TSX Closer: Index Falls Again As Oil Seen at US$150 and the Global Economy is Seen in the "Foothills of Stagflation"

The TSX drop is noise. What matters is oil hitting $150 signals supply constraints while stagflation means central banks are trapped. They can't raise rates enough to kill inflation without destroying everything. So they'll print and pray. Energy inflation plus monetary expansion is the perfect storm for precious metals. We've seen this movie before in the 1970s. Gold went from $35 to $850. Silver from $1.50 to $50. Today's starting point is already elevated, but the fundamentals are even more compelling. Debt levels are exponentially higher now. When real rates go deeply negative again, metals become the only real store of value. Stack accordingly.