We had the breakout today. 

Gold has now cleared the way for a run to the 2011 highs of over $1,900.  But it won't stop there.  With trillions of dollars of new global money floating around, gold has all of the ingredients for a double, or more, from here.   

Sticking with the inflation-signaling commodities, here's a look at the chart of copper — which also looks like a technical break is coming in the days ahead …

Factoring into these two charts above, the mal incentives of the Federal unemployment subsidy are now being exposed, as employers are have trouble competing with the government to get employees back to work. 

As we've discussed, once low wage workers were given a glimpse of what the government deems to be a living wage (and it's higher than they were making at work), they demand a higher wage to return to work.  That's what's were seeing. And this will be just one of the many contributors to upward pressure on prices.   

Remember this chart …