From our precious metals point of view, I would note that if the production of these metals fails to meet demand, prices will likely rise, perhaps very smartly, thereby fueling additional increments of future inflation.

If the costs of financing the national debt increase in a manner described in this study, that should, in our opinion, be regarded as a long-term plus for the precious metals.

The ultimate resolution of this apparent contradiction between fundamental news and market performance could provide us with important future clues for gold and silver.

In all the years I have been writing this column (approaching 35) and in my writings elsewhere, I have to admit that I never foresaw the kind of immense changes that have been wrought during the past two months…