NFTRH+; a nice chart that is right in the wheel house of the preferred macro view

Even as silver continues to lead gold, check out gold (GLD) vs. SPX (SPY). The pattern is an inverted H&S, which would be a bullish reversal if it continues to follow through.

Not a fan of patterns (they fail all the time), especially on ratios? Well, the relative price has broken to a new recovery high after the August breakdown low. What’s more, it has taken out the daily SMA 50 & 200 and also turned RSI green. Those things do mean something. The pattern is just a bonus.

The very bedrock of our best view, which is anti-inflationary and counter-cyclical on the intermediate-term, is for gold to outperform cyclical markets. There ain’t no more important cyclical market than the S&P 500.