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Dow to Gold: Secular Market Cycles

This chart tracks the three primary secular cycles of the Dow to Gold ratio, smoothed with a 3-month moving average. The cycles are measured by how many ounces the ratio increased from the previous low. The most striking aspect of this chart is that each previous cycle dropped below zero before hitting bottom.

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Sources: Dow Jones, Yahoo Finance, LBMA
Notes: Vertical grey areas on chart indicate recessions.
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