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 The post began as a simple view of the inflationary dynamics in play within the precious metals market but as sometimes happens it, err… expanded. Please excuse the wordiness. But I would rather be wordy and try to make points backed in facts and data than backed only by my biased ego.
Not that I have proof (re: the title), but I do have some charts to help make the point that people who bought gold and gold stocks due to inflation fears have been driving the gold sector higher since March.
Back in January and February HUI rammed upward amid much doubt and skepticism because the general market backdrop was bearish and even more importantly, the commodity focused ‘inflation trade’ was nowhere to be found. At that time we were calling the deflation story “long in the tooth”.
Way back on August 14th of last year, I offered up the idea to short SolarCity which, as I put it, had “nothing but losses and a really overhyped CEO”. Well, it was a pretty wild ride since then, but on the whole, that short idea has worked out rather well! (I’ve marked the post with an arrow)
As for today, FRGI is my one bright spot, since I suggested it only on Sunday and it’s getting blown to pieces. As for the day in general………..well……..kinda sucks, don’t it, bears?