Those who believe the rally in gold is sending the wrong message on inflation might take comfort from the fact that the price of the yellow metal relative to that of the 30-year Treasury bond is approaching a 30-year high.
Perhaps not coincidentally, the earlier run-up marked the peak of hysteria about inflation — and a multi-decade top in gold.
Of course, there may be other reasons why precious metals (and other commodities, for that matter) are rallying, including safe haven buying and the torrent of cheap money flowing into a wide range of speculative asset classes.
Still, it seems like the gold bulls may be getting a bit ahead of themselves.
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