Gold divergences

Gold has been diverging from macro and market data.  Our macro-driven gold price indicator (a fair value forecast based on macro inputs like the DXY, yields and CPI) has jumped as higher inflation overcomes the negative impact of the strong USD. Source: Bloomberg,...

Gold lessons from the 1970s

The long-term case for gold remains intact. The ratio of total US M1 (adjusted for the recent savings deposit re-classification) to gold has continued to surge higher, showing the underlying trend remains bullish. A bullish long-term trend does not mean things move in...