To The Moon

Initial breakout in Gold $Gold - main 2502(GCmain)$ , surge in Silver $Silver - main 2503(SImain)$ shorts (squeeze coming?), Deep Value in Gold Miners, and a look at who Holds the most Gold...

Breakout?

• Legendary Technical Analyst Peter L Brandt highlights the recent bullish developments in gold (initial breakout of triangle formation).

• However, he later outlined elsewhere a couple of possible warning signs (e.g. the “Millenium Effect“, and the futures/spot premium spike), so it’s not necessarily going to be a straightforward path.

Silver Shorts

• Elsewhere, SubuTrade highlights the spike in short interest in Silver ETF (SLV) — and notes with regards to the initial bottom in bonds; “a bond market rally (drop in rates) might also drive gold and silver prices higher.“

• A bit of short-covering could well add to any renewed bullish momentum.

Gold Miners Deep Value

• Esteemed gold stock analyst Garrett Goggin notes on miners: “Gold Miners are trading at 6.4X FCF the lowest multiple since at least 2015. I've never seen value like this.“

• It’s particularly interesting alongside the bullish looking gold (and silver) price charts. I would add the relative value for gold miners $VanEck Gold Miners ETF(GDX)$ looks good too, and I’ve mentioned previously that gold miners can serve as a good alternative hedge for equities.

Who Holds Gold

• This chart shows the top 10 countries by Central Bank Gold Reserves — while it might be old news for some (and it is May 2024 data), the standout to me is how even though China + Russia have been important buyers, they still trail well behind the USA and the combined holdings of Eurozone countries.