![Global Commodities Hang by the Thread of 85-yr Support](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2019/03/2019-03-05-Ratio-Gold-vs.-Silver-Monthly.png?resize=150%2C150)
Global Commodities Hang by the Thread of 85-yr Support
Below, the Thomson Reuters Core Commodity Index sits atop nearly 85-yr support dating back to the early 1930s, specifically 1933. Even more specifically, the support begins in Apr-May-1933. This is what happened in Apr-May-1933. Support was last touched in late…...
![Historically Oversold Gold](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/10/2018-10-17-Gold-7-Yr-Roc-Monthly.png?resize=150%2C150)
Historically Oversold Gold
Gold peaked a little over seven years ago in Apr-11. If we construct a simple 7-yr RoC chart below we find that as of Aug-18’s swing low, that RoC stood at -34%, tied with Mar-01’s level and slightly better than -39%…...
![Chinese-Inspired Red October?](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/10/2018-10-05-Ratio-Gold-vs.-CNYUSD-Weekly-1.png?resize=150%2C150)
Chinese-Inspired Red October?
The ratio of gold vs. CNYUSD has coiled up into what appears to be a bullish pattern in the chart below, with numerous bullish RSI deviations even as price has pushed lower over the past 18 months. This means one…...
![Hand-in-Glove](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/09/2018-09-18-Ratio-Ascending-Triangles-Gold-vs.-Silver-2018-Crude-2007-Silver-2010.png?resize=150%2C150)
Hand-in-Glove
As I recently detailed in this post, for whatever reason, the ratio of gold/silver and the Nikkei have been highly correlated across history. The correlation has certainly broken down at times, but when the ratio makes big directional moves, it…...
![Gold/Silver Ratio - Confirmed August-1929 Style Break-Out & Cross-Asset Implications](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/09/2018-09-01-Ratio-Gold-vs.-Silver-Closing-HLC-Monthly.png?resize=150%2C150)
Gold/Silver Ratio – Confirmed August-1929 Style Break-Out & Cross-Asset Implications
Below I plot the ratio of gold vs. silver. August closed with a clean break above resistance dating back to the very early 1990s. A longer-term look at the ratio is even more revealing. It shows that the bear cycle…...
![Gold/Silver Ratio Very Close to Clearing Nearly 30 Years of Down-Trend Resistance](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/08/2018-09-10-Ratio-Gold-vs.-Silver-Monthly.png?resize=150%2C150)
Gold/Silver Ratio Very Close to Clearing Nearly 30 Years of Down-Trend Resistance
In the chart below I plot the ratio of gold vs. silver on a monthly basis, a thematic I highlighted in this recent post. Since the ratio peaked in 1991 it’s secular impulse has been one of incessant weakness-to-sideways action amid…...
![Commodities: Eerily Similar to the Late 1920s](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/07/2018-07-19-TR-Eq-Wt-Commodity-Index-GFD-Monthly.png?resize=150%2C150)
Commodities: Eerily Similar to the Late 1920s
In the chart below, note the significant break-down from a well-defined, decade+ flag pattern on the Thomson Reuters Equal Weight Commodity Index this month. That looks pretty bad. Further, a similar pattern formed in the ~1915-1930 time period, with a…...
![Equity/Gold Ratio Too Elevated, Suggests Heightened Risk of Mean-Reversion Event](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/07/2018-07-10-Ratio-SPX-vs.-Gold-1929-1967-2000-Secular-Bear-Markets-Monthly-Analog.png?resize=150%2C150)
Equity/Gold Ratio Too Elevated, Suggests Heightened Risk of Mean-Reversion Event
In continuing the commodities > equity thematic that I’ve been building out on the site in recent months, this evening I dug into historical SPX/gold cycles. Specifically, I analyzed the three historical secular peaks in the ratio of the SPX/gold…...