I Think We're at a Massive Moment of De-Globalization

Lukewarm reaction to the Fed raising short-term rates was bearish for gold, he says. But inflation is a famously noisy series, so I'm not necessarily persuaded that was the final and last peak, Luke argues. Inflation is starting to run away, even as we're seeing all of the gold bugs' greatest fears realized, which is the currency has been debased. So it tells you there's still that huge impact on the financial, you know, the financialized gold market, right? You know, it's still trading. It's still very influenced on real rates.