26 December 2022 – 09:48 Central Euro Time

Briefly as the BEGOS Markets are closed until they commence their new week tonight at 23:00 GMT, we point to our MoneyFlow page for the S&P 500 wherein by the quarterly measure the Flow is -605 points below the Index itself. As this is a leading indicator, we sense it does not bode well for the S&P as it transits into 2023, (nor does the “live” P/E of 36.4x given the historic mean of 22.4x). As penned in the current edition of The Gold Update: “…the S&P 500 (3845) is +62% above its earnings valuation and … Gold (1806) is -53% below its U.S. Dollar debasement valuation…” ‘Twould appear the era of easy money is ending.