Commodities Analysis and Opinion

Gold Vs. Oil

2022.12.01 18:40

[ad_1]

Ashraf Laidi

A lot has happened since I posted this / chart 3 weeks ago. is a little stronger vs oil with XME/XLE ratio at 0.59 and the RSI is now testing the trendline resistance.

As a reminder, XME is a major ETF for metals and mining stocks, while XLE is the biggest ETF for energy firms. Why am I mentioning this now? Metals (specifically gold) could further be boosted by the necessity for nations (especially oil-importers) to preserve the value of their monetary reserves against .

Regardless of whether these nations are from the industrialized or less developed world, they must preserve their purchasing power of oil. See what Ghana agreed with the UAE about paying for their oil with gold in my tweet earlier this week.

OPEC will be closely watching the ouctome of next week’s EU discussions of the G7 price cap on Russian oil exports. Any prolonged decline in oil prices will see OPEC rushing to cut supplies, which would affirm the importance of stocking up on those few monetary/nonmonetary reserves that maintain their value relative to oil. And that would be no other than gold. Watch the RSI on XME/XLE.

Tweet-XME-XLE-Nov-30



[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 103,497.73 0.08%
ethereum
Ethereum (ETH) $ 2,611.12 5.12%
xrp
XRP (XRP) $ 2.63 3.58%
tether
Tether (USDT) $ 1.00 0.01%
bnb
BNB (BNB) $ 655.22 0.46%
solana
Solana (SOL) $ 179.71 3.55%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.235918 3.92%
cardano
Cardano (ADA) $ 0.81707 2.08%
tron
TRON (TRX) $ 0.273944 3.59%
staked-ether
Lido Staked Ether (STETH) $ 2,608.13 5.13%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,329.68 0.06%
sui
Sui (SUI) $ 3.94 1.11%
chainlink
Chainlink (LINK) $ 16.99 2.26%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,138.18 5.13%
avalanche-2
Avalanche (AVAX) $ 25.71 4.83%
stellar
Stellar (XLM) $ 0.312564 1.57%
shiba-inu
Shiba Inu (SHIB) $ 0.000016 1.93%
hedera-hashgraph
Hedera (HBAR) $ 0.211214 1.00%
hyperliquid
Hyperliquid (HYPE) $ 25.37 0.99%
pi-network
Pi Network (PI) $ 1.19 6.13%
the-open-network
Toncoin (TON) $ 3.35 1.17%
leo-token
LEO Token (LEO) $ 8.84 2.89%
bitcoin-cash
Bitcoin Cash (BCH) $ 405.59 1.43%
litecoin
Litecoin (LTC) $ 102.27 0.47%
polkadot
Polkadot (DOT) $ 5.08 1.09%
weth
WETH (WETH) $ 2,614.80 5.22%
usds
USDS (USDS) $ 1.00 0.00%
monero
Monero (XMR) $ 340.71 0.49%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,787.29 5.12%
pepe
Pepe (PEPE) $ 0.000014 0.01%
bitget-token
Bitget Token (BGB) $ 4.79 1.04%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998957 0.26%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,547.74 0.07%
whitebit
WhiteBIT Coin (WBT) $ 30.12 0.41%
uniswap
Uniswap (UNI) $ 6.72 0.19%
bittensor
Bittensor (TAO) $ 455.43 1.72%
near
NEAR Protocol (NEAR) $ 3.14 1.78%
aptos
Aptos (APT) $ 5.94 3.41%
dai
Dai (DAI) $ 1.00 0.03%
aave
Aave (AAVE) $ 229.77 5.96%
okb
OKB (OKB) $ 54.49 0.95%
ondo-finance
Ondo (ONDO) $ 1.01 0.04%
kaspa
Kaspa (KAS) $ 0.121771 0.79%
internet-computer
Internet Computer (ICP) $ 5.82 3.23%
ethereum-classic
Ethereum Classic (ETC) $ 20.16 2.96%
crypto-com-chain
Cronos (CRO) $ 0.102083 2.86%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
tokenize-xchange
Tokenize Xchange (TKX) $ 36.38 8.80%