GoldNuggets — Gold, Silver, Oil, Houses

GoldNuggets Digest: great gold rallies, FX reserves diversification, silver season, oil/gold ratio and relative sentiment, golden housing affordability...

Mar 24, 2025

The GoldNuggets Digest is our free publication — it contains "nuggets" of Charts & Research that come across our desk on gold, precious metals, miners, and macro which we think might be interesting and useful for investors.

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Great Gold Rallies

Charlie Morris of ByteTree points out: “As gold breaks $3,000 for the first time, some investors are getting the jitters. The price has nearly trebled since the low in late 2015, delivering a solid 12% per year since. Trebled sounds like a lot, whereas 12% p.a. doesn’t. The gold move is tame compared to great moves of the past.“ (source)
Room to run?

Reserves Diversification

MacroAlf highlights what many of us already knew: “Central Banks are slowly but surely diversifying away from the US Dollar into Gold.“ (source)
But what I find interesting about the chart is how (and note the 2 different axes) gold as a % of global FX reserves now exceeds that of EUR holdings.

Silver Season

Jay Kaeppel of SentimenTrader points out that we’re about to hit what has historically been a seasonally strong patch for silver. (source)
This comes at a time where silver bulls are already getting excited, and rumors of a silver squeeze start to swirl again.

Oil vs Gold Sentiment

I highlighted a couple of weeks ago how oil looks cheap relative to gold, this week it’s a look at relative sentiment (i.e. the spread between Consensus Inc bullish % for Oil vs Gold).
This spread has now reached an extreme (the consensus is bearish on oil, bullish on gold) — notably the oil/gold ratio has had a habit of bottoming around extreme lows in the relative sentiment indicator.

Housing Affordability — Gold edition…

While elevated mortgage rates have put a dent on housing affordability for most, for those lucky enough to be holding enough gold, affordability has improved significantly; with the ounces required to buy a typical new house in the USA dropping to a 12-year low of 137 oz (or just under 4kg of gold).