Gold's day will come, but markets are wrong to bet on wild inflation
Inflation expectations are shooting up, but at the same time the Fed is holding down nominal rates by financial repression. Gold will have its day of glory but don't jump the gun.
Gold was "wrong" a decade ago. Prices surged to an all-time high on breathless talk that dollar debasement and promiscuous printing by the US Federal Reserve would ignite roaring inflation.
I still have a currency note for 1,000,000,000 Zimbabwe dollars kindly sent to me by a reader at the height of the gold bug fever in 2011.
