And buy gold for when it inevitably all goes wrong …

Morning Porridge/Bill Blain/8-25-2020

“And then there is this week’s big event to look forward to; Fed Chair Jerome Powell will use the virtual Jacksons Hole conference to announce “average inflation” targeting. Whoop Whoop Whoopedy-do… All the Fed Watchers think this is going to be profoundly significant – a historic moment as the Fed will continue with a 2% inflation target, but instead of worrying if it goes above, it will allow inflation to remain higher for longer, ie ‘averaging’ for the periods when it’s been sub-target. These are just words. Meaning is more important. What it actually means is the Fed will simply ignore inflation, and won’t hike interest rates if/when the economy is overheating and inflation rises. The market will love it.”

USAGOLD note:  Another little masterpiece from the skeptical Mr. Blain ……

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