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Gold’s job is to hold its value while the local currency is inflated away. Which is another way of saying gold goes up when local currencies go down.

The most glaring current example is Japan, where a multi-decade experiment in artificially depressed interest rates is finally coming undone. Inflation is rising, the yen is falling versus other currencies — and gold has gone parabolic.

And it’s not just Japan. Check out Australia…

… and India:

Here in the US, gold peaked in 2020 and has been treading water ever since, to the immense frustration of local goldbugs.

But the US is making the same financial mistakes that produced those local currency bull markets.

It’s a safe bet that Americans will look back on this boring stretch as one last chance to load up before we start turning Japanese

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