However, when you look at the SPX vs Gold, a very different picture, and far less bullish picture, emerges....will SPX vs Gold push above the 200 day moving average?
I am much less sure of this but also would expect some pullback in gold as well this year, particularly if the Fed were to indicate any normalization of interest rates, making gold, at least at the margin, a little bit more expensive to hold...however, as long as real rates are less than zero I would not bet on a large pullback, just enough to squeeze out some who have been late to the party...
