Top 5 Charts of the Day – October 11th 2020

S&P EPS will be unchanged from 2018 until at least the end of 2021: three years of no profit growth pic.twitter.com/XqMZq0KB96

— zerohedge (@zerohedge) October 11, 2020

Biden Will Hike The Top Capital Gains Tax Rate To 39.6%: What That Means For Markets https://t.co/Ve5EpYv07d

— zerohedge (@zerohedge) October 10, 2020

My guess is that JP estimates look very optimistic:

1/ It would be the largest increase in U.S. history (from 23.8% to 39.6%)

2/ Top earners now hold more stocks than ever.

3/ Valuations aren't attractive.https://t.co/aBcgCfgVh2

— Christophe Barraud (@C_Barraud) October 11, 2020

#Gold vs #realyields – levels. pic.twitter.com/yNI4N1inJl

— jeroen blokland (@jsblokland) October 11, 2020

Here's the set up.

ZERO big gold discoveries in the last 3 years.

Then add:

-Deficits exploding
-Monetary dilution up the wazoo
-Historic debt imbalances everywhere
-NIRP & ZIRP

This has to be the largest demand-supply mismatch in the history of gold.

h/t @crescatkevin pic.twitter.com/WOH9WKzjtf

— Otavio (Tavi) Costa (@TaviCosta) October 10, 2020