A Question For The QE = PM Bull Crowd
How do you explain the static condition of the FED's balance sheet and the absence of ZIRP and QE (in any form) and the first 8 years of the PM Bull where the POG was up over 300% ?
On 10/01/2000 the POG was $275 (give or take)
On 10/01/ 2008 the POG was $900 (give or take)
Surely the actions taken by the WW CBs and the FED since 2008 have affected the POG but to ignore all the previous data and the entire first 8+ years of the PM Bull and presume that the PM Bull is solely reliant on FED expansion is ridiculous.
I eagerly await a concise reply that will explain away how the POG rose by 300% prior to QE thereby making QE the main driving force behind the POG and without it the Bull is DOA.
drtkw, no need to reply again. When I asked you this precise question before your reply was "because you idiots drove the POG up". Hard to argue intelligent responses like that.