M2 just hit another record and gold may be playing catch up

Gold is getting hit by Warsh’s hawkish talk, but the money supply keeps climbing. If that divergence closes, gold has some catching up to do.

Time to buy gold.

Thesis is simple: More money supply, higher gold prices.

They diverged earlier this year as markets expected a tighter policy under Kevin Warsh.

But nothing has changed and global money supply kept growing, so gold prices have some serious catching up to do. pic.twitter.com/bdkIe08ZFM

— Oguz Erkan (@oguzerkan) August 29, 2026