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.


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.


Subscribe to NFTRH Premium for your 25-35 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at and Also, you can follow via Twitter @BiiwiiNFTRH.