Goldilocks Consensus (Above-Trend Growth and Below-Trend Inflation) Goldilocks consensus has peaked in January, as only 41% of fund managers expect lower inflation and higher growth. Image: Bloomberg
Risk-Adjusted Returns – Bitcoin, S&P 500, Commodities and Gold Bitcoin’s risk-adjusted return has tended to beat equities, commodities and gold in recent years. Image: J.P. Morgan
Physical Gold Held by all Gold ETFs Globally Physical gold held by all gold ETFs globally saw limited outflows. Image: J.P. Morgan
Gold Prices – Forecast vs. Forwards Will the bull market in gold continue? BofA expects gold prices to reach new highs to US$2,200/oz in Q3 2021. Image: BofA Global Research
Copper to Gold Ratio and U.S. 10-Year Treasury Yield (Leading Indicator) The copper to gold ratio tends to lead the U.S. 10-year Treasury yield. Image: Morgan Stanley Research
Price of Bitcoin Relative to Gold Bitcoin has advanced about 270% in 2020. Image: Bloomberg
Price of Gold Since 1790 This chart puts into perspective the price of gold since 1790. Image: BofA Global Investment Strategy
Copper Prices Relative to Gold Prices Copper looks cheap relative to gold. Image: Longview Economics
Gold Spot Price and U.S. 10-Year TIPS Yield Generally, when the U.S. 10-year TIPS yield goes up, gold tends to go down. Image: Nordea and Macrobond
Gold Flows Since 2007 Could gold face a flow headwind over the coming years because of Bitcoin? Image: BofA Global Investment Strategy