The stock market (SPX) as adjusted by gold was in a real bull market until 2000, was in a fake bull market during the times it rose from 2001 to 2012, was in a real bull market until the 2020 liquidation and now is undecided as it waffles around the 30 month EMA, which generally advises its trend.
What I don’t like as a gold bug is that the 2020 plunge was at the hands of an exogenous event. Of course the stock market bounced back to erase that distortion. What I do like as a gold bug is the look of something that may be rolling over in time. SPX/Gold is lower now than it was back in 2018.
Want to be a gold stock bull? Well then you want this thing to roll over. No ifs, ands or buts.
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