No matter whether or not gold resumes its correction, as these ratios trend down the proper macro backdrop is in place for a bullish view on the counter-cyclical gold stock sector.

Some cyclical asset markets (and a couple yields) vs. gold…

SPX/Gold

DJW/Gold

CRB/Gold

Copper/Gold

Crude Oil/Gold

10yr Yield/Gold

2yr Yield/Gold

And finally, the one that could lead the whole mess to a new cycle out in 2020 if it turns its trends up…

Silver/Gold

Silver/Gold Monthly

As you can see, while the daily chart shows potential the major trend is firmly down at this time.

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