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Eric, isn't that ratio already down to the 1980 low?

Thanks,
Larry

US 30 Year to Gold Ratio:

Hello Larry;

My long-term U.S. government bonds total return index to gold ratio, which I often publish to reflect the secular trend in bonds, cannot be compared with your analysis (chart). This index, a one-bond portfolio with approximate maturity of 20-years, includes interest payments into the index calculation. Interest payments are an important component of capital flows decision making.

Long-Term U.S. Government Bonds Total Return Index (LTGBTRI) to Gold Ratio:


The long-term U.S. government bonds capital appreciation index to gold ratio more closely tracks your trend analysis. This index which ignores interest payments in its calculation is a one bond portfolio with 20-year approximate maturity.

Long-Term U.S. Government Bonds Capital Appreciation Index (LTGBCAI) to Gold Ratio:


Regards,

Eric