The pundits chat up gold and silver in the midst of economic uncertainty and trade tensions with China. They are forgetting the Fed’s record money printing party.

Investors who were concerned about the recent rapid, large scale expansion of the money supply (particularly M1) have had positions in gold and/or silver since early April of this year. Those who fear dilution of the USD have had concerns dating back at least to the initial Quantitative Easing effort during the great recession of 2008-2010. Many have had concerns since Nixon took the U.S. off of the gold standard in August 1971 if not prior to. It is ironic that the Federal Reserve bungled preventing the Great Depression (Its first foray under the bright lights) by not expanding the money supply – the only skill it seems to have mastered present day.

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