5% Long Bond May Mark Peak Gold vs. T-Bonds Gold and the Bloomberg US Long Treasury Total Return Index were both down about 2% in 2026 to Aug. 5, but from the lowest T-bond/gold ratio since 1987. Also notable in my graphic are the highest year-end levels for the S&P 500 vs. public debt and GDP since 2000 and 1928. The seemingly unstoppable stock market has become a headwind for both gold and T-bonds. If bond prices tick up vs. gold into year-end, the implications could be lasting. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tjcbtdr24u95 {BI COMD} #gold #bonds #StockMarket @Bloomberg(Mike McGlone)