Here is a chart that says that inflation still has a long way to...

Here is a chart that says that inflation still has a long way to go and therefore POG is going to trend higher in the coming months:

M2 Money Supply Growth vs. Inflation - 152 Year Chart | Longtermtrends

My observations:
1) Inflation peaks 3-4 years after a step jump in M2, implying perhaps seeing peak inflation in 1H of 2023.
2) Given the large increase in the October inflation figure of 6.2%, it is possible that inflation may moves to the double digits.

With inflation igniting all over the world's economies, it's presence is now very broad base and one can say that the inflation genie is out of the bottle. Needless to say, POG will be doing pretty well in the coming months or years with real yield remaining negative since at best US FED will hike interest rate modestly to avoid shocking the economy into recession and then having to apply QE and lowering interest rate later!

Cheers.