Summary

• Seasonally Adjusted Money Supply has been growing on a consistent monthly basis since November 2023.
• Warsh spent his entire speech last week explaining how the Fed was going to get tough on inflation and yet May was head and shoulders above nearly every month since 2021.
• May is one of the stronger months of the year, typically, but this May was more than double the average.
• The market has not seen through to the other side yet and when it does, the metals are going to explode higher.

Money Supply is a very important indicator. It helps show how tight or loose current monetary conditions are regardless of what the Fed is doing with interest rates. Even if the Fed is tight, if Money Supply is