This was the turning point...
Authored by Tom Luongo: Every Wednesday and Sunday morning I record a private podcast for my patrons. I cover gold, silver, oil, the Dow Jones and Bitcoin at a minimum. This past Sunday I mentioned during my oil commentary I thought the six-month long weakness in oil was overdone.

At least that’s what I thought at the time. It turns out that there were a lot of people who must have known that OPEC+ was going to announce a surprise production cut while I was yammering into a microphone Sunday morning. Because they bid oil up into the quarterly close using the tailwinds of strong closes across the entire ‘tangible assets’ space — gold, stocks, US treasuries, industrial metals, etc. — as cover.
The ‘deflation trade’ hit its peak when Brent crude futures bottomed near $70 per barrel on March 19th.



