The long term outperformance of equities over gold that started after the 2008 crisis lost steam at the end of 2018, an amazing 10 year run. Looking at the SP500 to Gold ratio if we break SPY/GLD sub 2 consistently, we could be looking at a new regime : while the current crisis and ensuing recession play out, gold may outperform equities substantially.
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The ratio limit has been broken - next week is critical to see if we are looking at a medium/long term new regime
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solid break below support - new regime in place
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Next level 1.60 to watch - trade well in the money