Il Circolo dell'Oro

[xeres]

Quando leggo questi tweet, mi chiedo ... quindi il mercato non se ne è accorto quando la capitalizzazione dei gold miners era al 5%, non se ne è accorto quando i miners erano al 4%, non se ne è accorto al 3% e al 2%, perciò se ne accorgerà ora che sono all' 1%? Oppure invece il mercato è efficiente e prezza correttamente il rischio insito in quei titoli (che non sono cresciuti per motivi strutturali mentre lo ha fatto il resto del mercato, in un mondo che cambia e che è sempre più tecnologico)?

Gold and gold miners possibly constitute the smallest share of global assets in the last century.The same people who previously doubted the metal's potential for entering another cycle are now criticizing the miners.If you ask me, this industry offers the most asymmetric opportunity I've seen in my career.The multitude of structural forces driving metals has yet, in my opinion, to prompt a major re-rating of the valuations of these businesses, which continue to linger at historically depressed levels.H/t to @LawrenceLepard for this outstanding chart idea.

https://twitter.com/x/status/1780611793334731107

All'inizio del secolo scorso il mercato era dominato dai titoli "tecnologici" nel settore delle ferrovie ...

 

[xeres]

https://assets.contentstack.io/v3/a...8d117b1473/Diversification_Landscape_2024.pdf

 

[xeres]

I primi accenni di una guerra regionale continuano. L'altro giorno oro e petrolio non hanno fatto movimenti repetini alla riapertura dei mercati, chissà se continuerà ancora allo stesso modo (alle prime notizie bitcoin -6%, petrolio +3%, azionario -2%, oro a 2400 dollari).

https://twitter.com/x/status/1781159254189015382

https://twitter.com/x/status/1781150938419363957

 

[xeres]

Gold, on the other hand, is a non-debt-backed form of money. It’s like cash, except unlike cash and bonds, which are devalued by risks of default or inflation, gold is supported by risks of debt defaults and inflation. It is held by central banks and other investors for this reason. In fact, gold is the third-most-held reserve currency by central banks, more so than the yen or renminbi. Cryptocurrencies are also non-debt monies. I don’t know of any other types of non-debt monies, though some people might argue that gems and art act similarly because they are non-debt, portable, and widely accepted storeholds of wealth.

Do You Have Enough Non-Debt Money?

 

[xeres]

 

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[xeres]

As a major importer, gold buyers in China often have to pay a premium over international prices. That jumped to $89 an ounce at the start of the month. The average over the past year is $35 versus a historical average of just $7.

China Is Front and Center of Gold’s Record-Breaking Rally

 

[xeres]

Ultimamente l'oro ha diversificato rispetto al rischio di deprezzamento della valuta, e non solo per le valute emergenti, vedi il Giappone.

 

[xeres]

[...]
Zimbabwe ha introdotto una valuta digitale supportata dall’oro, nota come Zimbabwe Gold (ZiG).
[...]

Uno sviluppo sorprendente per l'azionario locale.

Zimbabwe’s new currency has wiped out a more than 330% gain on the stock market this year, leaving investors dealing with the fallout.
The Zimbabwe Stock Exchange All Share Index fell 99.95% since the introduction of ZiG, short for Zimbabwe Gold, on April 5.

The volume of trades and value of transactions have also plunged as share prices were converted from the old currency to the new.

Zimbabwe’s ZiG Wipes Out 330% Stocks Rally

Confidence in the new currency and trust in its management is central to its success. But from the outset, the ZiG’s introduction has been messy. No explanation was given for postponing the date that notes would be circulated, leaving citizens and markets to navigate the complex payment web of using electronic ZiG, the physical Z$, and the US$.

Moreover, the government has not disclosed the amount of gold reserves backing the ZiG. The Reserve Bank says it has 2.5 metric tonnes of gold in its vaults and an undisclosed amount in offshore vaults. The reserves held in Zimbabwe are hardly enough to cover a few months’ expenditure, and the lack of clarity feeds suspicions that the country doesn’t have enough gold to back a new currency.

Zimbabwe’s new ZiG doomed by overall lack of transparency | ISS Africa