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...

GoldNuggets 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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Breakout?

• Legendary Technical Analyst

  Peter L Brandt
  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.

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Silver Shorts

• Elsewhere,

  SubuTrade
  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.

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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).

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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

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