Gold GOLD PRO WEEKLY, April 01 - 05, 2024

Sive Morten

Special Consultant to the FPA
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Fundamentals

Yesterday we've provided in depth view why we suggest that the Fed probably should become the last Central Bank that will cut the rate and why dollar should keep domination over its rivals. In general strong dollar is a headwind for gold market, as well as raising inflation, but here we have three nuances that could make overall situation slightly different. First is, the relative strength of USD against its rivals doesn't mean the same strength against commodities and gold in particular. It could mean that the gold price in EUR or GBP will rally even stronger, that's all. Second is, not the inflation itself is the problem but increasing of real interest rate. But now when the Fed stands somewhere near the end of rate cycle means that with any jump in inflation and stable long-term rates the real rate will go down. So, impact from inflation that we expect should spin up could be mixed. Finally, gold now has additional supportive factors of geopolitical instability, demand from central banks and rapidly changing political situation as inside the US as EU. All these factors together tell that although from time to time gold could become an object of external pressure from occasionally strong statistics data, but general tendency should remain intact.

Today, we've said, we consider very interesting turn, that has relation to inflation and job market but in very specific way. It stands on a surface and when you will read, you will be surprised. We consider it as the harbinger of big changes and and spiral of activity in the US domestic political life.

Market overview

This week market has shown minor reaction as on J. Powell speech on Friday as on PCE data releases. Gold prices climbed on Tuesday, as expectations of interest rate cuts by the U.S. Federal Reserve firmed.
"Closer to the summer, you're going to see gold go higher just with the expectation of rate cuts, unless the Fed changes stance or makes some announcement that they're taking cuts off the table, which I don't see them doing at this point," said Bob Haberkorn, senior market strategist at RJO Futures. "If the (PCE) numbers are higher than expected, then gold will probably pull back, but I expect those dips to be brought up fairly quickly," Haberkorn said.

Traders are now seeing a 71% chance of a June rate-cut . Lower interest rates boost the appeal of holding non-yielding bullion. Gold prices also continue to find support from elevated physical demand from Chinese households, where gold's record rally has not tarnished the buying appetite. Central bank purchases also sustain their support for gold, with China's central bank steadily building its gold reserves.

The precious metal was also bolstered on Tuesday by weaker US dollar, which snapped a two-day rally after the People’s Bank of China on Monday set a stronger-than-expected reference rate for the yuan.
Bullion “moved higher again as the underlying demand for gold staying firm amid the prospect for rate cuts, geopolitical tensions, and today a slightly softer dollar,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S.

Meanwhile, gold imports by India, the world's second-biggest consumer of the precious metal, are set to plunge by more than 90% in March from the previous month, as banks cut imports after record-high prices hit demand. But this had no big impact on gold prices as import mostly stands for individual demand and usually stable year over year, becoming a part of 5 000 tonnes annual gold market, that includes all physical gold spending, such as jewelry, dantist medicine, coins, bullions etc.

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According to recent The World Bank research there are two main factors may explain the recent rise in central bank gold purchases:
● Firstly, gold is seen as a safe haven and an attractive asset during periods of economic, financial and geopolitical uncertainty, as well as a portfolio diversifier.
● Secondly, gold is seen as a safe haven asset when countries are subject to financial sanctions and asset freezes.

Skeptics, however, point to gold's disadvantages, which include the cost of transporting, storing and securing it, as well as the lack of interest in it. Despite these shortcomings, gold remains a popular asset for central banks due to its history and well-regulated markets for trading.
"Central banks continue to report ongoing gold purchases, driven by their desire to diversify their currency reserves. This is offsetting the weakness from investment demand, which focuses more on U.S. rate-cut expectations," said UBS analyst Giovanni Staunovo.

Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the coming months, according to Invesco Ltd.
In months before and after the start of easing cycles, raw material prices typically have positive returns, according to Kathy Kriskey, senior commodities and alternatives strategist at the asset manager. Gains have been particularly large when a soft landing has been achieved, bolstering the case for holding the sector as part of a wider portfolio, she said.
“Everyone’s focusing on other asset classes, but we’ve looked at commodities in these past five easing cycles, and commodities actually did well,” Kriskey said in an interview. “The fundamental story is good. As people get more comfortable with the economic environment, they will spend more money.”
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Raw materials prices have been buoyed in recent weeks, aided by surges in the cost of copper, cocoa, crude and gold. Until now, 2024 had been dominated by reduced price volatility as most markets remained amply supplied. Goldman Sachs Group Inc. as well said this week that commodities could return more than 15% this year as borrowing costs come down, manufacturing recovers, and geopolitical risks persist. Copper, aluminum, gold and oil products may climb, according to the bank, which also stressed the need for investors to be selective as gains wouldn’t be universal. I would also add Uranium and silver.
“We find that US rate cuts in non-recessionary environments lead to higher commodity prices, with the biggest boost to metals (copper and gold in particular), followed by crude oil,” the analysts said. “Importantly, the positive impact on prices tends to increase with time, as the growth impulse from looser financial conditions filters through.”

Goldman’s cautiously bullish outlook echoes comments from other market watchers. Commodities are entering a fresh cyclical upswing aided by tighter supplies and an upturn in the global economy, Macquarie Group Ltd. said earlier this month. Jeff Currie, formerly the head of commodities research at Goldman and now at Carlyle Group LP, has also forecast gains as the Fed cuts rates. Elsewhere, JPMorgan Chase & Co. highlighted gold’s upside potential.

Among Goldman’s year-end forecasts, copper was seen at $10,000 a ton, aluminum at $2,600 a ton, and gold at $2,300 an ounce, which would be a nominal record. The base metals were last near $8,886 a ton and $2,310 a ton on the London Metal Exchange, while bullion was close to $2,167 an ounce.
“In the midterm, we continue to hold a constructive view on gold underpinned by eventual Fed easing, which should crucially reactivate the largely dormant ETF buying,” the analysts said, referring to exchange-traded fund flows.

DON"T FORGET ABOUT SILVER

Silver is an intriguing metal. Like gold, it’s a precious metal often used in jewelery. But unlike gold, it has a vast array of industrial uses, from solar panels to computing to health. That means its price is influenced by economic growth prospects. A booming, or recovering, economy will generally be good for silver. More interestingly still, more silver is being used each year than is being dug out of the ground, according to a recent note by Michael Hsueh at Deutsche Bank. In other words, it’s running at a supply deficit. That sounds quite exciting — more demand than supply.

But there’s a catch. As Hsueh notes, there’s still a “vast stock of silver above ground” in the form of scrap silver that could easily make its way to market at the right price. As a result, physical supply and demand is not an issue in the way that it can be for, say, oil.

Big yawn at silver then? Not quite. You see, in common with gold, yet unlike any other precious metal (eg platinum and palladium), silver used to play a role — albeit a junior one — in the monetary system. As a result, it’s not just the economic cycle that matters, but also the monetary backdrop. Put more simply, silver tends to follow what gold is doing. And based on the gold/silver ratio, silver is currently on the cheap side by that measure, notes Charlie Morris over at ByteTree. Today, as the chart below shows, one ounce of gold will buy you roughly 88 ounces of silver. The 30-year average is more like 67.
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Hsueh at Deutsche Bank reckons that both prices overall are likely to range trade in the coming months, rather than move strongly in either direction. But assuming you think gold’s bull market can be sustained in the longer run (as Marcus does) — and particularly if you think that there’s a chance that the global manufacturing cycle might be about to turn higher — there’s a case for arguing that silver may have further to go. So how should you think about silver from an investment point of view?

Silver is optional in portfolio. If gold is going up, silver will tend to go up too. Depending on the starting point and the economic backdrop, it may well go up faster than gold. But it’s highly volatile — it will give you a serious rollercoaster ride. Depending on the way you're would like to take the investing way be different. really think that hyperinflation and fiat collapse is on the cards, and you’re happy to wait faithfully for that moment when the silver price presumably goes to infinity and beyond as a result — it’s more of a trade.

If you are interested in owning physical silver, you can go for the romantic option and buy antique silver, or buy it in bullion or coin form. But be aware of 20% VAT in some countries, such as UK. If you’re just looking to get exposure, it’s easier and cheaper to buy via an exchange-traded product backed by physical silver, or via one of the online bullion dealers that will put your name on a lump of silver in a warehouse.

