GC · Metals / Cross-Asset Coherence Regime
Z11113 – GC GLD-SPY Ratio Z
The gold/stocks ratio is the cleanest macro-regime dial there is. When it rises, safe-haven positioning is active – either equities are stressed, or gold has a positive fundamental catalyst (real yiel.
At a glance
IN-SEASON · ACTIVE
Current reading
+0.092
GC GLD-SPY Ratio Z composite, tanh-bounded
Signal state
Normal
27 trading days in current state
Phase
NEUTRAL
Positive equals gld outperforming spy; negative equals spy outperforming gld
Sample
36 years
Live since 1990-11
As of Nov 06, 2026. Updated nightly.
SIGNAL OVERVIEW
The gold/stocks ratio is the cleanest macro-regime dial there is. When it rises, safe-haven positioning is active – either equities are stressed, or gold has a positive fundamental catalyst (real yields, geopolitics, dollar weakness), or both. Different from a sibling signal (miner internals), a sibling signal (rates), a sibling signal (physical flow): this is pure risk-on/risk-off macro. Fires strongly in every gold-bull window (2008-2011 crisis, 2019-2020 pandemic, 2024-2025 real-yield fall). Regime-selective by construction. The composite is bounded between minus one and plus one through. Across 36 years Phase +1 gld outperforming spy state has returned on average plus 2.27 percent forward 60-day gold return. Phase -1 spy outperforming gld state has returned on average plus 0.58 percent. Today the composite reads +0.092, in Normal territory.
LIVE CHART
GC GLD-SPY Ratio Z: composite bounded minus one to plus one.
The dark line in the top panel is the composite bounded between minus one and plus one. The pale red band marks spy outperforming gld regime. The pale green band marks gld outperforming spy regime. The bronze line in the middle panel is the trailing 252-day rolling Spearman information coefficient. The lower panel is COMEX gold continuous back-adjusted price on the right axis in dollars per ounce.
COMPOSITE
+0.092 / tanh
STATE
(nightly)
PHASE
(nightly)
FWD 60d
(nightly, baseline +1.39 percent)
SAMPLE N
9,025 days
TODAY’S PLAYBOOK READING
STATE
NORMAL
STATE AND HISTORY
Normal. Sample N=9,025 days since 1990-11.
WHY THE SIGNAL IS HERE
The gold/stocks ratio is the cleanest macro-regime dial there is. When it rises, safe-haven positioning is active – either equities are stressed, or gold has a positive fundamental catalyst (real yields, geopolitics, dollar weakness), or both.
POSTURE FOR THE WEEKS AHEAD
The signal is a regime detector on a 60-day forward horizon. Pair with price momentum signals for conviction.
WHAT THE CHART SHOWS
Today the composite reads +0.092 placing the dot inside the Normal band.
TOP INPUTS FIRING
- Silver returns Primary silver price momentum.
- 10-year TIPS-implied inflation breakeven Market-implied inflation expectation.
- Rolling coherence trend 5-year first-difference of coherence at 170-day cycles.
THE REGIME MAP
The three regime phases, forward 60-day gold returns and sample share
Baseline gold forward 60 day return (unconditional): mean plus 1.39 percent, median plus 1.18 percent, across 5,382 trading days.
| State | Phase | Share | Fwd 60d | HAC t | Edge vs baseline | Last firings |
|---|---|---|---|---|---|---|
| GLD outperforming SPY | +1 | 44.9% (2442 d) | +2.27% | +0.88pp | Aug 2026, Jul 2026, Jan 2025 | |
| Normal TODAY | 0 | 10.5% (573 d) | +1.07% | -0.32pp | Oct 2026, Aug 2026, Jul 2026 | |
| SPY outperforming GLD | -1 | 44.6% (2427 d) | +0.58% | -0.81pp | Jun 2024, Dec 2023, Nov 2023 |
The historical pattern
How to use the signal today
THE TRACK RECORD
Every state change in the last 2 years
5 state transitions from 11/21/2024 to 11/06/2026. Full history (64 total transitions since 03/14/1996) is downloadable.
| State | Start | End | Duration | Fwd 60d SPY |
|---|---|---|---|---|
| Neutral | 11/21/2024 | 12/20/2024 | 21d | +2.81% |
| Defensive | 12/23/2024 | 03/25/2025 | 63d | -5.16% |
| Neutral | 03/26/2025 | 04/24/2025 | 21d | +5.55% |
| Expansion | 04/25/2025 | 05/23/2025 | 21d | +15.18% |
| Defensive LIVE | 05/27/2025 | current | 366d | +7.51% |
Scroll inside the table for the full history. Forward 60-day SPY is measured from each run’s start date; a reader cannot trade off a start-date they only identify in hindsight, so this is a transparency log, not an alpha claim. Asterisked (*) returns are partial. The run is less than 60 trading days old. The full 60-day comparable fills in as more data arrives.
What this measures
The gold/stocks ratio is the cleanest macro-regime dial there is. When it rises, safe-haven positioning is active – either equities are stressed, or gold has a positive fundamental catalyst (real yields, geopolitics, dollar weakness), or both. Different from a sibling signal (miner internals), a sibling signal (rates), a sibling signal (physical flow): this is pure risk-on/risk-off macro. Fires strongly in every gold-bull window (2008-2011 crisis, 2019-2020 pandemic, 2024-2025 real-yield fall). Regime-selective by construction. The composite is z-scored against a and bounded through.
Why it matters
The gold/stocks ratio is the cleanest macro-regime dial there is. When it rises, safe-haven positioning is active – either equities are stressed, or gold has a positive fundamental catalyst (real yields, geopolitics, dollar weakness), or both. Different from a sibling signal (miner internals), a sibling signal (rates), a sibling signal (physical flow): this is pure risk-on/risk-off macro. Fires strongly in every gold-bull window (2008-2011 crisis, 2019-2020 pandemic, 2024-2025 real-yield fall). Regime-selective by construction.
The signal flags the current gold regime for the next 60 trading days on average. Pair with price-based signals for precise entry.
State-conditional spreads are empirical averages across 36 years. Individual regime windows can run longer or shorter than mean sample.
Signal consumers and siblings
Not investment advice · The analysis on this page is informational and educational. Signal readings, historical case figures, and empirical statistics are derived from publicly available data and are provided without warranty. Hypothetical performance results have inherent limitations, including the benefit of hindsight. Readers who intend to trade should consult a licensed investment professional and see the research brief for the full disclaimer.
Last refreshed Nov 07, 2026 03:31 PM ET