The Gold "Crash" We've Been Waiting for Is Here

The official story is that raw materials are losing their luster in recent weeks amidst signals from the Fed that it's going to raise rates. The theory is that higher borrowing costs reduce the incentive to buy commodities by making them less attractive versus interest bearing instruments like bonds and equities that pay dividends because of the lost opportunity cost.

That makes sense but, as usual, it's not the whole story.

That makes sense but, as usual, it’s not the whole...

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