XAUUSD versus SPY - Gold versus Stocks - Weekly Ratio

Note the LONG TRENDS in Gold versus the S&P500 - From 1994 to 2000 the ratio declined just as dramatically (by 80%) into the 2001 low. But when the ratio turns it seems to move for a long time (7-11 years per trend).

The latest news about the Swiss National Bank (SNB) making a major policy change and making interest rates negative out to 7 years (and -0.75% for one year) means that investors may want to hold onto something a bit more stable than a currency. Time will tell if this is the bottom or not, but for now there is price momentum, news and logic (low/negative interest rates) to support a continued advance in gold .

Maybe look for a 20%-30% outperformance for gold over stocks in 2015-2018.

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