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
Global Stocks (ex-US) vs. Gold
Commodities vs. Gold
Base Metals vs. Gold
Crude Oil vs. Gold
Global Currency Proxy vs. Gold
Long-term Treasury Bonds (incl. dividends) vs. Gold
Palladium vs. Gold (still thinking discrete supply/demand funda in play here for Pd)
Silver vs. Gold (last but never least, as it is a macro ignition switch in waiting)
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