Gold/T-Bonds - Tinderbox Awaits a Reversion Spark Gold may have started an elongated retreat from about a four-decade high vs. US Treasury bonds as the S&P 500 faces quarter-century resistance relative to public debt. My graphic features the SPX-to-public-debt ratio near its highest since 2001 and near the top of its channel from the 2009 low. A bit of normal reversion in this ratio may be what peaking gold vs. the Bloomberg US Long Treasury Total Return Index, at about 98 on Oct. 30 from a base of 100 in 1986, could be front-running. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tnvd97n3n09t{BI COMD} #gold #bonds #stocks @BBGIntelligence