Gold vs Stocks: Relative Outperformance Still Has Room to Run
Precious Metal Procession
In hindsight this turned out to be a prophetic chart, I first mentioned it in April, and what a spectacular catch-up run we’ve seen by Silver & Platinum. $Silver - main 2603(SImain)$ $Platinum - main 2601(PLmain)$
Gold Outperformance Procession
I first featured this chart back in February, suggesting room for catch-up by the black line (gold vs stocks relative performance). And gold sure did outperform vs stocks this year (gold up +66% vs stocks up +17%) — but perhaps the bigger open question is will the black line catch-up even further? (and what will that mean for how the world looks if that happens…) $Gold - main 2602(GCmain)$
Investor Allocations to Gold ETFs
Meanwhile, despite the stellar run in gold, investor allocations to gold are still lukewarm — retail has largely slept on the gold bull market.
The Great Dollar Devaluation
There’s a clear trend here.
Labor Devaluation?
Do we call this labor devaluation? The hours of work required to buy 1 oz of gold has skyrocketed — maybe we should have asked to be paid in gold!
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