GoldNuggets — Golden Energy
GoldNuggets Digest: gold price new highs, the gold bull market in perspective, commodity price ratios, energy stocks vs gold miners, energy sector harbinger...
The GoldNuggets Digest is our weekly publication. It contains “nuggets” of Charts & Research on gold, commodities, and macro —issues and insights which we think will be interesting and useful for investors.
Gold Price New All-Time Highs
The path higher continues to be a process of consolidation and runs — I’ve mused before that most of the upside in gold has unfolded over a series of days and weeks (and the rest of the time it’s just consolidation and ranging).
In that respect, it’s a good sign to see the US$ gold price breaking out to new highs, and the Global Gold Price Index likewise headed onward and upward.
Gold Bull Markets
Zooming out, the monthly log-scale chart helps put it into perspective — without overthinking anything, this is clearly a strong uptrend and is very much reminiscent of previous secular bull markets.
All of which is to say there’s no signs of this thing slowing down.
Gold & Oil
Which does bring me back to this one — gold is looking very stretched vs the rest of commodities (and on the flipside, crude oil is very stretched, but in the opposite direction). (source)
Given the bullish prognosis above, I would continue to reiterate my personal view that I think the rest of commodities will start playing catch-up soon (i.e. that gold line can either go sideways or slightly lower with gold still buoyant, simply by the rest of commodities starting to pull their weight).
Energy Stocks vs Gold Miners
The wide divergence in the performance of oil vs gold is also playing out in the Stockmarket, with energy sector equities having their worst run vs gold miners since the 2015-2020 period (which was followed by a massive snapback).
There’s almost a car-crash effect with this chart — despite the carnage, you can’t stop looking at it…
Energy Stocks
Lastly on energy stocks, I wanted to share a chart I featured in the latest Weekly ChartStorm (in a segment on energy sector stocks). (source)
As I observed there: “global commodity stocks are pointing to a potentially profitable pathway for the energy sector“.
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Geopolitics will most likely drive oil & gas higher.