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A look at the Gold and Silver Charts (09.05.2024)

Buffet Indicator chart
Market crash coming 2024

The Buffett indicator above shows the ratio of the value of the total US stock market to GDP. It uses the total monetary value of all publicly traded company shares and divides the GDP into it. 

It provides a macro perspective on whether the market is over or undervalued.  

The indicator right now is 199% or two standard deviations from the norm. 

Can it go higher?

Of course.

Does it show that we are much nearer to the top than the bottom?

Absolutely.

Here I put my head on a block. If this was not an election year in the US I would say the stock market is exceptionally vulnerable sooner rather than later.

 But, it is an election year so I guess by hook or by crook they will keep it afloat until after the election.

This means a probable interest rate cut or cuts, when in reality the opposite is needed. It means massive inflationary money printing.

 It means the plunge protection team (President’s Working Group on Financial Markets) with unlimited funds will be holding up (interfering in) the markets.

There will not be a good outcome. I think what we are seeing is a precursor to CBDC’s (Central Bank Digital Currencies).

BITCOIN AND GOLD

BTC:GLD below shows bitcoin still underperforming Gold, no signal to buy bitcoin yet.

$BTCUSD:$GOLD Bitcoin to US dollar/Gld CRYPT 9 May 2024

Bitcoin reversed its buy within a day of giving the signal. And has dropped exactly to the 50% Fibonacci retracement and appears to be bouncing off. It is battling to break upwards from here for now.

Just as a matter of interest ETHUSD still sports a sell-or-out signal.

$BTCUSD:$GOLD Bitcoin to US dollar/Gld CRYPT 9 May  2024

GOLD AND SILVER STOCKS

Gold stocks are outperforming the physical metal.

$GOLD:$HUI Gold- Continuous Contract (EOD) Gold Bugs Index - NYSE - 9 May 2024

Silver stocks outperform physical silver. This momentum appears to be changing.

$SILVER - SIL Silver- Continuous Contract (EOD) Global X Silver Miners ETF 9 May 2024

GOLD AND SILVER

Gold  is underperforming silver. I like this as a precursor to a sustained increase in the prices of both metals.

$GOLD:$SILVER Gold Continuous Contract - (EOD) Silver - continuous 9 May 2024

GOLD TO USD

Gold v USD: The USD is outperforming gold but gold appears to be consolidating here. This week will be telling.

$GOLD:$USD Gold - Continuous Contract (EOD) CME 9 May 2024

A LOOK AT THE GOLD AND SILVER CHARTS
TodayLast Week
Gold Price$2,326.00$2,304.00
Silver Price$27.91$26.62
Gold:Silver ratio83.32:186.51:1
Gold Miners bullish percent index82.1482.14
Dollar Index105.47106.62
Dow:Gold Ratio (BahaUS 38991.00 Gold price, $2,326.00)16.7616.50
Current USA inflation rate (Dept. of Statistics)3.5%3.2%

Gold’s low of the week was $2,291.00 and the high was $2,331.00, now trading at around $2,322.00.

  • The monthly chart for Gold  is a hold. We bought in at $1,800.00 and have held it to date. It looks overbought but the indicators are mainly positive.
  • The spike high is still a worry. I would like to see trading over $2,500.00, breaking the spike. (See chart below)
  • The weekly chart remains on hold.  Looking overbought but no sell yet. Subject to my worries on the spike high. 
  • The daily chart, we are out but price is consolidating.

$GOLD Gold - Continuous Contract (EOD) CME 9 May 2024

The low for Silver this week was $26.43 and the high $27.93, trading around $27.88 at present.

  • Silver on the monthly chart indicates a hold. It needs to break $30.35 then $50.00. The signals look strong for now. (Chart below).
  • The silver weekly chart is a hold. It touched the top of the trading range but could not hold above it. Indicators still reflect a hold even though they have turned down.
  • The silver daily chart indicates out of the market. Vindicating the spike. Silver is teasing us with mixed signals not yet strong enough to trigger a buy on our system.

$SILVER Silver - Continuous Contract (EOD) CME 9 May 2024

Our partner has stock of both Gold, Silver and Goldbacks in our vaults available in Panama. Please contact us for more information.

Goldbacks Fort Kobbe Vaults

On the Stockcharts.com charts, the blue vertical lines are our proprietary system buy signals and the red vertical lines are system sell signals – for information purposes only

Please contact us to arrange the purchase and storage of your gold and silver requirements in a safe, insured location outside of your jurisdiction.

If you are interested in an overview of Fort Kobbe, you may want to have a look at this video: Mike Brown, Director, Fort Kobbe, International Vaults, A DotCom Magazine Exclusive Interview

This is my interpretation of the market and is not to be taken as financial advice. Before making any buy or sell decisions I recommend that you consult with your professional financial advisor.

Larry Simon
Larry Simon

Larry Simon was educated at the University of Witwatersrand, Johannesburg, South Africa and is an experienced businessman specialised in management, investment and finance.

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