Important gold ratios to markets that are more cyclical
When gold rises again vs. these markets the counter-cyclical economic view will generally be back on. Gold has far more utility (insurance, risk-off liquidity, relative value retention) during economically troubled times than cyclical assets like stocks and commodities.
Gold/SPX (U.S. stock market)
A sweet consolidation as the market angst of the spring has gone bye-bye. This is a lovely consolidation that was much needed as gold got over-pumped to the upside (and stocks to the downside) in April.




