Ya know, if inflation is as muted and not very shocking as the government wants us to believe, how come gold is acting like a total bottle rocket?

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The good news is that gold is up over $33 and has finally broken above that horizontal. The not-so-good news is that it’s got about a hundred bucks of overhead supply it has to hack its way through.

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Generally speaking, though, things are looking good for gold. The miners, summarized here by way of symbol GDX, continue to accrue gains after their successful breakaway, weeks ago, from their own resistance line.

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Oh, and as for equities, the excitement, back-slapping, and Cathie-Wood-celebrating giddiness from this morning burned off in a mere two hours. All they’ve managed to do is hammer out yet another Lower High. Nicely done, fellas.

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