More or less QE can be good or bad for POG. It depends on the impact of QE across other asset classes and the stage we are at within an economic cycle.
Similarly with interest rates. Rates up or down doesn't always imply some direction in POG. More important is the value of t-bonds and the USD. IE. the reason why rates are changing.
I'm finding it difficult to find a reason for this not being the end of the bull run for US stocks and more importantly us t-bonds and the USD.
I agree with you that commodities are mostly well undervalued and good value right now, but some companies producing some commodities will still get their SP hammered in an overall stock market fall. Sometimes it'll make sense because of company debt. Other times it wont make sense but that's how it goes.
I'm also finding it difficult to see how gold doesn't start a long bull run now. There are so many things going on around the globe, and just about everything is positive for gold. It might not take much to cause a substantial break upward. Maybe very soon. Then Aus #2 tier gold miners with undervalued SPs and good fundamentals will suddenly become very attractive to investors around the globe.
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