What Stops the Ratio No One Wants to Drop? Falling Beta vs. Gold - The S&P 500 in ounces of gold fell to 1.39 on Jan. 21, below 2020's low. Is the rock getting too hot? A bounce in the SPX/gold ratio is typical from such extremes, yet gold has never grabbed alpha at such high velocity with stock-market volatility remaining so low. This supports my scenario for gold to beat stocks again in 2026, but with declining beta. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t99iu9kgifph {BI COMD} #gold #stockmarket #macroeconomics @markets(Mike McGlone)