Rock Beating Stocks and Weak Relative Retail Sales - #Gold beating the S&P 500 on a one-, two- and three-year basis to Feb. 14 might suggest an inordinate burden for beta to keep rising and avoid deflationary forces worthy of inflation to 2022's peak. Inflation-adjusted retail sales to January have been the lowest for longest since the financial crisis, despite the greatest stock market wealth effect in about a century. The full report is on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/srvli5t0g1kw {BI COMD} #commodities #metals #macroeconomics @BBGIntelligence