generally I agree with you, but we know, the correlation is near 100%, that PMs go up with negative rates. So far the market wants to believe that rates are "transitory," and yea, they will short the PMs, but that narrative is giving away now.
The 2 narratives in its place will be:
1. The FED actually wants inflation, and negative rates as well, for a very long time, to melt away debt.
2. The FED needs rates at 6 or 7% to even keep pace with true inflation, and since it cannot do that, why hold dollars? You lose 5% of your money ever year.
The world changes. Life is change.
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