GLD ratio vs S&P

GLD has been selling off relative to SPY in 2012.  It is returning to a level that may be supportive based on the following 5 year chart:

In the above chart, the black line is GLD/SPX, and the blue line is the S&P.  The highlighted areas simply note that major gains in gold relative to equities have occurred during market selloffs of varying severity.  The current bullish period looks like it is not a bad time to be accumulating gold for the long term investor.

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