As we have repeated quite often, rising inflation—or, more particularly, the expectation of rising inflation—has historically been perhaps the most important ingredient of all in past precious metals bull markets.

...we believe that these measures will also lead to diminished profitability, diminished tax revenues and, therefore, increasing calls for massive new economic stimulation which again, by historic standards, could well work to the benefit of the precious metals.

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…