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I neglected to include this in NFTRH 764, so here it is as an update. While we are managing a normal correction in gold and ultimately bullish forward prospects when the Fed weakens, this picture shows what gold has not done during the Fed’s hawkish inflation fighting routine. Gold has NOT followed the ratio of the CPI to the 10yr yield downward the way it followed it upward during the inflation cycle [edit: when the inflation was manufactured, not when its effects became apparent later].

This could be interpreted as bearish for gold or more likely, a forecast that perhaps inflation is not quite so under control. i.e. the seeds of a forward inflation trade. It’s FYI, for your consideration and reflection.