Where is the risk, in gold or crude oil?
The gold price has been deflated by the oil price to an extreme degree since 2020. The trend in the Gold/Oil ratio was up prior to the big panic and blow out and all of that risk has been bled out, for a positive relative view of gold vs. oil. Risk/reward is not a timer, but it is a condition for a positive investment view (in this case, gold mining, which is a fuel intensive industry).
Side note: other gold/miner indicators are still in progress or still bearish. But that does not affect the general risk/reward because as an example, you could call this chart “still bearish” for the miners as well. The question for all of this extreme stuff is ‘where do we go from here?’ and that’s where risk/reward comes in.
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