'drug', their economy has not done much besides deflation, recovery, mild inflation then back to zero growth etc..... The BoJ meanwhile propped up the Nikkei225 buying etf besides money printing JGB. Feds utilise this tool out of desperation, tried to wean off it with brief success for a few years then the market tail spin and it is back on stimulus. If that doesn't work then back to QE.
Back home in Oz, RBA is increasing being forced into a corner and contemplate QE. RBA is more of a stupidity with the agenda driven by the banking fratenity rather than regulate it through APRA. That is why the risks of a Cyprus style bank bail risks has gone up.
This time last year with the US bond yields rising, it was logical to look at the data and understand why gold fell but the added tariff wars complicated the macro. It is now changing as the dynamics is once again shifted to gold bullish move.
