This is one of the best internal indicators for the Gold market as Gold against the S&P 500 is often a leading indicator for Gold and the rest of the precious metals sector.
Both ratios (Gold against the S&P 500 and Silver against the S&P 500) face two important resistance levels. First, they are very close to the 2022 highs in the ratio and second is the larger resistance dating back 9 years. If the stock market rolls over again and retests the lows, look for Gold against the S&P 500 to test the 9-year resistance while Silver against the S&P 500 would lag but follow.
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3 Comments
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Jordan-please give us the silver ratio-hard to read on my phone. Thk u in advance.
I just noticed a disturbing trend. If you include dividends, the S&P has had positive returns in all years before presidential elections since 1939. Many are larger than normal gains. Maybe someone can verify my observation I was going through one article quickly. Perhaps this indicates the White House administration makes extra effort to manipulate the market higher in the year before elections to give them better odds.