GoldNuggets — Gold Halving, Turnings
GoldNuggets Digest: record Swiss gold exports, "The Gold Halving", AM vs PM Gold price fix, stocks vs gold turning point, global gold miners market cap weight...
The GoldNuggets Digest 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.
Please feel welcome to share this with friends and colleagues :-)
The US Gold Jog Continues
There is a steady jog, some might call it a run, of gold to the USA on tariff concerns. We’ve seen it clearly in the gold warehouse inventory charts (e.g. chart no. 26 in the pack), but here’s another example; Swiss gold exports to the USA have surged to record highs. (source)
The Gold Halving
Bitcoiners always go on about the halvening being a key fundamental support for Bitcoin prices as it reduces supply growth (by making it 50% harder to mine new coins with “the halving“ taking place every 4 years).
But as it turns out, precious metals have also seen “halving” — as Willem Middelkoop points out: “since 2005 the amount of gold discovered declined by 50% every 5 years. We are running out of new gold“. (source)
If it’s good for Bitcoin, it must be great for gold!
Gold Morning
Interesting observation on gold market behavior — “Since 1970, if Gold had only traded between London AM & PM fixes, it would be priced at $2.31 oz …but if it had only traded outside London AM & PM fix hours, it would be $41,929.14 oz“ (source)
Stocks vs Gold
As I similarly noted a couple of weeks ago, stocks look set to turn vs gold (i.e. gold looks set to start outperforming vs stocks… and p.s. the way that can happen is either by gold surging faster and further than stocks, or by gold holding steady and stocks dumping (or some combination thereof)).
Mike McGlone of Bloomberg notes that stocks may be in the process of rolling over vs gold similar to what happened in 1971. (source)
Gold Mining Stocks Market Cap Weight
The worst kept secret of the current Gold Bull Market is how poorly gold miners have been performing. While gold is hovering around all-time highs and within spitting distance of breaking through the big $3k level, global gold miners’ market cap weighting is sitting just below long-term average.
I suspect somewhere on the north side of Gold $3000 that the market will start to wakeup to the prospects of gold miner profits.
Log on to the website for more updates: gold.topdowncharts.com
ICYMI: Previous edition GoldNuggets — Gold, Silver, Platinum
Not a Subscriber yet? Learn more about the Monthly Gold Market Chartbook + Subscribe for updates (and upgrade to access the full monthly pack).