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Dave Kranzler: Merging Treasury and Fed, Yellen's appointment is bullish for gold
By Dave Kranzler
Investment Research Dynamics, Denver
Thursday, December 3, 2020
The appointment of Janet Yellen as U.S. Treasury secretary fully removes the "Chinese wall" that is supposed to separate the Fed and the government. I believe that her appointment signals a decision to transition monetary policy into the unfettered implementation of Modern Monetary Theory.
This will encompass a record amount of Treasury debt issuance, which started last Monday with record two-year and five-year Treasury note auctions.
... Dispatch continues below ...
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The Fed will be required to fund a large portion of the coming bond issuance or risk a rapid escalation in interest rates, especially at the longer end of the curve.
As evidence of this, the Fed is considering increasing the amount of longer-dated Treasuries it is buying. This is MMT in a nutshell and it is exceedingly bullish for the precious metals sector. ...
... For the remainder of the analysis:
https://investmentresearchdynamics.com/bullish-for-gold-yellens-appointm...
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