Gold Pushes Above $4,400 While the Fed Debates a Rate Hike — Here's Why That Isn't a Contradiction

Gold pushed back above $4,400 an ounce this morning while the Federal Reserve openly debates another rate hike — a combination the textbook says shouldn't happen. The answer isn't a Fed pivot. It's a supply-driven inflation shock the Fed's tools can't fix, with the Strait of Hormuz still closed and Brent near $89. Here's why gold is catching the hedge bid, why Bitcoin near $63,000 isn't, and what Wednesday's July minutes could reprice.