Using GLD and various ETFs, let’s update some daily chart gold ratios.
Gold/US Stock market is attempting another leg upward.
Gold/Global Stocks is on an extended down leg I assume due to China reopening, bearish USD hype. Risk/reward is in favor of gold here.
Gold/Commodities… okay baby, now we’re making progress on the deflationary plan. That’s a bust to a new high for the cycle and an important measure of a potential bottom in gold’s ‘real’ commodity adjusted price.
Gold/Oil is even better. I do believe this is the beginning of the move that will eventually have us fundamentally fully engaged (about gold mining).
Gold/Copper is still in consolidation I would assume due to the above noted China hype. If we go disinflationary/deflationary I don’t think the copper pumpers will be very happy in a couple or few months. As with global stocks above, the risk/reward here favors gold over copper.
