Chart of the day

To create today?s chart, the S&P 500 was divided by the price of one ounce of gold. This results in what is referred to as the S&P 500 / gold ratio or the cost of the S&P 500 in ounces of gold. For example, it currently takes 2.45 ounces of gold to "buy the S&P 500." This is considerably less that the 5.53 ounces back in the year 2000. When priced in gold, the 2002 to 2005 stock market rally didn't amount to much. In fact, the short-term trend is down and nearing the 2003 lows!