Gold Gets a Bit of a Grip; The S&P Looks Lower to Slip
Gold garnered a +2.0% net gain for the week in scrabbling back over 1700 to settle yesterday at 1702. Indeed intra-week from low-to-high, Gold gained as much as +4.3% for the first two days, only to halve that in posting net declines these past three days. Regardless, 'twas Gold's first weekly close above 1700 since that ending 09 September, and the fifth-best weekly percentage net gain of the 21 up-weeks year-to-date.
But specific to Gold, even as price remains massively shy of its currency Debasement valuation , even as the U.S. money supply is today 2.3x what 'twas when Gold first reached 1702 , and even as that doesn't begin to account for unfunded Debt and Derivatives, Gold nonetheless is being kicked about as the proverbial commodity football .
Still, from the "Preaching to the Choir Dept.", once Gold starts to rip, you'll be relieved to already own it. Remember: from 1975-to-date: Gold has recorded 24 quarterly net gains of +10% or higher and 12 annual net gains of +20% or higher. And the 3Ds of Debasement, Debt and Derivatives are alive and well: just ask Credit Suisse, .
■ The "live" P/E for the S&P is 32.5% per yesterday's settle. That means if earnings don't actually grow , to again engage the P/E's mean is a mathematical decline to S&P 2509.That's not a prediction, Squire, rather just a statement of arithmetic fact. "Way too low" as 2509 may seem -- lest we forget -- just two years ago the S&P was at a COVID low of 2192 on 23 March 2020.
Speaking of the pound as it hovers just above all-time lows to the U.S. Dollar, did you note that Fitch has joined Standard & Poor's in reducing the outlook on U.K. government debt from "stable" to "negative"? How are those Gilts workin' out for ya? As threadbare as yer kilts? .
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