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Gold has been sucking wind this summer, trudging along after getting slammed by a distant-future-rate-hikes scare.  The resulting lower prices have really damaged psychology, leaving investors wavering on gold.  Their recent capital inflows have reversed into modest selling, contributing to unusual weakness in this leading alternative asset.  But investment demand should roar back in this inflationary environment. Gold entered summer 2021 with strong upside momentum, in a young upleg that had just powered up 13.5% in 2.8 months by early June.  This current interrupted upleg is the fifth of gold’s secular bull, and the previous four averaged big 33.3% gains.  Gold was progressing nicely until the June 16th meeting of the Fed’s Federal Open Market Committee.  The FOMC was expected to do nothing, and that’s what it did.

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