With commentary from James Bullard that there’s still a chance of cutting QE short (seems unlikely) there doesn’t appear to be a single major bank anywhere (with the exception of the Bank of Japan, and their circumstance is highly unusual) that has a loosening bias. Everyone is inching (at least verbally) in one way or another for tightening.
Maybe that’s why gold hasn’t really gone anywhere in ages.
Here’s the latest chart:
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