GoldNuggets — Flows, Metals, Miners
GoldNuggets Digest: gold fund flows, gold price correction risk, hours to buy an oz of gold, precious metals playing catch-up, gold miner breakout vs flows exodus...
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Go With the Flow?
Record highs in the Gold price along with a perfect policy storm have encouraged record inflows into gold funds. (source)
Flow 'til it Goes?
That and charts like this have prompted many to ask what
ponders; “Is Gold due for a correction?“ (source)
Work Longer
Meanwhile the hours of work required for the average worker in the USA to buy an ounce of gold has broken out to a new all-time high.
All That Glitters
While gold is pushing on to new all-time highs, silver is making only a muted attempt at catch-up, and platinum is playing its own game for now.
Gold Miners Breakout
Thanks to surging gold and elevated silver prices, gold mining stocks have finally broken out to decade+ highs (after putting in a series of higher lows over the past 2-years and establishing a strong uptrend).
And yet, traders are dumping gold mining ETFs. Either they don’t believe it has legs, or they’re buying single names instead, or just prefer the pure play of gold vs the equity-gold aspect of miners.
As noted last week, retail are running record low allocations to miners, so despite the punch out to new highs, there is *no* crowding here.
Log on to the website for more updates: gold.topdowncharts.com
ICYMI: Previous edition GoldNuggets — Allocations, China, Tech
GoldNuggets — Allocations, China, Tech
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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Nice set of charts Callum. It's remarkable how terribly Platinum is performing. Given the tiny availability of above ground stocks, mostly held by Chinese auto companies, the significant supply deficit, and the fact it's priced barely at miner breakeven, it's hard to understand why it doesn't breakout.