The Market Disagrees

The speaker argues that the traditional “higher rates are bad for gold” framework is breaking down, claiming war-driven oil spikes can lift CPI, force the Fed to delay or cancel rate cuts, and ultimately support precious metals rather than crush them. He frames the market’s current skepticism as an example of “management of perception economics,” suggesting the prevailing narrative is being shaped to downplay the bullish implications for gold and other precious metals. He points instead to three forces he считает more important: market behavior, delivery activity, and central bank buying. The core message is that physical demand and official-sector accumulation are telling a different story from the conventional macro trade, with the implication that the market may be underestimating the resilience of precious metals if inflation stays sticky and policy easing is pushed out.