GoldNuggets — Flows, Bars, Miners, Oil
GoldNuggets Digest: record gold fund flows, US gold bar imports, silver prices vs mining stocks, gold vs bitcoin flows, crude oil vs gold price...
GoldNuggets is our free publication at the . 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 Flows
February saw record inflows into gold funds; most likely a mix of performance chasing as people start to take notice of higher gold prices, but also as a defense against rising uncertainty and tariff risk.
From BofA via barchart: “Gold sees largest 4-week inflow in history of $4.9 Billion" (source)
US Imports of Gold Bars
On a similar note, there’s been a record level of imports of gold bars into the USA — it’s a widely covered issue, but still stark to see the chart. (source)
Silver vs Miners
The chart below shows the Silver price in the red and the Philadelphia Gold and Silver Index in the blue (an index of 30 precious metal mining companies). It may help to explain some of the performance gap between miners and gold…
As Barry Dawes notes: “All eyes are on gold but keep watching silver. Seems gold stocks correlate better with silver. As silver breaks higher, gold stocks will be close behind. Silver supply deficit will squeeze prices higher and gold stocks will be flying." (source)
Bitcoin vs Gold Flows
I’ve noted this before with the correlation data that gold is more of a defensive asset like bonds, and bitcoin is more of a risk asset like stocks. In that sense it is interesting to see this confirmed in the flows data…
As Charlie Morris explains: “Bitcoin and Gold ETF flows are counter-cyclical as demonstrated by this chart. It shows the 90 day rate of change for global ETF flows in billion USD. They consistently work against each other. Bitcoin and Gold are complimentary assets.“ (source)
Oil vs Gold
If you ask most people they’ll tell you Trump wants a lower oil price and so the outlook for crude oil is bearish (especially with recession risks rising).
But if you look at this chart, crude oil looks very cheap, at least relative to gold.
Log on to the website for more updates: gold.topdowncharts.com
ICYMI: Previous edition GoldNuggets — Sharpe, AUM, Miners
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Callum- what seems apparent to me as a casual observer of money flows vis a vis opportunities. The macro economics of weaker US dollar supports gold overweight vs SP.