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Gold stock sentiment indicator.
Clearly the general markets are in a risk-on mode with the USD falling and markets soldiering on. Bit of a sell-off late in the US trading day.

Surely the US GDP numbers were not that disappointing?

Does not seem to matter what you throw at the market – 40 million job losses, retail collapse, evidence of a second wave in other countries – enthusiasm abounds and prices rise.

Gold is performing nicely.

Every time POG tried to go below about $1,710, backwardation would widen.

Apparently lots of gold sitting in COMEX vaults and no one wants the stuff. Maybe the banks think it has COVID-19. Something going on here.

When you thinks about it the amount of gold delivered to the US by the Swiss is about one month of gold inflows for the ETF’s.

Bullion banks and retailers are still struggling to get what they require to meet current demand.

Leading sentiment indicators recovered somewhat though still a little low.

One question I cannot answer though I will take a punt. The bottom for gold in the current cycle may be in.

I anticipate the XDG and the sentiment indicator to remain relatively flat with the sell-off paused for the time being.

Juniors with good news still having decent price rises. The gold stock market in this respect looks great.

Might be a good day for shopping today or Monday if you are able to spot a bargain.

Here is the indicator.