The only things that seem to go up on days the market is open are gold and Tesla. We don’t advise buying the EV manufacturer at 200x forward earnings. Gold is a different matter. With US M2 money supply growth in Third World territory, dollar weakness will be persistent.

The US dollar July 27 broke through a six-year support line at 94.35. We have been dollar bears for the past two months and remain ursine with respect to the US currency.

Gold used to trade with Treasury Inflation-Protected Securities (TIPS), but has broken out into a new range during the past week.