Record gold prices and a seven-year high for silver this week did little to offset a years-long slump by comparison with U.S. stocks. The ratio between the price of gold for immediate delivery and the value of the S&P 500 Index was down 64% as of Thursday from a peak in August 2011, according to data compiled by Bloomberg. Spot silver’s ratio to the S&P 500 was down 81% from a high reached in the same month. Gold and silver prices don’t “look to be unreasonable” from this perspective, Michael Shaoul, Marketfield Asset Management LLC’s chief executive officer, wrote in a report Thursday.
