Gold’s status as a precious metal is belied by its performance relative to U.S. stocks. Comparing the SPDR Gold Shares and SPDR S&P 500 exchange-traded funds shows as much. Monday’s ratio between the gold and stock ETFs was the lowest since September 2005, according to data compiled by Bloomberg. The ratio was down 44% from a March 2020 peak and off 78% from a record set 10 years ago this month. A similar comparison was made by Charlie Bilello, chief executive officer of Compound Capital Advisors, in a Twitter post Monday.
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