Why a Longer Consolidation Hasn't Changed the Case for Gold and Silver

In this appearance on The Dr. Ardis Show, Dr. Kirk Elliott explains why he sees the extended consolidation in gold and silver as a normal part of a long-term bull market, one he believes has lasted longer than expected because the conflict with Iran has kept oil prices and inflation elevated. He walks through a hot 3.7% CPI report and rising odds of a rate hike, and explains why he believes the Federal Reserve's response to inflation, rather than inflation itself, moves metals prices in the short term. He points to second-quarter data showing central banks buying gold at roughly six times the pace of liquidations, China's growing depository network in Shanghai, Hong Kong, and the United Arab Emirates, and legal pressure on the London bullion market as factors that could tighten physical supply. He also discusses Judy Shelton's proposal for a gold-backed Treasury bond and rising federal deficits and interest costs, and compares the dollar's roughly 87% loss of purchasing power since 1971 with the long-term performance of gold and silver. He frames physical metals as assets investors may want to consider for the long term and invites viewers to schedule a consultation with the KEPM team.