Global gold miners’ market cap weighting is sitting just below long-term average
The worst kept secret of the Gold $Gold - main 2504(GCmain)$ Bull Market is how poorly gold miners have been performing...
While gold is hovering around all-time highs, global gold miners’ market cap weighting is sitting just below long-term average.
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Hours of work required to buy 1 oz of gold has reached a record high
This level has been a stumbling block in the past, why should we believe this time will be any different?
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Learnings and conclusions from this week’s charts:
Reading only the technicals it looks like a bull market correction.
Sentiment and positioning support the case for a short-term rebound.
(but) Valuations/Allocations still point to caution on the longer-term.
There’s been a sharp Global (up) vs USA (down) rota…
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