gold, page-83200

Gold stock sentiment indicator.
With such fantastic jobs numbers coming out of the US, golden crosses appearing on all the indexes, markets hitting new highs and COVID vaccines/cures appearing everywhere, it’s time to party like there is no tomorrow.

Here is a different view of jobs.

https://thegreatrecession.info/blog/labor-dept-trumps-its-own-numbers/

Wolf Street always pulls apart data for a realistic handle on stats and markets.

Even US trucking companies are recipients of US fed largesse.

https://www.marketwatch.com/story/golden-cross-materializing-in-dow-transports-russell-2000-11597094579?mod=home-page

PMI’s and other indicators are essentially flat (around the 50 mark). An L shaped recovery. At best.

Problem is the bond market, real employment numbers, demand for PM’s and lack of earnings growth in many sectors suggest otherwise.

Credit defaults, bankruptcies and real estate. Let’s not get too forward-looking.

No need for the safe-haven PM sector ATM if everything is so rosy. Look away while PMs continue disappearing from vaults and shelves.

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Good to see Jobkeeper doing its’ job – propping up div payouts to shareholders (Adairs).

The creative destruction cycle has been destroyed.

My cynicism knows no bounds.
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On a more serious note, the divergence between POG and producers is now being noticed on other markets.
Normally I would be concerned but these are not normal times.
Major producers begin reporting tomorrow with RRL the first cab off the rank. Interesting timing for this divergence.
Forward guidance is going to be worth noting. Plug in your estimated future gold price.
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Leading indicators are drifting lower, still around the neutral mark.

The gold stock sentiment indicator has hit the pause button.

Juniors are still catching a bid though quite spiky.

Nothing wrong with POG taking a breather and stocks generally drift lower during these periods.

Here is the indicator.

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