From Citi’s Tobias Levkovitch, a REALLY long-term look at the stocks-gold ratio.
We’re not quite sure how the S&P goes back to 1886 in his chart — presumably it’s synthetic. Regardless, as you can see, stocks aren’t quite at near their lows, but they’re definitely getting down there. The part identified as the 2003-2007 “bull market” is amusing.
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