Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Interim Disinflationary Phase

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The anticipated disinflationary phase is finally here

Excerpted from this week’s edition of Notes From the Rabbit Hole, NFTRH 921:

Macro

A hybrid “macro/sector fundamental” for gold stocks is the Gold/RINF (inflation expectations) ratio. HUI (yellow) leveraged the Gold/RINF ratio as it should have, during the 2025 rally.

Here we again pound the table on this: Gold miners leverage gold’s counter-cyclicality and the disinflationary winds that blow during a counter-cycle (with gold rising vs. mining cost inputs and inflation signals). Since modern economies are built on inflationary policy, the miners NEGATIVELY leverage cyclical inflation. As always, I would tune out anyone insisting you buy gold stocks for inflation protection. They are out there.

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Rinse. Warsh. Repeat.

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If you want a sense as to how quiet it is this morning, look no farther than SpaceX. After blasting 50% higher during its first two days of existence, it is effectively unchanged right now. Meandering aimlessly, all night long.

It seems, I suppose, everyone is waiting for the Fed announcement and the debutante ball of Kevin Warsh. I’m not sure why anyone cares about this guy announcing no change in rates versus Powell announcing the same thing, but evidently, it’s quite the BFD, so everyone is sitting on their hands.

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Set Free from Gold

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…………..the Fed and Both Aisles Ruined America

With gold no longer an austerity anchor, the Fed and both aisles of government have brought America to this point – call in the Screw Worm!

Pardon the mostly non-market related post. But it’s something I’ve wanted to put in writing for a long time. The Fed is at the controls of the inflation-making machinery in the US (as are global central banks in their own countries).

Inflation does not just appear, as if by some mystical financial mechanism. Inflation is produced with the ease of firing up the printing press. More dollars + finite assets = asset prices rising in those inflated dollars. Not rocket science.

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