In NFTRH we track Gold/Stocks consistently and Gold/Commodities and Gold/Currencies ratios fairly routinely. But we’ve not looked at gold’s ratios to bonds in a long while.
I see Gold/Bonds as another confidence barometer, like with stocks only different. Gold/Stocks is a reflection of casino patrons’ willingness to speculate or lack thereof. I see Gold vs. sovereign Bonds more as a barometer to their CONfidence in governments and economically, confidence in corporate and emerging entities ability to pay debts.
As you can see by this weekly chart, gold is taking a well deserved breather as patrons have reset their previous terror in favor of a more sanguine view of the macro. That is a mistake, or it will be proven a mistake around the time Gold/Bond ratios drop back to the previous uptrends that generally predated the Corona crash. As central banks work overtime to paper over the terror, these indicators are simply resetting to trend.
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