If investors decide that the gold bull market has legs, then it’s very possible that both silver and the miners could benefit from the dash for catch-up trades. Although it is an open question in what proportion to gold positions silver should be taken. This depends on your personal view and analysis. Our humble opinion stands in favor of gold as we suggest that gold is just coming to most active period and rally from 1650 was just a preparation to this. From this point of view hardly more than 15-20% of silver is necessary in precious metals portfolio. Later when rally in gold will start exhausting, situation could change. As silver usually lags behind, the balance might be changed in favor of the silver.

The dark side of the US statistics

Last week we've mentioned very interesting macro economy article by L. Summers. This article is interesting by itself, because unveils different approach to statistics interpretation, and provides alternative numbers of major US statistics data with explanations. But for us there are two points are interesting. First is, alternative inflation numbers, second - why this reports is written right now?

Here you could see that by L. Summers calculation the real inflation is significantly higher than the official one. We already talked about it many times, because the way of calculation has been revised twice in recent few years:
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As we can see, the alternative estimate is much higher than the official one and the difference exceeds the pace of economic growth in the United States. In other words, even this estimate tells that the US has been experiencing an economic downturn since the fall of 2021. We have written about it many times and even gave estimates of its scale (about 6% of GDP per year), but if liberal monetarists have already started writing about it, this means a lot. Simmers writes:
Using this measure, we estimate that homeownership costs in the CPI would have more than doubled since the pandemic. Home prices jumped 40 percent and mortgage rates have risen more than 140 percent. This measure produces estimates suggesting that headline CPI would have peaked at 18 percent in November 2022 when consumer sentiment was at its lows. Alternative CPI inflation would still have stood above 12 percent in August and 8 percent in November 2023. The pre-1983 measure still offers a more worrying picture of inflation in the current moment than the official inflation numbers. It does much to explain depressed sentiment over the last two years.

But this is only the half of the story. On Friday J. Powell was spoken about interest rates policy and said nothing new. Right now we're mostly interested with his view on job market. He said:
  • There is no reason to believe that the U.S. economy is in recession or on the verge of it.
  • Unexpected weakness in the labor market will lead to an immediate reaction from the Fed.
  • There is stable economic growth in the United States + a strong labor market — these factors give confidence that we will reach the inflation target before the rate cut."
We have warned many times that labor statistics in the United States are strongly distorted towards improvement. It's not that this information was secret, rather, it was not customary to talk about it out loud. But now, the situation has changed. An article is appeared by the Reserve Bank of Philadelphia (that is, even if not direct subordinates of Powell !!!) that accused the Bureau of Labor Statistics in distorting data and adding from 800,000 to 1,300,000 jobs

That's when a striking discrepancy emerged between the number of US Payrolls (as measured by the BLS' Establishment Survey, a far more crude and imprecise, yet much more market-moving data series), and the number of actual Employed Workers (as measured by the BLS' far more accurate Household Survey) . As we showed then, after the two series had tracked each other tick for tick for years, a wide gap opened in March 2022 which quickly grew to 1.5 million jobs in just 3 months...
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... one which has since exploded to a whopping 5 million "employed workers" that apparently do not exist.
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In other words, starting in 2022 and accelerating to present days, less and less full-time jobs were added, until we got to the absurd situation that all the new jobs in the past year have been part-time jobs! Or, as we first pointed out several months ago, not only has all job creation in the past 6 years - since May 2018 - has been exclusively for foreign-born workers...

Thus the Philadelphia Fed found that the BLS had overstated jobs to the tune of 1.1 million! This is what the Philadelphia Fed wrote in its quarterly Early Benchmark Revision of State Payroll Employment report at the time:
Our estimates incorporate more comprehensive, accurate job estimates released by the BLS as part of its Quarterly Census of Employment and Wages (QCEW) program to augment the sample data from the BLS’s CES that are issued monthly on a timely basis. All percentage change calculations are expressed as annualized rates. Read more about our methodology. Learn more about interpreting our early benchmark estimates.
So what did this "more accurate", "more comprehensive" report find? It found that... In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES estimated net growth of 1,047,000 jobs for the period.

it also means that far from the stellar 230K average monthly increase in payrolls in 2023, which the White House would spin time and again as direct evidence of the benefits of Bidenomics, the true average monthly payroll increase in 2023 was only 130K! Putting it all together, we now know - as the Philly Fed reported first - that the labor market is far weaker than conventionally believed. In fact, no less than 800,000 payrolls are "missing" when one uses the far more accurate Quarterly Census of Employment and Wages data rather than the BLS' woefully inaccurate and politically mandated payrolls "data"

Yes, this is great article from economical point of view and understanding the real deals in the US job market, but how it relates to gold?

