Buried Stock-Market Volatility and GLD vs. TLT The lowest annual US stock-market volatility relative to gold since 2007, at the start of volatility season, may have performance implications for the metal vs. stocks and bonds in 2H. What's notable from my graphic is that the ratio of the SPDR Gold Shares (GLD) vs. the iShares 20+ Year Treasury Bond ETF (TLT) is near its highest ever. Extremely low stock-market volatility preceded the Great Recession. Will it be different this time? Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tks6h8r24u8l {BI COMD} #gold #bonds #stockmarket @BBGIntelligence(Mike McGlone)