1) This is not inflation. If it were, corn (green line overlaid) and all the other real stuff would be blowing off. It isn’t.

2) This is not the end of the dollar yet; if it were, why are emerging market currencies struggling? We expect one more corrective rally in the dollar to wash away the Johnny Come Lately bears.

3) Safe haven and yields. That make sense. But, how much of this is pure Fed Juice speculation? We have seen gold act just as a risk asset (similar to stocks) before, only to plunge on a big stock sell off. Gold a nice reservoir for needed margin call money.