We see the starting of the conflict of interests with this statement. Rats are running from drowning ship. This article was published around date of J. Powell's speech (if not at this date) and indirectly It accuses J. Powell in lies. Because he said in his statement that job market is strong. What is even more interesting that article has come from his subordinated office, which is the Philadelphia Reserve Bank. What was that? Attempt to frame J. Powell? But if he knew about it, it means that he intentionally speaks lies. It is safe to say that there is an outright distortion of information in Powell's speech, there is simply a hope for the best.

But in general in this sense, a conflict is inevitably brewing between the part of the liberal economic elite that is ready to figure something out (Summers & Co, authors of an article on labor statistics) and Powell's team. By the way, the heads of many large banks, judging by their recent statements, are more willing to join Summers than Powell.

For example, recent JP Morgan view on the US stock market. The S&P 500 will finish 2024 at 4,200, a roughly 8% decline from where the benchmark sat on Wednesday.
"Absent rapid Fed easing, we expect a more challenging macro backdrop for stocks next year with softening consumer trends at a time when investor positioning and sentiment have mostly reversed," JPMorgan equity strategists led by Dubravko Lakos-Bujas wrote in the team's 2024 outlook released on Wednesday. Equities are now richly valued with volatility near the historical low, while geopolitical and political risks remain elevated."

Lakos-Bujas points out that household savings are falling, borrowing costs for both consumers and corporates have reached a multi-decade high and global demand is cooling amid disinflation. JPMorgan also notes recent commentary from management teams during earnings calls depicted a deteriorating outlook for both consumers and the cost of credit. Per JPMorgan's work, the sentiment around the cost of capital hasn't been this low since the Great Financial Crisis.
"For this reason, we are assuming another year of below-trend earnings growth with revenue growth rate sequentially lower, no margin expansion, and lower shareholder payouts. Absent significant monetary or fiscal policy supports, we see consensus growth assumptions at this point [as] more hope than realistic," JPMorgan's team wrote.

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While BlackRock CEO Larry Fink says gold investors hurt capital market development. Larry Fink has turned heads over the past two years by going all-in on Bitcoin. In his annual letter to shareholders published Tuesday, while singing the praises of capital markets as a mechanism for wealth creation, Fink shared his views on the original store of value.
“More and more countries recognize the power of American capital markets and want to build their own,” he wrote. Countries like Japan and India “want to give people new places to put their savings,” but he thinks the money is being directed to the wrong places. “Today, in Japan, it’s mostly the bank. In India, it’s often in gold.” When I visited India in November, I met policymakers who lamented their fellow citizens’ fondness for gold,” he wrote. “The commodity has under performed the Indian stock market, proving a sub-par investment for individual investors. Nor has investing in gold helped the country’s economy.”

When you buy a home, that creates an economic multiplier effect because you need to furnish and repair the house,” Fink said. “Maybe you have a family and fill the house with children. All that generates economic activity. Even when someone puts their money in a bank, there’s a multiplier effect because the bank can use that money to fund a mortgage.” “But gold? It just sits in a safe,” he said. “It can be a good store of value, but gold doesn’t generate economic growth.”

The US faces a Liz Truss-style market shock if the government ignores the country's growing federal debt, the head of the independent Congressional Fiscal Office has warned. Phillip Swagel, director of the Congressional Budget Office, said the growing US budget burden is on an "unprecedented" trajectory, threatening a crisis similar to the one that caused the sterling flight and the collapse of the Truss government in the UK in 2022.

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...
 
Given that the stock market is in a bubble state and pumping it up further will only aggravate the problem, one can only guess conspirationally what will become a new instrument that should still allow one to maintain the purchasing power of savings - raw materials, gold or the BTC, which is used to make BlackRock bet. Based on the above L. Fink's comments, the answer is clear.

