{"id":45775,"date":"2023-11-29T01:11:09","date_gmt":"2023-11-29T01:11:09","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=45775"},"modified":"2023-11-30T01:39:28","modified_gmt":"2023-11-30T01:39:28","slug":"michael-howell-why-monetary-inflation-will-drive-gold-higher","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2023\/11\/29\/michael-howell-why-monetary-inflation-will-drive-gold-higher\/","title":{"rendered":"Michael Howell | Why Monetary Inflation will Drive Gold Higher"},"content":{"rendered":"<p><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"525\" height=\"296\" src=\"https:\/\/www.youtube.com\/embed\/G_e1wAXJEhw?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n<p>In this interview, Michael Howell from Cross Border Capital suggests that the Fed will be forced to step in to fund US federal government deficits.<\/p>\n<p>Deficits will rise for two reasons:<\/p>\n<ol>\n<li>An ageing population means greater spending on Medicare, Medicaid and social security.<\/li>\n<li>Defense spending rising to 5.0% of GDP.<\/li>\n<\/ol>\n<p>Japan and China are no longer buying Treasuries and the private sector doesn&#8217;t have the capacity. The Fed will have to step in.<\/p>\n<p>In Howell&#8217;s words: &#8220;THERE IS NO OTHER WAY OUT&#8221;.<\/p>\n<h2>Conclusion<\/h2>\n<p>Gold is a great hedge against expected monetary inflation.<\/p>\n<div class=\"content_block\" id=\"custom_post_widget-44827\"><p><!-- AD START --><\/p>\n<div id=\"pi-ad\">\n<div id=\"pi-ad-hd\">Save 50% on an Annual Subscription.<\/div>\n<div id=\"pi-ad-content\">\n<div id=\"pi-ad-logo\" align=\"center\">\n<div><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/pan\/images\/patient-investor\/patient-investor-logo-2020-10-17.jpg?w=525&#038;ssl=1\" alt=\"\" \/><\/div>\n<div>the patient investor<\/div>\n<\/div>\n<div id=\"pi-ad-offer\" align=\"center\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/subscribe\/special-offer-market-analysis-3\" target=\"_blank\" rel=\"noopener\"><span style=\"\">Colin Twiggs\u2019 newsletter offers weekly coverage of financial markets and the economy \u2013 including macro trends, key sectors, energy and precious metals.<\/span><span style=\"\">Save&nbsp;50% on a new annual subscription to Market Analysis (normal price: $195 AUD or $145 USD). <span style=\"\">This subscription may be tax deductible &#8211; ask your accountant.<\/span> <\/span><span id=\"pi-ad-button\">Save Now &gt;<\/span><span style=\"\"><span style=\"white-space:nowrap;\">Offer valid until<\/span> midnight <span style=\"white-space:nowrap;\">September 15, 2025<\/span>. <span style=\"white-space:nowrap;\">New subscribers only.<\/span><\/span><\/a><\/div>\n<\/div>\n<\/div>\n<p><!-- AD END --><\/p>\n<p><!--\nGeneral Ad:\n\n\n<div id=\"pi-ad-hd\">This may be the best investment you make this year.<\/div>\n\n\n\n\n<div id=\"pi-ad-content\">\n\n\n<div id=\"pi-ad-logo\" align=\"center\">\n\n\n<div><img decoding=\"async\" src=\"https:\/\/www.incrediblecharts.com\/pan\/images\/patient-investor\/patient-investor-logo-2020-10-17.jpg\" alt=\"\"><\/div>\n\n\n\n\n<div>the patient investor<\/div>\n\n\n<\/div>\n\n\n\n\n<div id=\"pi-ad-offer\" align=\"center\"><a target=\"_blank\" href=\"https:\/\/thepatientinvestor.com\/index.php\/subscribe\/special-offer-market-analysis\/\" rel=\"noopener\"><span style=\"\">Market Analysis newsletter offers weekly coverage of financial markets and the economy \u2013\u00a0including macro trends, key sectors, energy and precious metals.<\/span><span style=\"\">Take advantage of our <u>$1 special<\/u>. New subscribers only. <\/span><span id=\"pi-ad-button\">Save Now &gt;<\/span><\/a><\/div>\n\n\n<\/div>\n\n\nBlackFriday2023:\n\n\n<div id=\"pi-ad-hd\">Save $95\u00a0AUD (or $70 USD) on a Market Analysis subscription.<\/div>\n\n\n\n\n<div id=\"pi-ad-offer\" align=\"center\"><a target=\"_blank\" href=\"https:\/\/thepatientinvestor.com\/index.php\/subscribe\/special-offer-market-analysis-3\/\" rel=\"noopener\"><span style=\"\">Market Analysis newsletter offers weekly coverage of financial markets and the economy \u2013\u00a0including macro trends, key sectors, energy and precious metals.<\/span><span style=\"\">Save on a new Market Analysis annual subscription. <span class=\"nowrap\">Offer extended until December 4, 2023<\/span>.<\/span><span id=\"pi-ad-button\">Save Now &gt;<\/span><\/a><\/div>\n\n\n<span style=\"\">Take advantage of our exclusive <span style=\"text-decoration:underline;color:#215468;\">Black Friday special<\/span>: save\u00a0$95 ($70\u00a0USD) on a new subscription. <span class=\"nowrap\">Offer expires November 24, 2023<\/span>.<\/span>\n--><\/p>\n<\/div><!-- id=44827-->\n","protected":false},"excerpt":{"rendered":"<p>In this interview, Michael Howell from Cross Border Capital suggests that the Fed will be forced to step in to fund US federal government deficits. Deficits will rise for two reasons: An ageing population means greater spending on Medicare, Medicaid and social security. Defense spending rising to 5.0% of GDP. Japan and China are no &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2023\/11\/29\/michael-howell-why-monetary-inflation-will-drive-gold-higher\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Michael Howell | Why Monetary Inflation will Drive Gold Higher&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,46,9,13,17,34],"tags":[6060,4306,1578,6190,6207,6122],"class_list":["post-45775","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-deficit-spending-employment","category-gold-precious-metals","category-inflation-economy","category-japan-korea","category-us-canada-countries-regions","tag-cross-border-capital","tag-fed-qe","tag-gold-2","tag-michael-howell","tag-us-federal-deficits","tag-yield-curve-control-ycc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Michael Howell | Why Monetary Inflation will Drive Gold Higher - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michael Howell | Why Monetary Inflation will Drive Gold Higher - the patient investor\" \/>\n<meta property=\"og:description\" content=\"In this interview, Michael Howell from Cross Border Capital suggests that the Fed will be forced to step in to fund US federal government deficits. Deficits will rise for two reasons: An ageing population means greater spending on Medicare, Medicaid and social security. Defense spending rising to 5.0% of GDP. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\\\/2009 and 2020 bear markets well ahead of actual events. 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Loans and leases by commercial banks (gray) may still be growing but are declining relative to GDP (blue below). Michael Howell from Cross Border Capital -- one of the few experts to correctly forecast a stock market rally in 2023 -- explains\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Commercial Bank Loans & Leases","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-17-bank-loansleases.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-17-bank-loansleases.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-17-bank-loansleases.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":43411,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/08\/12\/10-year-treasury-threatens-breakout\/","url_meta":{"origin":45775,"position":1},"title":"10-Year Treasury threatens breakout","author":"Colin Twiggs","date":"August 12, 2023","format":false,"excerpt":"Key events this week: Japan eased yield-curve control on 10-year government bonds. Michael Howell at Cross Border Capital explains that a 50 basis point rise in the JGB 10-year yield would cause a similar rise in US 10-year yields as Japanese investors repatriate funds. BRICS to meet in South Africa.\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"China Credit","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-08-11-china-credit-597x223.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-08-11-china-credit-597x223.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-08-11-china-credit-597x223.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":24841,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/03\/27\/decline-of-the-us-dollar\/","url_meta":{"origin":45775,"position":2},"title":"Decline of the US Dollar","author":"Colin Twiggs","date":"March 27, 2021","format":false,"excerpt":"In 1971 Richard Nixon took the US Dollar off the gold standard, creating the first reserve currency based on fiat. He had no choice. After LBJ's big-spending guns and butter program of the '60s, the US did not have enough gold reserves to cover its foreign debt. So the US\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32756,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/05\/14\/current-turmoil-and-its-impact-on-gold\/","url_meta":{"origin":45775,"position":3},"title":"Current turmoil and its impact on Gold","author":"Colin Twiggs","date":"May 14, 2022","format":false,"excerpt":"Michael Every from Rabobank is bearish on Gold in his recent video: \"I can't see the case for Gold while the Fed is hiking -- you don't get a correlation with the Fed hiking aggressively and Gold going up.....If you want to buy into the Gold argument you are buying\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Bank Credit & Fed Funds Rate","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":60544,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/01\/23\/beware-the-dollar-wrecking-ball\/","url_meta":{"origin":45775,"position":4},"title":"Beware the Dollar wrecking-ball","author":"Colin Twiggs","date":"January 23, 2025","format":false,"excerpt":"The US Dollar functions as the global reserve currency and is the only currency capable of performing this role. No other country is even remotely interested in running the massive trade deficits needed to supply financial markets with sufficient currency to meet international demand. US trade deficits (below) now exceed\u2026","rel":"","context":"In &quot;Gold &amp; Precious Metals&quot;","block_context":{"text":"Gold &amp; Precious Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/gold-precious-metals\/"},"img":{"alt_text":"US Trade Deficit","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-22-tradedeficit.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-22-tradedeficit.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-22-tradedeficit.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":61640,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/05\/12\/the-end-of-american-exceptionalism\/","url_meta":{"origin":45775,"position":5},"title":"The End of American Exceptionalism","author":"Colin Twiggs","date":"May 12, 2025","format":false,"excerpt":"Summary The myth of American exceptionalism is fading Decades-long international capital flows into US financial markets are reversing The US outperformed its peers because it ran bigger deficits Large deficits cause long-term inflation Ballooning federal debt undermines confidence in US Treasury markets Cutting the deficit will likely reduce economic growth\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"DJ US Index ($DJUS) & DJ World ex-US ($W2DOW)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-12-djus-w2-5y.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-12-djus-w2-5y.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-12-djus-w2-5y.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/45775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=45775"}],"version-history":[{"count":3,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/45775\/revisions"}],"predecessor-version":[{"id":45850,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/45775\/revisions\/45850"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=45775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=45775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=45775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}