GOLD STRATEGY Apr 26
GOLD STRATEGY APRIL 2026, Gold, FNV and WPM Summaries are from NotebookLM, sourcing transcripts, company presentations and filings; my commentary is added . Gold price The charts below, the top two courtesy of Auscap, show a story of the relative strength of the gold price. In real terms in is almost twice as high as the dramatic 1980 peak. Of course, my framework on gold is that the price is mainly determined by growth in the money supply of the major economic blocs (G3). I use M2, but I could use other definitions. M2 seems a reasonable money supply measure to follow. The theory is that over the long-term gold will follow the aggregate growth in the money supply. The time lags and correlation are not that tight, which is common in the real world. The graph below (from Gemini) shows a correlation of 0.58, which is not bad for real-world correlations, but it does imply that we should expect sustained deviations from the trend, in both time and magnitude. The red dashed lin...