click chart to enlargeAn unanswered question in the era of the QE is, What is the effect on the long-waves cycle? Does this money printing simply postpone a deflationary "winter" reckoning for another day? Or is the effect to skip a healthy "spring" growth period and therefore move directly into a hot "summer" of out-of-control inflation. The more powerful the metals rally becomes, the more likely the latter answer above is the correct one.
click chart to enlarge
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