Last week in an update we reviewed the gold price as adjusted by commodities and stocks with gold becoming constructive vs. commodities and global stocks (ACWX) but still inactive vs. broad US stocks.
Let’s take a look at gold vs. some major (non-USD) global currency indexes.
Notice the swing toward bullish uptrends in all of them. This has the potential to be the turnaround for much of the world’s investment interest in gold, with the exception of the home of the reserve currency, the USD. Should gold eventually grind out an uptrend in USD as well a traditional sign of a real bull market (gold rising in all major currencies) would be in play.