GoldNuggets — Precious Metal Perspectives
GoldNuggets Digest: precious metals procession, gold vs other asset outperformance, investor allocations to gold, dollar devaluation, labor devaluation...
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.
Precious Metal Procession
In hindsight this turned out to be a prophetic chart, I first mentioned it in April, and what a spectacular catch-up run we’ve seen by Silver & Platinum.
Gold Outperformance Procession
I first featured this chart back in February, suggesting room for catch-up by the black line (gold vs stocks relative performance). And gold sure did outperform vs stocks this year (gold up +66% vs stocks up +17%) — but perhaps the bigger open question is will the black line catch-up even further? (and what will that mean for how the world looks if that happens…)
Investor Allocations to Gold ETFs
Meanwhile, despite the stellar run in gold, investor allocations to gold are still lukewarm — retail has largely slept on the gold bull market.
The Great Dollar Devaluation
There’s a clear trend here.
Labor Devaluation?
Do we call this labor devaluation? The hours of work required to buy 1 oz of gold has skyrocketed — maybe we should have asked to be paid in gold!
Sign up for 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 Professional — [institutional research service]
Topdown Charts Entry-Level — [entry-level version]
Weekly S&P 500 ChartStorm —[US Equities in focus]
Monthly Gold Market Pack — [Gold charts]