Gold Headwinds - Accounting 101, Market Value History Accounting basics of assets vs. liabilities and the rules of supply, demand and price might shine unfavorably on gold. My graphic highlights the juxtaposition of the relatively stretched metal now vs. 1998, the last year-end that the ratio of S&P 500 (SPX) to public debt (in trillions x 100) dropped below the 0.52 of Aug. 26. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tkf7tmkgzajd {BI COMD} #gold #silver #copper #metals @BBGIntelligence(Mike McGlone)