Our view has been for an interim decline in the market’s inflation signaling and that is exactly what is happening, regardless of the tardy, backward-looking Fed still wearing its hawk costume.
A reminder that subscribers can access live charts of many of our indicators on this page:
Here are two items from that page. Inflation expectations continue to pull back and it is gaining downside momentum.
Importantly to a positive gold stock view, gold, weak in its own right nominally, is smashing upward in relation to inflation expectations.
Gold also continues to make nice headway vs. the S&P 500 (ref. the inverted H&S we noted in an update on 9/22) and continues to look very constructive vs. crude oil and now it is becoming constructive vs. broad commodities as well.
We’ll review several gold ratio charts in NFTRH 725. This is the very core of a positive gold mining view and if these indicators continue to improve we’ll have a great fundamental backdrop before long. As it is, it has been transitioning to positive for months now.
As a side note, I’ll include an admin note about navigating the new website structure. It’s really easier than it may seem on first try. ;-)
