There is one last indicator that I believe may be the most important of all. That is the “Index of Leading Economic Indicators” (LEI), which is a compendium of those economic indicators that point toward future growth, and LEI has just reached historic highs, far exceeding previous peaks in 1999 and 2006.

While present official numbers remain quiescent at below 2%, we strongly believe the seeds of future inflation have now been laid via virtually unlimited currency creation by various central banks around the globe.