It’s quite probable that we have seen a peak in commodities vs the Dow until later this year based on weekly cloud resistance.

And if we are expecting the Dow to be relatively ho-hum, it means commodities will likely be side-ways to down at best until at least the 4th quarter of this year.  And that’s the bullish scenario.

Like Yellen, Powell was so sure that any rise in inflation would be transitory.  It could be that they will try to coordinate with other central banks to keep the USD propped up, perhaps sacrificing the Yen to achieve that.  Look what they did between 2011 and 2016–printed trillions while commodities tanked straight down.  Whose to say they can’t pull it off again?

Maybe the Fed is all powerful.  Commodities vs US stocks are at a 50+ year low, and honestly, that trend could continue.  Money printing and bailouts have indisputably created real wealth and that doesn’t look likely to change any time soon.  Don’t fight the Fed.

Gold possibly headed to $1648 next.  And then, who knows.  FOMC on March 17–a long way away.