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 price adjusted by the crude oil price: weak today but certainly not hammered.
Gold price adjusted by broader commodities: not hammered.
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 price adjusted by the copper price: not hammered, but still in a downtrend.
Finally, and importantly, the gold price adjusted by the inflation expectations tracker: not hammered, and consistent with Goldilocks as well.
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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