Gold and the Miners vs. SPY

A look at a key indicator for the broader macro and for gold stocks

The US stock market is getting clobbered today on Biden’s capital gains and corporate tax plans (ouch) and yet gold can’t even muster a hint in relation.

gld spy ratio

The miners on the other hand have at least made a hint (as they also have relative to the metal they dig out of the earth).

Bears watching, at least.

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