If you’re trying to make sense of the new world order or of the latest Fed minutes, here’s some good news: A few gold watchers have it all sorted out.

The precious metal is jumping to a four-week high today because yesterday’s minutes are beating up the almighty dollar, says Naeem Aslam at Think Markets. Janet Yellen and her sidekicks are feeling really uncertain about the “timing, size, and composition” of any infrastructure spending or other U.S. fiscal stimulus, the account of the Fed’s December meeting revealed.

“The Fed is surely betting that Donald Trump will be able to deliver when it comes to fiscal spending and tax reforms. But the reality may be far off what the market is positioned for,” Aslam writes.

“I guess gold got tired of bitcoin having all the gains,” writes Slope of Hope’s Tim Knight, who provides this chart. Today he expects to end a bet against an ETF holding small-cap gold miners GDXJ, +7.22%  that has soared 21% in the past two weeks.

Protectionist policies from the Trump administration could “more than offset the potential benefits of tax breaks and looser regulations,” Swarts argues.

“As such — and despite the considerable retracement declines in precious metals in the back half of last year — we continue to like their long-term prospects in what we believe will be a lower real yield market environment.” The low rates could persist longer than most expect, he adds.

Source: Market Watch