Sprott Gold Report: Summer TestNice to see an intelligent mix of fundamental and technical gold market optimism…
https://us12.campaign-archive.com/?e=d54fa37700&u=a1ba87a00a51a019cbc030b16&id=caaffc5b28 Articles closing paragraphs:
LOOKING FORWARD During the final four months of 2018, we expect euphoria over “strong” S&P Q2 earnings to fade into consensus recognition that corporate profits have been financed through the zero-sum misdirection of an exploding federal budget deficit. As the Treasury conducts its second half issuance now projected to total $769 billion (bringing total 2018 issuance to $1.33 trillion), we expect significant erosion in feverish dollar sentiment now in play. Additionally, modest 2018 upticks in the average interest rate paid on U.S. public debt are already straining Federal budget projections with geometric increases in debt service obligations. As final perspective on the U.S. fiscal position, we offer Figure 6, the IMF’s five-year forecasts for the percentage change in government debt-to-GDP ratios in “advanced economies.” Note there is only one nation projected to increase its debt-to-GDP ratio during the next five years. Does this look like a recipe for relative dollar strength? While gold is never easy, we still like its chances. Indeed, an extraordinary opportunity is now presenting itself. 
Figure 6: IMF 5-Year Forecasts for % Change in Government Debt-to-GDP Ratios for “Advanced” Economies (April 2018), Source: IMF, Deutsche Bank.