Sniffing It Out

The news is blue
Has its own way to get to you
--Sniff 'n' the Tears

The Fed's walk back on rates et al has not been lost on gold. Gold is a bet on disorder, whether that disorder be grounded in the monetary system or in broader social systems.

By taking its foot of the monetary brakes, the Fed greatly increases the probability of Big Inflation which, of course, can create disorder of great magnitude (and duration).

Gold is sniffing it out.

position in gold