The idea that Vladimir Putin is responsible for the raging price inflation in the U.S.—as Joe Biden first claimed in a speech a couple of months ago, calling it “Putinflation”—is patently absurd.
The Fed, along with several of the largest Central Banks around the world are directly and indirectly the cause of price inflation. Supply chain disruptions and the U.S./EU sanctions on Russia are secondary exogenous variables that have exacerbated the problem created by bankers.
With all of the factors in place to support a big move higher in the precious metals sector (raging inflation, escalating geopolitical tensions, recessionary economy, etc.), the recent market action is frustrating to say the least.
To be sure, a certain percentage of the poor performance in gold, silver and mining stocks is attributable to the ongoing decline in the general stock market.
It’s a bear market.
As I’ve discussed previously, when capital pulls out of the markets (stocks and bonds), it pulls out of everything. March 2008 to late October 2008 is a good parallel to the current market.
Rob Kienz of GoldSilverPros.com invited me on to his podcast to discuss the Fed, inflation, the precious metals sector (gold, silver, mining stocks), Cathie Wood/ARKK and the Uganda gold claim.