from ZeroHedge:

On Friday, shortly after Powell failed to hammer the hawkish case in his “fireside” chat with stocks eager to take out 2023 highs, we said that Powell has a big problem on his hands not so much because if the market was indeed correct about imminent easing that only assures that inflation will come back with a vengeance and Powell would indeed be the “second coming” of a former Fed Chair – only Burns not Vlcker  – but because the kneejerk surge higher in gold (and digital gold) meant that the once again deathwatch for the dollar – and fiat in general – had resumed.