This Liberty & Finance interview was recorded just before the FOMC announced that it was doing nothing, but Chair Powell admitted that they are now talking about talking about when to tighten policy in a couple years. That was enough to spook markets. More important for metals investors is that it sent the UD Dollar soaring—much more than interest rates—and gold has been tracking the dollar more closely than rates lately. Despite the retreat this week, this is bullish, because it’s wrong-headed. Inflation is driving investors into the false safety of dollars—which, by definition, and very visibly in the real world today, lose value to inflation. I did NOT predict Wednesday’s correction in gold and silver in this interview, but I did say that it’s the dollar we need to be watching, and explained why.