Interesting things are happening in American banks. They decided to suddenly get into securities (mainly treasuries). The portfolio growth amounted to $110 billion per week. Despite the fact that lending stands still, or rather is reduced by a comparable amount. This may indicate that banks see a rate cut on the horizon. But it is more likely that banks are fleeing risks into conditionally risk-free treasuries. They do not want to land money to real sector, preparing to worse times, trying to lock in some stable yield on mid term horizon. This is indirect confirmation that things are going worse. Economy is not improving as J. Powell said. Otherwise, loans should raising.
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Conclusion:

Today we have not considered few geopolitical events that also are supportive to gold market, and prefer to focus on some important events that are not covered in media and remain under curtain but seem like bright indicators of US political struggle. In fact, some political and economical elites evidently challenge power people and government authorities, start talking about things that in normal situation usually remain private. We suggest that this is not an occasion and something is changing in the US domestic politics. Situation is spinning up and we suggest that closer to the Fall of 2024 it could reach the hot point. We consider this as additional and one of the most important supportive factors for gold performance as well. As more negative disclosures come as less confidence with existed government elites will be and demand for safe haven assets should raise. Since the drop of confidence relates to the US directly, this could make negative impact on demand for US Debt as well. In general now we do not see any reasons why we should change our long-term bullish view on gold market. Currently gold is coming to the most active stage of its performance, while the action from 1650 up to current top we consider just as preparation for major events.

Technicals
Monthly
So Gold shows outstanding performance in March, closing right on top. Now we stay focused on major monthly target at ~2280$. This week gold not only has destroyed potential bearish patterns on daily chart but also starts action above YPR1, that clearly indicates raising bullish sentiment. At the same time, the further upward action hardly will be as easy as it was, because gold hits monthly/weekly overbought area.

While it still could reach the OP here, further downside continuation without a pause has less chances to happen.
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What is beyond the OP? Now we could consider at least two more upside targets for perspective. First is 1.618 extension of big butterfly at 2450$, second is - all time OP around 2870$:
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Weekly

As we said, gold hits overbought on weekly chart as well. Here we have another target on a way to 2280, this is 2250$. Since, this is relatively small distance between these to targets, at least from monthly/weekly time frames point of view, they could be hit together. For now we just should know that 2250$ is another area where market could stay for some time:
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Daily

As markets were closed on Friday, here our analysis mostly stands the same as in Friday's video. On daily chart we see only cancellation of all bearish potential and existed patterns. Bullish context is totally set. Market is not at overbought here, but it sense a little because of OB at monthly and weekly, as we've said.
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Intraday

On 4H chart now we have upside butterfly with 2262$ ultimate extension. Very close to the weekly one. Next week we start watching for tactical deep to consider long entry. In general, we could say that 2250-2280 is a kind of target cluster. Targets are of high scale, so, chances on pullback when they will be reached look significant:
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On 1H chart, recalling our upside AB-CD, inner to butterfly, so it has XOP around 2242$. Gold has not shown reaction on PCE numbers yet, and now it is difficult to tell where it will stop in 2250-2280$ range. Maybe it will go to 2280$ directly... So, let's keep watching and take action on situation.
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Chart of Weekly TSX Venture - heavily junior minors. In days gone by somehow this often moved ahead of precious, base, and strategic. This could be one of the longest (almost 20years) and most severe bears I recall. Of course I've been all in forever. I have always preferred insitu and unproven for upside. Kudnot B. Ronger

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I interpret that disparity as confirmation we are even still in disbelief psychology for gold etc.
 
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Chart of Weekly TSX Venture - heavily junior minors. In days gone by somehow this often moved ahead of precious, base, and strategic. This could be one of the longest (almost 20years) and most severe bears I recall. Of course I've been all in forever. I have always preferred insitu and unproven for upside. Kudnot B. Ronger

I interpret that disparity as confirmation we are even still in disbelief psychology for gold etc.

Hi Mike, could you explain a bit how this S&P/TSX ratio relates to Gold? TSX is Canada, just ratio of two indexes, it is not quite clear. How do you interpret it?
 
Greetings everybody,

So, Gold is showing the behavior that we've discussed in weekly reports. It shows short term bearish action under data releases - ISM recently but this effect is compensated by other factors that only gold has, such as Iran Embassy bombing by Israel last night. As a result, it goes higher together with jumping in the US yields and dollar and completed two of three our targets:
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First is 2250 weekly butterfly. Now price is overbought as on daily as on weekly chart. Second is 2262 of 4H butterfly as well:
gold_4h_02_04_24.png


The last one that still stands on the table is monthly 2278$. Personally I do not intend to trade gold down and interested with retracement only as a chance for better long entry. That's why it is not as important how it will start.

