Zinc TC Rates: Going in a bull market

Zinc deficits are coming. TC rates are falling. 

Stagflation: Oil Vs. Gold

 

HUI gold miners Vs. FCF yield

Based on FCF yields, gold miners are undervalued. 

China FX Outflows Vs. Gold Premium

When Chinese flee FX market, they flock into gold. 

Debt Vs. Yield

High debt is low yield.

Gold Miners Percentage Of Global Assets

Gold miners are the place to be. 

African Risk

Africa risk map.

J.P. Morgan

When J.P. Morgan became a custodian on 06-Dec-2022, gold and GLD diverged.

Gold Forecaster Index: When the Retail Joins

 

Copper looks bearish

Copper isn't looking too good.

Bonded copper premiums aren't high.

 LME is trading below SHFE.

Scrap copper isn't looking good.

Inventories are rising.

Copper social financing dip.

COFER Data Shows USD losing luster

COFER data shows the U.S. dollar is losing share. 

Stock-Bond Correlation is Positive

The stock bond correlation is still in positive territory. This means gold goes up with rising bond yields.

Retirement Age Vs. Death

The longer you work, the faster you die. 

HODLers Vs. Bitcoin

Hodlers typically sell, when bitcoin peaks. 

Oil Supply and Demand 2024

2024 YoY demand growth:

2024 YoY supply growth:

 IEA forecasts slight deficits.

China Central Bank Buying Gold

China is buying more gold than reported.

FOMC Dot Plot March 2024

 Dot plot 20-Mar-2024:

Dot plot 13-Dec-2023:

Rate Cuts

Rate cut expectations.

 

Central banks buying gold from ETFs

Central banks buying gold from ETFs.

Gold Forward Curve

Gold forward curve pointing to $2500/ounce gold. 

Gold Forecaster Index: The Gold Rally Hasn't Even Started Yet

 

Gold ETF Flows Vs. Gold Price

Gold price correlation to fund flows. For every $10 billion in gold inflows, the gold price rises 5%.

Free Natty for Europe

EU natural gas will become very cheap. 

Beveridge Curve: Job Vacancy Vs. Unemployment Rate

The Beveridge Curve states that the unemployment rate will rise when job vacancies drop below 5%.

Initial Jobless Claims Vs. WARN notices

Initial jobless claims will rise. Prepare for gold to shoot up. 

Commodity Outlook 2024

Morgan Stanley commodity outlook. 

Interest Payments to Reset from 0.5% to 4%

 

Gold seasonality broken

Gold seasonality is broken. 

China Drains COMEX Gold

 China is draining COMEX gold.

Yardeni Increases Outlook on S&P500

New:

Old:

Sprott Inc. Update

Sprott Inc. update. 

Buys: Metals Acquisition, Vizsla Silver, Silvercrest, B2Gold, Osisko, Agnico.

Sells: Sibanye, New Gold, SSRM, Triple Flag, Orla Mining.

ECRI inflation

Inflation is about to soar again in 2024 according to the ECRI.

Budget Deficits and Gold

Budget deficits and gold. 

Deficits keep rising.

China fleeing real estate for gold

The Chinese are fleeing real estate and moving into gold. 

Massive China Gold Demand

SGE gold withdrawals in China hit the second highest level ever. 

Inflation adjusted gold mine leverage

Most times it's better to just buy gold. 

Copper Treatment Charges Plunge

Copper is going into massive deficits of -300K tonnes in 2024. 

Tech Vs. Commodities

It's better to buy commodities than technology. 

Gold Forecaster Index: 2024 Excellent Year For Gold (09-Jan-2024)

 

Bonded Copper Premium Vs. Copper Price

Bonded copper premiums give you a mid-term buying indicator for the copper price. 

China zinc concentrate imports Vs. Zinc price

China zinc concentrate imports decline, when the China zinc price (SHFE) is lower than the international zinc price (LME). This is a leading indicator that the international zinc price will drop as the Chinese will import less of it. 

Zinc balance isn't looking good for the future.