TLT Up, TIP Up, TIP/TLT Down, Inflation Expectations Down, Gold Mining Funda Up

Wacky title aside, with nominal bonds and TIP bonds each rising and the TIP/TLT ratio still dropping, the indication is of course declining inflation expectations (and a lurch toward risk ‘off’).

Many gold bugs will boo the waning of inflation expectations, but this gold bug will, well, not cheer it because I don’t cheer anything in this casino… but let’s just say this gold bug will be pleased.  I will be even more pleased if we can shut the inflationists (i.e. momos) up for a while and more pleased still if we can position for the next cycle under cover of weak financial markets later this summer.  Remember, the gold sector’s fundamentals need counter cyclical activity, not inflationary cyclical activity.


I think the next cycle will be inflationary, but first it would be good to puke out the momos.  Also, assuming an inflation cycles comes about, it will have limits per…


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