Kitco’s David Lin asks the question so many have been wondering about; how can expectations of higher inflation result in lower gold prices. Our conversation gets a little wonky, digging into the reasons for this. The short version is that temporary differences between expected and measured inflation have caused real rates to rise. The key word there is: “temporary." The market is making a mistake. I see this as an opportunity—and I’m putting my money where my analysis is, in a big way. David followed up on that, asking me what I’m looking to buy, and if I’m holding back in case prices go lower in the weeks ahead. Happily, we ended up talking about silver, which I see as the win-win metal for 2021.I love that David pushes back against some of my ideas, by the way. He challenged me with different explanations, including the infamous Big Mac inflation chart. It makes for a livelier—and ultimately more useful—conversation. I hope you find it helpful.