A Taper Is Likely Off The Table – Gold, Silver and Mining ...
Sep 06, 2021 · When the ratio is above the green line, gold is expensive relative to the miners and the miners will at some point outperform gold. The chart tells me that mining stocks are cheap right now. This chart shows the XAU/SPX ratio going back to 1973: It shows the degree to which the mining stocks are undervalued relative to the general stock market.