Time again for what I think are among the most interesting – and analytically valuable – views beneath the market’s surface.
Gold/SPX ratio is trending up on a daily chart and the expected pullback has not yet changed that.
Gold/World (ex-US) is the same status. This as stocks get stretched price and sentiment-wise, while the nominal gold price declines toward support and sentiment gets wrung out. Perfect, actually.
Gold/Commodities is trending up and we gold bugs can do this correction standing our heads I tell you (cause some of us were prepared for it long ago).
Gold/Industrial Metals has not even come off as sharply as I thought it would, yet anyway. Still bullish (and not for the cyclical, inflationary world).
Gold/Oil is still trending up and of particular interest to right-minded gold stock bulls.*
Gold/Silver ratio made its move last week after having broken down with the previous precious metals bull phase. All good. If it rises it is likely to attend improving gold sector fundamentals (as all or most of the stuff above also rises) and if it drops the inflationist gold bugs will be out pumping again. Just different sides of (and ways to play) a bullish coin in my opinion.
* Of course, wrong-minded gold stock bulls who subscribe to crap like “oil is rising and causing inflation… buy gold!” need not apply.
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