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Wednesday, June 16, 2004 8:54:10 AM
Chart of the Day - S&P 500 / gold ratio
To create today’s chart, we divided the S&P 500 by the price of one ounce of gold. This results in what is referred to as the S&P 500 / gold ratio or the cost of the S&P 500 in ounces of gold. For example, it currently takes about 2.93 ounces of gold to “buy the S&P 500.” This is considerably less that the 5.53 ounces three and a half years ago. When priced in gold, the stock market rally that began in October 2002 has been trending sideways. However, the S&P 500 is currently testing resistance (the red dashed line). Stay tuned…
To create today’s chart, we divided the S&P 500 by the price of one ounce of gold. This results in what is referred to as the S&P 500 / gold ratio or the cost of the S&P 500 in ounces of gold. For example, it currently takes about 2.93 ounces of gold to “buy the S&P 500.” This is considerably less that the 5.53 ounces three and a half years ago. When priced in gold, the stock market rally that began in October 2002 has been trending sideways. However, the S&P 500 is currently testing resistance (the red dashed line). Stay tuned…
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