Gold Price Resources

S&P500 to Gold Ratio at Important Level

Which Asset Class Will Outperform?

In advance of tomorrow’s Fed meeting and decision on interest rates, I am closely monitoring the S&P500 priced in gold. The S&P500 has broken out to all-time highs and has successfully retested the breakout, while gold has retreated ~$100 from its highs in August, either setting up a washout to a new near term bottom (possibly backtesting the entire breakout from $1380), or preparing for a rally to retest the $1580 level after a multi-month bull flag.

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[VIDEO] Gold and Silver Mining Stocks Price Update

Mining Stocks Leading Gold Higher?

I produced this video on the gold and silver mining sector last night, and as of this morning gold is up significantly and all of the mining stocks continue to follow through. Gold (see chart above) just broke above horizontal resistance and is now looking to break up from the August downtrend channel. A move above $1495 would resume the uptrend from 4Q18, where channel support recently held. As presented in early November, I continue to believe this is a Wave 4 of 5, and that we will retest the highs at $1560-$1580. A close above $1495 would confirm it.

In the video below, I cover price action in some key mining stocks as well as the gold:silver ratio and the S&P:gold ratio. If gold is going to make another push to $1560-$1580, we want to see miners lead the way. Thus far, they are showing strength, which is a positive sign for bulls.
Some of the stocks covered in this video:

$GDX $GDXJ $ABX $NEM $XME $WPM $GOLD.V

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