Nat Gas is Time Bound and Falsifiable - Gold is not inductive reasoning. (Most don’t even know what this means hence the ballyhoo)

Natural gas tends to produce analysis that is time-bound and falsifiable:

“If the forecast trends colder and storage is tight, price should respond.”

Metals often produces analysis that is directionally persuasive but structurally ambiguous:

“Gold should rise because the system is unstable.”

That might be true. But it’s not always tradable. And it’s rarely …