Fed's Barr sees rates holding steady 'for some time' given above-target inflation - Reuters

Barr just told us the Fed's playbook for the next cycle. Rates holding steady while inflation runs above target means real rates stay deeply negative. This is the exact environment that drove gold from $1,200 to $2,000 in the last cycle. The Fed can't raise rates without breaking something, and they can't cut without stoking inflation. They're trapped. Meanwhile, central banks added 800 tons of gold last year and aren't slowing down. COMEX registered gold sits at multi-year lows while premiums stay elevated. The math is simple: currency debasement plus supply constraints equals higher metals prices. Stack accordingly.