But if you intend to trade it, then keep an eye on 4H and lower charts. Here we have potential DRPO "Sell". If we get upside action to ~2278 and fast drop, then DRPO starts. If, instead, market keep forming triangle/pennant consolidation here, then another upside spike should happen. Probably we should know it in nearest 1-2 sessions.
 
Greetings everybody,

So, the big step of our trading plan is done - Gold has hit major 2280$ monthly target. Normally, and naturally we should get the bounce, especially when price is overbought at daily and weekly time frames. Pullback might be different. Sometimes it barely could be recognized on monthly chart, but, on daily chart it should be more or less visible. Here, for example, pullback to 2200K area would be normal reaction, breaks nothing and not too significant.
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That's being said, our #1 question - whether pullback starts or not. Direct upside continuation right now will tell that common technical tools are not applicable to the market. On 4H chart we have minor divergence and will be watching for patterns. For now H&S seems like logical candidate, because major target is done and market doesn't need to go higher. Still, 1.618 3-Drive is also possible but only due to momentum. Thus, chances on 3-Drive should be lower.
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Finally all thrusts are suitable for DiNapoli patterns - as on daily as on 4H chart. Yes they were interrupted in process of forming, but pauses were short term and less than 3/8, so these thrusts are still OK.
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If you consider taking scalp short positions on gold, keep an eye on "222" Sell on top. Gold very often forms it before retracement goes deeper.
 
Hi Mike, could you explain a bit how this S&P/TSX ratio relates to Gold? TSX is Canada, just ratio of two indexes, it is not quite clear. How do you interpret it?
The TSX Venture Index is different than S&P/TSX - TSX Venture is a result of amalgamation of Vancouver Stock Index with Toronto. It was then and is still made up primarily of junior miners. It was literally all that way (with a few exceptions) until cannabis stocks showed up. It has now gone 900 days without a significant rally and as I said a near 20year bear. Investors big and small finally start "pouring" into them when they accept 15$ silver and $1800 gold was cheap. That's my story and I'm sticking to it
 
The TSX Venture Index is different than S&P/TSX - TSX Venture is a result of amalgamation of Vancouver Stock Index with Toronto. It was then and is still made up primarily of junior miners. It was literally all that way (with a few exceptions) until cannabis stocks showed up. It has now gone 900 days without a significant rally and as I said a near 20year bear. Investors big and small finally start "pouring" into them when they accept 15$ silver and $1800 gold was cheap. That's my story and I'm sticking to it
  • The TSX Venture Exchange serves as a public venture capital marketplace for new companies, particularly in Canada's rich natural-resource sectors.
There are more than 1,600 companies listed on the TSX Venture Exchange. Nearly 400 of them are included in the S&P/TSX Venture Composite Index. Companies listed in the composite index are primarily mining (57%) and technology (10%) companies. The majority of them are located in British Columbia, Alberta, and Ontario, where these industries have prominent operations.
 
  • The TSX Venture Exchange serves as a public venture capital marketplace for new companies, particularly in Canada's rich natural-resource sectors.
There are more than 1,600 companies listed on the TSX Venture Exchange. Nearly 400 of them are included in the S&P/TSX Venture Composite Index. Companies listed in the composite index are primarily mining (57%) and technology (10%) companies. The majority of them are located in British Columbia, Alberta, and Ontario, where these industries have prominent operations.
As the price of gold goes up and mining costs remain relatively stagnant insitu values start to increase. In theory these companies have insitu and or are out to find it. It takes a long time for the investing world to start talking about reserves and insitu value. It isnt until there is acceptance that the increase in price is real and here to stay that these juniors start to benefit, but when they do!
 
The TSX Venture Index is different than S&P/TSX - TSX Venture is a result of amalgamation of Vancouver Stock Index with Toronto. It was then and is still made up primarily of junior miners. It was literally all that way (with a few exceptions) until cannabis stocks showed up. It has now gone 900 days without a significant rally and as I said a near 20year bear. Investors big and small finally start "pouring" into them when they accept 15$ silver and $1800 gold was cheap. That's my story and I'm sticking to it

Very interesting. Thanks Mike, I didn't know about it.
 
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