As we come to the end of another wild week of trading, here is a look at the GDX Gold Mining Index, what a circus, housing, industrial metals, plan an important look at gold.
GDX Gold Mining Index
November 20 (King World News) – JC Parets: Gold Miners are still stuck below overhead supply. How long does it take for demand to finally be able to absorb it all?
WAITING FOR BIG BREAKOUT:
GDX Still Working On Overhead Supply
What A Circus
Jack Scott: This chart belongs as a main attraction at the circus. It’s right up there with the bearded lady, lobster boy and sword swallowers.
WARNING:
S&P 500 (BLUE) Severely Disconnected From Profits.
Corporate Profits After Tax Keep Dropping (ORANGE)
Who Is Really Driving The Housing Market?
The Daily Shot: Homebuyers with top credit scores have been driving the recent surge in US mortgage financing.
760+ Credit Scores (BLUE) Driving Housing Market
Industrial Metals Soaring
Adam Tooze, Director of the European Institute: Industrial metals, raw materials for China’s growth engine, went into 2020 already depressed by the manufacturing slowdown of 20018-9. Their prices have now recovered to pre-slowdown levels.
Industrial Metals Soar Above Pre-COVID Levels
Gold
Fred Hickey: After a healthy 3 month period of consolidation (sentiment and investor positioning was very low), gold was set to resume its secular bull market when the vaccine news hit, creating another pullback and a reason for the trend (momentum) traders to bet against it…
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… Central bankers (Powell, Lagarde, etc.) have told us they’ll continue printing at the current ridiculous pace for a long time – they have proclaimed all sorts of reasons including combating climate change and racial inequality as well economic weakness. The central bankers have told us they’ll continue suppressing rates at current (zero % or less in Europe & Japan) for years to come.
Their continuing actions come on top of all the high-powered money they’ve already piled up and with US M2 money supply growing at 80 year high 24%. So even if the COVID-restricted, debt burdened economy did rebound for a while, inflation would pick up(it’s already increasing)as interest rates remain suppressed, govt spending “stimulus” increases &CBs keep printing – meaning even deeper negative real rates – Better own gold!
This is an incredibly important audio interview with Alasdair Macleod discussing the rapid approach of hyperinflation and everyone around the world should listen to it immediately by CLICKING HERE OR ON THE IIMAGE BELOW.
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