Gold just hit all-time highs, 100 times the $35 it was in 1971 when Nixon closed the gold window
"The metal itself hasn’t changed; it’s still atomic number 79, the same as thousands of years ago. What changed is the dollar. Once it was tied to gold, now it floats, weakened by inflation and endless deficits. That’s why it takes over 100x more dollars to buy the same ounce". Source: StockMarket.News @_Investinq on X
In case you missed it... silver hits highest closing price in almost 14 years 📈📈
Source: Barchart
Belated "Nixon closing the gold window anniversary" post
SPX priced in gold (blue) v. SPX priced in USD (red) since August 1971 when Nixon closed the gold window. Source: Luke Gromen @LukeGromen
Gold is unlike other commodities – it is not consumed; it is stored.
Nearly all gold ever mined – about 220,000 tonnes – still exists, and this above-ground stock dwarfs annual mine supply. - From Goldman's primer on gold Source: zerohedge
Gold ETFs Breach 92 Million-Ounce Threshold
Bloomberg's measure of total gold ETF holdings jumped to a two-year high. At 92.7 million ounces on Aug. 15, my graphic shows this metric surpassing the 92 million threshold first reached in 2020, but with a big difference - stock market volatility was rising then. Source: Mike McGlone, Bloomberg
The average professional fund manager allocation toward crypto is 0.3% of AUM.
75% of Fund Managers have ZERO allocation. BofA's Hartnett: "Raise Allocations To Gold And Crypto Because Yield Curve Control Is Coming" Source: BofA
What looks like gold going up is really the dollar going down.
Source: Mr. Uppy @MisterUppy
It is often a very good sign when you see strong momentum & trend in a sector / segment of the market while fund flows are lagging.
This has been the case for gold miners (e.g VanEck Gold Miners ETF $GDX) - see chart below. We've seen the first significant inflow in the GDX in the last six months. Despite the great GDX performance of 45+% during this period, six-month net flows are still very negative at -$2.54B. 🪙👇 Source: Oliver Groß @minenergybiz
