The gold price as adjusted by major currencies

Gold in global currencies, looking good

Gold price is trending up vs. major global currencies The corrections will come to the nominal gold price, but a real bull market will need participation vs. all major currencies and that is what is happening currently. Gold is even handily outperforming CHF/USD (Swiss Franc), to which the nominal gold price has a positive correlation. The exception is the Japanese Yen, which got clobbered in … Continue reading Gold in global currencies, looking good

Q4-Q1 rally regains its mojo, led by the miners

Copper and Gold miners are leading the Q4-Q1 rally in broad asset markets Back in October we began to plan the prospect of a relief rally that would be fueled by over-bearish sentiment (contrary bullish), ‘Fed hawk’ relief as we anticipated inflation signals to ease, and a post (mid-term) election seasonal pattern that is bullish for stocks. This public article had a lot to say … Continue reading Q4-Q1 rally regains its mojo, led by the miners

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NFTRH+; about the Gold-TIP divergence

I know a lot of subscribers read Tom McClellan, an analyst/newsletter writer who looks for market clues in market correlations and relationships, much like your letter writer does. In his most recent emailed article he notes that the TIP (inflation protected Treasury bond) ETF is diverging gold in a negative way as it is declining while gold is rising. That is true. It is a … Continue reading NFTRH+; about the Gold-TIP divergence

copper/gold ratio copper price vs. gold price

Copper/Gold ratio up big today!

The copper price is up big today vs. the gold price, but… …unfortunately for cyclical inflation bulls, it got croaked the last two days and broke down from an already longer-term bearish situation. Reference Copper/Gold ratio and the inflated macro. For “best of breed” top down analysis of all major markets, subscribe to NFTRH Premium, which includes an in-depth weekly market report, detailed market updates … Continue reading Copper/Gold ratio up big today!

copper/gold ratio, copper futures / gold futures

Copper/Gold ratio and the inflated macro

The Copper/Gold ratio broke down as expected in 2022 In 2021 we noted for month after uneventful month the most recent consolidation at resistance by the ratio of the copper price (cyclical, inflation sensitive) and the gold price (far less cyclical and less inflation sensitive) and anticipated bearish things to come for the risk ‘on’, inflation-fueled world of assets. Well, check. The Copper/Gold ratio is … Continue reading Copper/Gold ratio and the inflated macro

NFTRH 737

NFTRH 737 Merry Christmas folks, and happy holidays of all persuasions. Let’s jump into an abbreviated, summary style report [edit: of course it did not quite go that way as the thoughts, words, pictures and logical deductions came as they would]  this week and keep it simple at the dawn of 2023. While 2020 was interesting due to the effects of dovish Fed policy on … Continue reading NFTRH 737

gold mining sector fundamentals

Hoye, oh boy! The proper gold stock sector fundamentals

Bob Hoye presents a look at the proper – as opposed to imagined by legions of anti-dollar, inflationist gold bugs – gold stock sector fundamentals You’ve heard me go on about it for years upon years. Here is Bob Hoye’s version of gold stock sector fundamentals. If the macro goes over a cliff in 2023 as the inflated (and multiple times reinflated) bubble really starts … Continue reading Hoye, oh boy! The proper gold stock sector fundamentals

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NFTRH+; nominal Gold, Silver & GDX

Gold is having a normal disturbance at the SMA 200 and associated resistance. What would make gold less normal (to an ongoing short-term rally) is a drop below support at 1735 and  the SMA 50 (1722 and rising). Silver in essence hit our target of 24.50 yesterday and so again, today’s reaction is normal. But now clear support at 22 (+/-) comes into play and … Continue reading NFTRH+; nominal Gold, Silver & GDX