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Trey was an NFTRH subscriber back when he was a research analyst at Sprott, and has since gone on to form or at least become a major part of the Bristol Group, based here in MA. That was how I got to know him (by email, at least). I should actually meet him some day as he’s down the Cape and I am west of Boston. In my experience, when gold bugs meet up (or have phone conversations like I do with Scott) it can get pretty interesting.

Anyway, here is his latest commentary and research on gold, monetary policy and more. A smart guy who does good solid work. You can click the lower graphic to get the full PDF report. Just below is one clip that stood out to me, as I all but tune out CPI and other effects of inflation as pertains to gold because the inflation is the money creation, as Trey indicates. Inflation is not the after effects of inflation that get everybody pissed off later.

I’d add that while gold usually goes up big during monetary inflation phases (e.g. 2001, Q4 2008/Q1, 2009, H1, 2020), it can struggle in relation to other markets when the inflation – for a limited period as per 2020 to 2022 – works toward a positive or cyclical economy. That’s a drum you hear me beat constantly and that drum kept us dealing with reality after the 2020 monetary inflation started to root in the economy and casino patrons picked up on it in the form of various ‘inflation trades’. But this is a post about Trey, so why am I writing a full post?

Trey, tell the nice people your views…