In the Buy Zone, page-15

QE was terminated in March 2022, before the FED had moved on from "transitory" inflation. Withdrawal of QE to a liquidity addicted economy has the effect of QT.

However, you are 100% accurate with the formal implementation of QT on 1st June. It didn't last long in 2018, and appears unlikely to last long in 2022. Their conviction to fight inflation is more rhetoric than reality, especially since the US is probably already in recession. The FED "brains trust" accountable to politicians, has been afforded too much trust for too little brains, IMO.

I continue to load accumulate physical gold and gold equities, one for wealth protection the other for wealth creation over the next 3-5 years.

NCM is just one of my equity positions. It didn't take too much brainpower to lighten holdings a few months back when most gold equity prices got a little ahead of reality. It just took a little bit of courage to leave money on the table. At 20% -30% lower prices, it takes the same courage to buy back in.

There are many contrarian investors on this site, they will understand this imperfect rotation pretty well. I expect I may be 3 -6 months too early in buying, because I usually am. A little pain and egg on my face doesn't worry me because I know I will be positioned at least one day before the market buys. That is a most important day. A day too long can be costly to get out, and a day too late can be costly to get in. I will never get my timing right but adherence process helps me not to get it too wrong. NCM is a buy for me.

GLTASH