I have little doubt this is going to fail as all other inflationary operations have done. It will either fail here in 2020 as a balls out good try by the Fed and Trump or it will fail in 2021 or 2022 as a good try by the Fed and Biden.
But as of today, inflationary 2020, the product of all that deflationary angst from Q1, is ongoing.
As for the chart, all of these gold ratios (except maybe Gold/SPX) should be dropping during an inflationary phase. The bottom panel of course, should be rising.
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