T-Bonds May Be Getting Too Low vs. Gold - From a base of 100 in 2004, the TLT/GLD ratio at 39 on Feb. 28 may be too low. The ratio of TLT to SPDR Gold Shares (GLD) is the lowest in ETF history, and the US Treasury 30-year yield recently revisited 5% -- the highest since 2007. This crocodile jaw pattern is ripe for reversion, and 2026 may be the year. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tapdi7kgifqn {BI COMD} #gold #bonds @markets(Mike McGlone)