Controlled Steps

The loss of upward momentum in the stocks to gold stocks ratio suggests another down step is coming. Gold stocks will outperform equities once the power up trend breaks.

U.S. Large Cap Stocks Capital Appreciation Index (LCSCAI); S&P 500 to S&P Gold Ratio (GPM)*:
* S&P Gold from 1945, Barron's Gold Stock Index from 1939-1945, Homestake Mining