The gold-to-US equities ratio remains at historically low levels, according to market experts.

This ratio measures the relative performance of gold versus US stocks and is often used as a macro positioning indicator. When the ratio is low, it suggests that equities have significantly outperformed gold.

For the ratio to rise meaningfully, one of two scenarios would likely need to unfold:

• Renewed strength in gold, driven by inflation concerns, geopolitical risk, or falling real yields
• A correction in US equities, shifting capital back into defensive assets

Historically, turning points in this ratio have coincided with broader regime shifts in risk appetite, monetary policy expectations, or macroeconomic stress.

For traders, monitoring the gold-to-stocks dynamic provides insight into whether markets remain firmly in a risk-on environment, or if capital may soon rotate toward safer stores of value.