Another Gold Ratios Update

Because it is so important to our macro work, let’s update again the counter-cyclical metal vs. some positive cyclical items, using the respective ETFs.

Gold/Oil continues to work at grinding the SMA 50. Implication: counter-cyclical macro indicator, gold mining fundamental indicator.

gold, oil

Gold/Palladium continues firm. Implication: counter-cyclical macro indicator. Palladium goes with the happy stuff and gold… not so much.

gold, palladium

Gold/Industrial Metals is less pronounced, but constructive. Implication: counter-cyclical macro indicator.

gold, industrial metals

Gold/Silver (GSR) gapped up with the market’s disturbance and has thus far refused to yield. Implication: this has been a potential 4th Horseman of the Apocalypse, i.e. an indicator of waning market liquidity for a time when the happy-go-lucky Amigos (Gold vs. Stocks, Long-Term Yields & the flattening Yield Curve) reach their limits. As long as GSR remains up trending expect pressure in stocks and risk ‘on’ asset markets. Other Implication: the ratio pressures gold miners as well but its implications improve the miners’ macro and sector fundamentals so, it’s complicated.

gold silver ratio

Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at