RE:Don't get hysterical herethere are all kinds of things that drive the POG, and it certainly has something to do with the health of PGM IF the company has begun to sort out its production woes.
Forex is an expression of many things, certainly inflation and the resultant interest rate moves are drivers, but things like trade and capital flows that come from it provide direction too. Forex is in the mix for sure but is not a macro driver here. If US interest rates move higher it is U$D positive, which in the usual terms would be gold negative, so we will see bumps and ripples, but the real driver is inflation which includes energy, minerals, and Ag.
Stagflation is a word I used a lot last year, I got laughed at by people who knew better, now where are we headed? Commodity markets are in a parabolic rise, its early in the cycle yet, but buckle up, there will be bumps in the road.