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“.
Subscribe to the Monthly Gold Market Chartbook for more insights…
About the Monthly Gold Market Chartbook
The monthly Gold Market Chartbook is specifically designed to help busy investors quickly + easily understand the key drivers of risk vs opportunity in the gold market (and how it fits into traditional portfolios).
The pack includes over 70 charts, specialized indicators, and unique data, spanning:
Sentiment/Flows/Positioning (where are the pressures building up?)
Technicals, Global Gold Price (momentum, trend, divergences)
Long-term & Valuation Indicators (is gold overvalued?)
Gold Influences: Monetary & Macro (monetary tailwinds in play)
Gold Influences: Supply & Demand (supply vs demand outlook)
Gold Priced in other Currencies (what’s gold doing elsewhere?)
Gold Price Ratios (how is gold performing vs other assets?)
Asset Allocation Perspectives on Gold (how does gold fit in portfolios?)
Asset Watch: Stocks/Bonds/USD/Credit (risks vs opportunities in other major asset classes — and how that compares vs gold)
Silver Charts Section: sentiment, positioning, flows, valuations (i.e. how is the outlook for silver prices?)
NEW: Gold Miners: valuations, flows, allocations, fundamentals (i.e. what’s the risk/return setup for Gold Mining stocks?)
NEW: Other Precious Metals (Platinum & Palladium charts)
Act Now — (if you’re not already a subscriber), sign up to get instant access to the latest chartbook + archives; level-up your understanding and visibility on the key risks & opportunities in gold and precious metals investing.
If you have any questions/suggestions about the material or requests, simply get in touch via the website, we’d love to hear your thoughts.
Best wishes,
Callum Thomas
Head of Research & Founder
Topdown Charts | www.topdowncharts.com
LinkedIn: https://www.linkedin.com/in/callum-thomas-4990063/
NEW: Other services by Topdown Charts
Topdown Charts Entry-Level — [TD entry-level service]
Topdown Charts Professional — [institutional service]
Weekly S&P 500 ChartStorm —[US Equities in focus]
Australian Market Valuation Book —[Aussie mkts]
Monthly Gold Market Pack — [Gold charts]
Geopolitics will most likely drive oil & gas higher.
Good to see this articulated so well—this is exactly why I read you.