It's hard to believe that the Fed will stay tight with the money supply on a long term basis, given the amount of debt the government is about to issue, but that's a long term issue, and may mean that gold somewhere under $1,000 an ounce will be a great buy. But let there be no confusion, the slowdown in money growth has clearly put deflation in the driver's seat. Inflation may be lurking in the back seat of the car, but it will take a good punch, I'm talking a real good punch of monetary inflation, before inflation can unseat deflation at the steering wheel.
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