GoldNuggets — Going Platinum
Platinum Breakout
The big news in precious metals is the punch higher in $Platinum - main 2507(PLmain)$ . It seems the catalyst/excuse was a report on increased demand and constrained supply, but from a technicals standpoint you could see the bullish pressure building up in the form of rising sentiment and price coiling into that triangle pattern.
Precious Metals in Perspective
But as previously noted, there were also clues from what has been going on with gold $Gold - main 2506(GCmain)$ and silver $Silver - main 2507(SImain)$ — it looks like we are finally starting to see some of the shine of gold and silver rub-off onto platinum.
Gold vs Major Assets
And that reminds me of one of my other big favorite charts; gold vs cash, bonds, and stocks. Gold started trending up vs cash first, and then bonds (with gold outperforming bonds in spectacular fashion), and then only more recently gold starting to stir vs stocks.
Gold and Real Yields
Some might call this chart broken or failed, but in my experience sometimes the most interesting relationships in charts are the ones that stop working, because they are telling you something has changed. And something did change in a massive way in 2022 — basically geopolitical risk demand for gold was ignited and that fire continues to blaze.
Gold and Consumer Sentiment
Lastly, another interesting gold-driver chart; aside from geopolitics, the ebb and flow in consumer sentiment has historically also been a major driver (particularly now in the age of chaos). But an important implication of this is also that when uncertainty calms and chaos resolves and consumers start to feel more confident again, the gold price could well take a step back (something to keep in mind from the risk management side of things).
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