Some Ratios, Pre-FOMC

The looks of some ratios before the FOMC regales us with the latest non-action (with an IMO lessening possibility of some hawkish talk)…

Gold vs. US stocks is nearly 3 months into consolidation.

gld.spy

As silver vs. US stocks takes over.

slv.spy

Gold vs. Oil is in a protracted downward consolidation.  Not a positive for mining; just sayin’ that this would eventually come into play if not reversed.

gld.uso

For a commodity with supposedly poor fundamentals, oil is moderating silver quite nicely as well.

slv.uso

EMs vs. SPY show an intact uptrend.

eem.spy

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