As noted in NFTRH, as long as gold vs. stock markets remains strong, I remain strong. Period.
There is no more important stock market than the S&P 500 (SPY) for gold (GLD) to conquer. The inverse Gold/SPX ratio (SPX/Gold) was the original Amigo #1 (of our 3 macro Amigos theme from last year) for a reason and that reason is to begin to draw the attention of the lemmings following the Fed’s breadcrumbs in an over valued, over played market to a market that has been kicked to the curb since 2011. This would directly inform interest the gold mining sector.
So far GLD/SPY has made a textbook test of the moving averages and has held. RSI is positive, MACD is positive and the STO has held above 20. Not bad.
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