Summary

• Gold is suffering from radical underinvestment today. American stock investors have fled gold since the election, liquidating vast quantities of GLD shares.
• The red-hot stock markets at record highs have convinced them diversified portfolios are no longer necessary. Every time such euphoria has happened in the past, major stock selloffs soon followed.
• With American stock investors owning essentially zero gold exposure, they have vast room to buy again when these wildly overvalued stock markets inevitably roll over. The same thing happened a year ago.