Gold's ownership to grow even as the S&P nets inflow
As on occasion we do, let's start with stocks, in opening with one of our infamous pop quizzes: Ready?
We've yet to have the crash. Oh to be sure, 'tis coming under our newly revised moniker of the "Look Ma! No Money!" crash. But it shan't commence until our MoneyFlow differential for the S&P 500 swings from its still firmly positive state to that which is negative, . Thus the S&P nets inflow.Simple, Squire: the market capitalization of the S&P 500 per yesterday's settle is $34.6T whereas the StateSide liquid Money Supply is only $21.0T.
Which got us to thinking: back when The Gold Update was conceived in 2009, we regularly heard from a well-placed investment banker that only some 5% of managed portfolios had exposure to Gold . Then from the depths of the Black Swan's FinCrisis as the S&P recovered, corporate earnings became meaningless -- as long as they beat "estimates" --, "Me!-Me!" stocks became the rage, and Gold got relegated to relic status to be replaced with cryptocrap.
'Course to be fair, we offer this from the"Markets Don't Move in a Straight Line Dept." The following graphic depicts the daily closing price of Gold from one year ago-to-date. The smooth grey line is a valuation for Gold, the notion being where price"ought be" by its movement relative to that of the four other components that comprise the five primary BEGOS Markets .
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