Jason Goepfert

8-12-2020 at 5:32 pm

Daily Report : Gold optimism finally takes a header; Stocks are worth more than the whole economy

Optimism on gold, silver, and miners was extremely high in late July and early August. Their punishing losses in recent days has caused a tumble in sentiment, which usually has meant that there is more room to go before the excesses are unwound.; Global stock market capitalization is higher than global GDP for one of the few times ever. Even just the valuation of U.S. stocks is nearing half of global output, a level seen only twice before in the past 60 years. The other two preceded many years of U.S. underperformance relative to the rest of the world's markets.

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