Gold Could Be a Stock Puppet at Risk of Reversion Mean reversion can be a powerful force, and for gold relative to its 10-year and 60-month moving averages, that could imply a price below $3,000 an ounce vs. roughly $4,400 on Sept. 8. A key question is what forces might maintain the metal at historically stretched premiums vs. most longer-term means? Surging sovereign debt has been cited as a top reason to own gold, but my graphic shows the ratio of US public debt (in trillions x 100) vs. the S&P 500 at 0.52 -- its lowest year-end ratio on the way down since 1997. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tl3aher24u86 {BI COMD} #gold #bonds @BBGIntelligence(Mike McGlone)