Store of Value Shifts to Volatile, Correlated The S&P 500 (SPX) in terms of ounces of gold might be rolling over from a key pivot near 1.86, with headwind implications for all assets, including the metal. My graphic highlights SPX/gold at about 1.67 on Aug. 24 and the elevated reversion risks in two key measures at multidecade highs: the SPX-to-GDP ratio and gold's 260-day volatility vs. the stock index. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tkbii8rkv2tg {BI COMD} #gold #stockmarket @Bloomberg(Mike McGlone)