The money supply’s rate of growth is nothing short of jaw dropping.
– Irwin Kellner, “Follow the money”, Marketwatch, Tuesday March 25
According to economist Irwin Kellner in an article on Marketwatch today, M2 money supply grew at annualized rate of 16% from mid-January to mid-March.
The Fed is pumping money at the system at a hysterical rate in order to try and prop up the economy and forestall a recession.
As I’ve been saying: the fundamentals are still in place for gold to run higher. The correction last week, while scary for many, is just that: a correction. Gold appears to have found its footing and I still see it going higher in the next few years.