A view of gold in ratio to markets that benefit on a relative basis from cyclical inflation, which as you know central banks and politicians have been working over time to create in 2020. This is all normal to the 2003-2008 blueprint, when gold stocks rose some 300% despite the degrading fundamentals implied by charts like these. The 2008 crash liquidation being well-earned.
The wildcard is in my opinion the Gold/Silver ratio in the bottom panel. It is depressed but in potential bounce mode, which has not boded well for the precious metals of late and may not bode well for commodities and reflation trades if it actually rises significantly again.
So for right now, it’s party on Garth, Wayne, you and me. But the “metallic credit spread” (Hoye) in the lower panel is one indicator of liquidity or lack thereof that should be watched.
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