$GLD Gold Trust ETFD just broke out of a 5-year cup & handle vs $SPY S&P 500 index ETF.
COVID highs are now in sight. Source: Trend Spider
Relative to inflation, Gold has never been higher than it is today. 13x vs. 9x at the peak in 1980.
Source: Charlie Bilello
Wall Street average allocation to gold: 2.4%
Wall Street average allocation to crypto: 0.4% (source BofA Fund Manager Survey, zerohedge)
Will gold rally be as explosive as the one in the 80s ???
Source: Macrobond, Bloomberg, Incrementum AG
Gold reaches most overbought level in history after hitting 91.8 on the monthly RSI
Source: Barchart
The "debasement trade", the decline in the purchasing power of USD, in one chart since 2020:
Bitcoin: +1400% Silver: +182% Nasdaq 100: +176% Gold: +166% S&P 500: +102% In gold: NDX +4%, SPX -24% In Bitcoin: NDX -84%, SPX -89% Source: Global Markets Investor @GlobalMktObserv
Mighty Dollar...
The dollar index $DXY is taking out range highs, closing well above the 50 and the 100 day moving averages. We haven't seen the DXY close "properly" above the 100 day since the dollar bear started earlier this year. Not good short term news for the gold and precious metals space. Source: The Market Ear
SPDR gold ETF $GLD went crazy yesterday, seeing $12.5b in volume, easily most in decade
(for context that's more than most of the Mag 7 traded). Only other time it's been that high was in 2013 during the Greek debt crisis h/t @Todd_Sohn Source: Eric Balchunas, Bloomberg
