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I made an incorrect comment when referring to the macro. I posted that interest rates are expected to be lowered by the Fed but not because of signs of inflation. The fact is that the Fed would raise rates to check inflation. It is unfortunate however that the Fed is expected to lower rates because of a slowing economy that did not have to take place. The formula for equalizing trade between two countries is not only about tariffs but about the efficiency of a particular country in manufacturing goods. The immoral reasons for what makes a country more efficient are a different issue, i.e. child/slave labor, ignoring environmental standards, etc. As to tariffs themselves, a more diplomatic approach would be less disruptive to global economic growth.
Anyway, I donít believe that the rise of the gold market is on its own a sign of a macro, universal growth in commodities. Gold has been strong due to speculative demand specifically in the GLD ETF, bringing the gold/silver ratio to above 90.00. But there is no inflation to justify the rise but rather the mere anticipation of lower rates. I agree with the belief that the macro will some day propel commodity prices higher.