A reader wrote me and mentioned that, years ago, Peter Schiff had suggested it would be more important to watch the ratio of the stock market priced in gold rather than the stock market priced in dollars. In ProphetCharts, he tried to see what the SPY/GLD ratio would look like, and it yielded some interesting results. I’ve done the same thing, and I’ve got to say, this is a graph that gets my attention. It suggests more upside, but the long-awaited reversal could be a very powerful one. (In an ideal situation, bad for stocks and good for gold).