BloFin Research: The Gold–S&P 500 Reset, Gold’s Outperformance Has Far to Run

Gold’s correction since January looks very different when viewed relative to equities. Gold is now 21% below its January peak. Over the same period, the S&P 500-to-gold ratio has rebounded from roughly 1.27 to 1.79, a 40% move. That is a substantial relative-value reset. We think the overcrowded gold trade of early 2026 has largely