Below is GDX divided by XME. QE has been negative for gold relative to industrial commodities, while the end of QE and has often marked a relative low.
The fact that gold has been looking relatively strong of late tells us what "the market" is starting to price in: another bout of monetary volatility. The pattern since 2008 has been inflationary melt-up followed by deflationary bust and a new round of monetary stimulus. The direction of XME in the coming month or two will tell us if that pattern holds or not.
CapitaLand India Trust Boosts Hyderabad Bets with Latest Business Park
Acquisition
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CapitaLand India Trust (CLINT) is set to add to its collection of 12
business park properties in Hyderabad after announcing a fresh deal with
long-time p...
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