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.
As silver vs. US stocks takes over.
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.
For a commodity with supposedly poor fundamentals, oil is moderating silver quite nicely as well.
EMs vs. SPY show an intact uptrend.
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