As noted May 22, “the odds are that the Fed will next cut interest rates.” While there have been no rate cuts, Fed Chair Jerome Powell has made statements that indicate rate cuts this year. Also noted: “gold should respond well.” Gold was stuck in the $1275 range but now is trading above $1345, a $70 move in less than three weeks. The metals respond well to easy money policies, and they should. However, with the fed funds rate at 2-1/4 – 2-1/2 rate, there is little room for the Fed to operate. So, next is fiscal policy, or more deficit spending, probably on domestic projects so that the money flows to middle America. ... (full story)