Commodities have been at the center of our analysis for over a year now. There have been times when base metals have done well. And here have been times when agri commodities have done well. But every single time, precious metals stayed out of it.

Precious metals have been the worst place to be in over the past one and a half years. But it looks as though things are about to change.

Why?

Gold and Silver seem to be interested in jumping on the bullish bandwagon. Are they there yet? Let's take a look!

Precious metals have been the worst place to be in for the longest time. But with commodities across the globe taking off, precious metals finally got the memo. The cargo is on the move, folks!

Not many people know this, but I used to be a gold bug way back in the day.

Mid-2000s and into the financial crisis and beyond?

I was Mr. Gold Bug.

Any good technician was. That's how price told us to behave.

But then a funny thing happened. A combination of price and common sense proved that being a gold bug was no longer a good idea. That was about a decade ago.

And you know how humans are. Many of those angry little buggers stuck around and held other people's bags this entire time, while stocks and other risk assets have ripped making everyone rich, except for gold bugs.

It's funny how life works.

Because I think we might be back.

It's hard not to be in the Rocks > Stocks club these days.

Here's a good chart...

This is the video recording of our March 1st Monthly Charts Live Strategy Session

This month marks the one year anniversary of the top in stocks.

And more specifically, I mean the top in the internals of the U.S. Stock Market. Remember, that's the best things were, and it's been a painful deterioration ever since, particularly for most U.S. Index Fund investors, growth investors and most individual U.S. stock pickers.

The new highs list these days is loaded up with ADRs, Metals stocks, Staples and Energy. Most of the other stocks have been struggling. Not all of them are down, but many are sideways at best.

This chart really tells the story of what's been going on. We discussed it on Tuesday night's call:

This is the video recording of the February 2022 Mid-month Conference Call.

What do we know for sure about new all-time highs?

We know they aren't characteristics of downtrends.

New highs are something we regularly see in uptrends.

And wouldn't you know it, Gold Futures just made new all-time highs, priced in Japanese Yen.

"But I live in America, JC. Why should I care about gold in yen terms?"

Because Gold acts much more like a currency than a commodity. Haven't you noticed how practically every commodity on earth has skyrocketed the past 18 months, except Gold?

Besides, the new all-time highs in Gold priced in Yen also came along with new 52-week highs in Gold priced in both Euro and Australian Dollar.

Even within this disastrous decade for Precious Metals, Gold Miners have still found a way to outperform whenever they get down here.

Look at this chart of Gold Miners $GDX relative to the S&P500. The last 2 times they got down here, it sparked periods of tremendous outperformance:

Do you think the world is coming to an end if Financials are breaking out to new all-time highs?

The answer is no.

If America's most important sector is leading the way higher, then that probably speaks to more continued rotation, not massive distribution.

Sure, some sectors are getting hit.

Some sectors got hit last year too. Most of them did at some point actually.

But if you recall, when some stocks were struggling, there was always another group coming in to pick up the slack.

In this case, it's arguably the world's most important sector:

This is the video recording of the December 2021 Mid-month Conference Call.

It's Saturday Morning Chartoons time. 

This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.

You can find the whole list of trades here.

Below you'll find the full PDF of this week's charts:

This is the video recording of the November 2021 Mid-month Conference Call.