Well, it’s hard to believe, but gold is actually catching a bid!

That was sort of the easy part, though. It needs to hack through all this junk and get above 1920 to really set up for smooth sailing. I hope it gets there!

Yesterday morning everyone was watching the CPI. It came in about twice as hot as expected. This morning it was the PPI. Again, about twice as hot as expected. The 1970s called and wants its inflation back.

Weirdly, unlike yesterday, the market seems to just LOVE the idea that destructive inflation is heating up like it hasn’t in decades. This market seriously makes zero sense at this point. Zero.