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Daily Report : The S&P 500 has crashed when priced in gold

Jason Goepfert
2025-04-21
Over the past 3 months, stocks have dumped while gold has pumped. The ratio between the S&P 500 and gold dropped more than 25% to a multi-year low. Over the past 50 years, similar behavior preceded volatile conditions, but the S&P showed double-digit gains a year later, except for the financial crisis. Gold showed gains 6 months later all but once.
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Headlines

The S&P 500 has crashed when priced in gold: Over the past 3 months, stocks have dumped while gold has pumped. The ratio between the S&P 500 and gold dropped more than 25% to a multi-year low. Over the past 50 years, similar behavior preceded volatile conditions, but the S&P showed double-digit gains a year later, except for the financial crisis. Gold showed gains 6 months later all but once.

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Research

The S&P 500 has crashed when priced in gold

By Jason Goepfert

BOTTOM LINE
Over the past 3 months, stocks have dumped while gold has pumped. The ratio between the S&P 500 and gold dropped more than 25% to a multi-year low. Over the past 50 years, similar behavior preceded volatile conditions, but the S&P showed double-digit gains a year later, except for the financial crisis. Gold showed gains 6 months later all but once.

FORECAST / TIMEFRAME
None

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% Showing Optimism: 21%
Bearish for Stocks
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