Ronald looks back at gold's performance during 2019 and discusses how it operates as a seventh sense in the market. Gold is revealing issues and projecting an increase in recessionary and inflationary concerns

Murrell’s point is that the price of physical (today) should carry a substantial "physical premium" to the futures price, due to the almost certain possibility that (one day) the futures will be cash settled AND the physical price will jump higher on the same date.

Rick Rule explains what to make of the existing political and market environment and how he plans to survive the troubled waters that lie ahead.

Gold Macro Update by Ronald-Peter Stöferle

Will 2019 be the year of the big breakout for gold?

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Question: What do Jeffrey Gundlach, Ray Dalio, Mark Mobius, Stanley Druckenmiller, Paul Tudor-Jones, David Einhorn, Naguib Sawiris, Paul Singer, and Thomas Kaplan – some of the greatest financial minds of a generation – all have in common?

Answer: An attachment to gold and its presence in their personal financial holdings as a safe-haven hedge.

Some investors talk of $2,000 an ounce gold, but Frank thinks $10,000 an ounce wouldn’t be crazy. “I don’t think it’s going to happen in the next 12 months, but I think that the supply of gold has peaked.”

Given the persistent—and rising—deficits in the United States (in both fiscal and trade), we believe the U.S. dollar could become vulnerable to a loss of value relative to a more diversified basket of currencies, including gold. As we scan client portfolios, we see that many of them have far more U.S. dollar exposure than we feel is prudent. At this stage of the economic cycle, we believe this exposure should be more diversified. In many cases, our recommendation would likely be to place a higher weighting on other G10 currencies, currencies in Asia and gold.

Note: gold increased to 5% in chart.

An important factor which investors should be paying attention to is the correlation between the gold price and the size of the negative-yield debt. The chart below shows that there is a strong correlation which means that the gold price rises as the size of the negative yield debt increases.