As the Gold price gets hammered…

The gold price is getting hammered, but its ratios generally are not…

And that means something. Using the associated ETFs…

Gold price adjusted by the silver price: not hammered.

Gold/Silver ratio

Gold price adjusted by the crude oil price: weak today but certainly not hammered.

Gold/Oil ratio

Gold price adjusted by broader commodities: not hammered.

Gold/Commodities ratio

Gold price adjusted by equities: hammered (and consistent with the little Goldilocks phase in play). Gold bugs and bears can affix their tin foil hats as did a commenter to this morning’s January Payrolls post and deny all they want. But reality is what it is (for now).

Gold/SPX ratio

Gold price adjusted by the copper price: not hammered, but still in a downtrend.

Gold/Copper ratio

Finally, and importantly, the gold price adjusted by the inflation expectations tracker: not hammered, and consistent with Goldilocks as well.

Gold vs. an ‘inflation expectations’ gauge

Despite the booming jobs report, the view continues to be disinflation first and then later maybe even a full on deflation scare.

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