Please find below the Sprott Gold Monitor with follwing comments:
1. Real interest rates are negative and this will likely push gold price higher.
2. U.S. Federal Reserve Bank & ECB balance sheets are at all-time high.
3. U.S. Federal Debt-to-GDP ratio is at 106.8%.
4. China has been a significant net seller of long-term U.S. Securities.
5. Bid to cover ratio on 10-year treasuries sags to lowest level in 10 years.
6. Government spending on “autopilot” – Social Security, Medicare, Interest,
Defense, Veterans Benefits, etc. = 94% of total Gov’t outlays.
7. GDX ETF is setting up to test the August 2016 highs.
8. Gold held by ETFs has surpassed 2012 record levels.
9. Gold Market Vane Sentiment Index is at its highest level in 10 years.
10. U.S. Dollar Index dropped during global pandemic because of oil market collapse and sudden stoppage of worldwide economic and trades activities.
11. CFTC Net USD Futures Contract remains in a fairly neutral position. The sheer size and scale of QE Infinity and Fiscal stimulus announced so far (and more expected) is being weighed against the need for US dollar funding.
12. Owners per ounce of gold is at record low vs. Registered COMEX gold stocks.
13. There is a significant value gap between large-cap and small-cap gold companies.
DOWNLOAD SPROTT GOLD MONITOR