08 April 2024 – 08:32 Central Euro Time

The back-loaded EconData week is underway with the Bond, Swiss Franc, Copper and Oil all at present beneath their respective Neutral Zones for today; above same is Silver, and BEGOS Markets’ volatility is already mostly robust, the components of the Metals Triumvirate all well-exceeding their EDTRs (see Market Ranges). The Gold Update again cites (in a positive way) the “extreme” overbought technical near-term stance of price; so far this session, Gold has traded to within 3 points of our forecast high (2375) for this year: mind Gold’s Market Values graphic as to price vis-à-vis its smooth valuation line. As Q1 Earnings Season commences today, the “live” (futs-adj’d) P/E of the S&P is 46.6x, essentially double that since its inception a dozen years ago; the yield is a paltry 1.371% vs. 5.215% annualized on the risk-free US three-month T-Bill.