Waterford, Ireland

Our faith is weakening. That is, our faith that the government will be able to cause inflation, sooner or later. Let’s review our own narrative: deflation now, inflation later.

Gold was very rangebound from the foreign markets through the New York session on Monday, with buyers emerging when it dropped below $880 and sellers equally present when it topped $885, and it stumbled into a finish at $882.20, down $1.80.