Let’s take a look at what the official numbers say about how big the U.S. gold reserve is, where it is located, and how much it is worth in U.S. dollars.
Gold stocks bottomed in 2000, turned up in 2001, and began to lead gold (rising HUI/Gold ratio) that year as well. HUI eventually tacked on well over a 300% gain while most stock markets were bearish.
Since the peaks for both gold and gold stocks in 2011, the gold price has increased by more than 50% ($1900 - 2900); whereas, gold stock prices have declined by 50%.
Gold has been very resilient over the last several weeks. The recent range has a much narrower amplitude than those posted over the last year. There are two ways of thinking about this.
Non-commercials just switched to net long e-mini S&P 500 futures after remaining net short for 14 weeks in a row. They are likely to do well on this switch – at least near term.
Investors are watching closely as tariffs, interest rate expectations, and regulatory changes take center stage. While uncertainty remains a key theme, understanding how these forces impact fixed income, equities, and global markets is essential.
The gold and silver markets have been riding a strong bullish trend, and according to Jordan Roy-Byrne, a Chartered Market Technician (CMT) and Master of Financial Technical Analysis (MFTA), the best is yet to come.
