We harp on it all (and I do mean all) the time in NFTRH. There is most likely no end to the commodity-adversarial deflationary phase until silver is bid higher than gold.People intellectualize things that they see with their own eyes like rising costs in the economy, and think inflation is coming.I think it is too, but market signals will tell when the market is ready.

As it stands, silver is getting bid down worse than gold and that has been a trend since the last inflation phase blew out in 2011.There is no signal.

You remember the end of the last cycle, I am sure. It was called nearly to the week by Bill Gross’s short of the long bond (loudly broadcast across financial media) due to inflation expectations. We had a different view; one that stated ‘maybe, but let’s tap the breaks for a moment and see if we can break the Continuum first…’ 

We didn’t.We simply added the 2nd to last red arrow on said Continuum…

Have a nice weekend folks.