Despite seemingly unstoppable deficit spending, government debt-to-stock market cap, at about 0.60 on May 16, is roughly the same as it was in 2008. My takeaway is the elephant in the room is elevated equity prices, and excessive deficit spending has contributed. Rising gold may be sensing this. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/sw5826t0g1kw {BI COMD} #commodities #gold #stockmarket @BBGIntelligence