GoldNuggets — Breakouts & Mute Media
The GoldNuggets Digest: breakout analogs chart, media mute on gold, reserves allocation, agri commodity prices vs gold price...
The GoldNuggets Digest is our free publication. 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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Gold Breakout Analogs
The excellent Ronnie Stoeferle remarks: “Looking at historical analogs of major gold breakouts (1972, 1978, 2007, average), 2024 could mark the start of a multi-year rally with extraordinary potential. Could this be the era where gold crosses $10,000 per ounce? The parallels with the past are too strong to ignore, and the implications for investors are profound“. (source)
Media Mute on Gold
Marin Katusa muses on the lack of media coverage of gold: “Despite a 70% price surge since 2020, news mentions of gold are at historic lows. The precious metal's meteoric rise appears to be flying under the radar“. (source)
Gold Reserves
- notes: “gold’s share of total reserves is sharply going up. According to my estimates—that include unreported purchases by central banks—gold’s percentage of total reserves reached 21% in Q3 of 2024.“ (source)
Gold vs Agri
Unlike base metals and energy, agri commodities as a group (equal-weighted index of all agri commodities here) have broken out to new highs; extending their uptrend. “In my view this confirms the strength in gold and the bullish commodities thesis as a whole because agri commodities have not had the same China/Global growth concerns cap like base metals and energy prices have had, so they basically give a more pure sense of the underlying trend in commodity prices”. (
Head of Research Callum Thomas)“Overall, I think you take one look at a chart like this and conclude that inflation risk is on the rise — and this at a time when central banks are pouring more easing and monetary tailwinds into the system.”
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