vs. Gold

Just another episode of that slow-moving macro drama, ‘vs. Gold‘ (using ETFs).

Spoiler: the bottom line about the pictures below is that we are still signaling counter-cyclical and we are not yet signaling inflationary.

US Large Caps vs. Gold

spy gld ratio

Global Stocks (ex-US) vs. Gold

acwx gld ratio

Commodities vs. Gold

dbc gld ratio

Base Metals vs. Gold

dbb gld ratio

Crude Oil vs. Gold

uso gld ratio

Global Currency Proxy vs. Gold

udn gld ratio

Long-term Treasury Bonds (incl. dividends) vs. Gold

tlt gld ratio

Palladium vs. Gold (still thinking discrete supply/demand funda in play here for Pd)

pall gld ratio

Silver vs. Gold (last but never least, as it is a macro ignition switch in waiting)

slv gld ratio

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