Gold vs US Stocks
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After a year of significant gains, the price of gold relative to U.S. stocks has soared. A year ago, it took 17 ounces of gold to "buy" the Dow Jones Industrial Average; now it only takes 11 ounces. Meanwhile, the U.S. stock/gold ratio is still some distance from the long-term trend line since 1980. Does gold still have upward momentum relative to U.S. stocks in 2026?
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