So far in 2021, we must have already used that Hemingway-inspired phrase at least a dozen times in these weekly columns. But now, as the investment world is finally beginning to realize that inflation is definitely not "transitory", it's time to use it again. If you're not familiar with the phrase, it's inspired by Ernest Hemingway, who, when asked about how he went bankrupt, replied, "gradually and then suddenly". Almost all bankruptcies play out this way—including the pending bankruptcy of the U.S. government—but that's not what we're referencing again today. Instead, this discussion is about gold prices and the ... (full story)