GoldNuggets — Breakout, Silver, Miners
Initial breakout in Gold, surge in Silver shorts (squeeze coming?), Deep Value in Gold Miners, and a look at who Holds the most Gold...
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Breakout?
Legendary Technical Analyst
highlights the recent bullish developments in gold (initial breakout of triangle formation). (source)However, he later outlined elsewhere a couple of possible warning signs (e.g. the “Millenium Effect“, and the futures/spot premium spike), so it’s not necessarily going to be a straightforward path.
Silver Shorts
Elsewhere,
highlights the spike in short interest in Silver ETF (SLV) — and notes with regards to the initial bottom in bonds; “a bond market rally (drop in rates) might also drive gold and silver prices higher.“ (source)A bit of short-covering could well add to any renewed bullish momentum.
Gold Miners Deep Value
Esteemed gold stock analyst Garrett Goggin notes on miners: “Gold Miners are trading at 6.4X FCF the lowest multiple since at least 2015. I've never seen value like this.“ (source)
It’s particularly interesting alongside the bullish looking gold (and silver) price charts. I would add the relative value for gold miners (GDX) looks good too, and I’ve mentioned previously that gold miners can serve as a good alternative hedge for equities (which as noted yesterday, face a volatile outlook).
Who Holds Gold
This chart shows the top 10 countries by Central Bank Gold Reserves — while it might be old news for some (and it is May 2024 data), the standout to me is how even though China + Russia have been important buyers, they still trail well behind the USA and the combined holdings of Eurozone countries. (source)
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ICYMI: Previous edition GoldNuggets — Returns, Forecasts, Bitcoin
GoldNuggets — Returns, Forecasts, Bitcoin
The GoldNuggets digest is our free publication at the Monthly Gold Market Chartbook. It contains "nuggets" of Charts & Research that come across our desk on gold/macro which we think might be interesting and useful for investors.
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Time to buy?
Woah, mama mia.