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THIS PRECIOUS METAL’S NEW RECORD HIGHS ARE JUST THE BEGINNING

Posted by Brett Eversole, DailyWealth.com | Apr 10, 2024

There’s nothing better than a hated bull market…

This type of market doesn’t come around often. The entire premise goes against
how markets tend to operate.

When prices rise, investors usually get more excited. Folks see the allure of
fast profits and throw caution to the wind. This quirk of market psychology is
as crucial to understand as fundamentals, economic trends, or interest-rate
changes.

It also means that if you find a rising market that investors want nothing to do
with, the boom is sure to continue.

That’s the situation we have in gold right now. And as I’ll explain today, it
means gold’s new record highs are just the beginning.

A lot has happened in the gold market lately. The metal recently hit new
all-time highs. That’s exciting in its own right… But the lack of investor
interest is just as noteworthy.

You see, the current gold boom is nothing like the ones we saw in the past two
decades.

Those were the typical booms you’d expect. Prices soared. The big gains thrilled
investors… So they kept flooding in.

The opposite is happening today…

Investors have been selling gold for years. And despite the recent rally, the
selling has only intensified.

We can see this by looking at shares outstanding of the two largest gold
exchange-traded funds (“ETFs”). I’m talking about SPDR Gold Shares (GLD) and the
iShares Gold Trust (IAU). The two funds are massive, with nearly $100 billion in
combined assets.

ETFs create and liquidate shares based on investor demand. That means these
funds issue more shares if investors want gold… And they remove shares when
investors aren’t interested.

Given gold’s recent rally and the new all-time highs, we’d expect share counts
to be rising. But we’re seeing the opposite situation play out. Take a look…

The chart shows the combined share count of GLD and IAU. Shares outstanding for
both funds have been falling for years. They’re down a combined 29% since
peaking in 2020.

You might look at this and think that investors will never get on board with the
gold boom. But that idea fights investor psychology…

The truth is, investors care about one thing: making money. And gold is becoming
a moneymaking asset.

Folks might not be buying yet. But if the metal is rising despite these
outflows, it’ll be hard for the current boom to slow down. As prices continue
higher, these sellers will eventually cry “uncle.”

They’ll stop selling and start buying. And that new wave of buying should
catapult the current bull market to even greater heights.

In short, we’re still in the early stages of a major bull market for gold.
Investors still hate the boom today… But that hate won’t last forever. And we’ll
see the biggest gains once sentiment reverses.

Now is the time to get in position before the crowd wakes up and starts buying.
And that means you might want to consider owning gold today.

Good investing,

Brett Eversole

Strange change at your bank [sponsor]
At least 41 major US banks have just made a drastic change to the way money in
America works. It could have some major implications for you, your money and
your retirement. But it's crucial you understand what's happening, before these
changes get applied to your bank account. Here's everything you need to know.

Source: Daily Wealth



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