Gold

9

More gold bullishness

Via Bloomie: With no imminent end to collapsing real yields – which just hit a new record low -1.10%, the side effects of financial repression warn of stagflation, asset bubbles and policy impotence. Fresh lows for U.S. 10-year real yields this week show a trap door opened by growing economic angst, climbing inflation expectations and

10

Plenty of fuel left in the gold rocket tank

A couple of charts today make the point. Real interest rates have room to fall further: Gold ETF flows are still very small:   AUM proportions dedicated to gold are still WAY down versus previous peaks: Probably the best chart of all, DXY is still very high: The lows of the GFC period are 24%

38

Gold $15k?

A couple of gold bugs talking it up: Both of these blokes are from the Austrian economic school so you need to be careful of their more extreme price projections. I don’t see any return of the gold standard nor erosion of the USD as the global reserve. But I can still see gold shooting

20

A gold bull has some good news for Karen Maley

Via Karen Moley yesterday: Lowe’s carefully reasoned outlook for inflation puts him at distinct odds with the growing number of analysts who believe the combination of huge monetary stimulus programs launched by central banks around the world in tandem with massive government spending will light the fuse on inflation. Fears that the world could experience

3

Australian dollar remains red hot

DXY finally bounced a little: The Australian dollar still red hot: Gold turned volatile as it rockets higher: Oil is still a yawn: Dirt was mixed: Miners fell: EM stocks too: Junk eased: Yields keep falling: Nasdaq looks toppy as S&P fights for support. Europe is stuffed by its rising currency: Westpac has the wrap:

13

All time gold price high saves ASX

The AUD is bid this morning as DXY sinks: Bonds remain pancaked: Stocks are up a little: Big Iron is struggling: Big Gas is down: Big Gold is marching as the metal hit an all-time high this morning. Macquarie’s stupid Friday downgrade now forgotten: Big Banks are sinking again: MB Fund has been buying gold

40

JPM: Gold to the moon

Via JPM: According to JPMorgan’s Nikolas Panigirtzoglou, retail investors appear to have been mostly behind the recent rally (although the Robinhood army has yet to fully engage), and indeed the buying of physical gold ETFs, a major vehicle used by retail investors, rose steeply in recent weeks, making this year already the strongest on record with still

10

Gold surges as Robinhooders pile in

And up she goes! Via ZH: For SLV, the number of RH users holding the ETF has surged from around 15,000 to 20,000 in the last few days… … making it the 16th most popular pick on Robinhood as of the past 24 hours. In GLD, we have seen less of a sudden surge so

10

ASX golden bull is born

And running. The Lunatic RBA’s AUD thermal is still in play: Yields dead: XJO is flat: Big Iron is soft: Big Oil as well, barring the evil Santos: Big Gold is running after solid results from NCM and EVN, not to mention the incipient gold bull market: Big Banks have faded the DoleHider bounce as

23

Gold rockets higher

The AUD is still bubbling away this morning despite Victoria’s virus calamity (thanks RBA): Bonds are dead as the Dodo: Stocks have backed away from resistance but the chart is bullish: Gold is the story de jour. Up she rockets: Big Iron has been sucked down by an ordinary BHP print: Big Gas is OK:

27

Gold surges toward decade high

by Chris Becker With yet another industrialised nation announcing a record government deficit (Canada this time with $300bn, close to our own $240bn), and central banks furiously papering up over massive cracks in the global economy in the wake of the coronavirus pandemic, it’s no wonder that the Minsky Metal is on a tear, almost

9

Gold shines on struggling ASX

The Australian dollar is still trying to push higher this morning. The chart is still bearish: Bonds are stable: Stocks are struggling despite another drunken night on Wall St: Big Iron is OK: Big Gas is struggling: Most of Big Gold is coiled in an ascending triangle pattern looking for break out: Big Banks are

14

How does gold reach $3000?

Via Goldman: Historically, gold’s relationship with inflation is non-linear. Gold does not display a strong correlation with inflation while the latter is moderate but becomes strongly correlated when inflation gets above a certain threshold. Gold also tends to go up moderately in deflationary environments. In fact, we find that what matters most is the deviation of inflation

12

BofAML: Gold to $3000

BofAML calls it: Gold prices have performed well in the recent period As the ultimate store of value, gold prices have performed well during the past 15 months, posting a rally of over 10% since the Federal Reserve did a monetary policy U-turn in January 2019. Gold has also delivered a strong performance against other asset

61

Is gold’s bull run finally here?

The answer is a qualified yes for USD priced gold: Gold will run as the underpinnings of the USD weaken. There is plenty of that going on with the mass demolition of both fiscal and monetary discipline. Further upside will come if we see any kind of global recovery and capital floods out of the

17

Gold breaks out. Why?

Here it is: In Aussie dollars it is very shiny: Yet most prominent local miners are lagging badly (with a few notable exceptions) What gives? It’s not entirely clear why gold is rallying given DXY is also on a charge. There are two possible explanations. First, as COVID-19 threatens a pandemic, gold is bid as

3

Will gold save the Lucky Country?

Clyde Russell asks an uncharacteristically stupid question: Is Australia the ultimate commodity hedge? When looking at the country’s natural resources the focus tends to be as its status as the world’s biggest exporter of iron ore and liquefied natural gas (LNG), and its competition with Indonesia as the top shipper of coal. But this ignores

15

The case for gold explodes

Literally like a mushroom cloud. AUD gold is at a massive new record highs this morning ans still climbing: Why? Get a load of this lot. First, after further US/China trade tariffs, CNY is crashing: Markets now fear that Trump will order his Treasury to intervene in the USD, a big bullish gold play. Second,

40

Gold to 10k?

So says Jim Rickards at the AFR: He said there is only a 35 per cent chance of a recession in the US over the next year, thanks to the Federal Reserve’s change in monetary policy direction in July when the central bank cut rates by 25 basis points to 2-2.25 per cent. …He said

12

Bitcoin not so golden after all?

Here’s the chart: The BTC news flow has been a bit rough with Barclays pulling the pin: The most prestigious banking relationship in crypto has ended. Barclays, the London-based global bank, is no longer working with cryptocurrency exchange Coinbase, industry sources told CoinDesk. And while Coinbase found a replacement in U.K. upstart ClearBank, according to

7

Golden rocket departs atmosphere

AUD gold is blasting along at new record highs today  at $2240 give or take: Miners whoa: Making BTC look boring, though it is hanging onto its gold link: There’s no end in immediate sight but I remain quite concerned that the rally will reverse quickly if we enter true risk off complete with a

9

Gold bull market over or just getting started?

Van Eck is bullish, at the AFR: Joe Foster, who picks gold stocks for VanEck’s 63-year old International Investors Gold Fund, said Australian gold miners are generally well managed but are unusually prone to locking gold prices into multi-year hedge arrangements. “Australians have more of a propensity to hedge than their North American counterparts. I

22

Australian dollar gold to the moon

A picture is worth a thousand words: The MB Fund rotated from iron ore miners to gold miners a month or two ago. I still worry that if this global shock really gets going then gold will also suffer as the USD attracts a massive safe haven bid. There is also the concern that with