A Fed governor recently dismissed concerns about inflation expectations, claiming to see no evidence of them taking off. Yet the gold and silver markets tell a different story—their sustained strength suggests investors are pricing in real inflation concerns. Meanwhile, the backdrop speaks volumes: exploding federal budget deficits, ongoing rate cuts, and fresh rounds of liquidity injections (call it what you will) all point toward mounting price pressures. When official narratives diverge this sharply from what real assets are pricing in, it's worth paying attention.