Okay yes, I am the same guy who once made fun of a headline touting “the most important chart in the world”. Sure, to someone’s ego at the time that was the case. For the rest of the world it was a snooze fest (so much so that I can’t even remember what the chart was).
But yes, I do consider the Gold/SPX ratio to be critical. Here is the current status (live at 9:38 ET). Could this have been a little head fake breakdown? Could have been. Whatever it is/was, it’s back above the support area and thus Gold/SPX – a macro indicator extraordinaire (and key gold stock indicator) – is clinging to intact status.