Au/ES, Au/HG & Au/Ag ratios (& USD)

Gold’s ratios to stocks, copper and silver (daily charts)…

“It’s a process” he parroted for months on end.

Gold/ES continues its recovery and bodes well for the counter-cyclical view from a stock market vantage point.

Gold/Copper got whacked yesterday but thus far clings to its pattern. Whether or not that pattern fails, the trends are up and thus, against the cyclical inflationary view from this vantage point.

Gold/Silver is making a strong move to resume its place with USD after negatively diverging it, heavily. The major daily trend remained up by the hair of its chinny chin chin on the hard test of the SMA 200. If the GSR breaks through here…

Then the 2 riders of the macro liquidity Apocalypse will be riding again.


If not, Uncle Buck will continue to sport an important negative divergence. Here’s Unc now, thus far refusing to take even a 38% Fib pullback, instead finding support at the first short-term support level on the most recent pullback. The SMA 50 is now rising toward that level, so any near-term pullback would have its first important test at around 110.

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