Ratios of risk ‘on’ and pro-cyclical assets to gold are important for our macro view. Let’s take a look at some of the hot plays that are consolidating and/or turning suspect in ratio to gold. A continuation of this process to bearish states would be a negative broad market indication as risk sneaks ‘off’. US stocks vs. gold have made a top of some kind. … Continue reading NFTRH+; vs. Gold