Fund Managers Vs. Gold

Fund managers think gold is fair value. 

Implied oil price

Oil producers expecting $65 oil.

The USD Decline

The USD is at an inflection point.

Central Banks Buy Gold

A good leading indicator for gold. 

PBOC Liquidity Vs. Gold

The Chinese are hitting the brakes. 

M2 Vs. Gold

A retest to go higher.

Middle East onshore oil inventories dropping

Middle Eastern onshore oil (million barrels) are getting exported now. 

Iranian oil exports are rising (mbpd).

M3 Vs. Gold

Gold follows M3. 

M3 growth projection is 5%-8% per year.

Dedollarization changes the M3 to Gold ratio. So gold should go up due to the combination of dedollarization and M3 growth.

A plausible scenario is the following. Dedollarization and lower M3 to Gold Ratio.

Comparative Inventory Oil

Comparative inventory deficit is below Ukraine level. Oil might top out.

Stocks Vs. Money Supply

The money supply is boosting stocks with a lag.