‘The math is on gold’s side’: Larry Lepard sees rising debt forcing currency debasement - KITCO
‘The math is on gold’s side’: Larry Lepard sees rising debt forcing currency debasement - KITCO
Source: KITCO
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DW NOTE
Lepard is right about the debt trajectory — the U.S. ran a $1.4 trillion deficit through June, 3% worse than last year, with no policy change in sight. What he calls debasement, the Fed calls normalisation: official CPI is 3.53%, conveniently below where gold would scream louder. Gold is up 37% year-over-year despite a 12% drawdown from January's $5,318 peak, which tells you someone is buying the dips.