Governments hate gold; reason enough for the rest of us to like it...

...the combination of neutral US data, de-escalation signals from Russia/Ukraine, and government jitters over the equity selloff is making us cautious over this breakout.

"This might be just some reprieve, given we had so many uncertainties in the US."

Silver may finally step out of gold’s shadow and embark on a sustained bull market of its own.

"...all the gold I could eat."

Our situation today is not dissimilar to the 2000 internet bubble...

Gold, the ultimate barometer of economic unease, stands to benefit...

...are they refilling Fort Knox?

“...within the next twelve months, we’re going to monetize the asset side of the balance sheet for the American people. We’re going to put the assets to work.”

Whether the gold is or is not in Fort Knox, it could be seen as a sideshow...

...the fundamental driver is that central bank monetary policy has inflated the money supply and eroded confidence in fiat currency, propelling gold’s ascent. 

...the legacy of the US regime’s gold theft is not limited to the coins that happened to be in private hands in 1933...

...desk believes there is still see material upside in the medium term with the broader bullish themes set to continue.

At the moment there’s a lot of uncertainty reigning in the background"

So, yes, gold gets the last laugh – but the circumstances couldn’t be sadder...

There is a shortage of physical gold...

“...all the gold is there.”

The Fed is not in control. Inflation is ripping as the money supply expands, prices are rising, and gold will respond with further gains...

There is little sign of a let-up in the funneling of gold into Comex warehouses in the US as the squeeze in the physical metal in Europe persists...

In a sign of the strain on some market players, the interest rate to borrow gold has rocketed...