Daily Charts - Does Gold look expensive？
1.Gold looks expensive... BUT
Three things:
1. technicals are strong
2. monetary tailwinds are significant
>> (so it can get more expensive)
3. "gold-value drivers" are still cheap $Gold - main 2512(GCmain)$
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2.Time for Commodities to play catch-up?
Gold has been leading the charge here -- driven by strong monetary tailwinds.
But don't sleep on the rest of commodities...
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3.A few things...
1. the stockmarket is not the economy
2. price leads fundamentals
3, price moves faster than fundamentals
Macro is interesting and fun and important, but if I had to pick I would take Valuations + Technicals over macro data (as a multi-asset strategist).
A chart titled "But the Macro Data looks good" with the subtitle "Main Street is always the last to know..." shows the relationship between stock market performance and economic cycles. The chart includes two graphs: one depicting the S&P 500 index and industrial production over time, and another comparing market peaks and troughs with economic recessions. Annotations indicate that market peaks occur seven months before recession beginnings and market troughs occur six months before recession ends. Below the chart, there are tables comparing recession vs. expansion and bear market vs. bull market durations and returns. The chart is from Weekly ChartStorm 5 February 2023, with a source credit to @swinvestments9.
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