The months since Chair Powell’s dovish speech at Jackson Hole on August 22 have been a reordering in global markets. For reasons that aren’t entirely obvious - the Fed had signaled its intention to resume rate cuts well ahead of Jackson Hole - that speech sparked a big hunt for safe havens from debt monetization, which saw precious metals prices rise in a straight line through mid-October, when the IMF/WB annual meetings put an end to this rally. In all likelihood, the precious metals rally is far from over and is just one manifestation of the “debasement trade,” which is also flooding into low-debt countries like ... (full story)