Gold is currently working on a ‘full house’, with three of a kind (gold out performs stock markets, gold rises vs. commodities and gold rises vs. global currencies). We can call the pair needed to complete the full house economic contraction (to varying degrees globally) and confidence declines.
Gold vs. Stock Markets
Gold vs. developed world stock markets is bullish and consolidating. This is a critical macro consideration to the gold sector investment case and these weekly charts show trends changing vs. all world stock markets. The ratios are in consolidation as gold itself consolidates and markets bounce.