There's no other explanation for all these gains in the wake of a floundering economy, the loss of the Fed underpinning the market. Zilch.
This will not end well for anyone. But in the meantime, I flow in the direction of the herd lest I be trampled both ways.
I think you just explained it....the big myth is that people run to PMs when there is inflation and for no other reason...not necessarily so. People run to PMs when they are afraid of things like market crashes, war, or if there are simply no other asset class that looks attractive. The loss of the Fed underpinning the market should increase fears of a broader market correction and cause a flight to PMs which is what is happening now. The common mantra is no QE = no inflation = PMs out of favor when in fact it is more like no QE = no easy money flowing into stock bubble + no economic growth = all asset classes are overvalued except PMs = buy PMs
It's the vanguard of the flight to value; it actually can be nothing else. And if the Chinese do as some are whispering, back the renminbi with gold to some extent, and value based money or rather the return to it seems to be part of the strategy of the Shanghai Cooperation Organization, we may be witnessing the life being sucked out of the debt based monstrosity that has been used to financially enslave the world. These are certainly heady times.
Don't let anyone drop a banker on your head.
Certainly there are pockets where economic activity is robust. I've heard the same about the Austin, Texas area. The overall picture is much more bleak and the pockets aren't enough to carry the whole country. Georgia has been especially hammered this time round and we still await an improvement in the life signs. Housing and manufacturing are on the ropes. Crime is beginning to rise and the panhandlers are getting seriously aggressive.