Fiscal dominance today means IMO that high government debt levels and persistent deficits impair the transmission of monetary policy, forcing the Fed to decide between remaining behind the curve or having to go farther and harder to counteract baseline inflationary pressures emanating from the Treasury. To me, this doesn't suggest the gold price has to do X or Y on short and medium timeframes. And, frankly, laughing about it being down recently after three years of literally going vertical upwards is kind of silly. It is clear that the Fed has decided that a policy-induced recession is not worth shaving a couple of points off of inflation. They have, thus far in this expansion, chosen to be behind the curve. They are effectively being… dominated by… wait for it… fiscal policies and Treasury. I would love to have replied directly to Nick, but he blocked me years ago for a reason I can't even remember.