📊 Key insight
-Every major equity drawdown coincides with a drop in the SPX/Gold ratio — meaning gold outperforms stocks.
📉 What the chart shows
-1973–74 (stagflation): deep S&P 500 drawdown, SPX/Gold collapses.
-2000–02 (tech bust): ratio peaks ~5, then trends lower as gold rises and equities fall.
-2008–11 (GFC): brief liquidity hit to gold, then SPX/Gold plunges as gold rallies.
-2020 (COVID shock): rapid drop in SPX/Gold during equity sell-off.
-2022 bear market: ratio turns down again with inflation and rate stress.
Why it happens
-During market stress, investors seek safe collateral → gold demand spikes.
-Real rates and recession fears hurt equities more than gold.
-Silver carries industrial exposure, gold acts as a true safe haven.
🛡️ How to use it
-A gold allocation helps hedge against equity drawdowns.
-Long
GOLD / short 
SPX (ratio trade) historically reduces portfolio volatility.
-Note: gold can dip during initial liquidity shocks (e.g., 2008, Mar 2020) — but recovers faster than equities.
-Every major equity drawdown coincides with a drop in the SPX/Gold ratio — meaning gold outperforms stocks.
📉 What the chart shows
-1973–74 (stagflation): deep S&P 500 drawdown, SPX/Gold collapses.
-2000–02 (tech bust): ratio peaks ~5, then trends lower as gold rises and equities fall.
-2008–11 (GFC): brief liquidity hit to gold, then SPX/Gold plunges as gold rallies.
-2020 (COVID shock): rapid drop in SPX/Gold during equity sell-off.
-2022 bear market: ratio turns down again with inflation and rate stress.
Why it happens
-During market stress, investors seek safe collateral → gold demand spikes.
-Real rates and recession fears hurt equities more than gold.
-Silver carries industrial exposure, gold acts as a true safe haven.
🛡️ How to use it
-A gold allocation helps hedge against equity drawdowns.
-Long
GOLD / short SPX (ratio trade) historically reduces portfolio volatility.-Note: gold can dip during initial liquidity shocks (e.g., 2008, Mar 2020) — but recovers faster than equities.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.