Gold vs. Stocks is a major macro signaler
And as yet the signal (i.e. trend) remains positive for risk ‘on’, for economies, for speculation and inflation.
The chart shows how hearty the party has been since last spring. A rebound in items like Gold/SPX along with USD, Gold/Silver ratio, long-term Treasuries and other indicators of would-be liquidity problems have a lot of work to do if they are going to break the macro. Doesn’t mean they won’t, but it does mean that a macro snapshot today would show “party on”… Garth.
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