Below are some of the most interesting articles, quotes and charts I came across this week. Click here to subscribe to our free weekly newsletter and get this post delivered to your inbox each Saturday morning.
The flip side of extreme bullish sentiment towards tech stocks today can be seen in the extreme bearish sentiment towards commodities.
'Commodities are an ever declining proportion of financial assets.' https://t.co/nSggE39g5L via @SoberLook pic.twitter.com/uABjyy4wg1
— Jesse Felder (@jessefelder) March 4, 2024
“Nobody wants to own commodities” is especially true as it pertains to precious metals.
'75% of advisors have little to no exposure in gold (<1% of assets) and low interest in adding any' https://t.co/sfztODS9dc via @dailychartbook pic.twitter.com/W6KHhRnYv2
— Jesse Felder (@jessefelder) February 25, 2024
Considering that the gold price is breaking out to new highs, the intensity of this negativity is especially notable.
1/2
*SPOT GOLD CLIMBS TO RECORD
The price is orange, cumulative flows (all 10 gold ETFs) is blue.
This is the biggest divergence in the 20 years of trading.
The demand from non-ETFs is greater than ETF selling. pic.twitter.com/oUN2SXmhro
— Jim Bianco (@biancoresearch) March 5, 2024
Gold mining shares, in particular, appear to be especially hated right now.
The ratio of gold stocks to gold just dipped below 0.1 for only the 3rd time in ~50 years. pic.twitter.com/Wd66E3uSUg
— Jason Goepfert (@jasongoepfert) March 5, 2024
Insiders, however, apparently view this as a “once-in-a-generation buy” opportunity.
Tom Palmer says that Newmont is a once in a generation buy. $NEM. A buddy alerted me to the fact that he actually stopped his automatic monthly sales in November.https://t.co/MZZs4FiadV
— Mike Barnes aka Cashcosts (@real_MikeBarnes) February 28, 2024
