Peter starts by putting this week's surge into context:

"There's an old Wall Street saying: 'nobody rings a bell,' meaning that nobody warns you when you're at a major top or a major bottom. The problem is there are bells. It's just that people don't recognize them. They don't hear them. They don't know what to listen for. Well, there was a big bell rung today in the gold market, in the silver market. And everybody is tone deaf. … To give you an idea of the size of the gain this week in gold and silver, gold rose 4% on the week, which is a big move for gold in one week. Silver rose 10%."

Friday's relatively strong jobs report is no consolation since most of this month's new jobs are in the public sector:

"All these jobs— net— are part-time jobs. Look at the jobs. Almost 70% of them are government jobs. They are health care jobs, and a lot of health care jobs are really government jobs in disguise. And food and beverage, hospitality, waiters, bartenders, hotel maids, that kind of stuff— that's where the jobs are. We had no creation of manufacturing jobs at all. And last month's loss of manufacturing jobs, which was originally reported at minus 4,000, was revised to minus 10,000."

Even with bond yields rising, gold still went up this week. This suggests there's something more at play than what Wall Street's trading algorithms can detect:

"Gold's going up no matter what. It's just that it'll go up even more on weak economic news than on strong economic news. But whatever the news is, gold is going up! Gold is being repriced. Central banks are increasing their gold reserves. They don't care! They don't care about the Fed at this point. They don't care how many rate cuts we're going to get this year. They don't even care if we get any rate cuts this year. None of it matters. Gold is going up no matter what."