In the mean time, Trump will keep pushing forward with more fiscal stimulus, and Yellen & Co. will push back with tighter monetary policy.

This interplay between Trump and Yellen makes for a shitty environment for bonds, and also as real rates head higher, gold and other commodities. Eventually this giant debt disaster will need to be inflated away, but I am afraid this FOMC is not yet scared enough to let that happen.

As this plays out, be careful with your precious metals and other commodity long positions.