S&P 500 vs Gold ratio hitting 1.62 by May 2026

S&P at 7,413

Gold at $4,587/oz

This is the macro setup everyone's missing. When this ratio compresses, liquidity flows into hard assets. Gold's been outpacing equities in real terms and this trend isn't reversing anytime soon.

If you're not hedging with precious metals or $BTC while stocks pump, you're betting on infinite Fed liquidity. That trade's getting crowded.

Watch this ratio. When it breaks below 1.5, risk-off is real.