Testing Exogenous Cause from Monetary and Fiscal Policy

If Inflation Ignites, Will Gold Rally? Before You Answer...

Most economists and financial-market observers believe that inflation causes gold prices to rise. Learn why this notion is false, plus discover why the tide of quantitative easing (QE) doesn't "lift all boats," either. Excerpted from Chapter 2 of The Socionomic Theory of Finance.

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Meet Your Author


Robert Prechter

Robert R. Prechter Founder and President, Elliott Wave International

Robert R. Prechter’s name is familiar to market observers the world over. Since founding EWI in 1979, Prechter has focused on applying and enhancing the Wave Principle, R.N. Elliott’s fractal model of financial pricing. Prechter shares his market insights in The Elliott Wave Theorist, one of the longest-running financial publications in existence today. Prechter has developed a theory of social causality called socionomics, whose main hypothesis is endogenously regulated waves of social mood prompt social actions. In other words, events don’t shape moods; moods shape events. Prechter has authored and edited several academic papers. He has written 18 books on finance and socionomics, including a New York Times bestseller.