Relative charts are important! Heck, as Rob will tell you from his practical experience managing a portfolio and having a benchmark, you want the item you own (want to own) to be in an uptrend versus the benchmark. Period. Of course, the S&P is the de rigueur equity benchmark for our industry so we wanted to show the following relative chart using gold as the numerator because gold relative to the S&P has rarely been in such an advantageous position. It’s our favorite relative.
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You can dismiss Bitcoin for lots of reasons (i.e., lack of liquidity, hard to trade and high volatility makes it a poor means of exchange; hard to value, speculative nature, etc.) but if you’re a student of charts then regardless of any already formed conclusions you might actually say, as we have, that Bitcoin’s set-up is pretty darn good.
In the past week, AAPL has added $219B to its market cap. For the value investors out there, AAPL’s mkt cap gains over the past week are equal to the aggregate value of C ($104B), WFC ($100B) and DAL ($16B). Interesting times to say the least.
We’re all watching what is the second down leg in the US$ that’s occurred during this Presidential cycle. Both occurred after “fake breakouts” (no kidding…that’s our term for it; see top chart below).
It was in the mid-70s that a rock band from Boston, MA named, cleverly enough, Boston had a notable hit with the song, “More Than a Feeling.” The song became a staple of “rock radio” and if you’re of a certain age you could actually say that their first album (cover art here) was the first album you ever owned. The “b” side (the other side of a released single; the album was known as an EP – extended play) to “More Than a Feeling” was the song, “Smokin’.” We thought of this whole intro yesterday as we watched our – wait for it – Weed Index, comprised of cannabis stocks, rise more than 4 ½% for the second day in a row.
We can check this one off our “Bucket List” because the TWSE of Taiwan has made a new all-time high above its former all-time high from February 1990. For those keeping score at home, that’s a more than 30-year BROBDINGNAGIAN BASE.
Palladium is in a good spot to do some buying. Either using Nymex futures, on the LME, or via the Aberdeen Standard Physical Palladium ETF (PALL). The above charts (chart detail upper left within longer-term daily chart back to Nov 2014). Gold and silver are working nicely. We expect palladium to move next.
We conducted a Webinar yesterday (07/15/20) and went over a lot of charts, got a bunch of questions, and asked the following questions of the participants. Their majority replies are in yellow. We know it's natural in our business to want to use the answers in a contrary manner. We believe the majority opinion will be the mark for Silver (see below) and we're very interested in the contrarian opinion for our Wealth Inequality and Social Unrest questions.
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