Gold Has Outperformed The Dow/S&P 500 Year To Date

www.investing.com/analysis/gold-has-outperformed-the-dow-s-p-500-year-to-date-200193053

By David I. Kranzler | Jun 04, 2017 08:38AM ET

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Although it may not “feel” like it, the price of gold has been in a nice – albeit “controlled” – uptrend since late December (1-year daily, Comex continuous futures contract):

Gold 1-Year Daily Chart

Gold is up over 12% since 12/22/16. By comparison, the S&P 500 is up 7% and the Dow Jones Industrials index is up 6%. Apple Inc (NASDAQ:AAPL) is responsible for 13% of the S&P 500 move higher and 25% of the Dow move higher. The primary drivers of gold besides elevated geopolitical risk are the expectation of an easing of monetary policy and the fall in value of the U.S. dollar:

US Dollar Index 1 Year Daily Chart

While I don’t think the effort will yield any success, the only way the Trump Government can stimulate economic growth other than by printing another few trillion and distributing it across the population, is to attempt to stimulate the demand for U.S. exports globally by devaluing the dollar vs. the currencies of our primary trading partners (Canada, Europe, China).

As with any form of Government intervention, this will further destabilize the U.S. financial system. That said, most other major industrialized countries (except for Russia) are devaluing their currency vs. global currencies in order to bolster their export industries.

After today’s employment report, in conjunction with the negative economic reports released earlier this week, it’s likely the Fed’s next policy shift ease monetary policy and further enable the expansion of credit. When this reality hits the market, the hedge fund algos will take gold and the mining stocks higher.

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Central Banks

Interest Rates

Next Meeting

FED

1.00%

Jun 15, 2022

ECB

0.00%

Jun 09, 2022

BOE

1.00%

Jun 16, 2022

SNB

-0.75%

Jun 16, 2022

RBA

0.35%

Jun 07, 2022

BOC

1.00%

Jun 01, 2022

RBNZ

1.50%

May 25, 2022

BOJ

-0.10%

Jun 17, 2022

CBR

14.00%

Jun 10, 2022

RBI

4.00%

Jun 08, 2022

PBOC

3.70%

BCB

12.75%

Jun 15, 2022

US 30	32,000.0	+71.4	+0.22%
US 500	3,955.0	+13.5	+0.34%
Dow Jones	31,928.62	+48.38	+0.15%
S&P 500	3,941.48	-32.27	-0.81%
Nasdaq	11,264.45	-270.83	-2.35%
S&P 500 VIX	29.45	+0.97	+3.41%
Dollar Index	101.760	-0.337	-0.33%

Crude Oil WTI	110.54	+0.26	+0.24%
Brent Oil	111.00	+0.22	+0.20%
Natural Gas	8.885	-0.007	-0.08%
Gold	1,864.41	-0.67	-0.04%
Silver	22.079	-0.020	-0.09%
Copper	4.3165	+0.0032	+0.07%
US Soybeans	1,692.00	+5.00	+0.30%

SPDR S&P 500	393.89	-3.03	-0.76%
iShares Russell 2000	175.57	-2.64	-1.48%
Invesco QQQ Trust	287.24	-6.24	-2.13%
Direxion Daily Junior Gold Miners Bull 2X Shares	54.33	+2.02	+3.86%
iShares Silver	20.39	+0.29	+1.44%
ProShares Ultra VIX Short-Term Futures	15.75	+0.01	+0.06%
ProShares UltraPro QQQ	26.90	-1.79	-6.24%

Apple	140.36	-2.75	-1.92%
Alphabet A	2,119.40	-110.36	-4.95%
Tesla	628.16	-46.74	-6.93%
Amazon.com	2,082.00	-69.14	-3.21%
Netflix	180.34	-7.10	-3.79%
Meta Platforms	181.28	-14.95	-7.62%
Bank of America	35.65	-0.22	-0.61%

Gold Has Outperformed The Dow/S&P 500 Year To Date

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