Jerome Powell Starring as Backdraft Ronald

"What would you like to do to the currency and confidence in inflation, Jerome?" Burn it

Gold, silver, copper, and the miners saw a surge as Powell opened his presser with incredibly dovish comments even though some of the Fed voting members dot plots initially seemed a touch more hawkish than expected. 

On the silver ETF monthly chart, below, you can see a three year coiled spring ready to explode higher as Powell continues to display historical cowardice in not having the guts to fight inflation, let alone another prospective leg higher in inflation. We know Congress and the White House are spending money like gangbusters, but that is a given--federal government austerity is always the last shoe to drop. The Fed should be aware of this and compensate for it with tighter QT and higher rates, which it clearly is not. 

The ultimate check on meek central bankers letting inflation run are the metals and miners. And we have a glimpse of that happening now, with silver and copper the higher beta ringleaders.