Ever since 2012, when the State centralization of the financial markets started in earnest, the market distortions have become very obvious.
For example, this chart shows the weekly $CAD gold price since 1999 (grey histogram). In 2012 the $CAD gold price peaked at $C 1700, and since then for the last six years, its consolidated sideways in a range between $C 1400 and $C 1700, to form an inverse H&S consolidation pattern. The next move above $C 1700 neckline, should see an initial move to around $C 2000, as a first target. The TRIX indicator is also in positive formation for a move higher.
Even though the $CAD gold price has been going sideways for six years, and now back to the 2012 peaks around $C 1700, the XGD.TO global gold miners index, is still at levels seen in 2004, when the $CAD gold price was $C 500 per ounce. This makes no sense whatsoever, and demonstrates the distortions we see in the markets.
Bottom line: XGD.TO gold miners index has a lot of catching up to do, to get back to known prices, commensurate with the $CAD gold price.
Another market distortion is observed with the Silver:Gold (SGR) ratio chart below, which I have shown on several occasions. Since 2012, when the experiment started, the SGR has completely diverged from the $SPX, with both heading in opposite directions for the last six years. This is abnormal, as the SGR and $SPX are correlated markets. The $SPX and the SGR will cross back over at some time in the future, and the chart indicates that SGR is bottoming and $SPX is topping….unless they decide to kick the can down the road a bit longer. Nature will have its way with these intellectual idiots.