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My bullish disposition toward precious metals miners seems to be the right side of history. I went through my entire list of individual miners and didn’t see any clear standouts. The plain old ETFs seem to be the best-formed and easiest to read.
It’s taken a while, but it looks like the precious metals miners are getting ready to rock. Clearly the upper portion of these rounded bottom patterns should send them ripping.
Copper: Cyclical, inflation sensitive and a material of positive economic progress.
Gold: Much more counter-cyclical, less inflation sensitive and a ‘liquidity haven’ material of long-term monetary value.
I have not posted the monthly chart of the Copper/Gold ratio probably since last year, as 2023 has been all about disinflationary Goldilocks recovery, rather than a deflationary liquidity crisis. However, as Goldilocks matures into old age, it is worth keeping tabs on the original thesis, which is Inflation > Disinflationary Goldilocks > Deflation scare/liquidity crisis.
(more…)Gold futures have slipped over the psychologically-important $2,000/ounce level, and GLD is zipping higher nicely this morning.
[edit] Interesting, however, that on the day this was written (pre-market, 11/16) gold stocks came out of the gate positive while much of the rest of the macro is going the other way (including the commodity producers that the Au miners so often get lumped in with). It’s just an inkling, but interesting. Here is a visual per this X post.
