Top 5 Charts of the Day – July 25th 2020

Bubble Angst Rears Its Head in #Nasdaq, Striking Fear Into Bulls – Bloomberg
*Link: https://t.co/FVpvbxJOCN pic.twitter.com/3KuojP2L6G

— Christophe Barraud (@C_Barraud) July 25, 2020

The Smart Money Doesn’t Like #Stocks But Loves #Gold – Bloomberg
*Sovereign funds are shunning equities and increasing their investments in the precious metal.
*Link: https://t.co/gYMiOcZZIK pic.twitter.com/XlmFVmdkp7

— Christophe Barraud (@C_Barraud) July 25, 2020

Insiders seem to have, um, ramped up their selling. pic.twitter.com/uypRQreEG2

— Helene Meisler (@hmeisler) July 25, 2020

Stunning speculation in gold and silver:

SLV (silver ETF) call volume is at an ALL-TIME HIGH, higher than even in 2011

GLD (gold ETF) call volume is near one of the highest levels ever

*see charts below: pic.twitter.com/f2mx2vxJZ1

— Troy Bombardia (@bullmarketsco) July 25, 2020

Phillips curves in the US (lhs), Euro zone (middle) and Japan (rhs). Obviously, the COVID-19 shock is hitting everyone and pushing core inflation down across the board. But what stands out is the Euro zone Phillips curve, unlike the US or Japan, looks like it has shifted down… pic.twitter.com/tddI2t7NtX

— Robin Brooks (@RobinBrooksIIF) July 25, 2020