Global Views Beneath the Surface of Things

A few charts taking a look at some some hidden global macro views.

The weekly chart of ACWX & inverse USD tells you all you need to know about the strong reserve currency and relative global stock impairment. When you look at this you realize that Trump is in effect trying to help global stocks more than US stocks when he beats on Jerome Powell for currency-compromising policy.

Russia is still one of the few areas trending up vs. the US (I took another ‘bird in hand’ profit on ERUS).

India is not trending up vs. the US, despite its big spike. I took the profit in INDY.

The TSX-V/TSX ratio is still in line with inflation expectations, which are in line with the mat and the ref doing a 10 count.

TSX-V’s relationship with gold stocks could not be more different today than it was back in 2016. “What’s this!?” exclaim the inflationist gold bugs. What this is is the miners doing what they are supposed to do as counter-cyclical winds blow. If an inflation trade whips up the gold miners will no longer be special.

But for now the disconnect above is 100% in line with our best views on the sector. And no, that is not a call to run out and buy gold stocks with abandon right now. You’ll have to go see these ladies for that. They are out there.

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