Run It Hot May Have Reached an Apex - Gold Headwinds History shines unfavorably on gold's performance after it stretches to about 2.2x its 10-year average, akin to the end of 2025. My graphic highlights a big difference from when the metal peaked at a lesser extreme near $1,900 an ounce in 2011: The US stock market was near its lowest vs. public debt in our database since 1973. Now, the S&P 500-to-debt ratio is near its highest since 2001 on a year-end basis. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tku159rkv2ub {BI COMD} #gold #stockmarket @BBGIntelligence(Mike McGlone)