A misconception held by many is that the POG always moves in the inverse direction to LT IR's. I wonder if this belief derives from another even greater misconception? The one in which folk believe that the POG only increases during inflationary periods, and decreases during deflationary periods.
When pulling back and looking at the longer term picture, charts clearly show that the POG often entirely invalidates the mainstream narrative. The following chart (courtesy of goldchartsrus) perfectly portrays the actuality.
POG chart.jpg
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