Callum Thomas

Weekly Insights - Edition 223 entrylevel.topdowncharts.com/p/weekly-ins...

This week: global markets update, commodity technicals, global equities bull market and global vs US rotation update, macro radar, ideas inventory...

Our gold market Valuation indicator is showing up as Expensive 🚨 --but what does that actually mean? 🧐

In this note we explain the method behind this indicator + what goes into it + why even look at valuations: gold.topdowncharts.com/p/goldnugget...

NEW: Australian Market Valuation Book - July 2025

Your guide to the Asset Classes and Markets of Australia --read it here: australia.topdowncharts.com/p/australian...

COMING SOON: GoldNuggets Digest!

This week a look at gold valuation indicator --including a detailed breakdown of inputs and principles behind our unique approach.

Sign up: gold.topdowncharts.com/s/goldnuggets

Weekly Insights - Edition 222 entrylevel.topdowncharts.com/p/weekly-ins...

This week: global markets update, defensive equities tactical outlook, macro risk radar, monthly asset allocation review link, ideas inventory...

Market Cycle Guidebook - July 2025 www.topdowncharts.pro/p/market-cyc...

Asset class views, macro outlook, long-term expectations, and over 70 charts tracking macro policy, cycle data, and valuations across a global multi-asset universe...

Emerging Markets
-undervalued
-underowned
-underestimated
-undershooting trend
-undergoing a turning point?

And underappreciated upside when this cycle turns...

Gold Market Chartbook - July 2025 gold.topdowncharts.com/p/gold-marke...

NEW: along with the recently added Silver Charts section, there's now also charts on global gold mining stocks and other precious metals (Platinum + Palladium)

Check it out! 🤓

Renewable Energy stocks are seeing... renewed energy

US Semiconductors' market cap reached a new all-time high...

Bullish or Bearish?

🚨 CONTRARIAN ALERT 🚨

WARNING: you are probably going to hate this post...

Biggest contrarian trade right now?

Short gold, Long treasuries.

Certainly that's where valuations are pointing: gold is showing up as expensive, and treasuries look cheap. But do you dare? 😵‍💫

From:

This is highly unusual...

Stocks & Gold have become positively correlated --usually they march to an entirely different beat.

Bonds have been doing their own thing, but that's not much to brag about.....

More on Gold & Asset Allocation issues: gold.topdowncharts.com/p/goldnugget...

First Gold soared

Then Silver roared

But Base Metals snored...

Is it finally time for some rotation into industrial metals?

Thoughts: gold.topdowncharts.com/p/goldnugget...

Global inflationary pressures may be on the cusp of a major Resurgence...

The rate-cut-rush of 2024/25 has taken monetary policy from headwind to tailwind for the global economy, meanwhile capacity is still tight, and inflation expectations still high.

Keep an eye on #inflation risk 👀

Two key observations here:
-both Stocks & Gold are Expensive
-the two have trace a similar path

This tells us they have both been riding similar waves of liquidity (and debasement).

Read more on this issue: gold.topdowncharts.com/p/goldnugget...

There's a good reason the black line looks so different from the blue or grey lines on this chart...

Explained: gold.topdowncharts.com/p/goldnugget...

US equities have peaked vs Global on both a relative price performance and earnings performance basis.

It begs the question as to whether this is just another bump in the road onwards and upwards, or the early stages of a major turning point...

Key chart to keep track of. 🧐

Weekly Insights - Edition 221 entrylevel.topdowncharts.com/p/weekly-ins...

This week: global markets update, cross-asset seasonality, global policy pulse, Fed funds rate outlook, stocks vs bonds, credit spreads, treasuries...

Investor allocations to #Gold ETFs remain historically low, despite the Gold Price hovering around all-time highs.

There's just not the same enthusiasm for Gold funds as there is for crypto and tech stocks.

Investors are also opting for physical gold, and central banks are playing a larger role...

Emerging Markets credit spreads are back to 17-year lows...

Confidence or Complacency?

The base-building process before last year's big breakout for Gold was a 13-year work in progress...

Something tells me this bull market has room to run just yet.

What do you think?

How much has it got left?
(in time and/or price)

Latin American equities are an undervalued and overlooked corner of global equities...

It seems like everyone's excited about gold, but from a valuations standpoint -- we see a much greater opportunity in Commodities.

It's time to talk about rotation: entrylevel.topdowncharts.com/p/chart-of-t...

Weekly Macro Themes report
-global policy pulse
-thinking Fed funds
-stocks vs bonds
-credit spreads
-treasuries

Some very important big-picture macro/asset allocation themes this week, Must-Read report!

Access it here: www.topdowncharts.pro/p/weekly-mac...

Is gold in a bubble?

...and if so, are we heading into the final stages?

Very thought provoking stuff here: gold.topdowncharts.com/p/goldnugget...

The July flash PMI slipped slightly... 🧐

But the trend remains higher, and there are a lot of monetary easing tailwinds already baked-in for the global economy.

There are still weak spots and risks for sure, but the upside risks are compelling and not to be ignored.

Do You Own Enough Emerging Markets? With Callum Thomas - Check Your Balances In this episode of Check Your Balances, we're joined by Callum Thomas to tackle a crucial question for your portfolio: Do you own enough emerging markets? Callum shares his expert insights on the current landscape, potential, and risks of investin...

PODCAST: "Do You Own Enough Emerging Markets? With Callum Thomas" www.checkyourbalances.com/1607113/epis...

The US Dollar Index is about to cross the Rubicon...

That black line can basically be thought of as the line of departure between Bull Market and Bear Market.

We think Bear: gold.topdowncharts.com/p/goldnugget...

Can you hear that echo?

It's playing out across Crypto, US Dollar, Gold, and even treasuries...

And here's the kicker, if even one of those pauses, the others may well keep going as the big debasement plays through.

From: gold.topdowncharts.com/p/goldnugget...

Chart of the Week - Bulls and Breakouts

You might say this week’s chart is displaying renewed energy… entrylevel.topdowncharts.com/p/chart-of-t...